Full text of Commercial and Financial Chronicle : October 9, 1909, Vol. 89, No. 2311

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

1
VOL.89.

OCTOBER 9, 1909.

antird

F

tontde

Published every
DANA
D : Saturday :).v WILLIAM B r . COMPANY. Front, Pine and
A
Ogi o ti , pa t,
,
NO 23Ii. I anes,eAr Sisal 0. Dana, Tress. Dtisrmsrzt6i Jacob ct:ertir Jr., VIczyrensy.

CLEARINGS
-FOR SEPTEMBER, SINGE JANUARY 1 AND _FOR WEEK ENDING OCTOBER 2
Nine Months.

September.
Clearings at
1909.

1908.

Inc. or
Dec.

1909.

1908.

Week ending October 2.
Inc. or
Dec.

1909.

1908.

Inc. or
Dec.

1907.

1906.

$
$
$
$
2,200,843,360 1,544,702,434 45.7 1,784,947,942 2,255,022,372
153,247,066 121,710,264 +25.9 151,121,418 165,030,405
60,090,942
37,697,847 +32.9
55,954,458
53,891,732
28,763,407
24,772,537 +16.1
33,038,524
29,978,778
10,186,011
8,824,181 +15.4
9,749.699
8,878,804
6,230,166 +9.5
6,823,577
6,191,767
5,903,652
6,318,544
5,377,264 +17.5
6,693,943
6,375,126
4,400,249
4,168,480 +5.6
4,542,370
2 940 285
4 101:00
:
0
2,523,924 +3.0
2.600,000
3.444.341
2,186,721
2,072,848 +5.5
2,527,824
2 0 6 479
1:388 125
6:
1,818,889
1,468,178 +23.8
1,045,647
1,546,766
1,651,053
1,309,371 +20.1
1,521,849
1,193,301
+4.8
1,250,894
1,234,068
1,251,576
1,711,937
1,346,727 +27.1
974,452
1,012,954
1,336,276
1,340,673 -0.3
1,444,546
1,090,689 +32.5
1,170,217
1,032,013
948,241
892,539
752,958 +18.6
764,388
602,371 +26.9
712,443
608,738
542,405
688034:210207
530,000 +2.3
588,038
-10.1
620,600
445,900
400,800
525,035 -8.8
610,388
479,404
601,669
424,107
+2.3
433,830
275,000 -.1.8
278,273
270,000
305,987
,
2,538,454,958 1,772,390,845 +43.2 2,068,844,681 2,543,095,097
164,972,116 151,057,693 +8.8 163,712,385 182,218,432
8,839,900 +26.2
8,052,100
7,959,300
8,631,800
3,851,947
4,061,581
4,042,238
3,377,058 +19.7
2,460,896 +11.1
2,807,807
2,732,254
2,730,706
2,985,425
2,737,654
2,154,473
2,617,674 -17.7
1,000,000
1,712,060 +11.0
2,055,000
1,917,423
2,039,352
1,565,202 +30.3
1,713,198
1,678,207
1,038,981
1,054,109
897,972 +17.5
1,045,276
874,011
1,093,070
762,130 +43.4
727,383
418,723
459,702 -8.9
538,297
679 8 2
52 :2
420
376
525,
474,164 +10.8
575,611
+9.7 188,264,762 206,284,430
189,563,511 172,825,351
280,252,550 232,801,845 +20.4 263,067,699 228,324,460
26,569,250
24,651,700
22,435,250 +9.9
26.989.100
18,320,504
16,089,173
14,890,001
+8.0
19,288,558
13,725,966
12,323,438 +11.4
14,195,306
13.381,904
11,782,642 +8.6
13,297,132
11,310,310
12,792,027
7,762,743
7,484,412 +3.7
8,272,016
6,950,502
5,666,000 +11.2
0,300,900
5,682,800
4,875,400
3,759,717
3,021,255 +24.4
4,142,960
3 7 4 746
29 4:260
:0
5
2,401,938 +21.9
3,390,793
2,920,651
2,086,581 +15.6
2,411,450
2,549,655
2,435,326
1,547,107 +9.6
1,696,427
1,985,229
2,004,794
1,824,715 +22.3
2,230,968
2,191,568
1,636,066
1,107,938
835,972 +32.5
1,361,698
1,187:76
879 96
8
2
+0.8
826,276
832,729
949,100
587,840 +61.9
877,357
8 6 706
5
8 4:864
70 1 350
0
+10.4
784,544
839,374
88 :072
766 10
5 0
620,000 +26.6
675,813
700.000
544,798
445,908
623,505
616,402
4 .
.
688,829
620,896
igi,103 +28.Z
67
503,893
448,257
27,675 +10.6
427,825 +8.2
535,213
456823:380892
553 648
439 3
:9 4
450,000
492,396
000,000
435,248
425,000
--41
421,071
+20.0
431,215
625,482
517,652
479,198
454,371
317,812
350,915
310,992
334,182
115.9
228,385
210,000
360,000
356 789 +0
: 9
287,314
326492:748135
223,924

*
$
%
$$
8,478,376,947 6,782,483,615 +/5.0 74,506,081,317 54,584,299,182 +36.0
New York
Philadelphia
600,177,120
497,454,925 +20.5 4,994,624.218 4,318,269,043 +15.7
Pittsburgh
195,852,323
164,838,596 +18.8 1,693,327,383 1,534,625,560 +10.4
903,105,930 +16.2
Baltimore
110,178,406
101,886,230 +8.1 1,049,222,583
300,900,347 +12.9
339,653,950
Buffalo
39,893,681
33,344,354 +19.6
202,672,430 +4.1
211,017,461
Albany
24,594,588 +6.8
28,264,868
242,380,218
201,118,254 +20.5
Washington
20,449,426 +25.3
25,620,696
13,30,437 +17.8
15,675,070
146,461,339
128.035,355 +14.4
Rochester
93,912,639
84,449,937 +11.2
Scranton
9,819,712
+8.5
9,207,751
78,134,799
77,004,207
+1.6
7510,099 +19.1
Syracuse
8,848,692
55,546,661
46,764,138 +18.8
4,973,640 +25.7
6,250,041
Reading _,
+22.1
51,227,725
46,057,059 +11.2
4,572,032
Wilmington
5,583,074
47,598,822
43,947,440 +8.3
4,885,269 +13.2
Wilkes-Barre
5,529,
978
60,913,615
52,429,481 +10.2
5,739,499 +16.8
0,705,032
_
Wheeling, W. Va
5,051,582 +14.7
66,675,418
27,097,351
Trenton*
5,796,027
4,851,485 +16.7
48,897,003
39,670,048 +18.2
6,063,3213
Harrisburg
3,146,210 +18.8
32,370,509
3,738,205
29,283,132 +10.6
York
2,456,832 +29.6
26,449,357
22,631,075 +16.9
3,184,285
Erie
1,831,282 +26.4
20,514,244
2,314,397
18,863,785 +8.8
Greensburg
1,854,000 +27.1
17,654,300
2,355,900
Binghamton
17,766,000 -0.6
1,753,870 +11.1
1,948,271
18,328,521
17,536,945 +4.5
Chester
+2.6
1,763,959
1,809,719
Altoona
15,048,946
15,355,814 -2.0
1,052,814 -0.8
1,044,522
Franklin
10,005,038
10,454,988 -4.3
982,479 +9.2
Frederick
1,072,641
9,639,259
8,380,452 +15.0
9,557,008,160 7,694,939,381 +24.2 83,827,009,907 62,703,627,080 +33.7
.
Total Middle
023,083,540
557,515,542 +11.9 6,136,079,990 5,241,124,725 +17.1
Boston
Providence
27,315,200
23,995,300 +13.8
273,288,100
235,638,400 +10.0
13,725,201
Hartford
12,191,457 +12.0
123,773,145 +10.3
130,571,859
8,621,204
New Haven
8,876,843 -2.9
91,528,574 +11.2
101,763,728
Portland
8,041,044
7,992,325 +0.6
07,500,512 -2.4
65,878,876
ppringileld
8,255,973
6,004,128 +19.0
07,718,734 +15.7
78,377,218
Worcester
6,997,106
5,833,301 +20.0
54,800,396 +14.5
02,720,718
Fall River
4,015,010
3,279,121 +22.5
34,171,804 +24.4
42,497,941
27,641,328 +27.7
New Bedford
35,294,377
4,559,631
2,741,537 +66.3
17,596,186 +2.2
1,941,037 -1.3
Lowell
17,980,042
1,915,618
16,599,260 +16.6
19,399,547
1,817,578 +21.2
Holyoke
2,212,547
Total New England
709,342.674
033,088,109 +12.0 6,969,802,392 5,978,091,070 +16.7
1,130,347,328
971,356,055 +16.4 10,180,450,484 8,620,292,333 +18.1
Chtcago
902,257,150 +10.7
998,790,200
100,371,150
95,974,300 +4.6
Cincinnati
80,079,067 +22.3
629,815,460
554,410,484 +13.6
73,498,736
Cleveland
557,180,504
494,057,104 +12.8
50,187,509 +23.2
61,809,454
Detroit
435,983,668
393,474,485 +10.8
47,083,275
46,968,334
+1.5
Milwaukee
307,232,762
274,787,204 4+11.8
33,227,698
29,941,257 +11.0
Indianapolis
20,720,000 +19.4
186,474,000 +19.9
Columbus
24,754,500
223,728,100
10,271,376
14,950,703 +8.8
Toledo
140,432,028 +9.1
153,267,433
12,059,218
10,459,834 +15.4
Peoria
105,762,028
94,576,701 +11.8
10,190,811
Grand Rapids
8,528,900 +19.5
89,704,944
78,620,449 +14 1
8,246,341
Dayton
7,120,957 +15.8
68,895,123 +23.0
72,420,843
Evansville
8,588,319
75,987,321,001 +11.7
7,650,005 +12.3
Kalamazoo
5,294,298
4,145,178 +27.7
2814,880 +25.4
45,955,080
Springfield, Ill
4,273,433
3,455,737 +23.7
31,467,248 +22.1
38,418,847
Youngstown
4,960.425
3,458,707 +43.4
24,771,134 +39.1
34,466,187
Wayne
Fort
3,891,385
3,279,009 +18.7
30,591,087 +15.2
35,253,717
Akron
3,236,300
22,397,165 +24.3
2,633,000 +22.9
27,830,396
Rockford
2,677,817
2,289,914 +16.9
25,612,230
22,008,075 +16.9
Lexington
2,632,157
2,179,570 +20.8
25,015,891
2,282,000
2,137,107
+6.8
Quincy
21,172,314
Rang ++11:11
Bloomington
2,169,318
18,820,312 +6.6
1,942,818 +11.7
20,059,945
Canton
2,970,428
1,887,124 +57.9
15,998,387 +73.0
27,667,146
Springfield, Ohio
2,097,399
1,850,532 +13.3
16,022,201 +22.3
19,110,156
2,048,513
South Bend
1,838,239 +11.4
15,652,525 +14.8
17,972,049
Decatur
1,920,740
1,607,226 +19.8
15,653,771
+6.8
10,561,078
1,613,647
Mansfield
1,403,540 +15.0
12,081,315 +13.6
13,723,524
Jackson
1,425,886
1,309,440
+8.9
12,073,785 +9.2
13,190,955
Jacksonville, Ill
1,268,455
1,080,731 +16.7
9,650,346 +15.5
11,141,038
Danville
1,496,235
1,181,881 +20.7
12,140,821 +10.1
14,094,908
607,783
Ann Arbor
569,079 +6.8
5,306,489 +16.7
125:114
66 000
6,250,447
175,264
210,000 +1.0
210,000
95,281
Adrian
+5.2
90,504
985,662 +5.7
1,041,454
20,562 327,18
207:286065
Total Middle West- 1,574,024,002 1,362,288,473 +10.5 14,244,861,159 12,211,031,022 +16.7 384,942,932
2
+14..6 374,588,242 331,826,421
Details of Pacific on page 894.
Total Pacific
415,494,019
96,684,659
99,852,799
85,126,341 +17.3
342,307,835 +21.9 3,460,058,904 2,838,239,982 +21.9
98,955,406
Kansas City
205,109,354
49,126,783
28,007,398
40,647,681 +20.9
39,030,162
167,066,488 +22.8 1,701,666,025 1,304,813,305 +30.4
726,188,399 -9.4
Minneapolis
28,473,758
658,009,152
27,585,067
97,391,669
28,764,590 -1.0
32,201,160
113,267,383 -14.0
Omaha
437,301,780 +23.2
15,936,318
538,704,852
12,310,620 +29.5
12,383,528
11,195.666
01,609,773
50,388,101 +22.3
346,024,156 +3.2
St. Paul
11,710,453
356,943,134
10,752,069 +8.9
9,128,522
97,874,908
10,870,447
40,789,403 +17.4
Denver
291,212,790 +15.0
9,548,956
30,419,265
8,609,047 +10.9
334,847,796
33,276,055 +9.4
9,099,881
7,120,817
St. Joseph
191,764,353 +17.7
5,717,617
5,099,916 +12.1
25,077,251
225,641,716
5,360,711
4,500,000
21,147,595 +18.6
Des Moines
3,810,399
3,145,965 +21.3
18,228,301
108,100,703 +26.2
136,392,552
3,562,240
3,191,648
12,001,360 +35.2
Sioux City
12,010,983
2,603,044 +18.7
3,091,470
101,171,372
79,349,007
2,772,139
2,223,432
9,239,526 +30.0
Wichita
11,526,868
1,281,885 +123.6
5,881,261 +96.0
7
2,860,541
1,105,312
52,438,580 +27,6
+4 5
1,303,305
91,559,970
Lincoln
1,280,713 +11.9
5,897,909
1,432,250
4,892,786 +20.5
44,538,209 +24.8
1,468,9A
55,601,276
1,128,798
Davenport
5,317,683
1,482,593 +0.2
4,399,711 +20.9
39,934,599 +20.8
1,485,745
1.634,072
48,238,419
1,585.699
Topeka
5,788,587
4,128,321 +40.2
1,017,064 +16.9
961,382
38.286,005 +34.9
957,465
51,532,898
Cedar Rapids
4,336,530
3,400,302 +27.5
838,395 +22.6
729,134
30,341,813 +31.6
39,614,174
2,877,570
Colorado Springs ..
2,798,397
+2.8
854,966
635 238
+9.71
700,000 +1.4
742,503
24,480,228
26,811,236
690,000
2,513,282
Pueblo
2,149,221 +10.9
:
4n,321 +30.9
428,498
532,032
12 129:465 +10 0
21,071,328
8,860 822 +2 1
639,549
1,470,810
Fremont
1,624,077 -9.5
385,306
391,819
13 408 148
307,089
Total other West
541,450.503
476,450,077 +13.6 4,401,213,998 3,745,785,174 +17.5
137,110,224 119,393 19 +14..8 122,885,021 100,192,000
3 1116 - 0
7
1
282,550,989
St. Louis
255,662,311 +10.5 2,462,750,998 2,227,102,788 +10.6
67,112,280
56,980,992
59,642,338 +10.8
66,081,592
New Orleans
549,077,135 +10.9
18,117,937
23,775,80
53,064,509 +21.9
608,760,039
64,190,789
12,755,303 +34.3
17,123,791
Louisville
44,736,354
41,647,960 +7.4
476,239,002
422,201,529 +12.8
11,158,549
10,348,621
+7.8
14.920.847
12,997,907
Houston
471,130,720
350,980,413 +34.2
48,190,191 +10.3
14,678,463
14,529,954
50,962,005
9,241,528
13,378,300 -30.9
Galveston
230,943,500
238,555,500 -3.2
27,633,000
7,002,000
29,427,500 -6.1
8,589,000
8.420.000 -5.2
7,983,500
Richmond
213,577,436 +20.4
257,001,281
6,285,474
27,564,736
6,455,004 +19.0
6,152,302
24,104,190 +14.1
6,493,462
Savannah
126,378,709 +19.3
34,814,484
150,769,319
22,383,873 +55.7
6,046,578
5,975,541 +82.4
5,565,113
9,705,599
Fort Worth
232,390,478
168,753,882 +37.7
27,218,700
3,117,307
3,894,331
22,263,324 +22.2
4,660,600 +58.1
7,350,000
Atlanta
34,409,834
17,238,160 +99.6
232,046,858
155,048,874 +49.7
0,000,000
5,204,254 +73.0
5,417,898
5,095,172
Memphis
183,445,510
170,500,034
16,4.43,155
3.765,816
+7.6i
4,513,306 +24.2
4,415,427
5,606,087
10,007,610 +2.7
Nashville
3,957,844
14,898,720
121,069,595 +18.2[
2,928,811 +12.8
5,168,457
3,300,000
193,129,834
12,687,891 +17.4
Norfolk
12,083,744
74,057,520 +36.5'
2,779,545
101,063,167
2,931,708
1,948,275 +60.8
3,132,595
8,251,875 +46.3
Birmingham
8,847,043
66,394,393 +12.0
74,332,787
2,244,582
2,089,910
1,776,294
+6.5
7,145,038 +21.0
1,892,396
Augusta
2,446,518
11,303,482
63,657,329 +22.0
3,367.071
65,433,558
2,295,970 +34.6
3,089,424
7,233,380 +57.1
Knoxville
0,384,220
1.700.375
52,680,902
1,559,713 -3.5
57,876,438
1,715.151
+7.2
5,957,901
1,504,981
Jacksonville
1,272,689
0,705,639
+2t1
53,090,039 +4263,64
65,531,359
5,398,438 +24.2
Chattanooga
7
1,424,304
6,918,204
1312:89i
54,438,311
50,198,406
+8.4
5,308,375 +10.2
Mobile
1,495,609
1,200,835
5,347,738
50,125,349
1,165,693 +17.1
46,936,002 +6.8
1,364,004
4,037,159 +15.3
Little Rock
1,475,385
1,212,520
6,475,874
1,342,916 +27.5
59,113,620
46,725,728 +26.5
1,711,963
4,554,151 +42.2
Charleston
+100.0
1,765,732
7,418,409
1,000,000
1,323,837
60,799,252
45,759,533 +11.0
2,000,000
5,093,603 +45.8
Oklahoma
1, 42 5 8
819:701
2
8,093,348
1,001,045 +100.3
9
62,387,244
892,227
35,083,987 +77.8
2,005,000
4,055,350 +114.4
Macon
707,700 +80.0
5,005,987
988,318
30,783,777
1,428,148
23,753,806 +29.6
3,488,832 +43.5
Columbia
3,418,026
20,017,839
21,521,169 +20.9
2,552,064 +33.8
Austin
+51.3
807,310
918,841
25,938.897
18,548,916 +39.8
2,452,341 +00.4
Beaumont
411,349 +22.9
g,fing
380,000
456,000
505,633
20,370,180 +15.6
0..7
23,544,899
+10 4
+6
Columbus, Ga
1,421,014
12,573,994
12,781,800
+1.5
1,547,091 -8.2
Wilmington, N.C
2,116,304
14,174,242
10,359,970 +36.8
1,363,054 +55.2
Vicksburg
300,437 -30.9
743,280
10,511,489
207,609
1,004,606
12,161,639
13.6
26.0
Valdosta
685,818
4,985,220
. 689,802 -0.6
4,597,450 +8.4
Guthrie
1,351,806
11,173,353
8,486,606 +31.7
933,761 +44.8
Total Southern
725 497,
:
29i
175,624,896 149,977,458 +17.1 172,959,689 162,719.156
614,585,651 +18.0 6,249,859,848 5,400,200,779 +15.7
Total all
13,523,710,649 11,123,659,586 +21.0 119,152,006,208 92,876,984,107 +28.3 3,525,557,320 2,828,900,599 +34.2 3,026,497,801 3,440.781,784
Outside New York. 5,045,330,702 4,341,175,051 +16.3 44,586,024,891 38,292,664,945 +16.4 1,264,713,960 1,082,198,165 +16.9 1,241,550,359 1,185,759,392

119:22
N2:21? T1.81
BM -+ :g

1:(127,79
) 9,19

lia,E2

ions

ta" Table Clearings by Telegraph and canadian Clearings on Page 894. *Not Included In total for month and nine months; comparison incomplete.




880

THE CHRONICLE

THE FINANCIAL SITUATION.
As the iron and steel industry is so generally accepted
as a barometer of trade, and as in the past it has
always proved a genuine and reliable barometer, it
seems proper to note here that in this important
industry new records of production are being made
with great rapidity and of astonishing proportions.
The iron and steel trade is now in a state of activity
which surpasses anything of the kind witnessed in
the most buoyant periods in other prosperous times.
The occasion for these remarks is the fact that the
present week the two trade papers have given their usual
monthly compilations of iron production, and both
report that the output of the pig metal—the raw
material which lies at the foundation of all the finished
forms of iron and steel—in September 1909 exceeded
the very highest figures reached for any month in the
entire history of theltrade. The product runs ahead even
of the large results attained just prior to the panic
of 1907. According to the "Iron Age" of this city,
the make of iron in the month named, which, be it
remembered, was a month of 30 days and not of 31
days, was no less than 2,385,206 tons. The "Iron
Trade Review" of Cleveland reports the output
substantially the same, or 2,376,039 tons. The
previous maximum total was reached in the month of
the panic, namely October 1907, when the "Age"
made the product 2,336,972 tons. That was a
month of 31 days while September had 30 days, and
hence the difference in favor of the latter month
is really greater than is indicated by the figures
given.
In January of last year, when the industrial depression was at its height, the make of pig iron was
only 1,045,250 tons. The advance from that figure
to the 2,385,206 tons output for September 1909
reflects marvelous recuperation and recovery. But
we need not go back as far as that to indicate in
what a noteworthy way the tide of activity is rising
and progressing. As recently as April of the present
year the make of iron was only 1,738,877 tons. Since
then each month has shown a gain on its predecessor,
and the output for September, at 2,385,206 tons,
registers an increase over the April total of 646,329
tons, or at the rate of 7,755,000 tons a year. In
other words, the country is producing iron at the
rate of over 73% million tons more per annum than it
was only five months ago, when there had already
been an improvement of nearly 70% as compared
with the abnormally low product reached at the
height of the bad times following the financial
upheaval of 1907. But even this does not measure in
full the progress making. As the "Age" points out,
the country entered the month of October with
active plants having a weekly capacity of 564,885
tons, or at the rate of over 29,750,000 tons per year
—roughly 30 million tons. The largest amount of
iron ever made in any calendar year in the past was
25,781,361 tons in 1907. Hence our furnaces are
turning out iron at the rate of 4 million tons per
annum more than in the very best previous year.
No wonder that our contemporary should be moved
to say that "astounding as is the rush of pig iron
production into new records in the past few months,
it is the promise of still greater outputs in the near
future which is fairly staggering."




[VoL. Lxxxix.

It appears that the furnaces of the United States
Steel Corporation made 1,184;370 tons of pig iron in
September, or just about one-half the country's
extraordinary total for that month. In August the
product of the company's furnaces was 1,102,288
tons, both being in excess of all previous totals.
Since last February the number of furnaces which
the Steel Corporation has had in active use has increased from 62 to 100. In the same interval the
number of furnaces in blast by the independent
steel companies has increased only from 49 to 57.
The "Age" also tells us that the Steel Corporation
likewise attained a record in its steel production in
September 1909, its output of ingots having been
1,302,074 tons. This is at the rate, it will be observed,
of 15,624,000 tons per annum. In the calendar
year 1908 the Steel Corporation together with all the
other steel-makers combined turned out only 14,017,627 tons of steel ingots and castings, and the
Steel Corporation alone made only 7,838,713 tons,
and even in 1907, the previous maximum, its steel
ingot production was no more than 13,342,992 tons.
In other words, the company's steel production now is
at the rate of 2 million tons more per annum than
in the highest previous year. Furthermore, all this
steel is going into consumption, for buying is so active
that producers find it impossible to supply the demand.
Obviously, we have in such facts as these the basis for
the great rise the present year in the shares of the
Steel Corporation; yet some writers would have us
believe that the advance in these shares is simply the
result of a gigantic speculation, and the wiseacres go
so far as to charge those who think differently with
"talking absurdities."
The activity in iron and steel extends to all branches
of the trade and also has its ramifications in other
trades, particularly those closely allied thereto. One
incident has been a great increase in the demand for
fuel, and this in turn has caused a very rapid rise in
the price of coke. The "Iron Trade Review" of Cleveland points out that for the first half of this year Connellsville furnace coke contracts were made at an average of probably $1 85 to $1 90. For the second half
the contracts ranged between $1 60 and $1 70. For
next year, however, contracts have been made at
$2 50, while $3 or higher is confidently expected by
most Connellsville operators. Coke for prompt delivery last May sold down to $1 35, while lately $2 80
and higher has been paid. With the increase in the
consumption of fuel, the railroads are getting a
larger tonnage in coal and coke; other advantages
of the activity in iron and steel are the gain in the
ore shipments and the greater volume of traffic in the
transportation of the finished forms of iron and steel.
Thus the benefits are numerous and diverse. Indeed,
it may be said that the effect of activity in the iron and
steel industry is to stimulate activity in all other
industries.
But is trade revival an occasion for genuine rejoicing, and should we really feel contented to have it
with us? Fifteen months ago, when the whole country was in sich dire distress by reason of the lack of
business activity, the answer would have been sharp
and decisive. Now we are again listening placidly to
talk telling us of the dangers and evils that lurk in
prosperity, or are assumed to lurk there. Our gov-

OCT. 9 1909.

THE CHRONICLE

erning authorities—those responsible for the previous
trade collapse—fear lest "the ecstasy of great profits"
make the business man forget that there is such a thing
as a high and mighty Central Government, and thus
deprive it of a decent excuse for existence. So they
argue that prosperity must not be allowed to go on
unchecked and unrestrained, but that the Government must be given power to regulate and restrict.
The stock market, being very sensitive to suggestions
of interference with economic laws or conditions, and
quickly responsive to influences of any kind, favorable
or adverse, and with a keen recollection, moreover,
of what happened under the last Administration, when
it was attempted to enforce a policy of that kind, has
the present week suffered a bad break, just as it has
on several other recent occasions when similar suggestions were made. Dearer money has, of course,
added still further to the discomfiture of speculators.
It seems inconceivable folly to argue in favor of
further meddling. If a man should protest, with
sorrowful anxiety, that his bodily vigor is so great
that he is really in fear about his future, and should
forthwith set to ransacking the market for proprietary
nostrums to keep himself regulated and down, he
would be rated wanting in good sense. But what is a
nation except a mass of persons, and is prosperity a
matter to be anxious about or be afraid of? The very
question sounds absurd. Nevertheless, in a speech on
entering California this week, our worthy President,
after sounding the paean of coming prosperity as
loudly as language could do it, added that "the difficulty is that whenever everybody is prosperous, when
everybody is comfortable, then is the time when our
old friend Satan steps in and helps along the evil
cause; then is the time when we are apt to be inert
and enjoy the things we have, without looking forward
in the future and seeing that the evils will grow and
ultimately swamp us."
On the contrary, the proverb says that malign personage "finds mischief still for idle hands to do;" the
caution is not issued against activity. The danger
menacing prosperity seems rather from the meddling
which politicians of the busybody class are so fond of
indulging in, and the soundest of old maxims suggests
letting well enough alone. There is a story of a very
anxious mother who was bewailing to a more experienced one the shortcomings of her little boy.
He was so perverse in tendency and wrong in conduct
she did not know what she should do about it; she
had tried and tried, had tried everything, and still
the child was not as he ought to be. "My dear,"
quietly replied the calmer mother, "did you ever try
a little wholesome neglect?" Is there anything (in
contrast to the entire shop of nostrums by doctrinaires
and tinkers) which the industry and welfare of this
great country now requires so much as to be let alone,
that it may have time and liberty to work itself out
according to natural laws?
Mr. Taft takes pains to point out upon what conditions prosperity would be acceptable. He says:
"We want prosperity, but we wish prosperity in such
a way that there shall be an equality of opportunity
among the individuals so that everybody will get his
share, and that it shall not be confined to a few who
monopolize the means of production or the means
of transportation, and thus prevent that equality of
distribution which we all like to see." In this the




881

President is simply acting the part of the agitator,
and whatever may be his intentions the effect can
only be to excite the cupidity and to inflame the
passions of the masses. In previous speeches he has
argued in favor of the limitation and distribution of
wealth, and indicated that drastic inheritance tax
laws by the States furnished one of the readily available means to that end.
But in seeking to effect a distribution of wealth and
to remove inequalities and disparities between different classes of the population, the President is dealing
with the problem of the ages—a problem not peculiar
to the present time but which mankind has had with
it since the inception of the world. Past generations
ascribed the inequalities to the bane of monarchical
governments. It remained for this country to demonstrate that these inequalities exist just as surely under
republican institutions. We do not think that any
scheme of regulation or restriction which our legislators, with the help of Mr. Taft or Mr. Roosevelt, or
both combined, might devise would bring us appreciably nearer to a solution, while it might prove seriously disturbing by interfering with the free play of
economic laws.
There is one question which really some propounder
of more statutes ought to attempt to answer. It is
this: Granting that all matters in this life are tainted
with some human imperfection, still it remains that
the politicians who think they see the imperfection
and have a device to correct it are also imperfect;
hence how is it conceivable that a small number of
men, chosen by party processes, can make matters
better than a great many men who are now doing it?
If individuals, each trying for himself in his own
interest, do not produce a uniform division of good
things and of human happiness, how can a few dozens
or hundreds of legislators bring in perfection?
The cotton markets of the world awaited with much
interest, if not anxiety, two reports of an official
nature issued at Washington on Monday last. The
Census Bureau of the Department of Commerce and
Labor announced at 10 a. m. the result of its investigations into the amount of cotton ginned between
Sept. 1 1909 and Sept. 25, and at noon the Department of Agriculture issued the condition report for
the last-named date. Little of importance attached
to the ginning report,as it was the first of the season,
and indicated but little more than the forwardness
of the crop already shown by the daily receipts. In
the aggregate it seems that there had been ginned to
Sept. 25 this year a total of 2,562,888 bales, against
2,582,688 to the same date a year earlier and 1,532,602
bales two years ago. In sections where drought had
been prevalent it was anticipated that the amount
ginned would reach a total in excess of the previous
year for the same period. This has proved to be
the fact so far as the figures for Texas, Arkansas and
Oklahoma show; it is also to be noted that the result
in Georgia is greater than in 1908. On the other
hand a considerable falling off in the early ginning
was expected in Alabama and Mississippi, where rainy
weather had operated to check early maturity; this
assumption has also turned out to be in considerable measure correct.
Government reports on condition, however, purport
(or are taken) to be definite information as to the

882

THE CHRONICLE

status of the crop at a certain time and are in a different category. They may be accepted only after
allowances for bias or exaggeration; but their appearance is an event of more or less importance. Thus,
the last previous report of the Department of Agriculture(that for August 25)had made the condition of
cotton the lowest since regular monthly reports were
first. issued,and consequently unusual interest attached
to the one issued Monday. The report, as made public, placed the average condition for the whole belt on
;Sept. 25 at 58.5 of a normal, a deterioration of 5.2
points during the month; but the teaching of these
statements was of no special influence on the cotton
.markets. Last Monday's figures which the Government gave out indicated more or less deterioration
in every cotton State,the decline in condition being
greatest in Louisiana, Mississippi, Texas, Arkansas
and Tennessee. The averageXcondition as reported
was 11.2 points lower than on the same date in 1908
and 8.5 points below the 10-year average. Moreover,
it was given as being this year lower than in any
previous year except 1902, when the Department's
figure was 58.3. The public (those who buy, use and
sell cotton) disbelieved what these statements represented, and consequently the market said so.
A great deal is being written from time to time with
reference to the apparent inadequacy of the American
shipping service compared with the trade existing
and procurable with the various marts of the world,
those of South America especially. It may be said
that these essays are probably in large part written in
the interest of the ship subsidy bill which is pending
in Congress almost every year. However that may
be, so far as our commercial facilities might be enlarged and quickened in those ways, we should be
loath to discourage them. . But a not infrequent and
initial defect in such presentations is the errors they
are too often based upon. For instance, we are told
that, according to the opinion of the American ConsulGeneral of Rio de Janeiro, inadequate shipping service
is handicapping American trade with Brazil and with
South America as a whole. At least that is the keynote of a recent report to the Department of Commerce
and Labor, in which the Consul-General refers to the
improvement in the service between various European
countries and the east coast of South America. , Within
the past three years, he remarks, that,as a result of aid
from the governmentsinterested, notably Great Britain,
France, Germany and Italy, fast modern vessels
have been put into service, and they have become a
prominent factor in commerce with the remainder of
the world. In fact, he says the number of vessels
plying between Rio and European ports has doubled
within the past three years, affording mail connections
about 16 times a month and making the passage in
12 to 15 days, against 2 ships per month sailing on an
183' -day schedule between New York and Rio. In
consequence of this, he concludes, American trade is
suffering while relations with Europe are constantly
becoming closer.
No one questions the desirability of further extending
our trade with Brazil, even though the exports from
the United States to that country have shown considerable increase of recent years ,and are exceeded in
• value only by those of .England and Germany. It is
obvious, too, that a requisite to that extension is an




[VOL.

Lxxxix.

adequate steamship service, which,however, we already
have and are constantly improving. An international
system of railways already being urged would of course
be helpful. Were communication with Brazil as infrequent as the Consul-General's report would lead one to
believe, there would of course be cause at present for
complaint of insufficiency of service. But the fact
is that freight accommodations appear to be ample
at the moment, and a readiness to increase them when
occasion arises is equally, evident. There were frequent sailings during September and in October no less
then eleven vessels are scheduled to leave New York
for Brazil. It is clear therefore that Government aid
is not among the requirements chiefly needed to properly care for -the trade between the United States
and Brazil.
On Monday last, which was observed by the Pratt
Institute in Brooklyn as Founder's Day, the President
ofathe institution announced a further gift of 1% million
dollars. The Institute began, 22 years ago, with a
foundation fund of 2 millions given by Charles Pratt,
who contemplated only "the promotion of industrial
education and practical work." It has expanded into
much more than that. It has a library of nearly
80,000 volumes, the first of its kind in Brooklyn;
it has its own savings and banking department,
under the name of the Thrift; it has ,many courses of
study, and now enrolls 3,800 pupils. Several gifts
from the family have come to it, one of these being for
$700,000; and now the son of the founder gives this
permanent endowment, declaring that his family
"hold the institution as a permanent responsibility
and are determined to do our duty by it."
On the same day a gift of $425,000 more from the
Sloane family of this city to Yale University was announced,together with smaller sums from other donors,
and gifts of nearly a quarter-million to Columbia University and some smaller gifts to Trinity College in
North Carolina. The Pratt Institute was founded
with money made by Standard Oil, just as were the
vast donations of the senior Rockefeller to a Chicago
institution and the memorable one for popular education in the South.
This long line of donations, reaching back at least
a half-century (and even farther, if the list is to include those of more moderate size), is neither new
nor unnatural, but it attracts only slight notice from
newspaper readers, and is too quickly forgotten. It
is merely cumulative evidence that men of wealth do
not fail to obey their obligation to the public good.
It seems more just—and it certainly is more creditable
to our human nature—to admit that they make this
substantial acknowledgement voluntarily and gladly;
yet the fact of their doing it is of more immediate
practical point than the motive which moves them.
The orator of the barrel-head can slur it over, if he
chooses, by saying that malefactors of great wealth
obey their fears and merely return to the public some
part of the plunder previously taken; but such an explanation, besides being mean and discreditable,
passes over the recorded fact that this unbroken stream
of giving began long before the custom of denouncing
and threatening the rich came in.
There is a public spirit; there is a civic spirit,
and there is a sense of trusteeship on the part of
wealthy men. Men must leave this world naked, as

OCT. 9 1909.1

THE CHRONICLE

they came into it; it is natural that they make bequests, and it is better and more business-like that
they make gifts while here to see their plans put
into operation. The example has a power of suggestion, fortunately; and the sensible moral is that
wealth will distribute itself, both liberally and wisely,
if we refrain from calling it ugly names and shaking
our fists at it. No inheritance taxes or income taxes
are needed for reduction of swollen fortunes; and however true, as a piece of generalization, the economic
maxim may be that national well-being lies in a million men having a thousand a year each rather than
in a thousand men having a million a year each, if
there had been no large fortunes the country would
be 'without its long list of educational, hospital and
other public institutions, unless the socialistic program had been followed by establishing them by taxation.

883

increase. The Rapid Transit Co. may also connect
with a line to Trenton. If it avails itself of all these
privileges it will have five inter-urban feeders contributing to its freight traffic. Between the hours of
1 a. m. and 5 a. m. the tracks are comparatively free
as the night schedule of passenger"carsin Philadelphia
provides for intervals extending from 22 minutes to
one hour. Farmers appear to be quick to appreciate
the new facilities offered. Many of them reside at
long distances from the steam railroads and the new
method of transportation affords the growers of produce an excellent way of getting their fruits and vegetables to the city markets.

The grain-crop situation in the United States during
September underwent no important change, according to the report of the Department of Agriculture for
Oct. 1, issued yesterday: A slight further deterioration occurred in corn, the condition Oct. 1 being given
Laws enacted by the last Legislature of the State of as 73.8, against 74.6 on Sept. 1, 77.8 on Oct. 1 1908,
Pennsylvania designed to encourage the transporta- 78 in 1907 and a ten-year average of 79.2. Contrasted
tion of freight by street railways are more satisfactory with 1906, when our record corn crop was secured,there
to the corporations than the older statutes. An Act is a decrease of 16.3 points; but in the meantime the
of May 6th, 1909, grants the right to all kinds of additions to area have aggregated 12.7%, which should
street railways, surface, elevated and subway, to be largely effective in making up for the loss in yield
transport all kinds of •freight and property and to per acre. Anticipations of a yield of about 2,725,charge a reasonable compensation therefor. The 000,000 bushels seem warranted. This would coinonly condition attached is that the consent of the local pare with 2,668,651,000 bushels in 1908 and 2,592,320,authorities of the several cities, boroughs and town- 000 bushels in 1907, but with 2,927,416,091 in 1906.
The October report also covers preliminary estimates
ships through which a railway company may operate,
shall first be obtained, and such authority may be of the average yield per acre of a number of cereals.
revoked after a period of ten years. A second Act, For spring wheat the average yield is placed at 15.9
bearing the same date, empowers street railway com- bushels per acre, and this, the Department finds,
panies and railroad companies to connect their tracks points to a total production of 291,848,000 bushels,
and interchange their cars, whether passenger or freight, or about 65 million bushels more than'in 1908. Comprovided the assent of the local authorities is obtained. bining this spring-wheat result with the 'estimated
Such assent may be revoked in ten years. A railroad outturn of the winter variety—announced by the Decompany using the tracks of a street railway in this partment in August as 432,920,000 bushels—gives a
manner must employ the same motive power for the total wheat crop for the current season of 724,768,000.
purpose that is used by the street railway whose tracks bushels, whfch compares with 664,602,000 bushels in
1908, 634,087,000 bushels in 1907 and 735,260,970'
are thus utilized.
to the Phila- bushels in 1906. The record crop, raised in 1901, wag
The Philadelphia Councils granted
delphia Rapid Transit Company the right to carry 748,460,218 bushels.
The indication as regards oats is a production of
freight and the company availed itself of the privilege
worth, over 30.3 bushels per acre, against 25 bushels in 1908, the
by first hauling milk. This traffic is now
$800 to the company each month. The freight rvice aggregate yield for 1909 being approximately 983,has just been extended to include all kinds of farm 618,000 bushels and contrasting with 807,156,produce,which will be transported day and night to a 000 bushels in 1908 and 754,443,000 bushels in
convenient terminal point. The Rapid Transit Co. 1907. In 1906, 1905 and 1902 the product exceeded
owns a line which extends to Doylestown in Bucks 900 million bushels, the crop of the last-named year
County and it is upon this road that the experiment is which made the record having been 987,842,being conducted. The charge to and from Edison, 712 bushels. Barley is expected to average 23.9
a point near Doylestown, is 23 cents per 100 pounds. bushels per acre, or 164,636,000 bushels, against an
The Rapid Transit Co. also owns a road to Media in average of 25.1 bushels, or a total of 166,756,000
Delaware County and it may connect,under the new bushels in 1908. The preliminary estimate of rye at
law,with the Lehigh Valley Transit Co.and the Phila- 16 bushels per acre indicates a crop of 31,066,000
delphia and West Chester roads. TheWest Chester Road bushels, which contrasts with 31,851,000 bushels last
has built up a profitable milk transportation business year. The total of leading cereals (corn, wheat, oats,
and it could extend the freight service with profit barley and rye) raised in 1909 is,according to the varithrough the co-operation of the Rapid Transit Co. ous estimates, not very materially below the 1906
Through its freight business the Lehigh Valley record, as the following indicates:
1906.
1907.
1908.
1909.
Transit Co. has been making satisfactory earnings, Production of— Bushels.
Bushels.
Bushels.
Bushels.
2,725,060,000 2,668,651,000 2,592,320,000 2,027,416,00/
the outskirts of the city of Corn
although it only touches
432,920,000 437,908,000 409,442,000 402,888,004
Winter wheal
Philadelphia. If its tracks were connected with those Spring wheat
224,645,000 242,372,965
291,848,000
226,694,00
754,443,000 964,904,522
983,618,000 807,156,000
Oats
of the Rapid Transit Co. and it were afforded the use Rye
33,374,836
31,568,000
31,851,000
31,066,000
178,916,484
153,897,000
166,756,000
164,036,000
of the Philadelphia terminal the freight business of the Barley
4,629,088,000 4,339,016,000 4,166,013,000 4,839,872,9
Lehigh Valley Transit Co. would no doubt rapidly Total




884

THE CHRONICLE

[VOL. Lxxxxx.

For 1905 the total was 4,519,326,398 bushels and by the possibility of a formal declaration of war against
for 1902 reached 4,081,466,476 bushels.
Morocco by Spain. While the Cortes is closed, it becomes the duty of the Council of State to authorize
The news on Thursday of an advance by the Bank unforeseen expenditures, and rumors were current
of England in its rate of discount was not unexpected, on the day the cable was filed of discussions in the
though it was thought that action might be deferred, Council. It is understood that the military party,
perhaps, until later in the month. Since the drain of the influence of which is growing, now insists that the
gold from the Bank to Egyptfor cotton,to Russia(from military efforts and sacrifices in Africa must be comthe market for the Cape metal)for that country's wheat pensated for by the permanent occupation of the
crop movement, and from various Continental centres Moroccan coast between Cape Forcas and Tetuan.
for the replenishment of their reserves, the rise in the King Alfonso is disposed to sympathize with the claims
Bank rate has been regarded as only a question of a of the militarists, but an unexpected obstacle has arisen
short time, for the usual sources of the Bank's supply in the Council, where the four Liberals who have been
of gold were rapidly being closed to that institution. opposing the campaign in Morocco, as a military adMoreover, the events of the week in New York seemed venture, have been joined by another Liberal, thus
to threaten a demand for gold from London for ship- creating a tie in the Council. The Liberal and Repubment hither • incident to operations in finance bills. lican leaders have united in a note to Premier Maura,
Furthermore, the development of the unsettled po- asking for the immediate re-establishment of the conlitical conditions growing out of Spain's war in Mo- stitutional guaranties in the provinces of Barcelona
rocco, and the announcement that Germany would and Gerona.
again soon become a large borrower, seemed to make
imprudent longer delay by the Bank in advancing its
According to a Paris cable of Tuesday,preparations
rate of discount.
to extend Spain's operations in Morocco are creating
uneasiness in Paris. A journal owned by Minister
The fall in exchange this'week to the lowest in re- of Commerce Dupuy, in an inspired article says that
cent seasons seemed to revive expectations of gold im- Spain's program seems to go beyond the object
ports from London. The minimum rate this week originally communicated to the Powers. It prowas, however, only one cent per pound sterling below vokes apprehension in Europe, especially in London
parity, and unless there should be a further sharp de- and Paris. Colonial authorities of Algeria have
cline, accompanied by dear money, bankers who would notified Paris of fanatical excitement in the interior
be disposed to import gold for profit would hesitate and speak of danger along the Algerian frontier if
to risk the operation. Moreover, at the moment the the Spanish commander attempts to push southward
situation in Europe is such as to make it probable that from Zeluarn. The paper intimates that reports
gold could not be secured abroad by New York at a from the interior of Spain indicate grave danger of
price which would justify expectations of a profitable serious trouble as soon as the country is denuded of
import transaction thereto. There was a transfer on troops.
Friday by the United States Assistant Treasurer of
$2,000,000 gold to Japan; at the same time it was intiThe Berlin correspondent of the "Financial News" is
mated that New York might soon be called upon to authority for the statement that the home funds
remit gold to Brazil for London account.
section on the German bourses has, for many months,
been the weakest point of the market. This is
It appears by Madrid cables of Saturday of last week attributed to a semi-official announcement that the
that the rejoicing over the capture of Mount Guruga, Government would again be compelled to have rewhich capture -was regarded as ending the war, was course to borrowing in the beginning of the coming
premature. After that event the Moors were heavily year. This announcement was confirmed this week.
reinforced. They renewed the attack upon the Span- The proceeds of the proposed loan are destined to
ish forces, selecting an advantageous position in the meet the requirements of next year's budget and the
vicinity of Sokel Jemis, and inflicted such severe deficiency of the current and previous budget years—
casualties that the Spanish reconnoitering expedition altogether an amount of at least 71 million dollars.
was forced to retire, with the loss of a General and a Although the issue of the new loan will not take place
large number of men. As the result of this reverse, for another six months,the announcement of an inGeneral Marina decided to call for reinforcements, crease of the debt of the Empire provoked depression
to occupy Mount Guruga permanently,and to hold a of the market. There are other circumstances which
large section of.territory, with Tetuan as a base, as are considered as unfavorable factors. It is alleged
indemnity to Spain for 20 million dollars, until such that the issue of the recent loan was far from a success
money should be paid. The question of indemnity, and that large parcels remain in the hands of the
however, seems likely to cause trouble. It is under- issuing banks, notably of the 3 2% loan; of the
stood, according to a Paris cable, that France and whole issue that took place last spring, (amounting
Great Britain have agreed that Spain shall have full to 200 million dollars, of which one-half bear interest
right to exact indemnity from Morocco and to occupy at 4% and the remainder 3%) former have been
the
territory, temporarily, pending its payment; but both entirely placed,i,vhile of the 33% loan large amounts,
nations are prepared to resist the definite occupation of together with some others of previous
3% loans,
Tetuan.
had to be rebought, it is claimed, by the syndicate
A Madrid cable of Monday says that the extension of in order to support the market.
field operations in Africa, to which the Spanish Government is now committed by the dispatch of reinA Paris cable of October 6 says, regarding t
forcements to General Marina, is further complicated Spanish troubles, that the uneasiness over the situati



OCT. 9 1909.

THE CHRONICLE

885

last year (156,562,795 shares against 134,970,765
shares), and almost identical with those for the like
period of 1907. Bond transactions, while noticeably
less than in August, were appreciably heavier than in
either 1908 or 1907. They totaled $91,882,200, against
$83,704,000 for September a year ago. For the nine
months since January the aggregate sales of bonds of
all classes reached over 1,000 millions of dollars, a total
much in excess of any earlier record. At other stock
exchanges of the country, likewise, dealings have been
of greater volume than a year ago. On the Boston
Exchange they reached 1,187,555 shares for the month
and 10,419,963 shares for the nine months, against
916,244 shares and 8,727,656 shares, respectively, in
1908; at Philadelphia the September total was 1,224,617 shares, against 580,100 shares in 1908, with the
7,096,455 shares and 5,934,603
An incident which may prove to have much nine months' results
shares.
political importance was the summoning by King
A very satisfactory exhibit is also made by the
Edward of Premier Asquith to a conference at BalCanadian clearing-house returns. For the thirteen
moral. It is regarded as certain that the conference
our table, the aggregate shows an
has reference to the budget situation in the Parlia- cities included in
increase over the corresponding period of 1908 of
ment,for there is, so far as is known, no other question
one of the cities sharing therein. The
of equal interest to be discussed. As the result of the 17.6%, all but
the total for the period since Jan. 1, moreover, is 23.9%
conference, it is suggested that modifications of
nine months' aggregate. Conbudget may be introduced into the amended bill to greater than the 1908
the in- trasted with 1907, the gains are 24.4% and 12.4%
make it more acceptable to the Lords;
tended visit of Lord Lansdowne, the leader of the respectively.
Opposition in the Upper House, to Balmoral gives
Failures are an industrial factor that can seldom
color to this suggestion.
be interpreted by themselves. When we received
condi- this week the usual reports for September and saw how
If one would measure the progress in trade
that month's results were, in
tions, no better test could be presented than bank extremely satisfactory
they can only be comparison with other dates, we could not avoid using
clearing-house returns. At present
of affairs
interpreted fully by stating that in almost all lines of them as strong evidence of material progress
there has been a towards a normal industrial situation, the aggregate
commercial and industrial activity
at only $8,446,029, the smalldecided recovery—complete in most cases. All sec- liabilities being reported
sharing equally est similar total in any month since March 1907, and
tions of the country are not, of course,
er for the ten years
in the improvement, locally-operating causes serving below the average for Septemb
check. But preceding, September of 1908 or 1907 liabilities bein a few instances to hold progress in
reported. Indeed,
it is a notable fact that barely a half-dozen of the 127 ing more than double those now
for September fail to one would not be far astray if one accepted the current
cities included in our compilation
average basis
show gains over the previous year. Furthermore, at showing as indicating a return to a normal
ges of increase are very of commercial soundness,the September liabilities of
very many points the percenta
been only once in the
heavy. Conspicuous in this regard are a number of the manufacturing division having
at the South. For last ten years (in 1905) more than nominally lower than
cities west of the Mississippi and
in four cases they have
the whole country the excess in September, as com- in the month this year, and
the nine months been greater, the situation being very similar among
pared with last year, is 21.6%, and for
reaches 28.3%. Moreover, compared with 1907, traders. .
The R. G. Dun & Co.'s statement is the basis for the
there are increases of 27.9% and6. 1%, respectively,
also, the current year's totals are above conclusions. It makes the total of failures for
and in each case,
greater than those for 1906. Outside of New York September 813, with liabilities, as said, of only $8,446-,the month's aggregate shows an augmentation of 029, which contrasts with 806 disasters and $17,298,
1908, and the nine months' 186 liabilities in the like period last year. Manufac15.3% as compared with
e
gain is 16.4%, with the excesses over 1907 reaching turing disasters account for $3,423,271 of the aggregat
It is this for September this year, against $4,710,229 in 1908;in11.1% and 1.0% for the respective periods.
$11,s
favorable comparison with 1907 and also with 1906 debtedness of traders at $4,265,308 compare with
tcy largely
that lends force to the assumption that business is now 771,895 last year (the Booth & Co. bankrup
swelling that total), and brokers', &c., liabilities
normal basis of activity.
on a virtually
a year ago.
At the New York Stock Exchange dealings in Sep- amounted to $757,450, against $1,716,062
number of failures
tember 1909 were moderately in excess of the same For the nine months of 1909 the total
s with 11,month a year ago, and operations netted an impor- was 9,666 for $116,135,871, which contrast
7,523 in the like intertant advance in values in many issues and new high 946 and indebtedness of $179,67
6,349 in 1907. In
records of price in a number of t leading stocks. The val last year and 8,090 and $116,03
son is between liamonth's transactions were 19,981,675 shares of a par manufacturing lines the compari
and $79,140,431 in
value of $1,771,443,700, comparing with 17,582,499 bilities of $49,290,715 this year
368, against
shares of a par of $1,557,670,875 in 1907. For the 1908; trading disasters involved $49,902,
year's dealings were greater than $72,810,227, and the remaining failures (brokers,
nine months also this

in Spain has now grown into a distinct menace.
The expedient of the Spanish Government in trying
to cover up their unpopular attitude on the Morocco
question by a direct declaration of war has occupied
the attention of the Bourse to the exclusion of other
matters, owing to the complexity of international
interests. It is believed here that Spain is endeavoring in this way to secure reimbursement, either
in land or funds, for the great expenditures thus far
incurred, thereby bidding for popular support.
French bankers, who are closely identified with Spanish
securities, do not like the week's developments,
though they would welcome any strengthening of
Spanish resources. Spain, however, will be compelled, by the Powers, to curb her ambition.




8S6

THE CHRONICLE

transporters, do.) covered $16,942,788, against $27,726,825.
Analyzing the failures results by quarters, we have
more conclusive evidence of improvement in the business situation than the figures for either the month or
the nine months furnish. Thus, liabilities for the first
quarter, while smaller than for the same period of 1908,
were heavier than for most earlier years since the
record has been compiled, and consequently well
above the average for the previous ten years. The
second quarter, while making a better comparison than
the first, gave a total above the normal, but the third
quarter's aggregate of indebtedness, at $27,594,498,
was not only less than that for the same period of
1908 or 1907, but below the ten-year average, or in
fact the average for the 34 years since 1874. These
results speak well for the advanced status of the weeding process which must have been in progress hitherto.
They do not so much show actual growth, but preparation for it.

[VOL. Lxxxix.

I quoted as the minimum by all lenders. Time contracts were not influenced by the activity in money
on call until the middle of the week, though lenders
were reluctant to offer their funds. Rates for sixty
days on good mixed Stock Exchange collateral were
offered at 43%, while loans for ninety days, which
would carry the borrower into the new year, were
43/2% bid and 43 % offered. The demand is broad4
ening, chiefly because of the call-money situation, and
also of some tension abroad, as elsewhere noted.
Commercial paper was in good demand, sympathizing
with the time market; the supply is, however, insufficient to meet the inquiry. Rates for sixty to ninety
day endorsed bills receivable are 43/2@4h% and
4%@,53i% for prime four to six months' single names;
lower grades of these maturities are not quoted.
The Bank of England rate of discount was advanced
this week from 23/2%, at which it had stood since
March 31, to 3%. The cable reports discounts of
sixty to ninety day Bank bills in London 23/2% for
sixty and 2%@3% for ninety days. The open
market rate at Paris is 2%% and at Berlin and
Frankfort it is 3%%. According to our special
cable from London, the Bank of England lost £2,321,718 bullion during the week and held £34,913,340 at
the close of the week. Our correspondent further advises us that the loss was due about equally to exports
and to shipments to the interior of Great Britain.
The details of the movement into and out of the Bank
•were as follows: Imports, nil; exports, £1,230,000 (of
which £1,030,000 to Egypt, £180,000 to South America and £20,000 to Roumania), and shipments of
£1,092,000 net to the interior of Great Britain.

The bank statement of last week, as was the case
in the previous week, reflected the shifting of loans
from banks to trust companies. Thereby it appeared
that the effect of the cash loo was so far minimized as
to disclose, in the statement of actual conditions, a
small surplus instead of a deficiency. Actual loans
were contracted by 16 millions and the cash was reduced 129 millions. Deposits fell 30 millions and
the reserve showed a reduction of $5,249,175, to $1,627,525. Computed upon the basis of deposits, less
those of $1,670,200 public funds, the surplus was
$2,045,125. It has been expected that this week there
will be an improvement in the statement, the result of
the return to the banks of some part of the funds paid
for interest and dividends during the week; this exThe foreign exchange market was weak and much
pectation may, however, not be realized because of the lowest rates for the season were recorded.
The
the large and continued drain to the interior.
influences operating on the market were partly artificial, though chiefly legitimate. The unsettled poThe market for money was higher this week and a litical situation abroad, resulting from the disquieting
maximum of 6% on call was recorded on Tuesday developments incident to the Spanish
war in Morocco,
for the first time since January last year. The chief had a depressing effect upon the Paris
and the London
influences affecting the market were the unfavorable markets, inducing in the latter
liberal selling of such
bank statement of last week, which led to calling of American securities as had been greatly
extended by
loans made to speculators on low-margined stocks; recent large purchases. The
exchange required for
there was a movement of currency to the south of remittance to pay for these properties
was at first
some importance, and a demand to meet New York largely supplied by offerings of loan
bills, representing
City bonds and taxes, which became payable this week. foreign capital which had
been attracted hither
The withdrawal of deposits from local banks by those through the cables for temporary
use; another offsetin neighboring cities, notably Boston, was a factor ting influence to the declining tendency was the need
in the situation. Trust companies also drew such of for provision for matured finance bills. These
were
their balances as they had been employing with banks met by drafts against the placing abroad of 10 million
at low rates, in order to take advantage of the dearer Telephone bonds and also of such American
stocks
money. It is claimed that the higher rate for call as had become popular in Europe, and were
therefore
money, while loans on time were only sympathetically in request for investment; the existence of a large
short
affected, was due to the almost simultaneous calling interest in the market, which had recently
been inof loans and the selling of stocks, such operations being creasing, was an important artificial factor.
One feaconducted between mutually interested parties. To- ture in the middle of the week was the
offering of a
ward the middle of the week there seemed to be a better liberal supply of commodity bills, chiefly against
cotsupply of call money, for rates gradually receded; the ton.
easier tone was due to offerings from various sources,
Rates for exchange on Saturday of last week, comwhich were attracted hither by the extremely high pared with those on the previous
day, were 10 points
rates.
lower for long at 4 8410@4 8420, 5 points for short at
Money on call, representing bank, trust company 4 8595@,4 86 and 5 points for
cables at 4 8620@4 8630.
and other balances, loaned at the Stock Exchange On Monday long and short were unchanged,
while
on Tuesday of this week at 6% and on Monday at cables fell 5 points to 4 8615@4 8625. On
Tuesday
3%; the average for the week was 4%, which was long was 20 points lower at 4 8390@4 84,
short 10




THE CHRONICLE

Ouv. 9 1909.

points,at 4 858564 8590 and cables 5 points at 4 8610
@4 8620. On Wednesday long fell 30 points to 4 8360
@4 8370, short 25 points to 4 8560(0 8565 and cables
25 points to 4 8585(0)4 8595. On Thursday long fell
35 points to 4 8325@4 8340, short rose 5 points to
4 856564 8570 and cables 5 points to 4 8590@4 86.
The higher Bank rates contributed to a steadier tone
for exchange. On Friday the only change was a fall
of 5 points in long.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
Fri., Mon., I Tues., Wed., Thurs., Fri.,
Oct. 1 Oct. 4 Oct. 5 Oct. 6 Oct. , 7 Oct. 8
Brown
160 days 4
Bros. dr Co
Wight__ 4
160 days 4
Kidder, Pea1Sight__ 4
body & Co
160 days 4
Bank British
North America_ __ -1SIght. _ 4
160 days 4
Bank of
1Sight__ 4
Montreal
160 days 4
Canadian Bank
of Commeroe
1Sight.._ 4
/60 days 4
Heidelbach, Ickel1Sight__ 4
heimer dc Co
160 days 4
Lazard
1Sight.._ 4
Freres
(60 days 4
Merchants' Rank
'Sight__ 4
of Canada

85M
87
8534
87
85%
87
8534
87
8534
87
8534
87
8534
87
8534
87

85%
853
87
87
853
85%
87
87
8534
8534
87
87
8534 ' 8534
87
87
8534
8534
87
87
8534
8534
87
87
8534
8534
87
87
8534
8534
87
87

85M
87
854
87
8534
87
8534
87
8534
87
8.534
87
8534
87
8534
87

85;4
87
85%
87
8534
87
8534
87
8534
87
8534
87
8534
87
8534
87

85%
87
85M
87
8534
87
8534
87
8534
87
8534
87
8534
87
8534
87

Rates for exchange on Friday were 4 8325@4 8335
for long, 4 8565(0)4 8570 for short and 4 8590@4 86
for cables. Commercial on banks 4 83@4 8310 and
1
documents for payment 4 823' @4 83 8. Cotton for
payment 4 844(0)4 82%, cotton for acceptance 4 83
®4 8310 and grain for payment 4 8334@,4 83%.
The following gives the week's movement of money
to and from the interior by the New York banks:
Received by
Shipped by
N. Y. Banks. N. Y. Banks.

Week ending Oct. 8 1909.

Net Interior
Movement.

$6,957,0001 $10,436,000 Loss $3,479,000
849,0001
3,464,000 Loss 2,615,000

Currency
Gold

87,800,0001 813,900,000 Loss $6,094,000

Total gold and legal tenders

With the Sub-Treasury operations andigold transfers
the result is as follows.
Out of
Banks.

Into
Banks.

Week ending Oel. 8 1909.

Net Change in
Bank Holdings.

Total gold and legal tenders

$7,806,000
31,600,000

$13,900,000 Loss $6,094,000
36,990,000 Loss 5,300.000

$39,405,000

Banks' interior movement, as above_
Sub-Tress. oper'ns and gold transfers

$50,800,000 Loss $11,394,000

The following table indicates the amount of bullion
in the principal European banks:
Oct. 8 1908.

Oct. 7 1909.
Banks of
Gold.
£
England__ 34,13,34l
France _ 144,792,96r
_Germany.. 33,623,450
Russia d__ 132,667,000
Aus.-Hunb 57,416,000
Spain ..._ 16,060,000
Italy d _ 37,260,00
Neth'land 10,525,091
Nat.Belg.d 4,163,33:
Sweden _ _ 4,382,001
SwItzerl'd. 4,940,001
Norway __ 1.727,001

Silver.

Total.

£
£
34,913,340 39,938.003
35,912,480 180,705,440 130,255,264
11,856,350; 45,482,800 39,858,000
7,400,000,140,127,000 120,401,000
12 279,000 69,695,000 48,615,000
31,621,000i 47,671,000 15,735,000
4,000,000 41,250,000 37,037,000
3,041,000 13,556,000 7,769,801)
2,081,667 6,245,000 4,128,000
4,191,000
4,382,00
4,633,009
4,940,00
1,727,0001 1,629,000
£

I

Total.

Gold.

E
36,938,003
35,783,080 166,038,344
12,100,000 51,958,000
7,112,000 127,513,000
12,816,000 61,431,000
33,454,000 49,189,000
4,500,000 41,5:17,000
4,021,20 11,791,000
6,192,000
2,064,00
4,191,000
4,633,000
1,629,000
£

Total week 182,453,083 108,251,497 590.704,680 451,190,067 111,850,280563,040,347
Prey. week 491,693,368 110,108,130 601,801,498 460,783,212 112,589.709503,312,921
a The total of gold In the 13ank of RUSSIA includes the balance held abroad—
that is, the amount held for Russian account In other Continental banks. The
proportion so held and consequently duplicated In the above statement Is about
one-tenth of the total this year, against about one-ninth a year ago.
b The Austro-Hungarian Bank Statement Is now Issued 'in Kronen and Belle1
instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Golden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In
London, In order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 instead of 20.
The division (between gold and sliver) given In our table of coin and bullion In
the Banks of Italy and Belgium is made from the best estimates we are able to obta in;
it Is not claimed to be accurate, as the banks make no distinction In their weekly
returns, merely reporting the total gold and silver; but we believe the division we
make is a close approximation.




881

ENGLAND'S CONSTITUTIONAL PROBLEM.
With the completion this week of the budget debate
in the British House of Commons and the placing of
the completed bill on the calendar of the House of
Lords, what has now come to be called Great Britain's
constitutional crisis reaches its most interesting stage.
It cannot be said that the question, what the Lords
are likely to do in the way of either accepting or
rejecting the budget, is any more clearly indicated
now than it was four or five weeks ago. British statesmen themselves appear to be singularly at sea regarding
the elements in the problem.
Lord Rosebery, who, despite his curious quality as
a kind of dilletante in politics, still exerts much
authority as a former Liberal Premier, has taken two
different positions in the matter, changing his mind in
something like alarm almost before the ink was dry
on the reports of his first speeches. Having declared
that his party ought to welcome rejection. of the
budget by the House of Lords as a strengthening
factor in its popular campaign, he presently reversed
his position, warning the party seriously that its
enemies were most anxious to have it do exactly this
thing, and that therefore.it would be wiser not to
do it. This was sufficiently bewildering, but the
speeches of the past two weeks have, if anything,
added to bewilderment.
Mr. Joseph Chamberlain, in a letter read at a
meeting of Tory electors, advised the House of Lords
to reject the budget, simply and solely for the purpose
of forcing a general election. This advice, from this
particular source, might easily have been interpreted
as reflecting Mr. Chamberlain's desire for another
electoral contest, where he could get his favorite"tariff
reform" arguments once more before the people.
Mr. Balfour, who spoke at the same meeting, avoided,
with his usual discretion, committing himself to any
positive advice as to what the Lords should do—
perhaps because of some utterances of his own in the
past which might be awkward if recalled in connection
with such advice. But he concluded his speech with
the remark, "I don't _believe that the verdict of the
country upon the budget will long be deferred," adding
that "the conflict will not be decided .at Westminster,
but by the electors." This, like many of Mr. Balfour's utterances, is somewhat Orphic, but it certainly
.
pointed toward the making of the challenge by the
House of Lords.
It might be asked exactly what Mr. Balfour means
by the verdict of the country on the budget. Presumably, he had in mind a vote against Mr. LloydGeorge's scheme of taxation, by an electorate with
whom the new proposals were unpopular. But it is
not so easy to see how approval or disapproval of the
budget could be the single issue in the electoral campaign if the Asquith Ministry were to go to the
country on the rejection of the budget by the House
of Lords. Mr. Balfour is not so simple as to imagine
that the Liberals would ignore the important constitutional weapon which would be placed In their hands
by such an action. Speaking to the Birmingham electors lately, Mr. Asquith, in a clear and lawyer-like
address, _pointed out that, taxes are granted to the
Crown in England, not by the two Houses of .Parliament jointly, but by the House of Commons alone.
This assertion he supported by the facts that an

888

,
TH I: CHRONICLE

v
explicit declaration to such effect has appeared in the
preamble of every tax bill since 1628, when the House
of Commons, as a result of the report of eminent lawyers, purposely omitted mention of the Lords as concurring in the grant; that the principle was re-asserted
by the Commons in the time of Charles II., by the
Earl of Chatham in his ministry during 1765, by the
Duke of Wellington in 1846, by Lord Rosebery in •
1894, and, not least in effectiveness as a precedent,
by Mr. Balfour himself as lately as June 1907.
This citation of authorities may easily explain the
caution of Mr. Balfour in his remarks, already referred
to, on the attitude of the House of Lords. But it shows
something more than this. With so complete a chain
of precedent, identified on at least two occasions with
important constitutional crises in English political
history, it is impossible to doubt the force which the
argument of usurpation would possess in the campaign
for a general election. To imagine that with So effective a plea at hand, the Liberal leaders would confine their arguments to the technical details of this
year's new proposals for taxation, is to suppose that
they are not possessed of ordinary political sagacity.
Further than that, it is easily possible to say that
the present Opposition would spike their own guns by
allowing the issue to go to the country under the form
of a veto by the House of Lords. In a general election brought about through other causes, and with the
issue fairly joined on the question of the budget per se,
there would be a reasonable prospect, if not for a vic-tory for the Opposition, at least for substantial reduction in the Ministerial majority. To such a result
the natural tendency of popular support to fall away
from a party which was carried into power by overwhelming majorities, from a group of not wholly harmonious constituencies, would definitely contribute,
and such genuine objection as may be entertained to the
Ministry's tax proposals would add its force, while it is
hardly to be supposed that any support outside of that
which was granted in the huge vote of 1906 would be
won by the Ministry as a result of its budget of 1909.
Now it should be plain, in the light even of our own
experience, that the most salutary outcome would be
such reduction in Ministerial majorities as should serve
for a warning that its extreme lines of policy have
not found favor in the country's mind. With this result assured, the conservative portion of the English
people might breathe easier; for the whole trend of
this year's budget controversy has emphasized the
fact that it is not so much the existing tax proposals
which excite dislike and dread as the feeling that they
are entering wedges for a more radical and dangerous
extension of the tax power along the path of socialism.
A general election fought on the issue of the budget
pure and simple would, we think, give very fair prospect of precisely such reduced Parliamentary support.
But that an election in which the constitutional issue
had been thrown into the scale would promise similar
results, seems to us very doubtful. Of course, one
may conceive the Liberals as staking the issue solely
on the continued existence of the House of Lords,
which would involve, as we have shown before, other
considerations,such as might make a prudent electorate
hesitate in support of the sweeping innovation. But
Mr. Asquith is too shrewd a lawyer and politician to
jeopardize his case unnecessarily by loading it with a
flat proposal of that sort, when he has in his hands so




[VOL. Lxxxix.

powerful an appeal to public feeling as the invasion of
popular rights in legislation by the prArileged classes.
The outcome of a contest based on such an argument might easily be such an overwhelming endorsement of the existing Ministry as to free their minds from
all misgiving as to the safety of the further extension of
the policies objected to.
All things considered, it still seems to us that the
House of Lords will scarcely throw down the gauntlet
to the Commons under such conditions. The curious
report this week, that the King of England was personally intervening in the matter, may or may not
have solid basis. King Edward is a master hand at
adjusting political complications, through exercise of
social powers. It is scarcely conceivable, however,
that those powers should be used in the present juncture for any other purpose than to dissuade the House
of Lords from engaging in a dangerous and hopeless
contest.

RAILROADS AIDING AGRICULTURAL
DEVELOPMENT.
The Pennsylvania Railroad has just purchased a
50-acre farm on the line of its road in Delaware,
for the purpose of establishing an experimental agricultural station for the benefit of farmers in the
peninsula within Maryland, Delaware and Virginia.
Of nearly four million acres of land in this peninsula
only a little more than two millions are reported
to be under cultivation. This movement is the result
of an inquiry by a committee, started by a personal
visit of President McCrea last year. The land selected
is said to be "worked out," and was chosen for that
reason, so that the practicability of soil restoration
at a profit may be exemplified. Glass houses will
be built; nutritious grasses will be grown; fruits and
market vegetables will be especially improved; and
the whole will be in charge of a Cornell graduate of
practical experience.
This naturally follows along the line of the educational-train work, in agriculture and good roads,
which has been considerably done by a number of
railroads in different parts of the country, as heretofore mentioned by us. It particularly follows
the work which has for several years been done for
the Long Island road, by an agricultural enthusiast
who first entered the company's service as a "publicity"
agent to make known to the public the hitherto
unknown country of that island. It is the belief
of this man that the island is in every respect unique,
with an unequaled supply of fresh water under it,
and capable of raising almost every desirable thing
grown from the soil of the globe. The road has been
issuing, for several years, a small fortnightly journal
of results accomplished by him on its two experimental
stations at Medford and Wading River, and while it is
not needful for the present purpose to gather together
these details, a few are especially striking. A cut
of the Wading River farm before work began shows
as barren-looking a piece of desolate scrub as any
traveler on Long Island ever saw; cuts of this spot,
only 68 miles from Manhattan, now show packinghouses, corn standing 16 feet high, and vegetables
and other products in proportion. Of interest to the
city dweller is the company's order sheet for a week's
supply of vegetables for $1 50, in a hamper, delivered

Our. 9 19094

THE CHRONICLE

889

In the net, the contrast between the Louisville (It
Nashville's results for 1908-09 and those for 1907-0S
is really marvelous, working a complete transformation in the company's condition and prospects. With
gross earnings gaining, as we have already seen, only
$805,610 as compared with the poor totals of 1907-08,
expenses were reduced no less than $3,966,792 (haying been decreased from $33,594,291 to $29,627,499),
and as a consequence the net earnings for the latest
year (before deducting taxes) were $15,798,392,
against only $11,025,990. It is impossible to make
direct comparisons with the years prior to 1907-08,
since with the first of July 1907 the railroads were
obliged by the Inter-State Commerce Commission to
inaugurate a new system of accounting, involving important changes in the classification of both revenues
and expenditures; but net earnings for 1908-09 at
$15,798,392 are unquestionably far in excess of the
very largest total in the best of previous years.
These larger net results reflect developing operating
efficiency, but they also indicate improved operating
conditions. When the roads—speaking of the railroad
situation generally—were congested with traffic, and
their facilities were inadequate to handle it, they could
not work either with due economy or to the satisfaction of their patrons. At that time, also, there was a scarcity of labor; this was a double handicap, first,
because the managers could not pick their help, and
secondly, because with labor in under-supply and the
men in no danger of being discharged, the hands could
not be held to full account or forced to render due service. Furthermore, the various States, through their
governing bodies or legislatures, were imposing new
regulations and requirements, adding greatly to the
cost of transportation work, while simultaneously they
were compelling reductions in rates.
As a consequence of this combination of adverse
elements, a point was reached where large additions
to gross revenues were no longer productive of any
addition to net earnings, while the companies had additional fixed charges to meet by reason of the additional
capital outlays they had been obliged to incur in order
LOUISVILLE & NASHVILLE'S OPERATING
to furnish the increased facilities required and to handle
ACHIEVEMENTS.
The striking feature in the annual report of the Louis- the larger volume of traffic. Had these conditions
ville & Nashville Railroad Co. for the year ending been perpetuated, general insolvency must have enJune 30 1909 is the splendid operating results achieved sued, involving in disaster even the staunchest and
and the wonderful improvement in net earnings best-managed properties.
Fortunately, a change in the situation has occurred.
wrought thereby. In the gross earnings, while there
has also been improvement, the recovery on the whole The great collapse in general business and in the traffic
has been comparatively slight, especially bearing in of the railroads following the panic of 1907 led the
mind the extent of the previous year's shrinkage. In legislator to let up in his assaults on the roads, and it
this previous fiscal year gross earnings had fallen from would seem that nowhere was the lesson learnt more
$48,263,945 to $44,620,281; now for 1908-09 they have quickly than in the Southern States. At the same
got back only to $45,425,891, leaving them still time, with the railroads no longer congested with
$2,838,054 behind the total of two years ago. In this traffic, the managers found it. possible to devise and
respect the experience of the Louisville & Nashville perfect plans for moving and handling traffic with
has been a duplicate of that of nearly all other large greater cheapness and dispatch. The labor situation,
systems, which, while showing better gross revenues too, proved a great aid in the same direction. Labor
than in the preceding fiscal year, which was a period of was now in ample supply, and the managers could seintense depression,have failed to record totals equal to lect their men with reference to ability and fitness,
those attained before depression had intervened. Of instead of being obliged to engage any and everybody,
course no explanation is necessary to account for the and, moreover, could insist that each man should do
lack of full recovery, since it is a fact within the knowl- his work well and give his full time to it.
No road in the country suffered more severely from
edge of every one that general trade activity has by no
means reached the stage where it is on a level with the the rise in operating cost than the Louisville & Nashprosperity and buoyancy prevailing prior to the advent ville, and hence there was corresponding opportunity
for reductions in the expense accounts with the imof the financial disturbances of the autumn of 1907.

at the consumer's door within the limits of the Long
Island Express Company.
The suggestiveness of this movement is the present
point, rather than a summary of details accomplished;
the simple fact that the Long Island road has been
doing this for years and that the Pennsylvania now
begins • the same establishes the practicability of
it. Here we see a railroad going outside of mere
carrying that it may stimulate the production of
things to be carried; and, according to the saying
that he who makes two blades of grass grow where
only one grew before is a benefactor to mankind,
we have railroads exhibited in the part of combined
selfishness and philanthropy, a part which is unlike
the one usually aicribed to them now-a-days. Indeed,
nothing could be more in contrast than this is to the
"octopus" notion, spread out entertainingly, though
absurdly, in the story of that title. No octopus
possessing an atom of sense would devour in such
a manner as to dry up the sources of its own sustenance, and common carriers are so alive to self-preservation that they study to make those sources more
vigorous and even to produce new ones.
The suggestiveness of these facts reaches even
further; for railroads have sought to aid new industries
by making a very low rate on freights in some cases
so as to avoid hauling empty cars on the return
trip; they have sought in many ways to do more
than simply carry the passengers and goods that
offered. The square-deal dogma, pushed to extremes,
appears to oppose giving a lower rate to the carload
or trainload than to the single package; it thus seeks
to go counter to the immovable rule of favorable
terms to the largest customers, which rule is based
on the fact that the large transaction both involves
larger lunip profit and can be handled at smaller
relative cost. The country must, some day, come
to realize that railroads thrive not only by, but with
and upon, the general prosperity, which alone finds
them work to do.




890

THE CHRONICLE

provement. in operating conditions. We took occasion to give some of the figures bearing on this point
when reviewing the report for the previous fiscal year,
and these figures are well' worth repeating on the present occasion. In the year ending June 30 1905-06
the Louisville & Nashville added $4,491,926 to its
gross,earnings but only $48,483 to its net earnings;
in 1906-07 there was a further addition to gross earnings in the large sum of $5,254,949, while the increase
in the net was only $407,110. In other words, a gain
of no less than $9,746,875 in gross revenues in ,these
two years had been, productive of an addition of only
$455,593 to the not. Then came the disastrous year
1907-08, when traffic and .earnings sustained a great
shrinkage, and yet expenses could not be reduced to
any great extent. We have already indicated that
the introduction of a new system of accounting renders comparison between that year and other previous
years very difficult, but allowing for the principal
change (namely, that expenditures for additions. and
betterments can no longer be included in the expenses,
whereas previously they had invariably been so included), it was found that the gross revenues had been
reduced no less than $3,643,664 while expenses could
be decreased only $496,543, thus cutting the net down
at one stroke,in the large sum of $3,147,121, or not
far from 25%. • •
,It is in comparison with these poor results for 1907-08
that such a great improvement is shown in the income
statement for 1908-00. Additional significance, however, is given,to the gain inasmuch as it was made in
face of a further decline in rates.. The system realized
all average of only 7.63 mills per ton per mile on its
entire freight tonnage in 1908-09, against 7.79 mills in
1907-08 and 7.96 mills in 1906-07.. The rate per passenger per mile was also reduced somewhat, and it
should be noted that the L. & N. suffered a diminution
in its passenger traffic, so that the earnings from the
passenger trains were redpced from $12,725,556 to
$12,335,095—all of • which, as already stated, makes
the excellent net results all the more noteworthy.
Examination of the details of the expenses shows
that the reduction in expenditures extended to all, the
different departments. Between the years 1908-09
and 1907-03 there is no trouble in making comparisons,
since the figures for both these years are on the same
basis—the Inter-State Commerce basis. For maintenance of way and structures, the expenditures in
the latest year were $5,257,037, against $6,291,108 in
the previous year, and for maintenance of equipment
they were $7,832,021, against $9,020,127. This shows
a very substantial reduction under both heads. It
does not follow that the maintenance work was at all
skimped. With labor in better supply and more efficient, and:with the operating officials better able to
supervise the work, obviously a dollar went a great
deal further in the latest year than in the previous year.
But an even more pronounced saving is found under
the other leading heads. The so-called transportation
expenses were reduced from $16,196,685 to $14,587,773. It is under this head that the effects of operating
efficiency would be disolosed. Furthermore,the traffic
expenses were reduced from $1,056,279 to $999,655
and the general expenses from $1,030,091 to $951,011.
, What has been done to promote operating efficiency,
entirely apart from the advantages gained by the
change in conditions above alluded to, appears from




Lxxxix.

an examination of the traffic and mileage statistics.
The company carried 24,403,952 tons of freight in
1908-09, against 23,256,502 tons in 1907-08,and moved
4,255,981,335 tons one mile, against 4,020,348,694
tons. In face of the increased traffic, the number of
miles run by revenue trains was only 15,351,129,
against 16,367,659 miles, a saving of over a million
miles. The effect was to bring the average train-load
up from 234 tons to 263 tons, an improvement of
over 12%. Accordingly, the freight trains earned
$2 per mile run, against $1 82 per mile run, notwithstanding the lower rate realized per ton per mile, as
already indicated. The gross earnings of the freight
trains increased only a little over 3.60%, rising from
$31,334,940 to $32,465,969, but the net earnings
owing to the saving in expenses, increased nearly
75%. In other words, whereas the net earnings from
the freight trains in 1907-08 were only $5,891,629, for
1908-09 they were $10,284,626.
Under the Inter-State Commerce rules, as already
stated, the company is no longer allowed to include
outlays for additions and betterments in the expenses.
The charge for this purpose is now stated as a separate
item and deducted from net income. In 1908-09 the
outlays for additions and betterments were only
$866,546, against $1,690,468 for 1907-08. This, combined with the larger net earnings, leaves a surplus
above fixed charges and .additions and improvements
for 1908-09 in the sum of $7,721,388, against a similar
surplus for 1907-08 of only $2,824,456. The company
raised its dividend again from the basis of 5% per annum to 6%, but the advance did not come until the
second half of the.year, and the aggregate of the dividends for 1908-09 was only 5M%, the same as for
1907-08. This 5M% calls for $3,300,000. In 1907-08
the income available for dividends fell $475,544 below
the amount required for the dividends, whereas for
1908-09 the amount available, at $7,721,388, is $4,421,388 in excess of the sum called for. In brief, the
company paid out only $3,300,000 out of the $7,721,388 surplus which it had on the year's operations.
Dividends now are on a 6% basis, while it earned in the
late year over 12%% on the stock.
The financial transactions during the year were im
portant. The outstanding bonded debt of the company slightly decreased during the twelve months,
being reduced in amount of $338,000. But the 3-year
5% .gold notes which mature March 1 1910 are not
treated as part of the funded debt, and of these notes
(amounting altogether to $6,500,000) $1,790,000 were
purchased during the year and canceled. Adding this,
the total decrease in debt would be $2,128,000. On
the other hand, the debt of two of the outside companies was increased, $4,045,000 of South & North
Alabama 5% consolidated mortgage bonds having been
sold and also $2,500,000 of Louisville & Nashville
Terminal Co. 50-year 4% gold bonds. Allowing for
these additions, there was a net increase in aggregate
debt of $4,417,000 during the year. Through this
increase, however, together with the surplus from
earnings, the company has been able to increase its
cash holdings from $3,643,772 on June 30 1908 to
$13,764,256 on June 30 1909.
Of this cash, $4,710,000 has been specifically set
aside and placed on special deposit for the purpose of
meeting the remaining $4,710,000 of the 3-year gold
notes which mature the 1st of next March and $1,683,-

THE CHRONICLE

OCT. 9 1909.j

000 more has been set aside and placed on deposit to pay
off the $1,683,000 of L.& N.Sinking Fund bonds due
April 1 1910. Thus, the net result of the financial
operations for the twelve months has been to provide
not only for the bonds called or redeemed during the
year but also those maturing in the current or new
fiscal year. The chief financial event with the company, we may say, was the calling for redemption and
payment on April 1 1909 of the whole series of L. & N.
RR. 5-204% collateral trust bonds, aggregating $23,000,000, and the sale of the collateral which had been
deposited as security for the same. This collateral
included the $2,500,000 L. & N. Terminal Co. bonds
referred to above and also the $4,045,000 South &
North Alabama bonds. It aggregated altogether
$29,864,000. The proceeds of the sale were $29,565,360—sufficient to provide for the redemption of the
$23,000,000 5-20 collateral trust bonds and also the
$6,500,000 of 5% gold notes which fall due next
March.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S
—The public sales of bank stocks this week aggregate
37 shares, of which 22 shares were sold at the Stock Exchange
and 15 shares at auction. The transactions in trust company stocks reach a total of 26 shares. Five shares of Bank
of the Manhattan Co. stock were sold at 344, an advance
of 13N points over last week's sale price.
Shares. BANKS—New York.
Low.
5 Citizens' Central Nat. Bank.. 159
*10 City Bank, National
430
•12 Commerce, Nat. Bank of_ _ _ 195
5 Manhattan Co., Bank of..
344
7 Market So Fulton Nat. Bank 258
TRUST COMPANIES—New York.
180
10 Carnegie Trust Co
170
16 Guardian Trust Co

High.
159
430
197
344
258

Close.
159
430
197
344
258

Last previous sale.
Sept. 1909— 160
Sept. 1909— 430
Sept. 1909— 198
Sept. 1909— 33014
May 1909— 260

180
170

180
170

April 1909— 175
Aug. 1909— 164

Sold at the Stock Exchange.

—James B. Reynolds will retire as Assistant Secretary
of the Treasury on November 1, when he will enter upon
his duties as a member of the Tariff Commission.
—The New York Stock Exchange will close on Tuesday
next, Oct. 12, in recognition of Columbus Day, which was
made a legal holiday at the last session of the Legislature.
The day will also be observed by the Chicago Stock Exchange,
having also been declared a holiday by the Legislature of
that State. The Philadelphia Stock Exchange will likewise
close on that day. The Attorney-General of that State is
said to have notified the Bank Commissioner that the banks
and trust companies are not required to suspend business on
the new holiday. According to the Philadelphia "Record,"
he finds that the language of the Act making Oct. 12 a legal
holiday is applicable only to public business and does not
affect private transactions. The Governing Committee of
the Boston Stock Exchange voted down the proposition to
suspend business on the 12th.
—The majority of the Texas banking institutions have
decided to operate under the assessment plan of deposit
guaranty, less than fifty, it is understood, having signified
their intention of protecting their deposits under the bond
plan of guaranty. The two forms are provided for, it will
be recalled, under the law passed by the Legislature in
May, and although it 'does not become operative until
January 1 next, the institutions were required to determine
by the 1st inst. which of the plans they would accept.
State Bank Commissioner Love on the 2d inst. made the
following statement with reference to the status of the
fund on the date it will become operative:
"From the returns received it is now an assured fact that there will be
at least 455 State banks in the guaranty-fund system, which will be in
operation on and after Jan. 1 1910. From the capital,surplus and deposits
of these banks, as shown by the records of this department, it can be safely
estimated that the guaranty fund will amount on Jan. 1 1910 to at least
$500,000, of which $125,000 will be deposited in cash with the State
Treasury and the remaining $375,000 Will be deposited with banks comprising the guaranty-fund system pro rata as a demand deposit subject to
check upon the order of the State Banking Board. In addition to this
cash fund of $500,000 under the law, the board W111 have the right to make
assessments, in case they should become necessary to pay depositors in a
bank closed, not exceeding 2% of the deposits in any one year in the
estimated amount of $1,000,000.




891

"In this way, on and after Jan. 1 there will be subject to the call of the'
State Banking Board, to meet the claims of non-interest
-bearing and,:
unsecured depositors in guaranty-fund banks which may be elosed,
gather the sum of $1,500,000 for the year 1910.
"During the forty-one years' experience of the national banks of Texas
the average annual loss to depositors in closed national banks has been
$31,857, and the highest loss sustained by depositors in closed banks
during any one year was $395,432. The average annual amount of claims
proven against closed national banks has been $78,408 and the highest
amount of claims proven during any one year has been 4787.465.
"Therefore, for any non-interest-bearing and unsecured depositor in a
guaranty-fund State bank to suffer any loss on account of the closing of the
bank, it will be necessary for the loss to all such depositors in all guaranty
fund banks during the year to exceed by forty-seven times the average
annual !oss of depositors in Texas national banks, and to exceed by three
and eight-tenths times the highest amounts of loss sustained by depositors
and creditors of all kinds in closed national banks during any one year Is
the history of the national banking system in the State
"The depositors in bond-security banks will be protected by an indemnity'
bond equal to the amount of the capital stock of a bank, unless the deposits
of a bank shall exceed six times the amount of its capital and surplus, In
which case it will be required to give an additional bond covering the
excess of its deposits above six times the the amount of its capital and
surplus."

The Commercial Bank dr Trust Co. of Dallas in September
decided to liquidate its business in preference to operating
under the guaranty systems. It has a capital of $150,000
and deposits of about $175,000. The Texas Bank & Trust
Co. is the only institution in Beaumont,it is stated, amenable
to the law, all the other financial institutions being national
banks. The Park Bank & Trust Co. of that city is reported
to be no longer a strictly banking institution, having been
reorganized as the Gulf Land & Trust Co.
A query as to whether a bond filed by a bank adopting
the bond plan of deposit guaranty would be acceptable if
signed by no other sureties than its stockholders and directors
was recently submitted by a county judge to Assistant
Attorney-General Hawkins for decision. Mr. Hawkins
in reviewing the law, pointed out that the statute does not
expressly inhibit directors or stockholders from becoming
sureties upon such-obligations of indemnity, and he therefore
gave it as his opinion that they may legally become and be
accepted as such sureties. It seems reasonableIto assume,
he added, that if it had been the purpose of the Legislature
to prohibit such stockholders from becoming sureties upon
such obligations, such inhibition would have been expressly
embodied in such statute. On the question as to the worth
of the sureties, Mr. Hawkins makes the following reply:
As to the personal worth of ;such shareholder sureties, that is a matter
upon which the county judge must pass. However, I beg to suggest
that in doing so the county judge should take into consideration the facts
that under our State banking law each director must be a stockholder and
each stockholder is already personally liable to creditors of such bank or
trust company for the full amount of his stock therein, and also that in
determining in a particular instance whether or not such proposed director
or other stockholder surety may become a proper and legal surety the
amount of his stock aforesaid and also the amount of his aforesaid statutory
liability as such stockholder should be deducted from his present worth
over and above all exemptions allowed him by law.

—The Columbia Bank & Trust Co. of Oklahoma City,
Okla., has remained in charge of the State Bank Commissioner up to the time of the latest advices from that locality;
although the reports indicate that there is a likelihood of the
institution being turned over to its officers within a day or
two. The Commissioner has continued to pay the depositors
since he assumed charge of the company on Sept. 28. It
was rumored several days ago that the State banks of Enid
would resist the effort to collect the assessment of y of 1%
i
which had been authorized by the State Banking Board,to
replenish the guaranty fund, depleted through the calls of
the depositors of the suspended institution. It was stated
later, however, that representatives of these institutions
had announced that the assessments would be paid on presentation. In proceedings brought by the National Life Insurance Co., a temporary restraining order was issued on the
2d inst. against the State Bank Commissioner and the State
Banking;Board, to prevent the preferential payment of depositors of the institution. On motion, however, of the
attorneys of the insurance company, the suits were dismissed
by Federal Judge Cotteral on the 6th inst., the company's
-claim of $25,000 having been settled.
—Earl S. Davis, Assistant Cashier of the Hayden-Clinton
National Bank of Columbus, Ohio, has been elected Manager
of the Columbus Clearing House Association, succeeding
John Field. The Ohio State "Journal" reports that the
change was brought about by the .adoption, last spring, of
the new code of rules, which provides that the manager
shall be an accountant capable of examining any of the

89t

TIIE CHRONICLE

city banks under the direction of the managing committee
of the clearing house, and who shall devote his entire time
to the post. Mr. Field, having been engaged in other
business pursuits, in addition to his managership, therefore
retired. Mr. Davis will assume the duties of his new office
on November 1. The new reserve requirements will go into
effect on that date, instead of October 1, the time originally
fixed. As announced in this department April 24, under
the revised regulations a 25% reserve is required to be
maintained by members and 20% by non-members.
—The new clearing system which the Chicago Stock Exchange has decided to adopt, as noted in these columns last
week, will be put in operation on Monday next, the 11th inst.
It is stated that the Exchange, in accordance with the action.
of the New York Stock Exchange, plans to abandon its
unlisted department.
—At the annual meeting of the New York Clearing House
Association on Tuesday all the officers were re-elected as follows: President, William H. Porter, President of the Chemical National Bank; Secretary, Samuel Woolverton, President
of the Gallatin National Bank; Manager, William Sherer,
and Assistant Manager, William J. Gilpin.
The following is the personnel of the various committees
for the ensuing year:

[VOL. LXXXIi

record, until now their deposits amount to $1,117,000,000, an Increase of
$655,000,009 over their low mark, or nearly 90%. I am sure we may be
pardoned for interpreting these figures as the most substantial expression
that can be made of the confidence of the public in the soundness of the
system and in the strength of this class of institution.
We are pleased to note that the experience of past years has brought
all financial institutions controlled and managed according to sane methods
and sound banking principles more and more into one common brotherhood for the common interest, and with a better appreciation that differences of organization and title do not necessarily constitute a condition of
antagonism or of more than friendly rivalry, as Is evidenced by the faces
of those distinguished bankers who honor us with their presenoe to-day.

—The enlarged capital of $3,000,000 of the Bankers'
Trust Co. of this city became operative on the 1st inst.
The issuance of new stock by the company, by which the
capital is raised from $1,000,000 to $3,000,000, has previously been alluded to in these columns. Since the company began business on March 30 1903 it has grown to an
institution with deposits of very nearly $45,000,000. Through
the arrangements connected with the increase in capital,
surplus and profits are raised to $6,000,000.
—Henry Chapin Jr., who was for some years Vice-President
of the National Bank of North America of this city, which
failed early in 1908, died on the 7th inst. He was sixtyeight years of age.
—The bail bond of Charles W. Morse was renewed this

Clearing-Housel—Valentine P. Snyder, President of the National Bank week for the period from Oct. 9 to Oct. 11, with a provision
of Commerce; Gates W. McGarrah, President of the Mechanics' National for its extension until the rendering of a decision by the
Bank; William A. Nash, President of the Corn Exchange Bank; Francis L.
U. S. Circuit Court of Appeals on his appeal from the fifteenHine, President of the First National Bank, and William H. Perkins, Presiyear sentence imposed in November of last year. The
dent of the Bank of America.
Conference—A. S. Frissell, President Fifth Avenue Bank; William A. original bond, which was executed in June, expires on the
Simonson, President Second National Bank; Frank A. Vanderlip, President
9th inst. The renewal, which was assented to by the
National City Bank; Richard Delafield, President National Park Bank, and
judges who consented to his admittance to bail four months
James G. Cannon, Vice-President Fourth National Bank.
Nominating—Edward C. Schaefer, President Germania Bank; Stephen ago, is provided by the twenty bondsmen furnishing the
Baker, President Bank of the Manhattan Company; Albert H. Wiggin,
original surety, and the amount is continued at $125,000.
Vies-President Chase National Bank; Casimir Tag, President GermanAmerican Bank, and Lewis L. Clarke, Vice-President American Exchange Mr. Morse was elected President of the Hudson Navigation
National Bank.
Co. a week ago. According to rumor, he has succeeded in
Admissions—Zoheth S. Freeman, Vice-President Liberty National Bank;
discharging all but $500,000 of a total indebtedness of some
Robert A. Parker, Vice-President Market & Fulton National Bank; Stuart
G. Nelson, Vice-President Seaboard National Bank; Edwin S. Schenck, $7,000,000 or $8,000,000.
President Citizens' Central National Bank, and Lewis E. Pierson, President
—A report recently filed by the receiver of the Lafayette
Irving National Exchange Bank.
Arbitration—James M. Donald, Vice-President Hanover National Bank; Trust Co. of Brooklyn Borough places the nominal assets on
Oeorge M. Hard, President Chatham National Bank; Francis L. Leland, Sept.20 1909 at $1,922,677 and the
liabilities at $1,346,928.
President New York County National Bank; Robert M. Gallaway, President
The respective amounts at the time of the suspension of the
Merchants' National Bank, and Herbert L. Griggs, President Bank of
institution Nov. 30 1908 were $2,920,032 and $2,301,713.
New York, N.B.A.

The total Clearing-House transactions for the year were
reported by Manager Sherer as $103,452,146,439, of which
$99,257,662,411 represented exchanges and $4,194,484,028
balances. The largest transactions on any one day during
the twelve months were $646,518,264 on July 2. The largest
daily transactions on record are those for Jan. 3 1906, when
the total was $712,467,036. The total transactions since
the organization of tthe Clearing House 56 years ago aggregate $2.123,395,038,959 60. The present membership of
the Association is made up of 32 national and 18 State banks,
besides which 32 additional banks and trust companies enjoy
Clearing-House privileges through its meNabers.
—A luncheon in honor of the officers of the Trust Company Section of the American Bankers' Association, namely,
the President, H. P. McIntosh of Cleveland, and First VicePresident Oliver C. Fuller of Milwaukee, was tendered by the
members of the executive committee of the Section on Tuesday at the Lawyers' Club, this city. Lawrence L. Gillespie,
Vice-President of the Equitable Trust Co. of New York
and Chairman of the Trust Company Section, presided at
the affair, which was attended by a number of officials of
representative financial institutions. Clark Williams, New
York State Superintendent of Banks, was also one of the
guests of the occasion. Mr. Gillespie commented upon the
development during the past few years of the business of
trust companies throughout the United States, his remarks
in part being as follows:
I wish briefly to say that at the present time there are in the United
States upwards of 1,509 trust companies, of which about 1,000 are enrolled
a this Association. The total of deposits In all trust companies in the
United States, according to data compiled by the President of the Audit
Oompany of New York, aggregate approximately $3,600,000,000. In New
York State, where, during the autumn of 1907, trust companies were subjected to the severest strain in tkeir history, Mr. Clark Williams publicly
stated at the recent convention bf this Association in Chicago that there
was not a prospective loss of one dollar to any depositor with any New York
trust company. During the period caused by the general financial stringency, when all financial institutions suffered, the deposits of trust companies of New York shrank fro% $1,090,000,000 In August 1007 to $732,000,000 In December 1907, a loss of $358,000,000. Since that date they
Wive gone on steadily regainin,g the lost ground and exceeding their previous




The present assets include: demand loans, $423,548; time
loans, $196,430; loans (redemption certificates), $13,082;
bills purchased, $231,333; bills purchased, past due, $208,950; stocks and bonds, $20,200; bonds and mortgages,
$311,717; real estate, $179,854; cash on hand, $239; due
from banks and trust companies, $2,358; other assets,
$55,986, and cash in bank, $278,975. With reference to
the loans still due, the "Brooklyn Eagle" states that "the
Brighton Racing Association has paid only $4,868 on a claim
of $56,000; F. and J. G. Jenkins loans of $309,885 have
been paid only to the extent of $29,979,and this money was
obtained by the sale of collateral held against the loans; the
Luna Park Co. has paid $8,500 on an indebtedness of $31,500, while Thompson & Dundy have not made any payment
on a claim against them totaling $96,100." The amount
distributed thus far to depositors is 30%.
—The First National Bank of the Town of Union, N. J.
(P. 0. Weehawken), has been formed with $100,000 capital.
The management will be made up of John Conway, President; Ernest Weber, Albert Hofman and Dr. William
Menger, Vice-Presidents, and John C. H. Ruggles, Cashier.
—The First National Bank of West Orange, N. J., lately
organized with $100,000 capital, will be under the presidency
of T. H. Powers Farr, who will have as official associates
Walter A. Flint as Vice-President and Clarence A. Coddington as Cashier.
—Indictments growing out of the suspension Zn April of
the private bank of ICnapp Brothers, at Deposit, N.. Y.,
were returned by the Broome County Grand Jury on the 2d
inst. Charles P. Knapp, manager of the bank, is charged
individually, it is stated, with having received deposits after
the insolvency of the concern was known, and has been indicted jointly with Charles J. Knapp on a similar oharge.
The latter was President of the,.Binghamtan Trust Co
which closed its doors at the time of the failure of Knap
Brothers. The indictments, it is understood, rotate sold
to the affairs of the Deposit concern.

00T. 91909.1

THE CHRONICLE

893

Chicago National
—The inerea se in the capital of the Columbia National R. Walsh, formerly President of the failed
been approved by the Treasury Depart- Bank, on charges of misapplying the funds of the institution.
Bank of Buffalo, has
Jan. 18 1908, and in
ment. The stockholders of the bank ratified the issuance The verdict sustained was rendered on
capital in August, increasing the amount March of that year Mr. Walsh was sentenced to five years'
of the additional
imprisonment. In his defence, Mr. Walsh's counsel laid
from $1,000,000 to $2,000,000.
broker- particular stress upon the lack of criminal intent on his part,
—Arthur B. Sederquist and John E. Barry of the
and submitted briefs tending to show that the funds of the
age firm of Sederquist, Barry & Co. of Boston, which failed
charge banks were used by him in what was deemed by him as a
on May 20 1909, wore arrested on the 5th inst. The
legitimate manner. It is expected that the case will be caragainst them, it is stated, alleges the larceny of $116,530, in
and ried to the Supreme Court in the event that a rehearing is
120 counts, from L. M. Binford, Alexandria Green
denied by the Appellate Court. In the meantime Mr.
others, on May 1 1909. Bail was fixed at $20,000 each.
firm. Walsh is at liberty uader his original bond of $50,000. The
Charles F. Wood is trustee in bankruptcy for the
suspension of the bank and Its two affiliated institutions,
The Boston "Transcript" of September 24 stated that the
assets ag- the Equitable Trust Co. and the Home Savings Bank, ocfirm's liabilities amounted to 8660,079, while its
curred in December 1905, the Chicago Clearing House banks
gregated but $127,367.
Stock taking over their assets and discharging the obligations to
Charles H. Rollins, o f the suspended New York
their depositors. Mr. Walsh failed to meet the quarterly
Exchange house of Freeman, Rollins & Co., and Harry
indictments interest of $71,218 due Sept. 30 on his indebtedness of
F. Curtis, were al so arrested later in the week on
$7,121 ,887 to the Chicago Clearing-House banks. Under
returned in connection with the Sederquist, Barry failure.
in
charges similar the agreement, however, he is allowed twenty days' grace
They have been indicted, it is reported, on
which to pay the same.
to those returned against Sederquist and Barry. Mr. Curtis
—E. T. Larson, ex-Cashier of the First National Bank of
was a member of the firm of Curtis, Freeman & Co.,which
last January by Freeman, Rollins & Co., Ironwood, Mich., which failed on June 21, was sentenced on
was succeeded
House of Correction.
the failure of which occurred in September. He had also Sept. 17 to seven years in the Detroit
in an
a partner in the firm of Curtis, Sederquist & Co., He is said to have pleaded guilty to six of eight counts
been
indictment charging embezzlement, misapplication of funds
Barry & Co.
which subsequently became Sederquist,
of the in—Robert N. Harper, who was chiefly instrumental in and the making of false entries. The President
stitution, H. F. Jahn, who was also to have been tried on
organizing the new District National Bank of Washington,
on Sept. 4.
D. C., has been chosen President of the institution. The charges following the failure, committed suicide
undertaking, the Drovers' National
—A new financial
other officials are J. Miller Kenyon, Henry B. F. Macfarland
and W.S. Hoge, Vice-Presidents; J. Castle Ridgway, Cashier, Bank, is about to be launched in Kansas City, Mo. The
and William Poole and Theodore S. Mason, Assistant Cash- new bank is being organized with $200,000 capital and $20,iers. The bank will locate at 1415 G St. Northwest, in the 000 surplus. Its projectors are I. W. Avitt, Thomas G.
Ricker.
quarters occupied by the bank of Harper & Co., which has Hutt, Robert E. Booth, G. M. Smith and George E.
early the present year, and the The offices of the institution will be at Sixteenth and Genbeen in operation since
esee streets.
business of which will be merged with the new institution.
—On September 20 a new institution opened at 8200 North
of the Ohio Trust Co. of Columbus,
—A change in the title
Ohio, is contemplated, we learn from the "Ohio State Broadway, St. Louis, under the title of the Baden Bank. It
Journal" of Columbus, a meeting of the stockholders having has a capital of $100,000 and is under the direction of F. H.
been scheduled for Oct. 29 to act on the matter of changing Twillman, President; William Bergmann and F. Hartwig,
the name to the Citizens' Trust & Savings Bank. Inci- Vice-Presidents, and M. W. Montzel, Cashier.
dental to this proceeding, the company has arranged to
—The North St. Louis Savings Trust Co., whose organizaabsorb the business of the Citizens' Savings Bank, which tion was also recently undertaken, expects to open for busiwas established in 1873, and has a capital of $100,000, ness shortly near Grand Avenue and Hebert Street, St. Louis.
surplus and profits of about $150,000 and deposits in the The management of this institution will be as follows: Louis
neighborhood of $1,500,000. The controlling interests in Boeger, President; G. Phil. Hofmann and Edward Pancok,
the two are understood to be similar. The Ohio Trust Co. Vice-Presidents; Henry H. Oberschelp, Third Vice-President
recently increased its capital from $500,000 to $700,000, the and Counsel,and Charles W. Owen,Secretary and Treasurer.
new stock being taken by a syndicate headed by Myron T. The capital is $100,000.
Herrick, President of the Society for Savings of Cleveland,
—The question of increasing the capital of the Virginia
and Joseph R. Nutt, Secretary of the Citizens' Savings & Trust Company of Richmond from $500,000 to $1,000,000 is
Trust Co. of Cleveland, both of whom were elected to its to be acted upon at a special meeting of the stockholders on
board. It is the intention of the Ohio Trust to avail of the Nov. 1. Two new members have been elected to the direcprivileges and powers of the new Thomas Banking Act. torate of the institution, and to its executive committee.
The present management of the institution will continue to They are Herbert W. Jackson, Cashier of the Commercial
direct its affairs when it becomes the Citizens' Trust & National Bank of Raleigh, N. C., and John M. Miller Jr.,
Savings Bank and there will also be included in its official Vice-President and Cashier of the First Natioaal Bank of
staff as Vice-President Frank R. Shinn, Vice-President Richmond. It is intimated that Mr. Jackson will take an
and Cashier of the Citizens' Savings Bank. Mr. Shinn and active part in the management of the company.
A. D. Rogers,also a Vice-President of that bank, will be added
—Since Jan. 29.last the Citizens' & Southern Bank of
to the directorate of the continuing institution. George W.
deposits, tile
of the Ohio Trust Savannah, Ga., has gained over upoomoo in
Bright is Chairman of the board of directors
amount having increased from $6,023,803 on that date to
Co. and John L. Vance Jr. is President.
$7,381,434 on Sept. 24. The growth in total resources has
—The Provident Savings Bank & Trust Co. of Cincinnati
been from $7,490,202 to $8,903,990. The institution has a
removed to its new banking house at Seventh and Vine
capital of $700,000 and surplus and net profits of $821,713.
streets on the 27th ult. The lower portion of the building
—The Fulton National Bank is the name of a projected
Is utilized by the institution, the upper part being divided.
Atlanta, Ga., institution, the application to organize which
offices.
into
—Harvey J. Hollister, Vice-President of the Old National was approved recently. The capital will be not less than
Bank of Grand Rapids, died on Sept. 24. Mr. Hollister was $300,000 nor more than $500,000.
—The paid-in capital of the Bank of Ottawa, of Ottawa,
born in New Romeo, Mich., seventy-nine years ago. He
had been identified with the banking interests of Grand Ont., is to be increased from $3,000,000 to $3,500,000.
Rapids for fifty-seven years and had been agitated with Shareholders of record Sept. 30 are entitled to subscribe to
the Old National and its predecessor for the greater part of the proposed issue in proportion to their holdings on that
that time. He was also one of the founders and a director date. The selling price of the new stook will be $200 per
of the Michigan Trust Co. of Grand Rapids and a director of $100 share,payable in ten monthly installments of 10% each,
the Grand Rapids & Indiana RR. A son, Clay H. Hollister, beginning Nov. 11909, the final payment being due Aug. 11
1910. The premium realized will be credited to the "rest"
Is Cashier of the Old National Bank.
U. S. Circuit Court of Appeals at Chicago handed fund, which will thereby be increased from $3,000,000 to
—The
down's deolsionlon Tuesday:affirminglthe con viction_of_John $3,500,000. The authorized capital of the bank is $5,000,000.




94

THE CHRONICLE

[VOL. Lxxxix.

Canadian Bank Clearings.
-The clearings of the Canadian
Our usual monthly detailed statement of transactions on
banks for the month of September 1909 show an increase over the New York Stock Exchange is appended.
The results
the same month of 1908 of 17.6%, and for the nine months
for the nine months of 1909 and 1908 are given below:
the gain reaches 23.9%.
September.

Nine Months.

Clearings aS1909.

1908.

Inc. or
Dec.

1909.

1908.

Nine Months 1909.
Inc. or
Dec.

Canada
$
Montreal
145,341,696 129,448,676 +12.3 1,290,698,392 1,044,423,576 +23.6
Toronto
112,854,897 99,355,593 +13.6 1,022,410,530 805,883,694 +26.9
Winnipeg
60,827,428 47,478,426 +28.1 460,739,696 378,635,154 +21.7
Vancouver..._. 28,035,000 16,991,346 +65.0 192,798,057 130,633,297 +47.6
Ottawa
13,864,221 13,170,408 +5.3 126,360,661 112,399,213 +11.5
Quebec
84,460,106
9,393,051 9,771,111 -3.9
80,185,919 +3.3
Halifax
69,897,701
7,080,760 6,633,513 +6.7
66,130,204 +5.7
Hamilton
59,814,583
6,916,970 6,121,766 +13.0
52,085,079 +14.8
St. John
52,029,066
6,124,893 5,979,110 +2.4
47,334,090 +9.9
Calgary
9,175,036 5,579,422 +64.5
65,162,708
42,959,421 +51.7
London
4,820,908 4,437,360 +8.6
45,466,588
41,861,202 +8.6
Victoria
5,864,553 4,319,219 +35.8
48.521,951
40,304,409 +20.4
Edmonton_ _ _ _ 4,372,343 3,275,162 +33.5
36,311,014
26,849,160 +35.2
Total Canada 414,672,356 352,561,112 +17.6 3,554,671,053 2,869,684,478 +23.0

The clearings for the week ending Oct. 2 make a very
satisfactory comparison with the same week of 1908, the increase in the aggregate having been 26.1%,

Description.

1909.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St John
Calgary
London
Victoria
Edmonton

1908.

Inc. or
Dec.

1907.

Nine Months 1908.
Aver. Par Value
Price. or Quantity.

Actual
Value.

Aver.
Price.

Total _ _ $15328,530,675$14871,873,484 97.0512552,427,195 10304,989,958 82.1

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1908
and 1908 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCIIANGE.
1909.
Number
of
Shares

1906.

Actual
Value.

St'cks Sh's
562,795
134,970,765
J Val.814302,170,575$13876,404,219 97.0511861,498,075 $9,699,866,908 81.8
155,
RR.bonds. $996,480,100 $965,507,301 96.9 $610,757,700 $530,951,311 85S
Gov't bds.
$409,200
$445,782 108.9
$467,620
$511,155 109.3
State bds__
$29,409,700 $29,340,040 99.8 $70,527,000 $73,321,629 104.0
Bank st'ks.
$61,100
$176,142 288.3
$176,800
$338,955 191.7

Week ending October 2.

Clearings as
-

Par Value.
or Quantity.

1908.

Values
Par.

Actual.

Number
of
Shares.

Values.
Actual.

$
•
Jan 17,275,500 1,609,551,575 1,550,409,801 16,594,895 1,396,403,800 1,015,764,111
Feb _ 12,337,199 1,142,192,700 1,082,075,181 9,839,706 833,139,900 609,986,418
Mch _ 13,650,595 1,240,583,900 1,175,469,766 15,949,255 ,387.712,725 1,014,698,437

36,575,421 30,779,906 +18.8 31,507,270 32,936,375
30,753,286 23,570,247 +30.5 25,064,011 27,552,583
18,179,994 14,193,703 +28.1 10,207,153 11,366,506 1 stqr 43,263,294 3,992.328.175 3.807,954,748 42,373,856 .617,316,425 2,640,448.968
6,544,020 3,636,686 +80.0 4,371,883 3,100,523 April 19,055,618 1,719,193,800 1,647,943,217 11,648,123 1,024,180,450 782,948,479
2,943,867 3,177,332 -7.4 2,896,366 2,997,138 May 16,495,230 1,478,017,600 1,410,748,914 20,975,022 1,855,881,050 1,470.479.816
2,095,539 2,226,266 -5.9 2,284,362 1,988,098 June 20,322,230 1,882,250,850 1,815,478,974 9,652,437 857,496,500 771,664,685
1,717,684 1,486,596 +15.5 1,712,220 2,096,335
1,767,429 1,364,033 +29.5 2,027,207 1,906,892 2d qr 55,873,078 5,079,468,250 4,874,1.71,105 42,275,582 3,737,558,000 3,025,092,980
1,418,307 1,233,712 +15.0 1,457,619 1,406,092
2,497,791 1,316,800 +89.9 1,242,469 1,232,832 6 m's 99,136.372 9,071,796,425 8,682,125,853 84,640,4387,354,874,425 5,665,591,948
1,066,270 1,103,884 -3.4 1,313,947 1,323,025 July_ 12,806,96511,191,292,4001 1,100,402,461 13,857,563 1,249,522,675 964,269.481
1,339,387
804,596 +66.5 1,132,589
1,098,519 Aug_ 24,637,7832,267,638,0502,301.468,294 18,881,265 1,699,430,1001,584,406.183
1,050,578
709,037 +48.2
795,222
717,245 Sept. 19,981,67511,771,443,700 1,792,407,611 17,582,499 1,557,670,875 1,485,649,208

Total Canada

107,949,623 85,622,798 +26.1 86,018,268 89,782,113

3d qr 57,426,423 5,230,374,150 5,194,278,366 50,321,327 4,506,623,650 4,034,324,962
9 m's 156562 795 14302,170,575 13876,404,219 134970 765 11861,498,075 9,699,866,908

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
The subjoined table, covering clearings for the current week,
The following compilation covers the clearings by months
usually appears on the first page of each issue,but.on account
of the length of the other tables is crowded out once a month. since Jan. 1:
MONTHLY CLEARINGS.
The figures are received by telegraph from other leading cities.
Clearings-Returns by Telegraph Oct. 9.

1909.

1908.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$2,007,606,164
142,124,508
129,723,912
25,241,733
245,116,034
65,278,712
16,071,898

$1,331,989,130
118,757,582
86,328,184
20,535.183
199,760,465
51,621,177
12,046,766

+50.7
+19.7
+50.3
+22.9
+22.7
+26.4
+33.4

Seven cities, 5 days
Other cities, 5 days

$2,631,162,959
460,107,618

$1,821,038,487
417,507,619

+44.5
+10.2

Total all cities. 5 days
All cities, 1 day

$3,091,270,577
595,468,275

$2,238,546,106
441,196,456

+38.1
+34.7

83.686.738.852

32.679.742.562

+37.6

Total all cities for week

%

Pacific Clearings brought forward from first page:
September.

Nine Months.

Clearings at
1909.

1908.

I

Inc. or
Dec.

1909.

1008.

Clearings, Total All.

Clearings Outside New York.

Month.
1909.

1908.

1909.

1008.

$
Jan
14,035,198,325 11,373,873,175 +11.4 5,150,898,630 4,623,598,218 +11.4
Feb, 11,244,250,289 8,767,501,643 +28.2 4,356,594,965 3,871,470,815 +12.6
_
Mch . 12,606,397,179 9,788,960,321 +28.7 5,110,549,050 4,287,919,982 +19.3
1st qr_
April _
May _
June _

37,895.835 793 29,930,335,139 +27.2 14,626,902,654 12,782,989,015
13,664,720,597 9,776,913,522 +39.8 5,059,991.920 4,289,339.214
12.889,301,041 10,868,844,965 +19.5 4,893,050,949 4,199,011,134
14,134,647,245 9,835,204,180 +45.5 5,022,944,941 4,181,344,263

+14.4
+15.4
+16.5
+20.2

2d qr. 40,788,668,883 30,480,962,667 +33.8 14.975,986,810 12,669,694,611 +18.2
6 mos. 78.684,504,676 60,411,207,806
July_ _ 13,450,296,601 11,083,067,658
Aug _ _ 13,494,088,282 10,258,939,077
Sept.. _ 13,523,716,649 11,123,659,566

+30.2 29,602,979,464 25,452,683,626 +16.3
+21.4 5,130,554,853 4,464,979,899 +14.9
+31.5 4,807,150,872 4,033,825,469 +19.1
+21.6 5,045,339,702 4,341,175,951 +15.3

3d qr_ 40,468,101,532 32,465,666,301 +24.7 14,983,545,427 12,839.981,319 +16.7
Inc. or
Dec.

9m05. 119152606,208 92,876.964,107 +28.3 44,586,524,891 38,292,664,945 +16.4

$
$
171,179,037 149,375,975 +14.6 1,419,134,659 1,280,029,694 +10.9
The course of bank clearings at leading cities of the country
50,568,518 39,274,933 +28.8 489,966,950 364,773,955 +34.3
54,901,412 40,240,531 +36.4 415,882,099 306,134,592 +35.9
34,367,068 30,320,885 +13.3 274,274,479 222,269,686 +23.4 for the month of September and since Jan. 1 in each of the
19,070.285 14,804,425 +28.8 .141,603,072 109,380,591 +29.5 last four yearss is shown in the subjoined statement:
25,613,358 20,803,019 +23.2 241.028,530 175,735,354 +37.1
26,901,788 19,401,746 +38.6 202,490,559 155,858,431 +29.9
BANK CLEARINGS ' AT LEADING CITIES.
8,052,004 6,301,932 +27.8
70,921,162
55,424,727 +28.0
3,625,819 3,448,078 +5.1
33,754,464
27,972,920 +20.7
--Jan.1 to Sept.30September4,804,177 3,854,342 +24.7
38,143,364
31,908,237 +19.5
(000,000s
1909. 1908. 1907. 1906. 1909. 1908. 1907. 1006.
4,273,556 3,227,305 +32.4
39,067,994
27,636,908 +41.4
omitted.)
3,274,810 3,036,598 +7.8
$
$
25,687,563
20,112,592 +27.7
3,141,836 2,880,110 +9.1
8,478 6,782 6,030 8,314 74,566 54,584 68,135 77,496
23,994,267
19,945,356 +20.1 New York
2,291,189 2,108,237 +8.7
17,378,439
16,786,345 +3.5 Chicago
1,130
971
842 10,180 8,620 0,283 8,064
993
2,608,833 2,446,024 +6.6
19,677,455
17,443,379 +12.8 Boston
6,280 6,066
624
558
602 6,136 5,241
559
2,864,665 2,461,786 +16.4
19.278,438
12,383,312
Philadelphia
5,672
600
497
543
576 4,995 4,318 5,493
1,733,202 1,071,251 +61.8
13,599,811
5,653,275
St. Louis
227 2,463 2,216 2,372 2,164
283
245
257
820,320
783,695 +4.7
7,103,848
6,827,215
1,535 2,088 1,967
1,693
Pittsburgh
194
106
165
201
Total Pacific 415,449,019 342,307,835 +21.4 3,460,058,904 2,838,239,982 +21.9 San Francisco
1,280 1,691
185 1,280
1,370
171
170
149
902 1,061
990
07
Cincinnati
100
107
96
972
*Not included in total for nine months; comparison incomplete.
1,049
104
903 1,111
113
Baltimore
102
110
1,056
1,702
109
154
1,305
Kansas City
205.. 167
1,221
947
66
630
Week ending October 2.
73
Cleveland
60
554
73
685
608
,Clearings at
68
65
53
609
64
New Orleans
549
688
695
Inc. or
100
81
113
97
Minneapolis
658
726
664
807
1909.
Dec.
1907.
1008.
1906.
50
48
42
45
476
Louisville
422
485
507
57
49
50
62
Detroit
557
494
536
483
$
48
47
48
39
San Francisco_ _
47,480,099
43,157,552
436
393
39,609,886 +8.9
48,270,872 1,111waukee
355
418
Los Angeles
10,894,490
12,288,491
9,039,793 +35.9
43
11,790,329 Los Angeles
39
44
51
365
490
421
466
Seattle
11,227,235
11,854,141
8,992,802 +32.9
11,968,603 Providence
26
24
26
27
285
236
273
293
Portland
7,853,693
7,800,000
7,050,000 +10.6
6,306,016 Omaha
51
51
39
62
425
539
367
438
Spokane
3,994,314
4,655,621
+33.0
2,851,347
3,500,000
34
33
30
40
288
327
301
340
Salt Lake City. _
5,740,733
5,722,116
4,907,763 Buffalo
4,698,835 +21.8
39
34
41
Tacoma
48
341 • 291
346
357
5,059,576
6,261,688
4.500,000 St. Paul
5,031,979 +24.4
Oakland
31
2,991,756
1,799,837
30
29
3,494,195 Indianapolis
1,672.385 +7.6
33
265
307
311
275
Helena
825,000
1,221,118
715.615 +15.3
1,197,630 Denver
37
33
28
248
36
303
291
335
Sacramento
1,033,740
838,552 +23.3
25
222
24
22
Richmond
28
257
239
214
San Diego
790,000
700,000 +12.9
15
168
16
13
16
171
170
183
Fargo _
763,264
547,318
509,588 +49.8
604,516 Memphis
348
42
40
370
43
55
306
Seattle
Sioux Falls
410
714,000
725,000
700,000 +2.0
441,728
San Jose
135
142
510,000
12
12
14
14
124
720,074
137
560,654 -9.0
331,660 Hartford
Stockton
548,924
234
550,000
496,447 +10.6
199
24
21
176
20
26
241
Salt Lake City
617,995
Fresno
612,026 +1.0
352,430
North Yakima
236,711 +48.9
12,722 10,461 9,902 11,948 112,304 87,284 106.005 112,294
Total
163,000
Bilings
161,068 +1.2
802
671
Mir cities
663
549 6,849 5,593 6,263 5,086
99,852,799
85,126,341 +17.3
Total Pacific- 98,955,406
96,664,659
13,524 11,124 10,573 12.497 119,153 92,877 112,268 117,380
Total all
Outside New York_ 5,046 4,342 4,543 4,183 44,587 38,293 44,133 39,884
San Francisco_
Los Angeles_ _ _
Seattle
Portland
Spokane
Salt Lake City_
Tacoma
Oakland
Helena
Sacramento__ San Diego _Fargo
Sioux Falls __
San Jose
Stockton
Fresno*
No'th Yakima*
Billings




THE CHRONICLE

OCT. 9 1909.

895

rikonctariciTommerciaignglisittlnus
IMPORTS AND EXPORTS FOR AUGUST.
Washington has issued the
The Bureau of Statistics at
and from
English Financial Markets-Per Cable.
.
statement of the country's foreign trade for August,
The'daily closing quotations for securities, &c., at London,
prepared the following init and previous statements we have
as reported by cable, have been as follows the past week:
teresting summaries:
London,

Fri.
Wed. Thurs.
Mon. Tues.
Sat.
Week ending Oct. 8.
UNITED STATES.
23 11-16
23 13-16 2334
FOREIGN TRADE MOVEMENT OF THE
23 11-16 2334
d 2334
Silver, per oz
83
Consols, new, 234 per cents__ 83 1-16 83 1-16 83 1-16 83 1-16 83 1-16
ciphers (000) are in all cases omitted.)
(In the following tables three
83 1-16
8334
8336
8334
8334
8334
For account
1908
97.45
1909
97.3734 97.4734 97.40
97.45
French Rentes (in Parls)__tr 97.35
8434
Exports. Imports. Excess.
8434
86
8434
86
Imports. Excess.
ted Copper Co_
8634
Amalgama
Exports.
934
934
10
1034
934
1034
b Anaconda Mining Co
125%
Merchandise.
126%
1263'
128%
12834
515,460 258,864 +256,596 AtchLson Topeka.& Santa Fe 129
10736
1073/,
10736
10736
10736
108
-March ___ 422,056 355,104 +66,952
January
Preferred
12034
362,337 263,587 +98,750 Baltimore & Ohio
12036
12034
+3,024
12134 121
12134
365,917 362,893
April-June
9734
9734
9736
9734
973/,
9734
86,436 +16,764
103,200
Preferred
109,337 112,489 -3,152
19234
19034
July
19234
19434
193%
19334
91,184 +19,259 Canadian Pacific
110,443
91
9036
8936
9156
9136
9034
110,124 116,026 -5,902
Chesapeake & Ohio
August
%
1643
16434
1643/,
167%
16834
Chicago Milw. dr St. Paul_ _ _16636
48
4634
946,512 +60,922 1,091,440 700,071 +391,369 Denver & Rio Grande
47
4634
47
4731
1,007,434
Total
8736
8736
8756
87
88
88
Preferred
353/,
353/,
3534
Gold and Gold in Ore.
3534
3334
3234
17,290 -13,437 Erie
3.859
5136
5
5136
51
12,158 +25 820
51
49%
,
5036
37,978
First preferred
January-March
4336
4134
41
9,112 +40,547
4134
49,659
4036
393/,
Second preferred
7.i'a +17.879
25,858
15536
April-June
15536
15636
15736
158
157
+1,896 Illinois Central
2,949
4,845
3,270 +13,392
157
16,662
16636
1563/,
15736
,
15836
July
15636
f2,298 Louisville & Nashville
4,304
6,600
42
+3,881
4434
5,349
42
413/,
9,230
4234
423/,
Missouri Kansas & Texas_
August
77
7634
706
763/,
7636
763/,
Preferred
33,661 +31,302
64,963
5934
60
60
28,754 +60,971
60
60
89,726
Nat. RR. ct Mex., 1st pref 60
Total
24%
2436
2434
23
2536
2534
Second preferred
144
14336
Silver In Ore.
14234
141
Silver and
My_ _14036
14234
+1,755 N. Y. Central & Hud.
10,831
12 586
4834
+4.021
4936
4936
5054
5034
10,453
14,474
513/,
N. Y. Ontario & Western
January-March _._
9836
98
9654
9734
+2,617 Norfolk & Western
9734
10,311
12 928
9334
+2,467
12,410
14,886
April-June
923-4
9236
923/,
9236
9136
9234
Preferred
+1,892
3,039
4.931
+1,182
160
160
3,916
16054
159
5,098
15934
160
Northern Pacific
July
+897 a Pennsylvania
7634
76
3,241
76
7636
4,138
76%
+1,719
7634
3,191
4,910
August
8536
85
8534
86%
87
87
Reading
+7,161 a a First preferred
4734
27,422
47
473/,
47
47
34,583
47
+9,389
29,979
39,368
Total
5136
5134
5136
5131
5136
5136
a Second preferred
39
3836
40
3934
4034
3834
Rock Island
exports. -Excess of imports.
+ Excess of
13454
13531
135%
1383/,
13434
13634
Pacific
313's
305/,
silver for Southern Railway
31
3131
303/,
313-4
Southern
71
We subjoin the totals for merchandise, gold and
71
703/,
72
7236
713.4
Preferred
21134
21334
21234
21034
January 1 for six years:
21354
21434
Union Pacific
eight months since
110
109
11036
1103/,
1083.4
111
_
Preferred
927/,
9134
96
923/,
933/,
95
U.S. Steel Corporation
132
132
13234
133%
13334
Silver.
134
Gold.
Preferred
Merchandise.
20
20
1934
1934
20
1934
Wabash
Eight
51
5036
5054
51
493.4
Excess
50
Excess
Excess
Preferred
Months.
76
7536
7554
753-4
75
of
Im75
ExImof
Exof
ImExtended 4s
Exports. Exports ports. ports. Exports ports. ports. Exports
ports.
a Price per share. b £ sterling.
$
946,512 60,922 89,726 28,754 60,971 39,368 29,979 9,389
1909- 1,007,43
27,422 7,161
700,071 391,369 64,963 33,661 31,302 34,583
1908_ 1,091,44
41,922 30,665 11,257
1907_ 1,196,27 1,001 707 194,563 48,376 28,103 20,273 41,847 29,731 12,116
WwWWWW•I•06.
1906_ 1,099,337 845 649 253,688 33,511 80,345 *46,834 33,916 20,667 13,249
966,567 770,285 196,282 41,265 24,796 16,469 35,751 17,674 18,077
1905_
-The following information regarding
National Banks.
80,295 64,453 15,842
1904._ 851,20 667,269 183,934
of the

4,1.ents
Totnincrcial and g,';:iScellantints(7
national banks is from the office of the Comptroller
Currency, Treasury Department:

* Excess of imports.

six years
Similar totals for the two months since July for
exhibit:
make the following
Merchandise.
Two
Months.
Exports.
1909_
1908.._
1907_
1906_
1905___
1904_

Excess
Exof
Imports. Exports ports.

Gold.
Excess
Exof
Imports. Exports ports.

$
$
$
$
$
$
$
219,461 228,515 *9,054 25,892 8,619 17,273 10,008
177,620 36,023 11,445 7 253 4,192 9,069
213,643
255,820 250,428 5,392 12,075 6,634 5,441 12,703
241,405 208,290 33,205 1,900 17,807l5,907 8,410
8,834
225418 180,344 45,254 1,433 8,186 *6,753 9,384
177,4/7 138,932 18,545 11,486 16,689 *4,843

Silver.
Excess
of
Imports. Exports
$
7,107
6,280
8,270
6,054
5,493
3,899

$
2,901
2,789
4,433
2.356
3,341
5,485

* Excess of imports.

In these tables of totals, gold and silver in ore for all years
silver.
are given under the heads respectively of gold and
ng shows the merchandise balance for each year
The followi
back to 1875:

BANKS
APPLICATIONS TO CONVERT INTO NATIONAL
APPROVED.
of Newville, Ala., into "The First National Bank of Newville.'
The Bank
Capital, $25,000. Correspondent, T. J. Bond, Newville, Ala.
NATIONAL BANKS ORGANIZED.
September 23 to September 29.
Capital, $25,000.
9,546-The First National Bank of Corcoran, Cal. W.Quinn, Cashier.
J. B. Mayer, Pres.; H.J. Whitley, Vice-Pres.; A.
Bank, Lancaster, Ohio. Capital, $100,000,
9,547-The Lancaster National
Graham,
Fred L. Manger, Pres.; 0. L. Ballinger, Vice-Pres.; J. L.
Cashier.
le, N. C. Capital, $25,000.
9,548-The First National Bank of Cherryvil
Mauney,
S. S. Mauney, Pres.; W. A. Mauney, Vice-Pres.; M. L.
Cashier. Conversion of the Cherryville Bank. Capital, $25,000,
-The First National Bank of Clearfield, Iowa.
0,549
C. Carlton,
Grant MePtezin, Pres.; C. W. Edwards, Vice-Pres.; C.
Cashier.
Capital, $50 ,000.
9,550-The Farmers' National Bank of Opelika, Ala.Painter and W. T.
G. N. Hodge, Pres.; Jno. D. Walker, J. G.
Andrews, Vice-Presidents; J. E. Hackney, Cashier.
LIQUIDATION.
27 1909.
-The People's National Bank of Cherryvale, Kan., Sept.
7,383
11 1909.
-The First National Bank of Shattuck, Okla., Sept.
8,687

.
Auction Sales.-Among other securities the following, not
EXCESS OF MERCHANDISE IMPORTS OR EXPORTS
,
Eight months ending Aug. 31regularly dealt in at the Board, were recently sold at auction
Two months ending Aug. 31836,874,064
Imports
Imports $15,078,852 1875
By Messrs. Adrian H. Muller & Son:
1875
Exports 64,537,917
Exports 14,474,134 1876
Stocks.
1876
Exports 38,001,995
Stocks.
1,055,582 1877
Exports
41 The Lighter Mfg. Co., $50 each
1877
Exports 188,805,224
10 Bklyn. Factory dr Pow.Co..Ltd. 70
$39 lot
Exports 32,950,689 1878
1878
Exports 140,279,159
7 Market & Fulton Nat. Bank._ _258
1879
170
Exports 25,242,548
16 Guardian Trust Co
1879
4 Continental Insurance Co_ _ _ _1653
Exports 55,801,674
-159
Exports 24,638,180 1880
Central Nat. Bank_.
3 Citizens
1880
Exports 114,394,327
4 Fidelity Fire Insurance Co_ _360
Exports 16,394,361 1881
1881
108.66 Mob.Jack. & K.C. R11.$1,000 lot
611
Imports 53,628,507
3 Home Insurance Co
Imports 14,191.477 1882
Bonds.
1882
344
Exports 44,779,191
5 Bank of Manhattan Co
1,303,828 1883
Imports
1883
Exports 13,783,567 100 Royal Baking Powder Co., pref.10956 $3,000 Deutscher Verein 1st 5s._ _ _ 69
Exports 3,027,730 1884
1884
Exports 45,350,218
15 Hartford Carpet Corp., pref._ _12336 82,000 N. Y. & Hoboken Perry Co. int.
Imports 9,063,475 1885
9834 Sr
1885
gen. 58, 1946, J. & D
Imports 11,325,907
5 Hartford Carpet Corp., corn_ _ _ 729/,
Imports 10,347.169 1886
1886
$2.030 N. Y.& East River Ferry Co.
Imports 44,599,241
26 Eastern Pa. Rys. Co. 5% pref.
Imports 17,509,114 1887
55 & int.
1887
1st Is, 1922, B.& N
Imports 87,425,073
(carrying cum. (flys. from
Imports 25,849.773 1888
1888
54,000 Simpson Securities Co. 63,
49
Imports 55,527,112
Jan. 11907)
Imports 24,871,856 1889
95
889
1929, J. & J
180
Imports 46,846,930
10 Carnegie Trust Co
28,125,567 1890
Imports
RR.
&
1890
Imports 10,902,532
40 Union Typewriter Co. 1st pret_113% $1,875 Mobile Jackson K.C. Cer2,359,039 1891
Exports
coupons from 1st cons. Is.
1891
Exports 33,761,669
39 Union Typewriter Co. 2d pret_ _113%
13,663,743 1892
Imports
$500 lot
tificate of deposit
1892
Imports 47.829,685
Exports 20,970,336 1893
1893
Exports 64,887,257
Imports 3,608,815 1894
1894
Imports 36,350,416
31,615,381 1895
Imports
1895
Exports 109,698,493
DIVIDENDS.
Exports 34,742,053 1896
1898
Exports 95,371,553
Exports 58,409,654 1897
1897
Exports 351,709,639
1898
shows all the dividends announced for the
The following
Exports 56,428,880
1898
Exports 277,400,390
Export 72,826,636 1899
1899
Exports 351,163,383 future by large or important corporations:
Exports 78,548,592 1000
1900
Exports 359,678,585
Dividends announced this week are printed in italics.
Exports 71,267,067 1901
1901
Exports 207,515,803
- Exports 25,661,782 1902
1902
Exports 201,930,037
Exports 17,022,637 1903
1903
Exports 183,934,093
Books Closed.
When
Per
Exports 18,545,549 1904
1904
1
Exports 196,282,36
Days Inclusive.
Cent. Payable.
Exports 45,254,772 1905
1905
Name of Company.
Exports 253,688,676
Exports 33,205,278 1006
1906
Exports 194,563,235
Exports 5,392,046 1907
Railroads (Steam).
1907
Exports 391,369,600
3
Dec. 1 Holders of rec. Nov. 5
Exports 3 6,023.602 1908
Santa Fe, common
1908
Exports 60,922,219 Atch. Topeka ct.,
236 Nov. 10 Nov. 1 to Nov. 9
Imports 9,054,000 1909
Atlantic Coast Line RR., preferred
1909
Nov. 1 Holders of rec. Oct. 22
2
Central 11R. of New Jersey (guar.)
131 Oct. 20 Holders of rec. Oct. 1
Cleve. Cin. Chic. & St. L., pref.(quar.)- 2% Oct. 20 Holders of rec. Oct. 4
na & Western (guar.)
-By advertisement on another page, the C. H. Geist Com- DAaware LackawanHaute, conunon
Nov. 1 Holders of rec. Sept. 18
4
n Evansville & Terre
236b Oct. 15 Holders of rec. Sept.22
Preferred
pany, Land Title Bldg., Philadelphia, are offering Norther
2% Oct. 15 Oct. 2 to Oct. 14
Banking
5% bonds, Georgia RR. & (quar.) (quar.)
Nov. 1 Holders of rec. Oct. 18
Indiana Gas & Electric Co. 1st refunding mtge.
Great Northern
Holders
1
are Kansas City Southern, preferred (quar.). 3 Oct. 15 Holders of ree. Sept.30
of rec. Oct. 1
Oct. 16
due 1929,at a price to yield over 5%. Full particulars
St. Paul & S.S.M., corn.(No. 13)..
mInn.
3% Oct. 16 fielders of rec. Oct. 1
Preferred(No. 13)
in the advertisement and in the "General Invest ment Missouri Kansas & Texas, preferred
10 Oct. 21 to Nov. 9
given
Nov.
2

News" column.




896

THE CHRONICLE
Name o Company.

Per
Cent.

When
Payable.

Books Closed.
Days Inclusive.

[VOL. Lxxxix.

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York Clearing House banks for the week ending Oct. 2.
,
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.

Railroads (Steam) Continued.
•
N. Y. Central & Hudson River (quar.)_ _
13% Oct. 15 Holders of rec. Sept.22
Northern Pacific (guar.)
13 Nov. 1 Holders of rec. Oct. 8
%
Reading, second preferred
2
Nov. 10 Holders of rec. Oct. 23
Rome Watertown dc Ogden guar.(guar.)_ _ _
13% Nov. 15
St. Louis & San Fran., 1st pref.(quar.)_ _
1
Nov. 1 Holders of rec. Oct. 18
Toledo St Louis & Western, preferred
2
Oct. 15 Holders of rec.Sept.30a
Utica Chenango & Su-sq., guar
3
Nov. 1 Holders of rec. Oct. 15
We omit two ciphers (00) in all cases.
Warren, guaranteed
33% Oct. 15 Oct. 6 to Oct. 15
Wisconsin Central, preferred (quar.)__
1
Oct. 15 Holders of rec. Oct. 1
Street ,sc Electric Railways.
Banks.
Capital. Surplus. Loans.
Specie. Legals. Deposits, ReAuburn & Syracuse Elec. RR., pref.(qu.) 13% Oct. 15 Holders of rec. Sept.30
003 omitted.
Average. Average. Average. Average, eve.
Aurora Elgin & Chic. RR., corn. (quar.)_
% Oct.
9 Sept. 24 to Oct. 19
Preferred (guar.)
9 Sept. 24 to Oct. 19
13% Oct.
Boston Suburban Elec.Cos., pref.(guar.).- 75c. Oct. 15 Holders of rec. Ott. 4 Bank of N. Y.._
2,000,0 3,374,4 19,461,0 3,281,0 1,243,0 17,328,0 26.1
%
Brooklyn City RR.(guar.)
2,050,0 4,088,4 34,350,0 9,547,0 1,635,0 41,300,0 27.0
2
Oct. 15 Oct. 8 to Oct. 17 Manhattan Co_
Cape Breton Elec. Co., Ltd., pref
3
Nov. 1 Holders of rec. Oct. 15 Merchants' ___ - 2,000,0 1,642,1 19,983,0 3,749,0 1,686,0 20,832,0 26.0
Cln. Newp. & Coy. Lt. & Trac.,corn.(gu.) 1
3,000,0 3,767,3 28,062,0 6,285,0 1,144,0 28,911,0 25.7
Oct. 15 Oct. 1 to Oct. 15 Mechanics' _ _
Preferred (guar.)
1,500,0 5,674,1 25,869,1 4,905,0 1,884,2 26,990,9 25.1
134 Oct. 15 Oct. 1 to Oct. 15 America
Dallas Electric Corp.. irst pref.(No. 1)
1,000,0
657,9 10,248,0 2,604,0
Oct. 11 Holders of rec. Oct. 8 Phenix
3
435,0 10,721,0 28.7
Second preferred No. 5)
25,000,0 29,046,9 193,976,2 40,752,3 4,808,0 186,034,7 24.5
2
Oct. 11 Holders of rec. Oct. 8 City
Manchester(Nil.)Tree., Lt. & P.(qu.).. 2
3,000,0 6,059,1 27,679,6 4,070,4 1,934,3 26,179,8 26.5
Oct. 15 Holders of rec. Oct. la Chemical
.
Milwaukee El.Ry.& L.,pref (qu.)(No40) 13% Nov. 1 Holders of rec. Oct. 20 Merchants' Ex_
600,0
532,0
6,559,0 1,204,5
6,624,1 23.4
351,7
Montreal Street Ry.(guar.)
1,000,0 2,468.4
23% Nov. 2 Oct. 14 to Nov. 2 Gallatin
9,532,8 1,160,0
7,502,4 26.2
807,5
Northwestern Elevated (Chicago). pref.._
1
300,0
Oct. 18 Oct. 9 to Oct. 18 Butch. & Drov_
148,0
2,084,4
484,6
2,076,4 28.7
112,0
Ottumwa(Ia.) Ry.& Light, pref.(qu.)___ _
1% Oct. 15 Oct. 6 to Oct. 15 Greenwich __ _ _
500,0
779,7
7,230,9 1,847,1
8,141,0 25.1
200,0
Philadelphia Company, common (guar.)_
13% Nov. 1 Holders of rec. Oct. 1 American Exch. 5,000,0 5,220,0 32,010,9 5,144,5 1,383,5 25,490,7 25.6
Porto Rico Rys.,Ltd., pref
Commerce
(h) Oct. 10
25,000,0 15,594,5 160,642,6 26,689,8 9,622,8 142,457,3 25.5
Rio de Janeiro Tr., L. & P., Ltd.(No. 1) 1
3,000,0 2,564,5 15,233,7 2,232,1
Nov.
1 Oct.16 ti Oct. 31 Mercantile
822,9 12,079,6 25.2
Seattle Electric Co.. common
1% Oct. 15 Holders of rec. Oct:' 1 Pacific
500,0
898,9
3,848,0
408,0
3,579,3 27.6
580,0
Twin City Rap. Tr., Minneap., coin.(qu.) 134 Nov. 15 Holders of rec. Oct. 20 Chatham
450,0 1,025,0
7,558,3 1,071,9 1,014,8
8,160,6 25.5
United Rys. 01St. Louis, pref.(quar.)
200,0
475,4
2,313,1
134 Oct. 11 Sept. 25 to Oct. 10 People's
456,6
2,285,4 25.8
133,6
hanks
Hanover
3,000,0 10,922,2 65,307,6 12,515,6 6,609,5 75,807,6 25.2
Mercantile National (guar.)
2,550,0 1,508,6 22,515,9 5,678,7
13% Oct. 15 Oct. 10 to Oct. 15 Citizens' Cent.._
318,2 22,582,8 26.7
Produce Exchange, New York
500,0
465,8
3
Oct. 15 Holders of rec. Oct. 6 Nassau
5,947,8
577,0 1,026,1
6,536,8 24.5
Extra
Oct. 15 Holders of rec. Oct. 6 Market & Flit.. 1,000,0 1,671,5
7,935,5 1,509,3 1,082,7
1
8,314,3 31.1
Trust companies.
Metropolitan
2,000,0 1,393,2 12,282,9 2,978,9
203,2 12,529,3 25.3
Union (guar.)
123% Oct.
9 Oct. 6 to Oct. 10 Corn Exchange. 3,000,0 5,310,9 46,315,0 8,102,0 5,691,0 54,843,0 25.1
Miscellaneous.
Imp. de Traders' L,500,0 7,415,9 25,448,0 4,178,0 1,972,0 23,282,0 26.4
Amer. Agricultural Chem., pref. (No. 21) 3
3,000,0 9,750,2 89,023,0 24,012,0 1,379,0 101,029,0 25.1
Oct. 15 Sept. 24 to Sept. 30 Park
American Chicle, common (monthly)
250,0
103,7
1,450,5
1
Oct. 20 Oct. 2 to Oct. 20 East River__ _
1,469,1 30.4
349,1
99,3
Amer. Light ce Tract., cont.(guar.)
3,000,0 3,324,7 23,335,0 4,491,0 2,100,0 25,462,0 25.8
2
Nov. 1 Oct. 21 to Oct. 31 Fourth
Common(extra)
1,000,0 1,845,4 12,531,0 3,039,0
2341 Nov. 15 Oct. 21 to Oct. 31 Second
181,0 12,787,0 25.1
10,000,0 19,023,9 114,378,9 25,761,1 1,128,6
Preferred(guar.)
First
13% Nov. 1 Oct. 21 to Oct. 31
:
21
3 59980 25.0
American Locomotive, pref. (quar.)___. 13% Oct. 21 Sept. 22 to Oct. 21 Irving Exch.-- 2,000,0 1,441,4 21,009,8 4,077,5 1,725,0 22,354,5 2 .
5.
9
3
American foiait uorporation, preferred.._ _
250,0
811,7
234 Nov. 3 Oct. 22 to Nov. 11 Bowery
3,366,0
828,0
58,0
American Malting, preferred
N. Y. County....
500,0 1,598,3
$1.56 Nov. 1 Oct. 22 to Nov. 11
8,033,4 1,352,0
8,197,7 25.1
676,0
American Shipbuilding, pref. (guar.)._
750,0
649,7
13% Oct. 15 Holders of rec. Sept. 18 German-Amer _
4,117,7
4,017,7 2 .6
4
5
815,6
216,5 8193507
(ou.)(No. 24) 1
Amer.Smelt. & Rfg.
5,000,0 6,685,1 75,941,3 15,634,9 4,650,4
Oct. 15 Sept. 29 to Oct. 4 Chase
American Teleph. & Teleg. (guar.)
100,0 2,055,5 12,878,7 2,697,9 1,036,6 14,519,6 25.7
2
Oct. 15 Holders of rec. Sept. 30 Fifth Avenue
American Typefounders, corn. (guar.)._
200,0
886,1
1
Oct. 11 Holders of rec. Oct. 11 German Exch
3,750,0
423,5
385,7
Preferred (auar.)
200,0 1,040,4
5,332,2
13% Oct. 1: Holders of rec. Oct. 11 Germania
900,9
6 057, 23 1
3 666 0 22..4
:
3
517,5
American Woolen, pref. (guar.)(No. 42)_
1,000,0 1,373,8 19,152,9 4,254,4 1,116,0 21,439,9 25.0
13% Oct. 1. Sept. 24 to Oct. 3 Lincoln
Anaconda Copper Min. (guar.)(No. 36)
1,000,0 1,148,8
50c. Oct. 2, • lolders of rec. Oct. 2 Garfield
7,650,5 1,671,5
7,663,2 24.9
238,3
Associated Merchants, 1st pref. (guar.)_ _
Fifth
250,0
474,4
134 Oct. 1. set. 10 to Oct. 15
3,426,4
653,1
299,4
3,678,7 25.9
First preferred (extra)
1,000,0 2,006,9 11,007,5 1,011,6 1,583,3 10,693,4 24.2
% Oct. I. Jct. 10 to Oct. 15 Metropolis _ _ _ _
Second preferred(guar.)
200,0 1,130,0
13% Oct. 1. Ict. 10 to Oct. 15 West Side
4,675,0 1,009,0
5,131,0 24.1
232,0
Second preferred (extra)
Seaboard
1,000,0 1,765,3 18,720,0 3,516,0 1,938,0 21,381,0 25.5
31 Oct. 1. Jct. 10 to Oct. 15
Bell Telephone of Canada (guar.)
1,000,0 2,615,2 17,629,8 3,965,3
2
Oct. 1: Solders of rec. Sept. 25 Liberty
856,5 17,795,8 27.0
Bell Telephone of Pennsylvania (quar.)_ _
738,7
13% Oct. 1: rct. 6 to Oct. 15 N. Y.Prod. Ex. 1,000,0
7,847,0 2,052,8
9,287,9 25.0
275,1
1,000,0
Butte Elec. & Pow., pref.(guar.)(No. 33) 134 Nov. 1 (folders of rec. Oct. 15 State
825,4 13,115,0 3,840,0
274,0 16,123,0 25.5
Central Coal & Coke, common (guar.)._ _
1,000,0
134 Oct. 15 Oct. 1 to Oct. 15 14th Street_ _ _ _
331,0
5,500,7
6,016,9 25.4
959,8
573,5
Preferred (guar.)
2,000,0 2,734,3 27,865,6 6,859,4
134 Oct. 15 Oct. 1 to Oct. 15 Copper
363,9 29,395,7 24.5
1,000,0
Central Dist. & Ptg.Teleg.(guar.)
305,2
2
Oct. 15 Oct. 1 to Oct. 15 Coal & Iron__ _
5,573,0
911,0
5,625,0 25.7
538,0
Claflin (H. B.), common (guar.)
2
Oct. 15 Oct. 7 , to Oct. 15
Totals, Average 127,350,0 177,371,8 1309,706,2 267,420,7 69,122,6 1327,406,5 25.3
Consolidated Ice, Pittsb., pref. (guar.)_ _ _
134 Oct. 20 Oct. 10 to
Corn Products Refining, pref. (quar.)
Oct. 11 Holders of rec.Sept.30a
1
Detroit Edison (guar.)
1
Oct. 15 Holders of rec. Oct. la Actual figures Oct. 2
1304,962,9 260,670,4 68,662,3 1310,820,7 25.1
Distillers' Securities Corp.,(qu.)(No. 28)
34 Oct. 30 Sept. 30 to Oct. 20
Distilling Co. of America, pref. (quar.)_ _
Oct. 29 Sept. 30 to Oct. 20
1
On the basis of averages, circulation amounted to $51,555,200 and United States
duPont(E.I.)deNemours Powil.Pret.(qu.)
Oct. 25 Oct. 16 to Oct. 25
Elstern Steamship (guar.)(No. 1)
1
Nov. 1 Holders of rec. Oct.15 deposits (included in deposits) to $1,642,600: actual figures Oct. 2, circulation.
Edison Elec. Ill., Boston (guar.)(No.82)
23% Nov. 1 Holders of rec.fOct. 15 $51,884,400; United States deposits, $1,670,200.
Electrical Securities Corporation, pref_ _ _
234 Nov. 1 Oct. 30 to
Nov. 10
The State Banking Department also now furnishes weekly
General Electric (guar.)
2
Oct. 15 Holders of rec Sept. 4a
Guanajuato Pow.& Elec., pref.(qu.)(No 5) 13% Nov. 1 Oct. 16 to Nov. 1
returns of the State banks and trust companies under its
Harbison-Walker Refract., pref.(guar.) _
134 Oct. 20 Holders of rec. Oct. 9
nmt. Buttonhole Sew. Mach.(qu.)(No.48) 1
Oct. 15 (folders of rec. Oct. 5 charge. These returns cover all the institutions of this class
International Nickel, common (quar.)._ _
1 Nov. 12 to Dec. 1
1
Dec.
Common (extra)
34 Dec.
1 Nov. 12 to Dec. 1 in the whole State, but the figures are compiled so as to
Preferred (quar.)
13% Nov. 1 Oct. 13 to Nov. 1
International Paper, preferred (quar.)
Oct. 15 Oct. 5 to Oct. 27 distinguish between the results for New York City (Greater
Internat. Smokeless Pow. & Chem., pref.. 4
Nov. 15 (folders of rec. Nov. 5
Internat. Steam Pump,pref.(qu.)(No. 42) 134 Nov. 1 Holders of rec. Oct. 20 New York) and those for the rest of the State, as per the
Lanston Monotype (guar.)
1% Dec. 30
La Rose Consolidated Mines (guar.)
Oct. 20 Oct. 1 to Oct. 14 following:
3
Extra
Oct. 20 Oct. 1 to Oct. 14
1
STATE BANKS AND TRUST COMPANIES.
Massachusetts Lighting Cos. (quar.).__ _
134 Oct. 15 Holders of rec. Oct. 1
Mexican Lt. & Paw.,Lid.(quar.)
Oct. 15 Oct. 11 to Oct. 15 MIA
1
Mevican Telegraph (guar.)
Oct. 15 Holders of rec. Sept. 30 -ral
23%
State Banks
Trust Cos.
State Banks
Trust Cos.
Illehlgan State Telephone, pref. (guar.).
134 Nov. 1 Oct. 19 to
Nov. 1
Week ended Oct. 2,
in
in
outside of
outside of
N41,10iltil Biscuit, corn. (guar.) (No. 44).
13% Oct. 15 Holders of rec. Sept.28a
Greater N. Y. Greater N. Y. Grauer N. Y. Greater N. Y.
Notional Carbon, common (guar.)
134 Oct. 15 Holders of rec. Oct. 5
New England Cotton Yarn, pref. (guar.). 1345 Nov. 1 Oct. 16 to
$
$
$
$
New England Telep. & Teleg. (quar.)__ _
25,975,000
134 Oct. 15 Holders of rec. Sept. 30 Capital as of April 28........
7,725,000
59,675,000
8,598,000
New York Dock, preferred
2
Oct. 15 Holders of rec. Oct. 1
NIpIssing Mines (guar.)
5
Oct. 20 Oct. 1 to Oct. 14 Surplus as of April 28....
9,786,676
37,306,000 173,921,500
10,316,230
Extra
234 Oct. 20 Oct. 1 to Oct. 14
Nova Scotia Steel & Coal, Ltd. pf. (qu.)_
2
Oct. 15 Oct. 1 to Oct. 5 Loans and Investments.... 305,647,600 1,142,639,200
87,034,000 131,703,500
Oklahoma Gas & Electric, pref. (quar.)._
Oct. 15 Oct. 6 to Oct. 15
—170,900
Change from last week..
+240,100
+14,600 +12,145,800
Otis Elevator, common
134 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30 Specie
49,801,800 124,321,400
Pennsylvania Salt Mfg.(No. 93)
6
Oct. 15 Ifolders of rec. Sept. 27
Change from last week_ +1,607,500
—832,800
People's Gas Light & Coke (guar.)
1% Nov. 25
Pope Manufacturing Co., pref. (qua-.). _
134 Nov. 1 (folders of rec. Oct. 26 Legal-tenders & bk. notes
14,124,900
25,589,800
Procter & Gamble, preferred (guar.).-+354,500
2
Oct. 15 Sept. 26 to Oct. 14
Change from last week.. —1,736,900
Quaker Oats, common (guar.)
134 Oct. 15 [folders of rec. Oct. 4
Common (extra)
92,695,200 . 140,096,900
% Oct. 15 (folders of rec. Oct. 4 Deposits
352,594,900 1,250,906,200
Reece Buttonhole Mach.(guar.)(No. 94) 2
+43,300
+110,000
Oct. 15 [folders of rec. Oct. 5
Change from last week. —1,620,800 +13,463,800
Rhode Island Perk. Horseshoe, pref.(qu.) 1
Oct. 15 Holders of rev. Oct. 1
San Diego Cons. Gas & Elec., pref. (qu.)
20,169,900
Oct. 15 Oct. 6 to Oct. 15 Reserve on deposits
19,363,700
95,063,400 145,386,500
Shawinigan Water & Power (guar.)._
1
Oct. 20 Holders of rec. Oct. 7
—957,500
+126,700
Change from last week.. —1,099,100
+2,400
Standard Milling, preferred (No. 13)...
134 Oct. 30 Oct. 26 to Oct. 31
Standard Underground Cable (quar.)__ _ 3
Oct.
9 Oct. 4 to Oct. 9 P. C. reserve to deposits_
15.9%
22.4%
27.4%
14.4%
Stable-Car Line, com.(qu.) 1
Street's West.
Oct. 25 Oct. 15 to Oct. 25
16.0%
22.3%
Percentage last week.._
14.4%
27.6%
Union Bag & Paper, nref.(quar.)(No. 42) 1
Oct. 15 [folders of rec. Sept.30
Union Switch & Signal, com.& pref.(qu.) 3
Oct. 11 Oct. 1 to Oct. 10
Increase over last week. — Decrease from last week.
+
United Cigar Mfrs., common (guar.)
1
Nov. 1 Holders of rec. Oct. 26
Common (extra)
Nov. 1 Holders of rec. Oct. 26
1
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" in
United Cigar Stores, Corp. of
134 Oct. 15 Oct. 6 to Oct. 15 eludes, for both trust companies and State banks, not only cash Items, but amounts
Extra
% Oct. 15 Oct. 6 to Oct. 15 due from reserve agents. Trust companies in New York State are required by
United Dry Goods Cos., corn. (quar.)
2
Nov. 1 Oct. 26 to Nov. 1 law to keep a reserve proportionate to their deposits, the ratio varying according
United Fruit (guar.)(No. 41)
Oct. 15 Holders of rec. Sept.27 to location as shown below. The percentage of reserve required is computed on
2
United Gas Improvement (quar.)
2
Oct. 15 Holders of rec. Sept.30 the aggregate of deposits, exclusive of moneys held in trust and not payable within
U. S. Really & Improvement (guar.)
134 Nov. 1 Holders of rec. Oct. 20 thirty days, and also exclusive of time deposits not payable within 30 days, repreU.S.Rubber, 131 prof.(guar.)
Oct. 30 Holders of rec. Oct. 15a sented by certificates, and also exclusive of deposits secured by bonds of the State
2
Second preferred (guar.)
134 Oct. 30 Holders of rec. Oct. 15a of New York. The State banks are likewise required to keep a reserve varying
U. S. Smelt., Ref. & Min., coin. (guar.) 1
Oct. 15 Holders of rec. Sept.30 according to location, but In this case the reserve Is computed on the whole amount
Preferred (guar.)
13% Oct. 15 Holders of rec. Sept.30 of deposits, exclusive of deposits secured by bonds of the State of New York.
Utah Consolidated Mining (guar.)
50c. Oct. 15 Sept.24 to Oct. 1
Va.-Car. Chem. pref. (guar.) No. 56.. 2
—Trust Cos.—
—Slate Banks—
Oct. 15 Oct. 1 to Oct. 14
Vulcan DetInning, preferred (guar.)
13.4 Oct. 20 Holders of rec. Oct. 9 Reserve Required for Trust Companies
Total
Of
Total
Of
Western Union Teleg. (guar.) (No. 162)
% Oct. 15 Sept.21 to Oct. 13
which
and Stale BankS,
Reserve
which Reserve
Westinghouse Airbrake (guar.)
9 Sept.26 to Oct. 8
23% Oct.
Location—
Required. in Cash.Required. in Cast)
Extra
9 Sept.26 to Oct. 8
13% Oct.
15%
15%
15%
25%
Westinghouse Elec.& Mfg., 1st pref. (qtr.) 1% Oct. 15 Oct. 10 to Oct. 15 Manhattan Borough
10%
First preferred
10%
20%
331/ Oct. 15 Oct. 10 to Oct. 15 Brooklyn Borough(wIthout branches in Manhat.).15%
While (J. G.) de Co., pref. (guar.)
734%
13% Nov. 1 Holders of rec. Oct. 23 Other Boroughs(without branches In Manhattan).15%
10%
15%
15%
15%
15%
25%
a Transfer books not closed. b Also 234% payable April 15 11)10. d Declared Any Borough with branches in Manhattan
6%
10%
5%
15%
6%, payable In quarterly installments. f On account of accumuated dividends. Elsewhere in State
+ Increase over last week. — Decrease from mist week.
t rate of 7% per annum on amounts paid in. 4 Payable In common stock.




107:4

134

13%

13%

897

THE CHRONICLE

OCT. 9 1909.j

-Below is a summary of
Boston and Philadelphia Banks.
takes to present
of Boston
The Banking Department also under
y totals of the Clearing-House .banks
for the State banks and the weekl
separate figures indicating the totals
.
and Philadelphia
York not in the Clearing
We omit two ciphers (00) in all these figures.
trust companies in the Greater New
in the table below, as are
House. These figures are shown
Capital
Circu- Clearings.
average) for the ClearingSpecie. Legals. Deposits. a lation.
Loans.
and
also the results (both actual and
Banks.
Surplus.
have combined each correHouse banks. In addition, we
-2
2
ments,thus affording an aggre- Boston.
260,428,0 7,509,0 112,787,5
sponding item in the two state
40,300,0 211,157,0 23,371,0 5,129,0 269,521
7,012,0 161,032.8
5,145,0
and trust companies in the Sept. 11_ 40,300,0 211,197,0 24,773.0 3.907.0 264.329,0 6,996,0 145,830,5
Sept. 18..
.0
gate for the whole of the banks
Sept. 25.. 40,300,0 212,206,0 25.643,0 4,496,0 265,224,0 6,979,0 164,972,1
Oct. 2_ 40,300,0 215,389,0 25,099,0
Greater New York.
AND TRUST COMPANIES.
NEW YORK CITY BANKS

& Total of all
Clear.-House Clear.-House State Banksnot Banks& Trust
Trust Cos.
Banks.
Banks.
-H. Aver. Cos. Average.
Average. in C.
Actualleigures

Week ended Oct. 2.

Capital 1 Nat. Banks
Sept. 1_ _
Surplus I State Banks
Sept. 14..

127,350,000

127,350,000

*69,700,000

197,050,000

177,371,800

177,371,800

•182,845,100

Phila.
Sept. 11..
Sept. 18..
Sept. 25..
Oct. 2._

79,400
62,900 1,309,706,200 1,238,473,200 2,548,1 800
+4,400,
Loans and investments 1,304,9 ,300 -7,235,900 +11,636,700
Change from last week -16,186
2,541,198,200
1,310,820,700 1,327,406,500 a1,213,791,700 -4,512,900
Deposits
,900 -16,145,400 +11,632,500
Change from last week -30,160
130,887,800 398,308,500
260,670,400 267,420,700
Specie
-807,600 -7,690,800
,400 -6,883,200
Change from last week -10,480
92,258,200
b23,135,600
69,122,600
68,662,300
Legal-tenders
+443,600 -1,895,300
000 -2,338,900
Change from last week -2,309,
490,566,700
329,332,700 336,543,300 c154,023,400 -9,586,100
Aggr'te money holdings -12,789,400 -9,222,100
-364,000
Change from last week

329,332,700
Total reserve
Change from last week -12,789,400
age to deposits
Percent
25.15%
requiring reserve _
25.54%
Percentage last week

336,543.300
-9,222,100

1,827,525

FOREIGN IMPORTS AT NEW YORK.
1909.

For Week.
Dry Goods
General Merchandise

178,044,500 514,587,800
-2,086,200 -11.308,300

Total
Since January 1.
Dry Goods
General Merchandise
Total 39 weeks

I

1906.

1907.

1908.

$2,888,262 $2,732,835
13,929,156, 11,418,872

$3,423,608
10,794,323

$3,015,361
12,774,858

,219
$16,817,418 $14,151,707 $14,217,931 $15,790
2.105
127,425,507 $91,385,915 $143,228,340 5121.53 ,793
517,271,8,0 376,159,991 516,327,534 447,173
5,898
$644,697,3771$467,545,906 $659,555,874 $568,70

ts (exclusive of
The following is a statement of the expor
for the.
) from the port of New York to foreign ports
specie
2 and from Jan, 1 to date;
week ending Oct.

4,691,675

Surplus reserve

17.3%
17.5%

25.38%
25.76%

103,937,0
149,111,3
155,051.2
153,247,1

322,177,0 16,524,0
325.789,0 16,544,0
326,076,0 16,602,0
326,855,0 16,649,0

74.048,0
75,076,0
77,187,0
77,025,0

-The following are
Imports and Exports for the Week.
g Oct. 2; also
the imports at New York for the week endin
ry:
since the beginning of the first week in Janua
totals

24,021,100
-1,722,200

24,021,100
-1,722,200

277,187.0
275,237,0
273,699,0
274,897,0

"due to other banks." At Boston
a Includ ng Government deposits and the item on Oct. 2, against $2,012,000 on
Government deposits amounted to $2,016,000
el
Sept. 25.

360,216,900

Money on deposit with
other bks.& trust cos_
Change from last week

56,315,0
56,315.0
56,315,0
56,315,0

EXPORTS FROM NEW YORK FOR THE WEEK.

week.
+Increase over last week. -Decrease from last
"Due from reserve depositories
a These are the deposits after eliminating the item City"; with this item included.
companies in New York
and other banks and trust
of $11,548,100 over last week.
deposits amounted to $1,367,197,600, an increase are "net" both for the average
In the case of the Clearing-House banks, the deposits this amount State banks held
notes. c Of
and the actual figures. b Includes bank
215,577,100 and trust companies $138,446,300.

For the week
Previously reported
Total 39 weeks

1906.
1907.
1908.
1909.
$11,887,437 $11,535,074 $16,347,355 $15,760,179
443,087,043 469,040,394 463,926,284 438,133,795
$454,974,480 $480,575,468 $480,273,639 $453,893,969

The following tab e shows the exports and imports of
2
specie at the port of New York for the week ending Oct.
-House banks and since Jan. 1 1909, and for the corresponding periods in
The averages of the New York Clearing
trust companies 1908 and 1907:
combined with those for the State banks and
YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW
Clearing House compare
in Greater New York outside of the
Imports.
Exports.
a series of weeks past:
as follows for
Gold.

TRUST COMPANIES IN
COMBINED RESULTS OF BANKS AND
GREATER NEW YORK.
We omit two ciphers (00) in all these figures.
Week
Ended.

Loans and
Investments. Deposits.

Aug. 7....
Aug. 14....
Aug. 21-.
Aug. 28_
Sept. 4...
Sept. 11_
Sept. 18_
Sept. 25_
Oct. 2_

$
2,563,916,2
2,567,835,5
2,570,714,7
2,580,237,8
2,573.391,2
2,568,181,7
2,552.792,6
2,543,778,6
2,548,179,4

$
2,616,185,2
2,617,930,8
2,611,409,4
2,614,262,2
2,800,054,5
2,578,878,7
2.565,384,6
2,545,711,1
2,541,198,2

Specie.

Legals.

Tot. Money Entire Res.
Holdings. on Deposits

$
$
434,345,5 101,907,0
432,116,1 101,089,2
98,753,7
428,500,3
425,367.2 99,986.0
420,244,8 98.538.2
95,234,0
410.884,4
405,927,4 95,031,1
94,153,5
405,999,3
92,258,2
31)8,308,5

$
536,252,5
533,205,3
527,254,0
525,353.2
518,783,0
506,118,5
500,928,5
500.152.8
490,566,7

$
564,823,3
561,422,0
554,242,3
552,476,3
546,731,7
535,304,8
528,412,4
525,806,1
514,687.8

-The following is the
Reports of Non-Member Banks.
ion of the non-member banks for the
statement of condit
s:
week ending Oct. 2, based on average daily result
We omit two ciphers (00) in all these figures.

Banks.

Capi-

Surplus.

Loans,
Disc'ts
and
Investments.

N. Y. City.
Boroughs of
2
Man.dc Brx.
243,1
Wash. Ilgts. 100,0
154,4
200,0
Century _
283,5
400,0
Colonial
452,9
300,0
• Columbia _ _
164,3
Fidelity _ _ 200,0
657,7
Jefferson _ _ _ 500,0
283,8
Mt. Morris_ 250,0
322,3
Mutual _- 200,0
410,6
100,0
Plaza
95,4
23rd Ward. 200,0
934,4
Union Exeh 1,000,0
456,0
100,0
Yorkville _ _
258,4
New Neth'd 200,0
146,5
Batt.Pk.Nat 200,0
316,8
Aetna Nat. 300,0
Borough of
Brooklyn.
531,3
200,0
Broadway
787,6
252,0
Mfrs.' Nat_
927,7
Mechanics' 1,000,0
949,0
Nassau Nat. 750,0
593,8
Nat. City.. 300,0
139,7
Side_ 200,0
North
Jersey City.
400,0 1,222,1
First Nat_
725,8
Hud.Co.Nat 250,0
380,2
Third Nat_ _ 200,0
Hoboken.
626,5
220,0
First Nat
232,6
Second Nat. 125,0

Legal
Tender
Specie. and
Bank
Notes.

Deposit withClearing,
Agent.

Net
Other
Banks, Deposits.
he.

$
1,404,0
1,654,7
5,302,6
5,720,0
919,3
3,576,8
2,720,2
3,880,8
4,135,0
1,867,8
8,155,7
4,222,9
2,049,0
1,191,8
2,098,0

85,0
131,0
37,8 231,3
736,8 454,1
583,0 533,0
64,3
88,5
9,9 456,6
27,1
510,4
24,7 650,7
319,0 405,0
49,3
150,8
874,6 1,200,0
50,9 790,1
65,0
196,0
32,9
251,9
34,0
433,8

3,299,2
6,045,2
11,974,7
7,091,0
4,284,0
1,832,2

351,6
24,5 402,7
718,0
637,4 103,6
325,7 1,569.0 1,494,4
955,0
404,0 452,0
623,0
118,0 646,0
269,6
81,3
132,5

259,9 3,949,5
117,2 6,514,2
279,6 15,494,6
6,867,0
165,0 5,475,0
241,4 2,294,2

401,5 3,255,7
183,4
39,3
563,5
108,1

828,0 7,318,1
125,7 2,703,6
22,9 2,342,7

117,4
53,0

58,4 1,841,9
209,3 2,695,3

4,536,4
2,981,1
1,959,3

311,2
167,4
44,5

2,351,5
2,405,4

120,3
81,3

16,6
88,1

126,0
80,0
687,4
512,0
95,1
147,5
310,5
488,3
502,0
258,5
170,1
289,0
197,0
57,0
26,0

17107,5
268,5
163,2
73,0
5,2

251,6
5,0

13;i

1,400,0
1,859,8
6,829,2
6,729,0
923,1
3,458,6
3,442,6
4,592,3
4,843,0
2,157.4
8,203,9
5,459,7
2,079,0
1,194,0
1,971,7

97.658,6 6,743,9 8,986,6 12,531,0 3,238,2 112639,6
Tot, Oct. 2_ 8,147,0 12.298,4 97,656,6 6,554,3 8,946,2 12,658,2 3.204,7 113159,3
12,296,4
Tot. Sept.25 8,147,0 12,229,4 95,499,6 6,327,6 9,139,2 14,605,6 3,798,1 113327,5
Tot. Sept.18 8,147,0




Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Since Jan. 1

Week.

$13,958,120
13,881,232

Week.

•

2,061,195
5,000
$200,000 42,958.450
250 4,030,695

Since Jan.1

$79
4,602
134
9.423
28.923
20,630
45,934

5199,507
2,157,692
10,189
603,988
430,752
1,892,459
1,677,223

$200,250 $76,894,692 $109,725 $6,971,810
144,850 14,261,919
47,647,925
107,889 8,032,981
10,000 34,444.015

Total 1909
Total 1908
Total 1907
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

5843,560 5.31,441,439
51,200 3,312.750
11,090
107,976
245
44,226
30,712
$895,005 $34,948,193
806,139 32,156,824
1,255,641 38,894,346

Total 1909
Total 1908
Total 1907

$1,147
75
592
2,806
2,581
7,572
29,226

$217,322
6,582
65,387
105.881
1,756,205
778,823
859.446

$43,999 $3,789,646
• 95,163 2,803,473
38,265 2,300,670

$9,290
Of the above imports for the week in 1909, coin.
silver
were American gold coin and $555 American
were AmeriOf the exports during the same time, $21)0,250
coin and $ __ were American silver coin.
can gold

paulting and kinancial.
and investors copies
We shall be pleased to furnish to Institutions
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange

• Spencer frask & Co,
NEW YORK
WILLIAM AND PINE STS..
offices: Chicago. III.. and Albany, N. Y.
Branch
•

MOFFAT & WHITE
BANKERS
ge
Members New York Stock Exchan
THE ROOKERY
5 NASSAU STREET.
CHICAGO
NEW YORK
every
Banking and Exchange of with
description In connection

IMPORTS AND EXPORTS

International Banking Corporation
T, NEW YORK

NO. 60 WALL STREE
Capital lc Surplus. $6.500.000
.
Branches at Hom and Abrnad.

Special facilities for travelers
in ail parts of the World.

898

THE CHRONICLE

Caulter61 Vliazette.
Wall Street, Friday Night, October 8 1909.
The Money Market and Financial Situation.—The advance
in security values which had been in progress for some time
previous was checked early in the week by a firmer money
market and an advance in rates for both call and time loans.
Later this was followed by an advance in the Bank of England's established rate and the financial situation both at
home and abroad seems to have undergone a more or less
permanent change. All this, as was noted last week, is a
logical result of the expanding industry and commerce of
the country and also of an increasing tendency to speculative
operations which has been apparent for some time past.
Although, as noted above, money market rates are substantially higher, they are still below the average for the
season and it is reported that lenders are pursuing a conservative course with a view to holding the market steady.
The Bank of England's weekly statement shows a con
siderable decrease in the percentage of reserve held and its
rate was advanced from 23-i to 3%. The former rate has
been maintained somewhat more than six months.
It will be remembered that the German Bank rate was
increased nearly a month ago.
The money market situation and the prominence of U. S.
Steel shares in Stock Exchange operations, the latter being
referred to more in detail below, have absorbed much attention in the street throughout the week.
The open market rates for call loans at the Stock Exchange
d ning the week on stock and bond collaterals have ranged
from 3M to 6%. To-day's rates on call were 3@5%. Commercial paper quoted at 4 M(0),4 V for 60 to 90 day endorseI%
ments,4%@5g% for prime and 4 to 6 months'single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £2,321,718 and the percentage
of reserve to liabilities was 45.21 against 50.36 last week.
The rate of discount was advanced Oct. 7 from 23% as
fixed April 1 to 3%. The Bank of France shows a decrease
of 13,350,000 francs gold and 3,025,000 fran3s silver.
NEW YORK CITY CLEARING-HOUSE II kNKS.
1909.
Averages for
week ending
Oct. 2.

Diff.rences
from
previous week.

1908.
Averages for
week ending
Oct. 3.

1907.
Averages for
week ending
Oct. 5.

$
$
s
3
Capital
127,350,000
126,350,000 129,400,000
Surpl s
177,371,800
163,720.100 164,098,300
Loans and discounts.._ _ 1,309,706,200 Dec. 7,235,900 1,312,130,700 1,089,068,400
Circulation
51,555,200 Dec.
4,400
53,756,500
50,657,800
Net depos:ts
1,327,406,500 Dec. 16,145,400 1,390,771,400 1,036,703,300
U. S. dep.(incl. above)
1,642.600 Dec.
9,210,000
124,200
32,514,900
Specie
267,420,700 Dec. 6,883,200 311.896,300 192,216,700
Legal tenders
69,122,600 Dec. 2,338,930
79,585,700
69,LO!,200
1
Reserve held
336,543,300 Dec. 9,222,100 391,482,000 261,823,900
25% of deposits
331,851,625 Dec. 4,036,350 349,192,850 259,175,825
Surplus reserve
Surplus, excl. U. S. dep

4,691,675 Dec. 5,185,750

42,289,150

2,648,075

5,102,325 Dec. 5,216,800

44,593,900

10,776,800

Note.—The Clearing House now issues a statement weekly showing the total of
the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the second page preceding.

Foreign Exchange.—The market was unsettled and lower
this week,influenced chiefly by dear money here and disturbed
political conditions abroad; the Bank of England rate was
advanced to 3%.
To-day's (Friday's) nominal rates for sterling exchange
were 4 853/i for sixty day and 4 87 for sight. To-day's
(Friday's) actu It rates for sterling exchange were 4 8325@,
4 8335 for long, 4 8565()4 8570 for short and 4 8590@4 86
for cables. Commercial on banks 4 83 @4 8310 and
documents for payment 4 823@4 83%. Cotton for payment 4 82@4 82%. Cottoi for acceptance 4 83P4 8310
and grain for payment 4 83304 83%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 193 ga@519% tor long and 5 17d@5 17M for short.
/
Germany bankers' marks were 9434@94% for long and
95Md©95% for short. Amsterdam bankers' guilders were
40 13@40 15 for short.
Exchange at Paris on London 25fr. 14c.; week's range
25fr. 14c. high and 25fr. 12 Mc.low.
The week's range for exchange rates follows:
Long
Stalin'? Actual—
4 8410
(I 4 8420
nigh
4 8325
Low
0 4 r: 35
Paris Bankers' Francs—
5 1934
High
(4 5 1914a
5 18 )1a 0 51834
Low
gcr;:za::y Bankers' Marks—
Iligi
94 13-1.c
Low
Im,
;(,
043,
Ain:terdain Bankers' Guilder:
-

Short
40:;95
14 8550

0 4 83
0 4 8565

--Cables
14 8520
14 8585

(iA 4 8630
0 4 8595

15 1734d
5 1734
15 13344 0 5 1634a
1 0531d

"zjg

15

0 95%

©0594e
40 17

Lees: a 1-13 of 1%. c11-32 of 1%. hl-32 of 1%.
Plus: k 1-16 of 1%.
1-32 of 1%. p3-32 of 1%.

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000-discount; selling 75c. per $1,000
premium. Charleston selling Si per $1,000 premium. New
Orleans bank 75c. per $1,000 discount; commercial $1 per
$1,000 discount. Chicago 10c. per $1,000 dicsount. St.
Louis 40c. per $1,000 discount. San Francisco 20c. per
$1,000 premiutn.
State and Railroad Bonds.—Sales of State bonds at the
Board limited to $20,000 Virginia 6s def. trust receipts at 47.




[VOL. Lxxxix.

A few railway bond issues have been in demand this week,
which gave the market the appearance of activity. The
aggregate transactions have averaged but little less than
$5,000,000, par value, and on two days have exceeded that
amount.
Convertible issues declined rather sharply in sympathy
with the stock market and the week's operations have resulted in a decline of from 1 to 2 points in many cases.
Among the exceptional features are American Tel. & Tel.
4s, Atchison 4s, Merchants' Marine 43's,Pacific Tel.& Tel. 5s,
and Wabash ref. and ext. 4s; which are all fractionally higher
than last week.
United States Bonds.—Sales of Government bonds at
the Board include $38,000 4s coup., 1925,at 1173 to 118,
and $10,000 2s coup., 1930, at 100g. The following are daily
closing quotations for yearly range see third page following:
..

Interest
Periods

2s, 1930
registered Q—Jan
2s, 1930
coupon Q—Jan
3s, 1908-18
registered Q—Feb
1908-18
3s,
coupon Q—Feb
3s, 1908-18_ _small coupon Q—Feb
43, 1925
,
registered Q—Feb
4s, 1925
coupon Q—Feb
2s, 1933_Panama Canal regis Q—Feb
Is, 1938_Panama Canal regis Q—Nov

Oct.
2

Oct.
4

g00% *loom
*10034 *10034
*10134 *10134
*10134 *10134

Oct.
5

Oct.
6

Oct.
7

*los% *1003 *los%
%
*iooh, loon *t00%
*10134 *10134 *10134
*10134 *10134 *10134

*11634 *11634 *11634
118 *11734 *11734
*10034 *10034 *100%
*10034 *10034*100%
1

*11654
*11734
*100%
*10034

Oct.
8
*10034
*t00%
*10134
*10134

*11634 *11634
*11734 11734
*100% *100%
*10034 *10034

*'This is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.—The stock market
has continued active, owing chiefly to the enormous dealings
in United States Steel. On Wednesday over 600,000 shares
of this issue were traded in, and throughout the week the
transactions were many times larger than in any other stock.
Naturally the fluctuations of so active a feature have
dominated the market, and practically the whole list has
advanced or declined in accordance with the movement of
Steel. The highest prices were reached on Monday when
Steel sold up to 90% and a few other issues made a new
record for the year.
Among the latter is Atchison, which has been relatively
strong on its very favorable annual statement and on current
earnings. New York Central is exceptional in an advance
of over 2 points,and Erie, Chesapeake & Ohio and Am. Tel.
& Tel. are fractionally higher.
On the other hand Steel common closes 7 points lower
than it sold on Monday, Reading nearly 7, Union Pacific
and St. Paul nearly 6 and many other issues from 2 to 4.
For daily volume of businoss see page 908.
The following sales have occurred this week,of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Oct. 8.

so,P3
for
Week.

Range fir Wee.
Lows:.

Highest.

Des Moines & Ft Dodge_
300 10 Oct 7 10 Oct
'15 Oct
General Chemical
200 95 Oct
Preferred
300 104 Oct 210434 Oct
3 85 Oct 7 85 Oct
Green Gay & W deb ctfA
125 91% Oct 7 91% Oct
Homestake Mining
300 55 Oct 7 60 Oct
Kan & Mich trust rcts_ _
400 104% Oct 5 104% Oct
Laclede Gas (St Louis)_
300 3 Oct 4 3 Oct
Manhattan Beach
New Central Coal
100 52 Oct 4 52 Oct
N Y Dock, pre(
112 79 Oct 8 80 Oct
Pacific Tel & Tel Co, pfd 1,700 98 Oct 2100 Oct
Peoria & Eastern
100 25% Oct 6 25% Oct
St. Jos. & Grand Isl 2d pf
125 30 Oct 8 30 Oct
St L & S F-C & E Ills
new stk trust Otis_ _ _ _
5 68 Oct 5 68 Oct
Sears, Roebuck & Co, pi
200 116 Oct 511634 Oct
Twin City R T, pref_..
55 141 Oct 2 142 Oct
U S Leather
300 14 Oct 4 14 Oct
Preferred
191 127% Oct 2127% Oct
Vulcan Detinning
5,750 2434 Oct 2 28% Oct
Preferred
200 73 Oct 4 75 Oct
Western Maryland rcts,
2d installment paid_ _
600 21% Oct 4 2234 Oct

Range since Jan. 1.
Lowest.

Highest.

7 10
8 61
5 98%
7 85
7 87
4 50
7 104
4 2%
4 45%
6 75
4 98
6 23%
8 29

Oct 16%
Jan 95
Jan 108
June 85
Jan 94%
May 61
June 105
Jan 5%
Jan 53
Jan 82%
Oct 100
Feb 27
Mch 30

Jan
Aug
Aug
June
April
July
June
June
Sept
Aug
Oct
June
Jan

5 6234
5 101
2 125
4 14
2 115
5 6
7 45

April 70
Jan 116%
May 142
Oct 15
Mch 128
Feb 28%
Jan 78

April
Oct
Oct
Mch
Mch
Oct
Sept

4 2134

Oct 23%

Oct

Outside Market.—The "curb' market was irregular this
week, though weakness on one or two days caused losses in
prices in a majority of issues. A flurry in Nipissing Mines
and La Rose Consolidated to-day engrossed the attention of
the market, and trading was auimated in these and several
other silver stocks. Chicago Subway, after a rally from 73/i
to 8, under renewed selling was forced down to 5, a new low
level, to-day's trading being up to 53% and down finally to
5%. American Tobacco sold down from 458 to 452 and up
to 460, losing 5 points to-day to 455. American Writing
Paper preferred improved from 28% to 30, but reacted to 28.
Sears, Roebuck & Co. common from 119 rose to 122, but
weakened again to 119. Standard Oil sold up from 699 to
7023%. American Light & Traction common touched a
/
new high level, going up from 2603i to 280, with transactions to-day at 278. A feature in the bond list was the new
3
N. Y. Telephone 4Ms, which sold, "w. i.," from 95% to
98% and then declined to 97. In the mining department
some excitement was furnished to-day by the break in Nipissing and La Rose Consolidated; the former, after weakening
3
%
from 12% to 113 , dropped to-day to 9%. Later it rallied
and closed at 10. La Rose Consolidated from 7 13-16 de3
clined to 7 and to-day sank to 5%,closing at 6. Boston Consolidated went down from 153/i to 143 . British Columbia
%
lost about a point to 6 and sold finally at 6%. Cumberland
Ely fell from 79/i to 63% and finished to-day at 6 13-16.'
First National dropped from 63% to 5%. Greene-Cananea
was active and rose from 93 to 11, closing to-day at 103 ,
%
Nevada Consolidated dropped from 24% to 23M, the final
transaction to-day being at 233%.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
013()UPYIN14 TWO PAGES
"WWWWW.M.

STOCKS
-HIGHEST AND LOWEST • ALE PRICES.
Saturday
Oct. 2

Monday
Oct. 4

7 uesday
Oct. 5

Wedne,day
Oct. 6

Thursday
Oct. 7.

Friday
Oct. 8.

Sates 01
the
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Range s1rice Jan. 1 1909.
On bests 01 100-share tom
Lowest

Highest

Lowest

R ailroa ds
12458 12538 12418 12514 12258 12453 12218 12358 12258 123% 12114 123 341,300 A tch Topeka & SantaFe
9778 Jan 13 1253 Oct 2
310412 10412 10412 10434 10.134 105 *10412 105
10414 10518 10414 10514 3,525 13, Do
24
10
136 13712 *136 13714 136 118 *134 13512 *13412 13712 13512
600 Atlantic Coast Line RR
117 136
632
12
19614 j'ng 135
4332 Au en
10912 Jan
9714
118 11858 11734 11812 11712
11634 11733 11714 118
altI
3
116% 117 4 23,700 Dmorc &
prefOhio
10312 Feb 23 12214 J'ly 23
*9414 95
*9414 95
11.3 Do pref
*9414 95
*9914 95
*9412 95
Z J17
nr
s Ap e 2
Ja b
Fen
8038 81
8
787 7934 7914 80
8014 8114
783 7058 26,185 Brooklyn Rapid Transit- 6972
4
18712 18814 18734 18812 * 912 18899351133 18634 18734 186% 18814 18312 18618 20,012 Clanadtan Pacific
187 4 '
7
9
z165 Mch 3 1893 Oct 5
3
*6812 71
*6812 70 *6812 70
*6812 70 *6812 70 *6812 70
kianada Southern
323124 sep 28
693 Aug 11
Jan
302 302
435 Central of New Jersey
300 300 *300 305 *300 310 *295 310 *295 310
2615914 Feb 1
231
8812 8014 8814 89
53 885
96,700 Chesapeake & Ohio
8 88
8634 88
8 87
5s 8612 877
90
5533 Jan 6 90 Oct 8
6738 673
6714 6712 *6634 68
8 6714 6712 6734 6812 6634 67
2,000 Chicago & Alton RR
5778 Feb 24
7434 Apr 1
*---- 75
7412 *---- 7412
200
72 4 72 4 7412 7412 *__ 7412
3
Do pre(
3
71 Feb 44 7812 Meh27
1412 1412 1412 1412 1358 1412 1314 1312 1312 1312 1353 14
2,100 Chic G Wes ctfs dep 2d pd liti Aug 20 1612 Sep 20
*62 -*62 ___
_ *61
*6012
*5812 64
Do 4% deben ctfs dep_
3212 *3112 3214 *3114 3314 *62-*31
*28
30
32
313 *3012 33
450
4
Do pref "A" Mrs dep. 27 Aug 16 3534 Aug 30
1914 1014 *1938 20
1834 1914 1814 1814 *16
19
1812 1812
700
Do pref "B"ctts 2d pd_ 61314 Aug23 21
16134 16212 16214 164
15931 16314 15812 16034 15958 16058 158 16014 112,800 Chicago Milw 63 St Paul_ 141 Feb 23 16518 Sep 22
Sep 18
178 178
178 17912 17734 17812 17612 17612 17614 177
17512 176
3,100
Do pref
15812 Me1115 181 Angle
19114 19214 19114 192
191 19212 190 191
10012 19012 *29
12
0 230
19
5,400 Chicago &North Western 17318 Feb 24 19812 Aug 18
*220 229 *220 229 *220 230 *220 230 *220 230
165Do pref
z208 Mch15 5230 Aug 7
160 160 *160 165 *160 165 *1(30 165 *153 165 *158
100 Chic St P Minn & Omaha 198 Apr 22 167 Aug 13
4170
180 *170 180 *170 180 *170 180 *170 180 *170 180Do pref
.
16612 Jail 30 5180 J'ly 27
512 512 *514 614 4512 512 *5
125 Chic Un Trac ctfs stmpd
*5
6
*5
6
6
4 J'ly li
7 Jan 4
*1212 15
*12
15 *12
*12
143 *1214 15
*1212 15
15
Do prof ctfs stmpd
4
12 J'ly 12 1814 Jan '17
*7514 7612 76
7734 75
7778 *76
2,200 Cleve Cln Chic & St L
75
*7512 78
4 77
763
(.8 Jan 29 7912 Feb 16
*10212 110 *10212 110 *10212 110 *10212 110 *10212 110 *10212 110
Do pref
100 Jan 4 105 Mc1422
*53
5312 *53
5312 *5212 5312 *53
5312
350 Colorado & Southern
5312 53% 533 *53
3
5178 Sep 10 6814 Jan 8
*7912 80
152
80
80
7912 7912 479
80
7812 Jan 2 86 May 1
*7912 80
*70
Do 1st preferred
*79
7814 7814 7812 7812 *7814 79
425
79
70
*78
7814 7814 *78
Do 2d prefer ed
7314 Jan 2 5(417 Jan 7
*19112 19212 101 192
190 19058 18812 19034 190 191
18912 19114 3,310 nclaware ec Hudson
16734 Feb 24 200 May14
565 565 *550 565 *550 565 *54712 505 *54712 565
400 Ilelaware Lack & West- 535 Feb (34 680 Apr 22
560 565
4534 453
4 4512 47
4512 40
45
4,195 Denver ec Rio Grande.... 3753 Jan 6 54 Apr 20
4514 4612 46% 4514 46
3
3853 8512 85
8512 86
8514 85
8512 8514 8514 1.250
85
80
Do pref
7912 Jan 6 90 Feb le
*68
71
72
*68
*__ 71
Detroit United
56 Jan :30 7134 Aug13
*1512 16
*1512 1614 -152 151- 1512 1512 *1514 16
-2
1514 1512
500 Duluth So Shore & Atian 15 Aug30 21 Jan 15
3012 31
*2912 31
*3014 3114 *2912 31
2912 2912
*2912 31
300
Do pref
28 Feb 23 3612 Jan 15
3178 3318 3134 3334 33% 35
3334 343
3473 3334 3458 80,500 1.4. rleJ)0
4 34
1
2258 Melt 11 39 Joe 7
4514 49
4912 49
50
48
6:5060
4912 50
4958 5014 483 403
3 28 0 IL'
4
3612 Mali 5634 Aug 9
1st pref
39
3912 3812 40
4013 4112 4014 4012 42
4012 41
4212 .15114 15234
Do 2d prof
2812 Mobil 46 Aug 2
15314 15358 153 15414 15218 15378 15134 15212 15212 15314
26,350 Great Northern pref
13688 Feb 24 15778 Aug 42
*8212 8312 833 84
8214 12,750
8112 84
8
8114 82
8112 8234 81
Iron Ore properties_. (35185.1c1112
_
8812Aug12
*14
15
*1414 15
*1414 15
*1414 15
41414 15
Green Bay & W.deb ctfB
14 Feb 26 17 Jan 4
80 *..._ 80
*75
80 *7814 793 *76
*79
79
*76
79
4
Li avana Eleetrk•
39 Feb 1 7812 Sep 14
-,, 1 A
prof
6 90
*iii" 122 *118 122 118 iff" *115 fii *115 122 *11- fii" ---100 Hock Do J P ee M Co rcts 8313 Feb 3 120 Sep 10
5Val
Aug14
97 May
*90
91
*90
91
90
90
*91
_
90
100 Hocking Valley pref
*90 -_-gt 1411 JI ngll
11(1 #
: ku e
1
15334 15412 15373 154
153 153
15012 1
0: 15112 15112 15014 151
3,000 I Ilinols Central
1614 103
4 16
1534 1618 1512 153
1612
1518 1534 30,710 lnterboro-Metropolitan. 115 Mch23 19 Jan 5
4 1512 16
8
5018 51
483 5012 48
4
4912 473 4812 4734 4918 473 4814 38,700
4
Do prof
3634 Mc h 23 5238 J'ne 28
*2912 30
2912 2912 *29
2912 *2914 30
2914 293
4 2912 2912 1,125 Iowa Central
'27 Feb 24 36 Apr 15
*5112 52
50
51
*50
51
51
52
5134 5014 5112 1,550
51
Do pref
48 Sep 9 62 Apr 16
*81
82
*81
82 *81
82
82
82
82 *81
*81
loo 117C Ft S ec M tr cis, pre: 7434 Feb 1 82 Sep 14
82
4513 4573 4438 4512 43
4438 4273 4312 44% 45% 44
451,, 12,250 Manses City Southern... 37 Feb 23 5014 Aug18
7112 7014 7112 71
7118 713
4 7112 7112 *71
1,200
713
7138 *69
Do pref
6778 Feb 21
7512 Aug 18
*25
26
*23
*24
*24
26
26
*24
26
*24
26
26
aki)0 p e & Western- 1912 Feb 25 2910 Aug 2
e Eriref
*55
60
56
56 *55
*55
60
59
*65
60
*55
2 0!
200 i e
0 i4
60
48 'an 23 6478 J'nel4
*66
69
*66
66
66
69
*66
69
66
60
*6512 69
Long Island
7118 May24
59 Jan 4
15212 15434 154 15433 152 152
14112 144
15114 152
153 15312 *152 53
4,400 Louisville & Nashville_ z121 Jan 29 16212 Aug 12
*14134 143 5142 142
14212 14212 14213 14214 142 142
865 'II anhattan Elevated
14014 Aug24 15312 Jan 4
*20
24
*20
24
*20
*20
24
24
111 etropolitan Street
18 J'ly 2 42 Jan 6
5212 523
4 5:3
-3
K434 548 153- 55 55 87 8514 3,040 Minneapolis & St Louis
538 542 . 54
57
51 Sep 16 6.5 Jan 8
853 8534 *83
4
85
85
86
90 *85
*85
90
300
Do prof
81 Moll 10 90 Jan 8
*142 14312 14212 1421: 14158 142
13012 14114 14012 141
2,275 Minn St P & S S Marie _ 13212 Jan 2 14912Jan 8
*155 160 *155 158 *158 160 *155 160 0150 160 *13
150 113934
9
60
Do nref
197 Apr 13 16912 Aug 9
*90
01
1018 0012 *90
91
91
91
01
00
9012 91
1,200
Do leas( d line ctfs_.... 89 Ply 22 92 Sep 17
41
4114 40 3 4114 4013 40 4 90
,
403.1 41
3
4314 4212 4312 71,075 Mo Kansas & Texas
3512 Feb 23 948 Jan 22
*74
75
7434 7434 *74
4/4
75
75
7414 74%
743
4 75
400
Do pref
71 Feb 23 7534 Aug 24
693 70
4
6812 603
4 6813 69
6853 6034 68
6812 7,900 Missouri Pacific
673 69
4
7712 Aug 6
65 Feb 24
*135 140 ,135 140 *135 140
135 135 *135 1371 *135 140
:
100 I\1 ash Chatt & St Louis. 12212 Jan .5 13912 Aug 12
*5812 591r
5831 59
50
59
4 1,200 1• at Rys of Me x 1st prof
58
5812 8573 583. *5738 583
3
1
4412 Apr 5 61 Sep 16
32438 243k
2412 2411 2334 2438 235 2414 2312 2378 233 237
8
3,290
Do Id pref
2213 Auzle 2633 May22
13512 13633 13558 13834 1:18 13934 137 139
139 140%, 13838 1403 293,100 N Y Central & Hudson. 12012 Feb '34 19134 Aug 18
*54
57
*55
58
*55
57
*52
551: *52
55
55
57
100 N Y Chic & St Louis
4812 mcii 15 59 Joe 7
*103 118 *104 118 *104 118 *103 118 310212 1021: *102 118
Do 1st pref
20
100 Feb 20 100 Feb 20
*86
87
*87
*86
*86
88
87
88
*86
88
*86
88
Do 2d prof
7614 Apr i 88 Aug17
17112 172
17153 171% *16912 172 *171 172
17112 17112 171 171
539 N Y N El & Hartford
15718 Feb 24 17434 d'oel4
Ws 4978 49
4918 4814 49'
4712 4814 48
48% 4734 4814 6,420 N Y Ontario & Western- 42 Feb 24 65% Joe 12
14
05
951: 9513 951,, 94
95
9334 9533 9512 9012 0618 0612 17,125 Norfolk & Western
8414 Jan e 0638 Aug 7
*80
92
00
90
00
90
500
Do adjustment pref _. 8518 Meh26 92(2 J'ly 28
15538 1553 155 15714 155 15633 1541. 11553 1561 10;x152 15334 30,700
4
-4 Northern Pacific
13314 Feb 24 15912 Aug 11
*109 111 *109 111 *1o912 111
10934 1003 10058 11114 110
4
1,500 ljacific Coast Co
76 Mob 3 11114 Oct 7
*109 111 *103 110 *103 110 *102 110 :103 109 *_-- 110
110
625 &
100 Mc1130 310(4 Sep 28
Do 1st prof
*104 110 *108 111 *109 111 *108 111
10934 111 A111 113
88 Mcli27 111 Oct 7
149 1497, 14812 14034 14778 14918 147 14818 14778 14834 147 14834 103,416
Pennsylvania
1261812618 Feb 13 15114 Sep 29
04
94
9258 92% 941. 9,12 95
9414 941: 0234 94
2
0534 9,780 Pittsb Cln Chic & St L
8612 Jan 5 9612 Oct 'i
*115 11711 *115 1171 *____ 117 3_
:
11712 *114 1102 110 11034
Do pref
1419 Feb 10 11614 Sep 21
:
:
16814 1691 16818 1701 16512 16914 16554 1(3614 16512 16718 16318 16613 503,940 1)eadinfr
118 Feb 23 1733 Sep 21
s
9112 911: *9112 02
*9134 9314 302
*9112 92
92
220 &Id 1st prof
89 Mcb22 06 Aug23
*9934 100 *100 10117 9133 9901314 993 993 *9912 101
100 100
400
994 '
4
4
lid pref
90 Feb 1 10434 May13
385 391: 3833 39
8
3712 381: 3634 38
37% 3
812 363 377 57,900 Rock Island Company
1078 Feb 24 423 Aug 12
7512 11,200
7614 71,34 7558 77
7512 76 4 7453 7134 7558 7618 74
Do pref
3
575 Feb 21
Aug 16
*70
72
71
7012 71
72
7012 7()12 71
*3912 71
71
800 Qt L & San Fr, 1st pref. 6514 Meh29 808 J'ly 15
73
5834 5834 5734 5834 57
58
5(312 5712 57
5814 5634 5712 3,900 10 Do 2d pref
36 Feb 23 6034 Sep 16
3038 31
301: 2873 2978 27% 2834 29
30
303
4
3 2814 203 16,500 St Louis Southwestern._
2012 Feb '15 3138 Sep 29
69
6978 6872 69
6753 68 8 *65
5
8712 6712 6914 *6712 68
3,300
Do pref
4712 Jan 6 711* J'ne 2
13233 133
13131 13314
043144 1:302,- 12038 13073 131 132% 1293 13134 200,960 Southern Pacific Co
11453 Feb 24 13918 Aug lb
, 2073 0034 2034 3038 2912 2973 30
3014 305
30% 2934 301: 11,750 Southern v tr cfs stmpd_
22 Feb 24 34 Aug 11
6934 70
918 6914 6818 69
6914 699
60
6818 2,210
68
69
Do pre
do
60 Jan 5 75 Aug12
35
35
3412 3434 3434 3614 3514 353
35
35
4 5,100 Texas ec Pacific
30 Feb 24 9012 Aug23
2112 2234 2113 22
2053 21% 2058 2114 21
213
4 2012 2134 7,510 i bird Avenue (N Y)
16 J'ly :i
4211Jan is
*9
1012 *9
0
10
938 98
912 *0
*0
10
10
300 Toledo Hallways & Light
7 May12 1538 Jan 2
511 5114 5113 52
!
5218 56t2 6112 5012 5114 51
51
52
5,800 Toledo St L & Western
43 Feb 21
5434 Apr 111
6933 6912 69
6534 6812 6914
6914 69 '6914 68
3,800
Do pref
11114 11112 11073 111
110 11018 §1093I 10912 1,835 Twin City Rapid Transit 6434 Feb 24 7414 Jan 4
11012 1101: 103 110
6812 69
97 Jan 2 11112 Oct 1
20778 20038 20714 2093 20518 20814 203% 205 4 20534 2075s 20312 20718 623,400 I 1 nion
3
4
Pacific
17212 Feb 24 219 Aug 10
10712 108
10678 1073 106 10712 10534 10614 1057 1073 10512 106
8
4
4
5,700 t.
, Do pref
(
1417812
g 13
44
4414 4334 4334 *4312 45
*42
*41
44
45
*43
4412
300 Unit Rys Inv't of San Fr 134 1..h 1
0 Feeb25
ir
Sep
751. 7358 741. 7312 741
75
7412 7434 73
74
74
:
73
1,600
Do prof
5014 Feb 25 77 Sep 14
1914 1938 1914 193
1914 101: 19
1914 1033 1012 1812 1914 5,700 W abash
4
8
15 Feb 23 243 J'ne 15
48
4834 4812 507
5014 48 4 49% 4914 503
49
3
4 4812 50
54,024 VT
Do pref
43 Fe b 3
112 J.ly 23 62 4 J 'Iay17
(.1
21 8 M le 5
...... Western Maryland
*8
*8
9 "
i;t1 10
76
,
10 '
WC iii-, 5
;
10
VVhceling & Lake Erie_
b J'ly 13
12/8 Jan 4
*16
19
*16
20
*16
20
*16
*17
19
20
10
20
100
1)o 1st pref
8
1514 J'ly 13 257 jail 2
*9
11
9
9
1)13 10
*912 11
1034 10
10
1034 1,400
Do 2d pref
351g Jan 8
612 J'ly 13
*5212 543
*55
4 5412 541,, *53
56
*53
5412 *53
55
55
100 Wiscons!n Central
3578 Jan 6 6378 Apr 20
*88
44181.
*881*
*831*
*881* __ *89 ___ •
Do pref Trust Co MU. '61 ym,
'41
,
1117s NrAvtl'

763

Range lot l'revious•
Year (1908).
Highest

(1'1 Feb 10114 Dec
8338 Feb • 104 Dec
6912 Hell 11112 Dec
3
7612 Feb )11, Dec
94 Dec
80 Jan
6934 Dec
3714 Feb
140 Feb 18013 Nov
63 Nov
54 Me*
160 Feb 129 Dec
59% Dec
2512 Feb
687 Dec
8
19 Feb
79 Dec
47 Mcb
34 Feb
1458 Nov
6814 Aug
8312 Mch
,3 Dec
1512 Feb
1718 Nov
6 Feb
15212 Dec
10312 Jan
138 Jan 1643. Deo
18512 Deo
13517 Jan
3185 Jan 224 Deo
114 Feb 1(30 Deo
14012 Jan 179 Dec
718 Dec
53 Apr
4 Apr
18 Dec
7012 Deo
9712 J'nc
i973 Dec
8518 Feb
59 Dec
21 Feb
79 Dec
50 3Jan
3
75 Deo
3934 Feb
31Deo
14112 Feb t813
420 Jan /75 Nov
4012 Deo
1414 Feb
8:314 Dec
3914 Mcb
56 Nov
3212 Apr
:8'4 Nov
0 Feb
8331 Nov
113 Feb
4
36 Nov
12 Mch
3
513 Dec
2438 Mcb
41 Dec
10 Mch
1133 Feb 14814 Dec
4
7613 Nov
4812 Jan
1712 Dec
8 Jan
20 Mcl. 90 Dec
24 Deo
170 Jan
62 Feb 10412 Dec
L3 Deo
69 Mch
12212 Feb 14934 Nov
20 Dec
4
63 Jan
9912 Dec
1718 Feb
3212 Dec
10 Feb
67 Dec
2712 Feb
75t2 Dec
57 Aug
4233 Dec
18 Feb
7212 Dec
46 Feb
26 Dec
12 Jan
68 Dec
29 May
5638 Dec
30 Feb
8714 Feb 12534 Dec
4
120 Jan i. 1543 Dec
4412 Dec
15 Feb
6612 Dec
20 !dell
110 Deo
61 Feb
71114 Jan 135 Nov
12313 Feb 36112 Dec
1712 Meh
46 Feb
'1812 Feb
0734 Jan

431. Dee
7512 Dee
6712 Deo
122 Nov

9018 Jan
2412 Jail
90 Jan
60 Feb
1283
3Jan
2913 Feb
68 Feb
74 Mel)
1167
8Jan
65 Sep
90 Mal
70 Mel;
10834 Jan
59 Jan
8118 Mel
9218 Feb
78 Jan
76 Jan
1012 Feb
2034 Feb
42 J
1914 Feb
10 Mcl.
2412 Feb
6614 Feb
91s Jan
2512 NIch
4
123 Feb
1,512 /deb
612 Oct
12 Feb
33 Feb
7814 Feb
11012 Mch
7914 Apr
15 Jan
2713 Jan
(334 Meb
13 Mch
5 Mel)
412 Mch
1218 Apr
Feb
1317 Feb

126 Dec
5712 Dec
105 Nov
85 Dec
161 Nov
47% Dec
8614 Nov
88 Dec
15734 Nov
'..)312 Jan
tlu May
97 Jan
13214 Deo
13812 Dec
10834 NOV
14314 Dec
92 Dec
L9 Dec
764 Dec
62% Dec
69 Dec
4214 Dec
24 Dec
557 Dec
8
12212 Deo
2714 Dec
6312 Dec
3714 Dec
47 Aug
1512 Dec
60 Dec
7312 Dec
9638 Deo
18978 Nov
98 Nov
90 Dec
6912 Dec
20% Dec
5234 Dec
24 Dec
13 Dec
2614 Dec
1514 Nov
3814 Dec

1i AN KS AN D Tit U ST COMP ANIES-BROKE itS' QUOTATIONS
Ask
13(1
Banks
Banks
Ask
Bid
Bid
Ask
dank
Bid
Banks
ChaseaEx $ 20(.,
300
Fifth
350 Jefferson 1)
180
New Yoec
Chemical __ 430 445 First
825 8531
Liberty---- 555
180
Aetna
Citizens' Ctl 1150
155
14th St 11
175
420
Lincoln
America II... 575
g§i City
.
1130
235
Fourth
245
Manhattan 1344
255 Coal & Iron 140
Am)r Exch. '248
330
Gallatin
345
Marit't&Ful 1258
Colonial 1.. _ 300
Batten Pic 139
,
290 300
Garfield
Mechanics'_ 260
ColumbIa 11_ 375 425 Germ Am 1 140
Bowery 1/ -- 375
Mercantile. 185
Commerce - 8195 1197
BronxIloro1 300
Germ'n Ha1 450
Merch Excb 160
155
165 Copper
Bryant Pk
275
Germania 11 550
Merchants' 168
1.50 Corn Ex 11- - 330 335 Greenwich 1 265
Butch & Dr 140
Metropolis 1. 400
175
Bast River. 125
Century 11-. 170
135
575
Hanover
Nietrop ol'n1 18/12
360
Fidelity 1)-. 105
Chase
175 Imp & Traci 550
Ed' Sit Morrls11- 250
Charhim
350 Fifth Ave 1259
Irvine N Es 200
210
29J
Mutual 11- * We and 1.3,:ect mous; no sates were (nada on tIis eity.
-rtv; its. § Less tn tit luu snares.
I Sale at Stock Exchange or at auction thissv2cIc.
FIrst 7,isisllnent paid. tt Sold at I rivate




Ask
190

Banks
Nassau 11--.
New Neth'd
435
New YorkCc
New York _
N'ht &Dayl
265 19th Ward_
Northern .._
_
Pacific 11
1721: Park
410 People's 195 Phenix
Plaza

Bid
215
200
750
32712
225

fo'S'
?30
453
280
180
611.1

Ask
210
_
33712
- 250
420
115
240
460
295
185
625

flanks
Prod Each'
itcser ye__ _.
Seaboard Second _Sherman _
State
12th Ward.
23d Ward 11
Jnion Sic.
Nash /Ms
Nest Side 1
Yorkville I

Bid
:
1721
135
350
375
135
300

Ask
18212
14212
375

180
100
18712
270
500
500

fir
m...
WM..
M.M.

11 State OV1KS. a Ss
-dividend and rights. b New stook.
sale a: this price.

PloL. Lxxxix.

New York Stocx itecord---Conciuded---Page

900

STOCKS-HIGIIES7' AND LOWEST SALE PRICES
Saturday
Od. 2

Monciay
Oct. 4

Tuesday
Oct. 5

Wednesday
Oct. 6

Thursday
Oct. 7

Friday
Oct. 8

Sales of
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Itatoie stn,e Jan. 1 1904
0. tans of 10J-share !ow
Loved

111411831

Range /or PlatOla
Year (11308)
Lowest

11ighest

Industria16:51iseellaneous
Aug
190 Jan 20 1225 Aug20 104 Jan 1200 Dec
A dams Express
_
104
*230 -- *230 ---- *230 -- *230 -,-- *230 ___ *230
5 Mob
3678 Aug 3
1234 Feb 24
1434 1514 3,300 (lilts-Chalmers
15
15 *1412 15
1512 15 8 *1514 1534 15
15
5
14 Mel, 5234 Dec
38 Feb 21 5.5738 Aug 3
Do pref
5312 3,800
5412 5438 543s 5312 544 5234 5314 5312 5414 53
5414
8838 Nov
9518 Feb
65 Feb 26 8918 Aug 12
3
58 82 8 804 8112 160,453 Amalgamated Copper
8334 8012 8212 80
82
8358 8414 8312
35 Nov
13 Jan
3312 Jan 5 50 Aug 1'4
400 Amer Agricultural Chem_
4
4612 *4534 4712 *4512 4638 *453 4712
*4512 473s *4534 4612 46
66 Nov
817 Jan
9512 Jan 18 103 Aug 3
Do pref
*10212 104 *102
*102 -- *102 105 *102 --247g Apr
*102
912 Feb
2014 .17.n 13 4912 Aug 2
American Beet Sugar
4
464 9712 4712 4812 4714 483
4712 481s 474 4812 4612 48
8134 Dec
65 Jan
82 .1111 7 94 Oct 4
Do prof
186
98
93
*95
8
19778 977 *95
98
98 *95
98
98
1014 Nov
*95
21
4 Fob
712 Feb 23 1418
1258 1258 1278 1218 1258 9,900 American Can
1233
1234 13
8
1278 131s 1238 13
787 Nov
44 Jan
7112 Feb 23 86 J'ne 4
Do pre(
834 82
8314 8,950
3
83 4 83
841s 83
5034 Dec
1512 Fel,
84
8412 8414 8412 83
Oct 7
6914 70 4 21,720 American Car & Foundry 4414 Feb 24 71 Aug 3
71
3
6878 69
6978 68
69
694 7018 6934 70
8414 Alc! 100 Dec
10712 Feb 23 12434
Do prof
680
11834 119
11818 *118 119
4434 Nov
*118 11912 111914 11914 11873 11933 11818
'2434 Feb
424 Jan 5 7712 Aug 0
7514 7512 7438 7512 743 7514 7412 7514 7514 7534 7438 7478 9,250 American Cotton Oil
4
J1 Nov
,
98 Jan 7 10614 Mayll 180 Jan
Do pref
107
May
*103 107 *103 107 *103 105 *103 107 *10312 107 *103 240
3205 Feb 5 23212 Aug10 170 Feb _24 Dec
American Express
*222 250 *222
12
*225 240 *225 240 *222 245 *225 240
234 Feb .8
Feb 25 10 Sep :3
614
9
8 4 834 2,400 American Hide & Leather
9
3
3 878
87
9
3734 Dec
9
9 18
9
1212 Mel
4 9
*83
34 Feb 21 6178 Aug 3
48
Do pref
3,776
473 48 4 4812 4834 48
8
4
3
317 Aug
4918 4814 48 8
5
4812 4812 48
4214 Apr 13
1212 Feb
8
1,1400 American Ice Securities... 187 Jan ti
2618 2612 2578 26
2812 2534 27
1712 Dec
3
28 4 *26
*2614 28 *25
0 Mel.
12 Feb 23 20 J'nel-i
1,400 American Linseed
16
161s 1612 1612 174 16
*1612 17
17
3614 Dec
4 17
1634 163
17 Mel
29 Jan 12 4734 J'ne 14
600
4112 42
Do pref
42
41
*4034 4312 42
*4112 4312 *9112 4312 41
8
595 Aug
3138 Feb
49 Feb '23 6914 Aug 4
Locomotive
60
6,300 American
,
5812 5934 5938 6012 5934
61
611, 60
4 61
6114 613
8612 Jan 113 Dec
10914 Feb 24 122 Aug 4
100
Do pref
1112 4'ne 1
883. Sep
*11512 11612 11533 11534 *11512 117 *11512 117 *115 116 *115 117
Meh
512 J'iy 16
po p n
Am erlearotii:Ialt Ccrp____
912
*812 918 *812 912 *812 912 *9
5'i5 Sep
*812 912 *812 912
21 Jan
jan 7 59 Sep 20
3
6512 55 4 1,660
58 5614 5614 55 4 5614 553 56
4
3
3
56 4 5634 5612 56
8418 Aug
70 Jan
eo nret B 80 Jan 4 9238 Aug 27
4
4
8
4
4 913 9138 *9138 913 *9114 9138 013 913 *9118 915s • 200 Amer Smelters Refining 7734 Feb 24 10478 Aug 12
*9114 913
5512 Feb 107 Aug
60,200 Amer Smelting&
9758 9812 9634 98
99
3
3
8
8
10014 10118 9914 100 4 983 99 4 97
8734 Feb 1103 Aug
501 Jan' 2 11034 Aug 0
Do pref
1,879
11218 11214 112 112
11238 11238 11211 11238 11218 11238 11134 112
225 Mch 9 280 Aug 5 ISO Aug 200 Apr
200 American Snuff
*250 300 *250 300 *250 300 *250 300 *250 300 *250 300
80 Mel, 9712 Sep
95 Melt 1 105 May22
Do pref
104 *10012 104
2
41 Nov
10012 10012 1001, 10012 *10012 104 *10012
*100 101
6314 Aug 7
28 Sep
3478 Feb 24
8 2,450 Amer Steel Found (new)_
5
6112 60 8 603
*60
611: 6012 61
6178 61
4
6114 6114 61
9834 Jan 1373 Aug
3
Refining 121 J'ne 17 136 8 Sep 21
4
8
4
13312 1344 13312 13458 13212 13458 13218 1327 133 13434 13112 1333 13,165 American Sugar
120 J'ne 16 531 Apr " 105 Feb 131 Nov
129 *126 129
13258 Nov
*126 129 *126 129 *127 129 *126 129 *126
125 Feb 1 14518 Sep 29 101 Jan
er
po P n Teleph & Teleg
9712 ;Fly
8
4
14214 142b2 14214 1433 14212 1435 142 14258 14212 14312 14234 14312 51,092 Am ericar Tobac (new),pt 9012 Feb 6 101 ma)
7212 Jan
10058 101
2,570 American
10034 101
10034 101
10034 101
3238 Dec
101 101 *100 101
1512 Feb
26 Feb 4 4012 Aug 27
3512 39
1,200 American Woolen
59
38 *38
381s 38
07 Nov
7814 Fell
3
3814 3814 3
814 38 3 38
9334 Jan 6 10/34 J'ne 14
8 1,330
Do prof
3
10334 103 4 10312 1037
104 104
10358 104
5312 Nov
*10312 10412 104 104
May 8
8
._ 465 4714 9,400 •/AnacondaCopper Par$25 53734 Feb 26 $52 J'ne 25 52712 Feb
.
.48
4734 4813
9
58 0 '8 483s
4914 4814 48 *148
49
105 Apr 2 119
'ssoe Merch 1st pref.
*109 ---- *1047912
*109 -_ *109
10112 Feb 17 10412 Feb 19
Do 2d prof
*10712 _ *10712 ---- *10712 -___
85 M eti
*10712 -- *10812
8212 Jan
8 44
-;71r -1
Par$20 $278 Jan 29 $512 .1'ne 30
3
,
4 914 438 *414 --3- *414 4 s *414 438 *414 438
48
2714 Nov
12 Jan
1834 Mob 11 3614 Sep 21
3.000):
In t
em
as MSteel
3514 3312 34
3514 34
3
3
3538 35 8 3478 35 s 3412 3412 35
57 Nov
6912 Sep 3
35 Apr
6812
47 Feb 24
500500 1) Do pref
6838 *65
68
68
68 *64
68 *64
68 *64
*64
Nov
14312 14412
600 Brooklyn Union Gas__. 118 Jn.n 28 15112 Sep 1 x85 Feb 15214 Nov
144 144 *144 146
17
*144 14712 145 14514 *14412 146
6 Jan
& C Imp 13 Jan 13 214 Oct 4
2018 *1914 20
6,770 Brunswick Dock
2073 19 4 2012 20
3
2033 2118 20
21
20
8
237 Jan '2 347k ‘tity17 110 Feb 125 Jan
32
*30
500 Butterlek Co
31
31
31
31
31
31
3012 31
32
83 Dee
*31
1512 Feb
2512 Mch 2 5134 Oct 7
(
4934 4814 5014 4958 5134 4914 51 189,775 lentral Leather
48
4638 46$8 49
46
4
753 Jan 102 Dee
9934 Apr 6 111 Sep 2
3
4
3
11014 110 4 11014 1103 11058 11034 11034 11078 110 110 4 3,820 k) Do prof
42 Dec
110 110
58
15 Feb
21) Feb 23 4838 Aug 2
4518 12,250 Colorado Fuel & Iron
8
4538 4638 4458 4512 4414 4434 445 4514 44
2712 Dec
33 4618
95
1434 Moll
2138 Feb '23 81 Sep 19
81
1,900 Col & Hock Coal & Iron_
4
783 7912 8014 8014 8012 8058 *80
44e Apr
7912 7934 7912 80
20e Mch
Apr 24 370 Oct 7
31e. 37c. 35e. 36e. 18,300 Comstock Tunnel_Par 12 21e
30c. 30c.
167 Dec
an 4
Feb 4
fa; 144 14534 14312 145 14434 19534 144 14434 12,250 Consolidated Gas (N Y) 11412 Feb 21 18514 J 'no 2 96 Jan 2012 Aug
- 4
14534 1481- 14534
2612 J
1034 Feb
1612
2218 2278 11,650 Corn Products Refining_
2238 2258 2258 23
8.0 Aug
2212 2278 2273 233
4 2212 23
56 Jan
7314 Feb 24 9312 Joe 1
.
Do prof
8614 *8512 8612 8614 8614 8518 8533 1,750
86
4S14 Oct
*8512 87
7
8612 8
4712 Oct
45 .1n,i 5 til May 2b
62
62 *58
Crex Carpet
62 *58
62
*58
*58
62
9,834 Deo
*58
62
*58
1/14 Feb
Securities Corp 3212 Feb 23 4112 Jan 25
4,200 Distillers
37
*36
37
94 Aug
3658 3712 3658 3712 3634 373F 3612 3612 3612 85
7212 Nov
Mel) 2 0612 Mayll
85
*80
*80
238 Federal Mining & Smelt'g 55
89
8912 *80
89 Nov
8912 *80
8912 *80
*80
59 Feb
1.0 Feb 24 04 Aug 11
Do pret
8812 8812 *8738 90
6512 ,J '1113
90
*8812 90
90
*8812 91
91
J'ly 12
*88
55 J'iy
...... Federal Sugar Ref of N Y 345 Mch 20 351 Aug 3
7312 Feb 100 J'ly
190 Jan 25 05
Do pre!
10234 Deo
98 ;OF 18- ;OF "iii" ;OF 98 ;65" 'OW" ;56- 11"
*90
4
15018 Feb 23 1723 Aug 12 Ill Jan
16312 16512 6,082 General Electric
106 167
10102 J'ly
16612 166 4 16512 16612
3
167 168
16778 168
4
783 Jan
91 Mchl2 110 Jan 4
*90 100
Granby Cons M S & P___
*90 100
6788 Nov
*90 100 *90 100
*97 101
28
*97 101
52 J
3
95 4 1,900 nt Harvester stk tr cgs 1i2 Jan 30 9712 Sep
95
97
394
95
95
96
9612 971$ 96
97
*96
t() J'ne 11194 Nov
12412 12434 12314 12314 1,000 I Do prof stk tr ctfs___ 10914 Jan 16 12434 Oct 7
123 12312 123 123
9 May
*123 12412 *123 124
U 11411 2
6 Oct
838 J'ly
ars
2,000 /nt Mer Marine stk tr
0
* 3
3
64 7
8
2678 Dec
4
713 758 *643 73
8 73
712 712 *63
2758 Jzo. '2
16 Feb
1834 J'iy
2312 3,000
2314 23
Do pref
234 22
23
2234 23
*2318 24
1314 Nov
2314 24
8 Apr
912 Me1113 1914 Aug 24
4
163 1714 5,270 International Paper
1612 1612
8 17
1718 164 17
4,5 Jan
1731 173
4 1711 177
47 Oct
473 Mch 18 6934 Aug 3
4
6234 6234 3,800
Do pref
3
397 Deo
8
64
6214 6278 6312 64
63
65
6434 657 x64
13 Jan
3112 Feb 26 5012 Sep 29
5
3
4 475 47 8 2,500 Internat Steam Pump
475g 473
48
8414 Dec
4812 484 484 48
4812 48 4 48
05 Jan
3
8212 Jan 30 91 Sep 20
Do pref
9014 1,520
80
8912 90
78 Nov
9033 8912 8912 90 90
52 Feb
90
3
90 4 90
70 Jan 21 94 Sep 29
9212 9134 92
5,225 Mackay Companies
9212 92
7134 Nov
93
9312 9378 92
94
93
7714 Sep 23
8
597 Feb
9153
6912 Jan 1.1
Do pref
615
7614 7512 76
76
*7512 76
87 Dee
7612 *7412 7612 *7512 76
120 Sep 27
68 Jan
*75
V617 Jan
605 Mattonal Biscuit
12012 Deo
11518 11512 115 115 *11418 116 *114 116
116 116 *115 117
Jan 11 130 Sep 21 102 Jan
11812
100 II
Do pref
128 128 *125 129 *125 12912 *125 12912
1514 Dec
Sep
*125 12934 *125 128
712 Feb
2,500 Nat Enamel'g & Stamp'g 1258 Feb 24 23 Sep 20
20
20
21
2112 1934 2034 *20
2112 21
2 r.70 Feb 13214 lice
21
22
*21
12 Jan .3 9912
98
*94
98
98 *94
*93
99
*94
99
*95
82 Aug
99
86 Feb
*95
25 04 Aug 13
7114 Feb
po P I L
8978 8812 8913 6,100 Natinnareread
10614 Nov
8938 9014 8914 90
4
883 8912 89 11058 *11012 111
00
90
8712 Jan
10234 Apr 21 11334 Aug 12
Do pref
500
11058
111 111
98 Nov
,
4 11038 11112 11012 11012 *11012 111
50 Jan
600 New York Air Brake.... 80 Feb 23 97 Aug 16
89
88
*8912 90
*8812 90
90 *8812 90
*89
90
78 Nov
90
8712 J 24014
424 Alch
72 Jan 13
8
3
7912 8112 7914 8014 8012 80 4 793 8013 5,400 North American Co, new 2918 Feb 29 377- Oct 1
4014 Deo
8158 8158 8158 82
24 Apr
8
7,100 pacific Mall
36
354 3614 35
3534
363.1 35
3712 35
3612 3712 36
48 Oct 1 64 Oct 4
64
59
56
6512 23,823 I acme Telep Fe Teleg_
61
6412 6112 6312 58
59
59
55
80 Jan .0612 Dec
115 11553 9,307 People's G L & C (Chic) _ 10112 Jan 13 1'20 Aug 16
8
11534 11614 11514 1157 115 11512 11512 116
143) Dec
116 116
2412 Aug 21
812 Mell
10 Apr 21
20
1912 2 7
0 3 6,820 Pittsburgh Coal Co
3
4 1873 1938 17 4 1812 19
1914 193
20
50 Dec
20
3612 Feb
25 63 Aug 27
40 Feb
2,800
Do pref
6012 6034 61
6012 60
*59
61
45 Deo
8 60
6012 6012 6014 607
1214 Feb
2012 Feb 23 56 Aug
4 9,025 Pressed Steel Car
473
47
4712 49
48
4812 4718
4978 48
5012 49
10214 Deo
50
69 Jan
96 Feb 26 11134 Aug 11
Do pref
335
105 105 1104 104 *104 106
105 100
174 Nov
*106 10612 *106 107
109 Jan 30 200 Aug 0 147 Jan
400 Pullman Company
4
190 4 1903
3
1904 19014 *190 191
134 Deo
19078 19078 *190 191
8
*190 192
93 J'ly 6
12 Apr
14 Jan 4
1,900 Qulcksliver Mining
5
8
5
53
*5
312 Dec
518
3
4 471, *434 5 4
43
5
518
5
112 Jan
3 Mch29 10 May13
oDaonwpar;fsteel
*558 7
*54 7
*5.13 7
4914 Dec
3
*5 8 7
8 7
*53
*534 7
2334 Feb
5412 Aug 4
3212 Mch 8
Spring._ _
4,800
48
4712 4872 46
49
48
4712 4814 4634 47
4814 49
8
75 Jan 103 Deo
07/ Feb 24 109 Aug 11
700 IV Do pref
29 Nov
106 109 *106 10812 *10534 10812 108 108 *10534 108
*105 106
4
193 Feb
491:
01 0
:0
p
4712 58 875 Republic Iron & Steel... 1658 Feb 23 11014 Sep 29
4618 4738 46
5912 Nov
03 J'ne
.1 '11/ 28
4
473 4814 4758 4818 4512 4712 4412 46
6718 Feb24
pref
106 10612 106 106
107 10712 106 10612 10512 106
6134 Nov
*10712 108
Z.0 Jan
9212 7,500 Qloss-Sheffield Steel Fe ir 68 Feb 21 0158 Oct 4
92
11014 Deo
9314 9134 9214 9212 9378
9212 9458 92
8713 Jan
9234 93
10738 Feb 20 120 Sep 1
......L
Do prof
*118 ___ *118
*120 ---- *120 -- *120
Jaa 4 $2512 Feb 55214 Nov
4
4
700 (fTennesseeCopper Par$25 5343 Feb 26 $49 J'ly lu
1413 Dec
36 16 *3512 3714 3512 353
88
3613 *3612 3714 36
45 Feb
200 Texas Pacific Land Trust 8012 Feb 23 9378 J'ne18
*8812 91
*8718 91
111,d Nov
89
89
*8713 91
89
4 Feb
*8712 8912 89
8
163
914 Feb 24
500 rnion Bag & Paper_ _ _
13
13
*1212 14
3
66 4 Nov
1212 12
12 *1212 14
3
447 Jan
1312 1312 *1212 14
8114 J'ne29
all 8
60
100
Do pref
76
*74
76
*74
75
7718 75
7718 *75
*75
7718 *75
4 Aug
1,625 Wilted Dry Goods pf ctfs r109 Sep 1 1113 J'ne 6
307 Dec
8
3
110 8 11034 11012 11012 *10934 11012 11012 11012 11034 11034 *10934 11012 2,100 U S Cast I Pipe & N'oundr 2938 Feb 24 3512
1712 Feb
8
313
787 Aug
4
3312 3218 3218 3178 3214 31
,
3312 *32
rets Jan
18
3312 3358 *32
70 Nich 2 8712 Aug 30
Do pref
600
854 85 8
8534 86
5
*8512 86
90 Jan
*8512 86
/0 Feb
86
Apr
8614 88, 86
States Express__ 82 Feb 10 y99 Sep 17
United
95
*86
*86
95
*86
95
04 Nov
95
*86
95
*86
3614 Feb
95
*80
87
8412 84
8412 823 8312 7,200 U S Realty & Improvem't 64 Feb 23
4
83
1514 Aug
1712 J'ne 17
4 Feb
8312 8212 8312
*83
100 U S Reduction & Refln'g 10 Mehl2 3912 Aug 12
14
*12
*11
14
12
13
92
*1212 9412 12
39 Aug
14
*12
16 Feb
14
*12
24 Feb 24
Do prof
34
36 *32
*32
*32
36
36
*32
3712 Aug
*32
1734 Feb
8
36
*32
36
24 575 Aug11)
4 50 8 525$
13,300 United States Rubber... 27 Feb
51
3
5134 5212 5012 513
76 Feb 108 Dec
5212 53
5312 54
98 Jan 29 12112 Aug24
Do 18t pref
2112 1 4 1,600
121 12112 12113 12112 14978 1213
121 121
42 Feb
7513 Nov
12112 12112 *121 122
6712 Feb 25 8912 Aug 23
810
Do 2d pref
8712 873 873
4 8 7 877
4
2 02
718 8 7
3
87
4
583 Nov
88
88
89
'253 Jan
4
23 0473 Oct 4
8812 885s *88
4114 Feb
2042976 United States Steel
9418 8712 9012 8914 9118
8 9158 9476 90
8712 Jan 11458 Nov
9178 927
107 Feb 23 131 Oct 4
Do pref
8
7 67,860
8
12738 1285 12814 1294 12712 128
12853 130
130 13034 12934 131
53918 Feb 26 8502 Aug12 ,20 Jan 15234 Nov
4873 487
8 4818 4812 3,915 dUtah Copper_Par $10
4834 49
49
49
4534 Dec
49
18 Feb
4914 4838 49
4073 Feb 24 5614 J 'lie 14
4612
4
4612 4612 453 4612 7,920 Virginia-Carolina Chem
4658 4678 4578 4634 4(338 4612 46
114 Jan 19 1234 Aug 23 x87 Jars 115 Nov
Do pref
500
120 120
121 121 *120 121
68 Nov
*118 12112 *110 12112 12012 121
43 Jan
Coke 57 Feb 23 7578 Sep 17
400 VVInia Iron Coal &
7114 7114 *7112 7214 7018 7112
75
*71
74
75 *71
*73
300 Jan 5 130 .May28 1260 Feb 325 Nov
I, ells Fargo & Co
*320 __-_ *350
4
713 Nov
*325 ___ *320 __ *320
*325
8138 Sep 19
41 Feb
12 4,025 T estern Union Teleg- 64 Feb 24 00 Aug 7
77
77
4
773 78
7814 7914 784 7812 7712 18
94 Nov
3
78 4 79
18 Mch
74 Feb 24
8618 8714 6,400 Westingh'seEl&Mfg assen
87
8712 87
88
87
,
8818 87
8758 87
87
58 mo 125 Nov
145 Sep 30
110 Nleh
800
Do 1st pref
145 145 *135 145
194 144
144 145 *143 145
144 144

:3 ,
.-1- 600

-3612

I3ANKS AND TRUST COMPANIES-BANKERS

QUOTATIONS.

Ask
I rust Co's Bid
Ask
Ask
Trust Co's 814
Ask
Trust Co's Hid
Bid
Ask
Trust Co's Bid
Banks
1114
Ask
Banks
Brooklyn
NY LIfe&Tr 1100 1125
Guar'ty Tr_ 080 700
420
N Y GUI/
Brooklyn
Brooklyn
. Brooklyp Tr 410
_ ___ N Y Trust_ 665
2
._,.-. Guardian Tr 1170
---- Carnegie - 1180
105
North Side 1: 130
,
1,15
Borough 11_ 90
- Citizens --138
___ Standard Tr 370
...,_ Central Tr_ 1000 1025 Hudson ___ 175
0
0
Broadway 1' 375 '125 Peoples__ 155
- . lolatbush -- 2 9 ,1,1,..
KnIckerb'kr 335 350 TitleGuSs Tr 520 530
290 300
160 Co1umbla
Prosp'etPk11 150
,.. 145
A"
Brooklyn 1.Franklin - 210
360
rr Co of Am 350
245
145 Law T IFerr 235
275
---- 130 Commercial 135
266
11
---- Terminal
First
280
l 1 amliton _
Union Trust 1250 1300
170
... 155
Tr_ 165
Lincoln
105
....
130
Linionll____ 100
HIllside1,-,- 110
.
Some ... 108
445
US Mtg &Tr 435
Manhattan_ 370 300
comiwealthEmpire.__ 300 310
125
.. ..
Home Bk 11_ 111)
- Kings Co - 500
Unit States_ 1230
750
725
Mercantile
480
Equit'bleTr 470
125
Trust Co's
Homestead" 100
....- 1. 131 L & Tr 310 315
250
Van Norden 235
5313 550
. MetropoTtn
.
Farm Lo&T 1650
N Y City
430
170
Manufae'rs 410
Nassau ---- 150
410
Washington 375
525
- - Murton Tr_ 500
207
325 390 Fidelity ___ 203
250
Astor
..
People's__ 290
Mechanics1 210
155
1,Vestchestei 145
127
Fifth ay Tr 400
416
Mutual ___ 120
0
-13
145 - Bankers' T4 8540 575
Queens Co-. 120
Montauk
140
Windsor _ 133
155
148
Fulton ___ 270
wway Tr
---- Mut All'nee 10 115
:10
100
Williamsb'ir 80
Nassau .... 240
295 305
Nat Clty
and rights. tI Now qi sled dollars per s xc.
1314 and asked prices: is sates on tnis day. 4 Less tnan 100 snares. I Ex-r ghts. 0 Ns': stock. c Ex-dlv.
certificates. 11 Banks marked with a paragraph (11, arc Stata banks.
Sale at Stock Exchange Or at auction this week. s Trust co.




..
--

-.

New York Stock Exchange-Bond. Record, Friday, Weekly and Yearly 5ontis.
int.r_Ist"-ixv•pt for facs.n,•ent detanUel

Jan. 1 1909. the Ezohan7e !method of voting bonds was ckanged,

N.Y. STOCK EXCHANGE
WEEK Eillmto OCT g

Price
Pridav
Oct 8

Week's
Range or
hetet Sale

s

414

»flees are now al7 -"ani
,

Range
Since
fanner),

BoNtis
N. Y. STOCK EXCHANGE
WEEK ENnino OCT 8

i;

Price
Oct 8

e,eic'e
Range or
Last -'tate

Range
Sine*
January I

Low 11 tot&
i
BM
As', Lou
High 5( Lou) nigh Cent ot Ga 11 H-Won)
Av. Low
Btu
80
54
4
/
7212 701 Aug'0:4
3d prof income g bs etampe:
5
4
1
101 / 102.
8
1006 101 1111 12J'ly
130% 90%
90% Sep '011
Ulnae by put mon g 48.1941 J-1( 89
4
/
4
/
100%101 1001 10111 12 101 lo3
8.Pue US
1047
Mac & Nor Div 1st g 56.1941; j.J 110
101 103%
Sep -00
4
1
101 102 kt 101 /
4
Mid Gs & AU Div 58......,(4. J • J 1008 10113 115 Nov'05
4
/
1001 102
4
1
4
/
1011 102 14 101 / sop '04
4
/
4
/
4
/
1101 May'do
4
/
,
1101 1101
1044 J •J 1101
Mobile Div 1st g Us
4
/
1001 Nov'08
104 106
4
/
11614 1191 feu LIR& hot tia col g 58 1937 -1•N 105 106 105 Sep'09
4
/
,
4
/
1161 1174 1161 Sep 'UP
) 2 1161 129
4
/
4
/
4
/
;ent of N J gen'l gold 58.1987 J J 126 1271 1261 146'
4
1171 121
4
/
4
/
1171 Sale 1171 118
4
1
4
/
1231 1273
125% 125/Sep '011
4
4
/
Registered
101 1011
10012101 101 Mar'09
109 1101s
110 110 Ply'01.
Am Dock & Imp gu 58. 1921 -J
.1
4 1)87
Le 15 Hurt it gen gu g 56 1920 J -1 101
Foreign I;overttttt mit
4
910 101
101 100;Sep '09
c n
el &eVv;ilg sar C2 . s. .1191, NI-N •
4
963
4
/
t ku B 4 28 6 1 12
)
4
/
961 Sale 961
99
95
..
a1 9
Argentine-Internal 6s ot 1909 M-S
5 3 1197 1001
997
4
/
8
8
4
/
4
997 1001 1197
Q-N1
Imperial Japanese Governor
N Y& Long Br gen g 48 1941 SI-S 100
4
/
941 31 90% 95%
1925 F -A l 9418 Sale 9414
Sterling loan 4 423
64 891 94., cent Pacific See So Pacific Cu
1.3
4
/
4
/
1)212
I 921:sale
11125 .1' • J
11d series 41
5
4
/
89
1 801 9012
4
/
86% 873 867
1., CentVermont let gu .94 ce11121) Q-F 89 Bate 89
4
/
871 24 803
4
4
4
1931 J • J
Sterling Man 4s
4
/
101.4 1041 chas& nay see AU Coast Line
4
4
/
'I-S (103 44 10384 1031 1033
Reptile ot Cuba Is exten
4
,20,2 0 1
10112 1034
102 Sep '011
05
4 95 bale
95', Cites & oldo gold his
1)5
192
A-0 102
-J
San Paulo(Brazil)5s trrects'11) (,.
4
/
1041 121
.
Gen funding & impt 5s 121 J -J 1044 'Salt 102
4
/
971 97- 97,
4
1
5
4
9
a111 19
4
973 2. 973 101 /
U s ot .‘iexico s g us ot 1809 J
114 117
4
1143
4
let consoi g Is
933 Sep 'w94
4
/
921 95
1939 4.1-N 11312118 114
1954
Gold 4s of 1904
4
/
4
/
113 1141 Feb'01) .... 1131 1141
4
/
Registered
v1-N
IT hese are pr ives on the I agis ol $5 to Z.
(is 103 14 106%
General gold 41
1192
1119 SI-S 104 sale 103% 104
9:
4
/
a
State am! City Securities
4
/
.
Registered
110 Nov'08 • •
A- S 1021 ...... 105 AprIM .... 105 105
3658-.1024 F- A 107
Diet ot Columbia
4
/
8912 Sun 09 ... 88% 91
:r
95
4
/
1051 Deo'04
Biandy 1st 4s osi
'
1.1) 861 89
Louisiana new consol 4s 11114 J -J
4
112 110
aF"'0u .... 07.4 1103
199444"21)
Craig Valley 1st g
J
Now York City
90
101) Jan '09 .... 90
Potts Creek Br 1st 48 1946 J-J
5
1001 Sale 1001 1007 141 1001 1011
4
/
4
/
4
/
4
/
issue(1.19511
4s when and as
14
4
06/
9105
6
91)L4 11,01
Ii11% 6a15 993
8
& A Div let con g 48 1989 J -1
101
,
100 5 103
101 101
4% Corporate :stock -.1958 M.N
4
/
4 ,
2d consol g 4s
4
/
971 1461 Apr'09
109% Sale UM% 110% 0- 10 %1123
8
J -J
1957
2s
New 4 4
4
/
1131 1. els 01
Warm Sr Val let g 58 1141 VI- S 107
4
l047 Sep 'Op .• 104 10475
1')11 -N
Now 4',e
01 12 041 95 ••••el, tub
4
/
Greenbrier Ry 1st gu g 4s '40 M-N
41121
4
/
4
/ 110% 18 1094
444% Corporate Stock _1957 M-N 109% Sale 1091
713
4
/
78 Oct'nu •... 771 80
104 1043 )liic& Alt RH ref g 3s 1949 A-0
4
1044 Sep '01:
1917 .vi•N 104%
%
4
/
41 assessmt bonds
76% 75% 75%
76
4
/
40 731 77
Railway 1st lien 312s 1950 J -J
100 103.
4
101
4% Corporate Stock .J957 M-N 100 Sale 100 J'ne'09
75
75
75
73
Registered
J -J
4
/123 113%
11384
N Y State-Highway 4s 11/58 M.8
100
1 9111 1003
4
/
4
4
9 22
993 14/0 100
4
/
4
/
1021 1021 Clue Burl & Q-Denv 48 950 F -A
10214 Jan '00 •
1113., .1.4
8
4
/
So Carolina 41 20-40
4
/
901 001
1/0
4
/
IM1 1
4
/
v3
00
1949 J -J
Illinois Div 31
s
4
/
4
953 Eels 01.
4
/
951 95%
05
Tenn new settlement 3s 1913
4
1/13 Lee'ub •
. ...
Registered....
4
/
911 93
911 94
93 Aug'01.
4
/
Virginia fund dent 2-38 191/1 J • J
1U1
100 1031
101 11
4
/
Ills Div 4s
194t J -J 100%
47
1
45
4,7,
4
/
371 48
47
68 deferred Brown Bros otts. ••••
4
/
4
1053 Apruo ...• 105%106
k
Iowa Div 8111k fund 581 O A-0 1011
-11.119
4
/
4
984 .1013
4
Sinking Lund 4s
A-0 1001 6aie 100,5 1004,
Railroad
8
1/117 1001 100
10175 4 99% 10214
4
/
Nebraska Extension 48 119 .V1-N
9
927
A mimosa Cent bee So Ry
101 18 Mar'ov
41i/11
/
1011
4
/
VI-N
Registered
/Slabs Midi See At Coast Line
si bee '09
4
/
99 100%
927
1921 11-S • 1.11)1
6outhwestern Div 4s
tillsany & Sueo bee Del& Hui.
Joint bonds See Great North
,
&Mignon) Valley bee Penn HI'
102
8
4 1013 1031
4
4
NA- N 1017 102 102
Debenture Is
&Reg & West See Bull It & E
5 113 98 101
9o3
91.1% Sale 99
15
1918
General 48
84 Sale 84
1'3 M-S
4
/
841 18 831 873
4
4
/
h113115 (4-J
&nu Arbor 1st g 45
4
/
1021 Sep '09
4
102 1033
Ilan & SI•Jos commit 63 1911 SI-S
4
8
1003 Sale 1001
4 100' 172 100 101 75
S Fe-Gun g 48.1995 A-0
kWh
4
/
90
85
8
867 561 Sep 'ub
4
/
99 1011 •;hie & E Hirer & imp g 48 1955 J -J
4
19115 A•0 100 10U 1 014 101¼
Registered
129%137
94 .
let consol g 68
9412
115 12
A•0 129 129 129% Sep '01.)
92
9412
41995 Nov
Aillusttueut g 45
4
1
4
/
1121 1153
4
/
4
General consol let 5s-21937 SI-N 1121 113% 112/Sep 4.19
4
/
921 921
934
4
/
031 9212 Feb '011
4
/
/1.11/135 Nov
Registered
114. Aisy'449
4
/
114 1141
4
/
041 21, 921 961
1937 NI-N
Registered
4
/
4
1/45 Sale
4
/
4
/
1141
41993 SI-N
Stamped
113423'ly'lne ..•• 1131 115
2
Chic & Ind
11120
122 Sep '09
1 3;
'121
Hy let 58.1113 J•J 113
4122
Sub reds(lull paid)cony 4s
& Erie See Erie
4
1
4
/
1201 Sale 1204 123% 12-S2 102/ 123,
1
11/55
Cony A 48
129
129
18 127 129
1281
4
/
4
1
12.1 / U3 1053 1233 .)Iiie In & Louthv ref 68. 1941 J
4
5
1o17 2.11 120 Sale 120
10-year cony g 611
114
4
/
114 Sep '01+ ...• 1121 114%
8
J
097 Sep '05
Refunding gold Is
i9-. 9:175
Debentures 4s SerlesH 11110 FA
101% J 'iy
W111021
4
4
/
11
Louisv N A &
1st 63 94 J .1
119
4
/
4
/
981 981
1'ly
0814. 'Os
1913 F•A
Series K
Aug'oo
4
/
4
033 951
1.04%
Chili Ind & Sou 50-yr 48_1956 J.J
4
1
97/ 97 Sep qr.
99
97
1st g 48 1928 MS
East Okla Div
4
4
/
105 15 10418 ' ..• 1041 1051
4
/
4
/ 81' 011 .
4
1141 94% 941
9415 61 933 961 Ade 2111 in Se P Loral as 4:414 •.1
4
/
4
/
195es 2-2
Short Line 1st 48 g
102
4
4
/
1011 104%
102
General g 45 series A..e.11.180 J -J 102.
4
/
111 1101 Sep '05
1101 113
4
/
o Pres Ai Ph let g 56 1942 sa•S
4
/
1031 Oct '08
Registered
&t1 Knox & N See L ele
881 891 131)12
8912
4
/
4
/
891 923
4
4
/
General g 344s series 13 111/611 -J
9
: 89
05¼ 21 941 093
4
9514 Salis 943
4
4
&thintic Coziest 1st a 48.411152 11 13
94'e :salt
4
/
1)41 95
86 94
95
25-yr deben 48(w 1)
1934 J -J
109 Sep'09
11,9 1 i 1
Ala Mid let gu gold 58 -1925 .9•N 10o
4
/
4
/
4
/
.
Chic & L su Div os
1921 J -J 1091 10111 10111 NI ay'09 • -• ii10% 109%
U13
11614 J'ne'01. • -• 00'4 004
go g 4s _1938 J -J
Bruns& W 1st
lii Sep '09
111 12 11312
Chic & 310 Kw Div Is 1926 J -J 110%
Charles & Sav 1st g 78-1936 J -2 132%
lb 86
4101% 1011 -1 lie° • - • 101 14 101%
4
891
/
4
/
901 11(17
,
93 , Chic & Pao Div Us
, .
J -J 1091
o1952
L & N coll g 48
4
108'1110'2
127 J'ne'00
919
11)21 J -J 11)8 1041 tub% Sep 'isis
Chic P W 1st g 58
.'z't 1'27
1st gold 08_14134 A-0
Say E & W
8
1114% Aug'Ob
104%105%
4J'Iy'00
/
4
/
1121
Dak & tit So g
11116 J •J 11/43
11212114
1934 A-0 1121
1st gold Us
4
/
42'1y '111.
/
1371
4
1
97/.1'ne01.
4
/
971
1924 J -J 1201
Ear & Sou assu g 6ii
97
1171
4
Oca & gu 48 -1918 J • J
Sil
4
101 Aug'0..
101 11)23
4
1910 J -J 1001
Haat & D Div 1st 78
South By
&tlantio & Danv See
9941
101 Mar'09
101 101
lin 5s
J •J
&rutin & N W See Sou Pactlic
8
4
/
11111
3(1 92% 95
LaCrosse & D let 58
4
/ 93
1919 J • J 107 1083 107 Aug'(), •... (07 107
4
/
921 921 921
8.1925 J -J
4
/
& Ohio prior 1g 31
Dalt
8
1013 Ma) u9
/011 101%
4
/
93
92
1910 J • J 100
Mineral Point Di6 5s
93 May'011
1
t st vs
h1923
4-.) Registered
4
/
4 2 1001 102
Is 993 1013
So Minn
5
4
,
90 2 991 100
4
/
J -J 100 101 100'4 1001
411)48 A-1) (29
Gold 4s
8
4
4
1093 Aug'09
i0O3 110
41
/
Wie & Minn Div g 58. 2 21 J -J 1093
08 100%
4
994 991 0ct '01.1
1910
(4-J
9
41948
Regietered
1013 101%
4
4
/
4
/
e
& No 1st 31 L 68
1910 1-1) 101/1 11/13 101-1 J'ly 05
120 Out '01
Pitts J Imo 1st gold 68-1922 J • J 108
IoU
107% 107%
,
107 4 J'ne'ul)
let consol 68
89
SW
51)
93
J
89
1 88
81925 M-N
4
/
PJun & Al Div 1st g 31
4
113 4 1161
4
4
/
!lac& Northw cone 78 80: 913(.F 113 4 114 113 tu Sep
113 14 44 93
93 Sal.; 93
96
18.. F 6 4
5
.
PLR& W Va Sys ref 481041 NI•N
8
1003
8
8102
4
91
4
1)1.18 Sale
-A 100 1003 100, Lt.i0,
Extension 48
4
1)03
11 90
8
917
Southw Div let g 314s-1923 J -J
99% 101
LOU J'ly'09
Registered
91 Apr'01.
1886-1926 F-A
ti
91
41925
Registered
90
89/ 1143
90
8
4
1
897
4
General gold 31
103 J'ne'011
1981 NI-N
4
/
103 103
4
/
s
8..11130 Ni-s 1021
4
/
Con Ohio It 1st eg41
4
/
931 93%
4
/
031 Apr'01)
114
Registered
113
4
4
/
4 1101 1133
14-F
01 Lor & \V con let g 58.11/3:s A-0
11.2 112
112 Aug'uo
Slukuig Lund 6s...1871/-1929 A-0 111.8
1057 Feb'U'e
P11187
Mouou ltiv 1st gu g 5s..1910 F -A
4
/
Lou% k
i0(1% 1003
4
4-0 1101
Iteglstered
113 113¼
Ohio River RR let g 58 1936 J•1) 113 114 113 Sep '01i
108 11034
4
/
1.28.4 108
110 14 J'ne'ut.
Sinking Lund 5s 1879.1929 A-0 1081
879 929
14/8 15 112
1931 A-0 •
General gold 58
1103 1103
4
4
l03 Jan 'uo
4
4
/
1191 MaC01
1870-1929 A-0 108%
Registered
Pitts Cloy &Tel ling tS8 1922 A-0 111284
111).5
10012 J 'ile'vt.
00'4 101
98 L4
NI-N
984 Sep 00
4
Debenture 58
118
4
/
981
'
Pitts & West let g 48 11/17 J -J
1004 100%
10084 Alay'uo
IOU Nov'04
111/909911 sl-N
Registered
s
4
/
Stat 181 lty 1st gu g 41 11/43 J-1)
107 101)4
4
/
1
/
1921 A•0 luil 108% 1071 Sep '09
Debenture Is
Beech Creek See N V C (ts 11
1013 J'ne'01
A-0
Registered
Bellev & Car See Illinois Cent
4
/
111 1131
8
1:1 el-N 112 1123 111 Sep '09
Sinking fund deb 58
1/ )
1923
Bklyn & Montauk See Long 1
114 109 J 'iy'Ue
1933 al-N
Registered
Brune & W/,sit See AU Coast L
101 1011
91)14101 101 Apr'ills
4
/
North Illinois let 5s
3
1910 M-S
Banal° N V Fs Erie Sea Erie
/18 119%
115
8
4
/
4
4
/
1161 117%
1111 L 515 West 181 g 6s 1921 M•S 118 1191 118 Sep '01)
Bnitalo It & 2 gels a 58 11137 -S 1093 1157 1163 Ang'0
113 115
113 Aug'09
4
4
/
4
/
1101Ply'09
109 1101
Ext & Imp stand g 5s 11)21) F -A 112
11.15i M-14
Consol 4 s•
4
4
/
1421 1.4.0'02
4
/
4
/
/001 Aug'01.
100 1001
Ashland Div let g 68 1925 NA-S 12 /3
All & Wo.let g 45 gu i1/118 A•0 100
4
/
4
1
123/Apr'09
122% 12312
Mich Div lseg6s
103 J'iy '118
1024 J -J 1211
,at !0..t g 38- 1943 J -J
01 &
4
/
1031 may'im
10312 103.2
1P4
4
1173 119
111C0111.38
117% 117%
M-N 102
F -A
Rosh & Pitts 1st g iis 1921
112 Sep 'Oa
4
/
113 114 12
4
/
12114 12012Aug'09
4
1183 1211 (Ana Rock lel& 1/ac 6s 1917 J -J 1121
911
1022 .1.D
COU801 1st g (is
4
/
113¼ Aug'09
113.2 11312
4
/
531 893 May'011
Registered
2-2 1121
4
/
871 1.0
Suiai 1st ret g 48.(111151 J -J
Bull &
4
/
91)1
99%
Po
08 101 12
General gold 45
19
J J
,See 0 14 1 & P
Bur (I lt
u8
Aug'09
91. 10012
Regmeered
4
/
J -J
105 107
I(anSO18teXtUs
1913 -J 105 1031 105 Sep '09
v0% sale
4
1
/
0012 94
4
/
1)11
Refunding g 4s
19
1931 A-0
4
/
1021 4 101 14 103
102 102
8
S
1013
%.•42i1Us
98
(27 J'ly 'ot
Coll trust Serieell 48 1910 31-N
1112
NA)?
4
100 211
1913
Registered
4
/
971
"Cd
. .. 97
97 J'ne'uti
J 48
M-N
Carb & Shawn See Ill Cent
41b
94 12 94%
1)4% Aug'09
11 11, M-N
1
Carolina Cent See Seab Air L
03% 03%
114'4
4
93. s'eu'utf
N
5141
11991176 M-N
Carthage& Ad See N V e& hi
4
/
1131 95
934
1
'3312 Aug'09
04s
:01-N
Ced It la .F& N /iee8CRA,N
4
/
4
/
931 931
4
/
031 Augq/..
P48
934 95
11)15
Can Brancn Ity bee Me Pie
751 821
4
/
4
/
7818
4
/
77'4 Sale 771
111 & Pac RR 48 2002 M-N
Chic
4
/
1161 Feb'00
115 116%
Cent of Us Bat let g tits-pi:145 E-A 116%
80
90
so .Ply'ou
Registered
II 108%111%
4 ILO
N
24102
8
Consol gold Is
1945 51-14 1097 110 .003
93
4
871 1141
4
/
4
/
Coll trust gold 5s
ill Apr'06
51-8 92% Sale 923
Registered
11141 NI-11
Our (led 1125 Northern 1913
84
6 711
84
907
8
1st prel income g 68.....p1945 Oct
84
115 117
Con lat & col tr g 54 1934 A-0 11314 115 115 May'09
85
85
80
90
Stamped
84
4
/
1201 Mar'03
Registered
84
63
1934 A-0
73 Oct NB
75
2u pret income g
Oct
111 Nov'05
4
/
()RIF& NW lstgu 38 11121 A•0 1061
84
60
74
74
7,1
2d'net income 58 8tainped
AI & St List gu it 78 1927 2.1)
53
80
4
/
721 11 Sep '09
Ed prim income Q. OS....1,11)1. Oct
overnm,nt
U 8. 2s consul registeret141930 12-J
U S 2s consol coupon-41930 g- J
1c1918 (4•E
U S 38 registered
g191s ..4•F
U 3s coupon
U 8 13s emu small bonds /c191) Q•E
1925 Q• F
U S 4s registered
1925 (4-F
U S 48 coupon
US Pan Can 10-30 yr 28.k103( Q - N

BOA 0..-ConOnned

on Next Page.

ItalIway
78 Sale 78
92
78
1 78
Slat St Ity pen col tr g 58 1997 F-A
4108
/
5 1021
105
105 Sale 105
2002 A-0 481.
4
/
48 Ply'09 .... 4312 63%
Ref g 48
)4s%.377 81 14 59¼
4
/
4
/
871 6a1e 871
105 104 14 J'15"09 .... 103 10512
!Sway& 7th Av late g 53 1943 J -D
4105
/
.... 1021
103 105 103% J'ly
4
/
1021 1110 J'ne'011 .... 100 10214
Col& '9th AV let gu g 511.1993 M.•S
90
4
/
991 99141Mar'09 ... 139¼ 991
4
/
96
4 04 10212
144
94
Lex Av & P E 1st gu g 58 1093
4
1 1003 106
10312 103
103
4
/
4
/
10
4
/ 681 2 651 721
081
Third Ave RR con gn 4s20009 J -J
4
/
4104 14
/
1021
4
/
1021 105 101 Aug'09
4
50 6314 723
67', 67
68
Cent'Pr Co certfei stmpd
4
/
871
'00 .... 86
87 Ply
8012 87
Thusi Ave By let g 5s 1931 J -J 109 110', 101112 J'ly'09 . 108 11512
88
4
/
861 87
4
671 Sep'09 .... 85
0312 WI
861 86',. 8614
4
4
/
861
N On Ity & Lt pen 4125 1935 J -J
4
/
811 Sale 811
4
/
81i, 1 781 84
4
/
148 Nov'08
,
4
/
1021
102 1021 St Jos Ry Lt H & P 1st g Is'37 M-N 101
102 J'Iy'Ult
4
/
110 1101 Nov'013
4
/
101%1021 st Paul City Cal) con g 5&1937 J •J
103
4
1021 J'ly'011.
99
98
99 Ply'014
119
83
'Fri-City By& IA lets f 58-1913 A-0 97
4
/
831 10 8112 85
2
83,
95
98
98 Apr'09
92
02
91
111 80
o nderground of Lon Is 1920 M•N
92
73'2
193.? .1 -J
4
/
4
/
841 831Sep '01)
83
83
83 Sate
83
8
4
/
41 .
84; 3071 16
22
4
/
371
4
/
341 Sep '011
1948
35
4
/
1031 San 1031 103% 79 103 1043
Income 68
4
4
/
84 Lice '08
5
1027 sal, li)27
4
/
5 103
7
7 10' 8 1001 Union El(Chic) 1st g 38 1945 A-0
4
/
841 86
86 Sep '119
84
72',. 70 Sep'09
4
/
721 United Rys St L let g 48 1934 J -J
70
79%
4
/
751 11 72
United Bits San Fret 48 1927 A-0 75% Sale 75%
98 sisOMI
no S.Due ly icl)uo „tug oDae out p LW:1.N 011 s uptaon Mitt
a Due Apr 6 Due May 0 Duo '
• o pc,oe Eriday; Lateen Una week. 'Unfit. aDue J

Street ICnilwity
Brooklyn Rap Tr g 5s
1945 A-0
21102 J
1at rotund cony g 4s
Bk City 1st con 5s.11/16 1941 J .,)
ilk Q Co& S con gu g 58 11/41 •a•N
Bklyn Un El 1st g 4.53 1950 F.A
1950 F -A
Stamped guar 4.18
E•A
Kings Co El let g
1941. E-A
Stamped guar 4s
1951 J..1
Nassau Elec gu g4s
Conn Ity & L let & ref g 4 40'51 J •J
1951 J • J
s
4
1
Stamped guar 4/
Dot United let con g 41•28 1U3'..: .1•2
liavalia Lice consol g 58 1952 FA
19513 A.o
,
4
1
Inter Met colt 4/
Inter Hap '1' 3-yr cony 68.1911 .41.N
N
1952
43-year Os Saies A
tr 48 1911/ .2
iftet nut Trac
ands Elee 1st & coil 58.1063




Mreet

BON DS
N. Y. STOCK EXCHANGE
Wicks. ENDING OCT 8

[VOL. Lxxxix.

New York Bond Iteoord---Continued-Page 2

902
g
-4;

Price
Pridav
Oct 8

Week's
Range or
Last Sale

-I a
Z3,1

Range
Since
Januarij 1

1308 4/
N. Y. STOCK EXCHANGE
\Vim ENnix0 OcT 8

Price
Fridazi
Oct 8

Week's
Range asLast Sale

'Z

Range
Since
January 1

RUC
Hum IVO Low Nigh,
ASK Low
434 Low
High No tow litg
Hut
Erie-(Con)
Chic Rock I & Pac-((Jon)
108 Mar'00
108 108
2
102 Aug'09
N V Si Green L gu g 5s.1946 M.`c 105
Choc Ok & 0 gen g 08.31919 J -J 1043
106 1063 106 Sep '05
105, 1071
4
4
1
4
111 111.8
/
2
1-71 Sus & W 1st ret 58 11337 Consol gold 53
1952 WIN 110 111 111/Aug'09
1004 Dee'02
......
103 106
1937 F -A
/
4
s
E.eok & Des 111 1st 5s
2d gold 41
1923 A-0 10414106 105 Mar'09
110 Aug'09
88
90
91
92
1940 14% A
Ohic St L & N 0 See 111 Cent
General gold 53
1141 Dec'Os
/
4
Chic St L & Pitts See Penn Cu
Terminal let gold 5s 1943 Ni•ti 113
,
1281 1283 1283 10 1271 1301
/
4
4
/
4
/
2
Regis45,000 each. 1943 NI•N
Chu)St PM & 0 con 6s 1930 J •
1
4
1011410214
93 Deo'03
Mid Rttof N J 180468.1910 A•0 100 101 101/ May'011
Cons 68 reduced to 31 1930 J -I) 92
/
4
8
101 1051
1
4
/
4
4
128%
1281 SeP
Ch St P
284 129's
Wilk Si Ea lat gu g58.1942 4-I) 1031 Sale 11/3/ 1011',
/
4
Muin lstg 68 191):
,
109) 115
2
/
2
!91
/
21293 t'Is-Si Ind 1st con gu g 6s 1929 J-J 114 1161 114 Sep '09
4
Nor Wisconsin 1st Os 1930 J -3 128
12914 May'lfi.
1
4
116/ Aug'09
/
4
St P & S City 1st g 08 19111 A-0 1141
Erie Si Pitts See Penn Co
.15%119
112 1151
/
4
115's 115 Sep '09
112 2Apr'011
,
112 112/ Evans.5 T H 1st cons Os 1921 J -J
Chic & West Ind gen g 630932 Q.111
1
4
103 1041
103 4 Aug'01'
,
/
4
94 12 21 94
94 Sale 94
98
1942 A-0
Consol 50-year 4s
1st general gold Os
1952 J. J
Mt Vernon 1st gold 68 1923 A-0 108 109 114 Apr1)5
Clue Si Nif Mich See Pere Mare
95 J'ne'06
SIDI Co Branch 1st g 58 1030 A-0
Choc° & Gulf See CRI&P
113 Oct'00
argo Si So See Ch H Si St P
Cm H & D 20 gold 4/
1
4s 1931 J J 101
/
4
/
4
95 109-. I lint& Pere M See Pere Mar
Cin D & 1 1st
g 6s 1941 ts•N 105 107% 1061 1061
11-N
Fla C& Penin See Sea Air Line
gu 4s
C Find & Ft W
90
'70 Aug'08
105 Mar'OS
881-2
Fort St U D Co 1st g 4123.1941 J -J
Cin 1. & W 1st gu g 48.1953 J..) 88
85
88
8(3 Sep '011
9614 Jan'09
86
88
0014 96 12 Ft W & Rio Or 1st g 4s 1928 J - .1
Ind Dec & W 1st g 5s 1935 J•J 1.105 110
1071 Deti'02
/
4
'al liar & A SeeSo Pac Co
1935 J -J
1st guar gold 5s
97
99
97 J'ly'09
Ofal
CLStL&0 Bee C & St L
of 1882 1st 5s.1913 A-0
Georgia & Ala See Sea A Line
Oin S & c See CI()0 St 1,
Clearfield Si Mali See B B &
Ga Car & Nor See Sea A. Lane
081 Oct'09
/
4
97,4 987* Georgia Pacific See So Ey
Clev Cm Cc% St L gen g 4s 191/3 4-0 09
941 Aug'09
/
4
9414
041-I 97
Lida V US Nor See So Pao Co
Cairo Div 1st gold 4s
1935 J -J
94 Sep
94
05
Liouv Si Oswegat See X Y Cent
Ciu W & 01 Div 1st g 48 1991 J • J
05
953 95 Sep '01-)
4
95
973 Grand Rap Sc Ind See Peon RR
4
St L Div 1st col tr g 4s 1990 M-N
91 Oct '07
Registered
4-N
Gray's Pt Term See St L S
1990 1
/
4
97% 131, 96% 991
97 Sale 97
92 Feb'08
96
(it Nor
-C 115 Q colt tr 4s 1921 J J
Opt & Col Div 1st g 4s 1940 M•S
971, 1)7
97
4
20 963 09
07
98 Sep '06
Regtstered.h.
1921
W W Val Div 1st g
J•J
8
1001 J'ne'01)
106 Apr'05
100%101
106 106
it Paul Al Si Man 20 68 11)09 A-0
0 1 St b Si C consul 65 1920 NI•N 105
130 132%
4
98% 99; 983 Aug'09
982 981
/
1
1st consol gold Os
1933 J • J 130 131 130 Sep '01,
/
2
1st gold 4s
131936
132 13.1
132 Apr'01
1)8 Aug'09
98
98
Registered
1933 J•J
96/
1
4
Registered
P
k1936 1-F
106 Sep 'oil
10 1¼ 111
/
4
l09'
1092eSeP
Reduced to gold 4 23 1933 J • J 1(171
,
Cin 85 CI con lst g 5s..19V
,
IOU'. 1.09 1-1
1083 1083
4
4
1084 J'ne'01)
J • J 106
110
111 4 11114
1111PlY'
/
4
Registered
1933
.1
OCC&I °onset7s
00
1914 J-1)
1.02 1113/
1
4
Dakota ext gold 6s
1910 11-N 101 12102 102 Sep 'Ou
Consol sink fund 7s
1914 J-1)
1 994 101
/
2
130 Nov'Ob
Mont ext 1st gold 4s 1937 4-I) 1/91 sale
General consol gold 08 1934 J.J 125
4
100, Oct 'Ou
Registered
1937 4
Registered
1934 J -J
101'101'
101/J'ly
1
4
94 J'ly'08
h1Minn NorDivIst g 481948 A-0 99
Did El & W let prof 48 1940 A-0
124 May'05
Kim n Union 1st g 63_1922 J -J 112
0Ind & W 1st pf 55...d1938
1301 182%
4
/
4
1/4
93
95
9214 90 1-4
Mont C 1st gu g 6s
1937 J • J 13()% 132 1301Sep '1/5
Peo & East 1st coil 4s 11140 -0 93
4 sy'OU
43 40
1361
58
58 Sale 58
60.8
Registered
Income4s
1990 Apr
1937 7-4
114'. 117
/
4
/
4
J -J 11312 1141 1111 1141
/
4
1st guar gold Os
Clev & Marietta See Penn RE
1937
116 116%
110 J'ne'05
Will & S 5' 1st gold 5s 1938 4.1) 115
Clev & Pitts See Penn Co
8114 81% Oct'09
80
1941 J
Col Midland 1st g 43
8714 Greenbrier Ry See Ches & 0
95
19 971 99
J -J
96 Sep '09
93
' 96
9714
07'i 98
4
973
/
4
Colmod.)Si Sou let g 45 1921. F
Gulf & I 1st ref & t g 55 61952
983 95
4
9 3•4, 56 96% 1001 1.1 an & St Jo See C
,
/
4
Reiund Si ext 4/
13
4
1935 M-N 1913
/
21154 115 Sep '01)
1
4
11414 117/ I Ioflatonlo See 14 IN H& 11
Ft W & Den C 1st g 68-1921 J -D 1141
104 109
1
4
.
Hock Vat latconsol g41 1999 J-4 104/ 1053 104 12 Sep '09
Coluin .35 reenv See So Ry
/
4
3
1001 Sop Nib
/
4
1999 J -J
Registered
(NA & Hocx Val See Hock Va.
118 12 91)
'J8' 983
953 May'09
4
4
Col & H V 1st eat g 45 1946 A-0
Col Si Tol See Hock Val
97
904!NUM)
90
991
/
4
'Jot& Tot latex 4s
1955 r•A
Cot Conn & Term See N & Ii
.oust E & W Tex See So Pac
Corm & Pas Rive 1st g 43.1943 A • 1')
95 Jan
95
95
1952 J -J 100
Roust& Tex Cen See So Pac Co
Cuba RR 1st 50-yr 5 g
103%104
104 Apr 05
ilino,a Central 1st g4811151 4 --h 104
I yak & lit So SecCM&St1•
107% A o'(.11
I. Registered
1951 J -J
Lianas & Waco See H K & '1
i(8' 941
90 Sep '01.1
/
4
let gold 312s
1951 J -J
Lack &I WesternDel
91
94
114. Sep '01‘
113, 11414
-1
/
41123 11314 Ply'09
4
Registered
1951 J -J i) 93
Morris Si Essex lst76-1914 NI•N 1121
9312 943
93/ May)°,
1
4
4
Extended 1st g S1s
/
4
1141411714
1951 A-0
1915 J-D 11414115¼ 1141 Sep 'UV
1st consol guar Is
80
127 J'ne'05
80
80 J'13"th,
1st gold 38 sterling
1951 M-6
1915 J-1)
Registered
1001 102
4
94 Sep '05
933 961
8
/
4
Coll Trust gold 45
1952 A•() ...... 102 102 Sep '05
200e J -D
1st ref gu g 31
/
4s
1)9
99
1.9 J'ne'05
,
/
4
/
4
Registered
1052 A•0
N 3 Lack & W 1st 6s 1921 4-4 11.11 118% 1171 &L714 4 117 4 121
1
4
9111 Si 98/ 101 12
/
4
90 12 Sale 991
/
4
110 1123
8
/
4
1st ref 4s
1955 MN
1923 F- A 110 1101 110 Sep'09
Construction Os
ri 11./0
93 101%
IOU Sep '01,
1/0 10(11
2
/
2
4
993 100), 10J14 Aug'09
L N 0 Tex gold 45 _1953
Term & iinprove4s
1923
1021 9e0'03
/
4
97 Inay'irc
03
Registered
1
4
3
1953
Warren 1st ref gu g 3/ 2000 If-A
1)914100
120 122
102 100 Apr'01)
Cairo Bridge gold 4s. 1050 4-0
Del & 1
-lad 1st Pa Div 78 191i M•S 119 120 120 Sep'69
2 88 12 92
88's
149 Aug'01
891 5812
/
2
Loutsvlliv&Term g31•15 11053 J -J
Registered
11117 .11-S
i133 Ma) 0i)
/
4
4
Middle Div reg 5s
1921 1)). A 105
1916 4-1) 103 1s Man) 1031 11/4% 0U 100 1.073
10-yr cony deb 45
79
79
/
4
79 .Apr'01,
1011 103%
/
4
Omaha Div 1st g 38
1961
J • J 163 103 4, 1031 11/34
1st lieu equip g 4/
15
4
7914 Dee'ub
1 101 103
101
St Louts Div&torm g3s 111.51 4-4
Ist &ref 4s
1943 M.14 100 101 101
...........
79
97 107
105 1043 Sep '06
4
Itegmtered
1961 3-4
lus
1916 A-0
Alb et, Sus cony 3
90
90 Sep '01)
00
901
/
4
128
1284 2 128 128',
1961 J -J
Gold 3125
liens & Saratoaa 1st 7s 1921 .v1-8 ).12814
88% 101 14 uet,
Registered
11)61 Del Riv ttit bridge See Pa 1th
10(1 24ov'00
961
/ 971 12 96
4
/
4
97
Spring Div 1st g 3413 11151 4-4
981
/
4
/
1
1930 4.4
Deny & R or 1st con g 43
1001 11111%
/
4
4
104 J'ne'09
103 106
Western Lines 1st g 43 1951 F-A 100 101's 1003 May'ld)
193u J -.1 104
/
2
Consul gold 415
121 121
121 Feb'05
.
104 Sep '01,
101% 104,
Bellev & Car 1st 63
1923 4-D 111Ra
Improvement gold 5s 1.92 - 4.' 1023
98
58
,
95'. 96 92% 1031
98 idar'01
1.10
1.19
,
2
9414 Sale 94 4
Carb & Shaw 1st g 4s 1932
1955 F.A
relunding 68
1st &
1183 120
4
Feb'Ut
119% Aug'95
Chic St L & N 0 g 63 1051 .1-1) 1104
Rio Or June 1st gu g 53 1931) J
118% 119
1183 J'ne1.15
4
78 J'ne'09
78
80
75
.Registered
1951 J-D 117
194, 4-4
RiogrSo 1st gold 4s
110
4 90
92
110
85 Mar'U8
9(1
Gold 3123
Guaranteed
194i -3.4
1951 4-b * 1)0
'J5'
4 941410014
951 Sam 954
/
4
IOU Aliir'0.•
Memph Div 1st g 4..951 J -0 ......
4-4
Rio or West 1st g
87
83
98 J'ly'08
841 85 41 J'ly '01)
/
4
St L Sou 1st gu g 45----331
Mge and col trust 4sA.1911'
97 Jan'02
......
90
95
In(1.131& West See
(56C St 1.
Utah Cent lstgu g 4s alL11
90
98
98 Aug'011
Ind Ill & Ia 1st g 4s
981
/
2
1.950 J-J
Des Mot& Ft D Sea MJIStL
110 Sep '04
/
4
/
4
1.09 112
Int & Great Nor 1st g 6s 1915 SI-N 101)11101 112 Sep'09
Moi Un Ry 1st g 5s 1.911 .11-1\
Des
85 1031
95 J'ly'05
95
100% Aug'01)
93
135
/
4
2(1 gold 55
1901/ M-S
Dot Si Mack 1st lien g 48 1910,
92 -Ply'01)
91
2 , 8614103½
88
92
94
11)31 Sale 1034 1u3
/
4
Trust Co certfs
Gold 4s
48
50
48 J'ne'09
49
3(1 gold 4e
1921
Detroit Southern
1051 1111
/
4
/
4
/
4
704 Sep 00
711 80
/
4
70
82
4
Iowa Central 1st gold 68 11138 4-1) 10012 1083 1051 Aug'ut,
'
Ohio Sou Div 1st g 40 1041
4
111 12J'ne'01.
21 743 82
79% 8ale
761 77
/
4
111141.16
Gold 4s
1951
Dal & Iron Range 1st5s 193i A-0 110
1121 lUti's Mar'4)8
/
4
Registered
1931 A-0
1916 J -J
20 Os
KOPtSilli51 SeeStLesSr
Dul Short Line See Nor Pac
/
4
110 1101 1{C86511tc15B SeeStL&S1
110 110 Sep '011
Dal So Shore & Atl g 58 11135 J -J
Kan 43 Pacific b'es
K &'1
li
‘ast or Minn See St'? &
4
74'- 11 71% 751
74%
5
Kan City Sou 1st gold 38-1956 A-0 743 Sale
J-Jast Ten Va & ua See So R)
03 Oct '01,
111)2
115 SeP
1121 115
4
Registered
,
1 15(, A-0
Elgin Jol & East lst g 58.11/41
4
iove1013
5
/
4
1001 1003 1001 1003
/
4
Ref Si impt 58(WI)Apr 1950
4
Elm Cori,& N o See Leh& N I
/
4
991 May'08
102
Kentucky Cent See L N
1941 111Erie 1st ext gold 48
1004 100. 10614 Ply'05
10514 106% Kook tfa Des Mo SeeClilSiP
2t1 ext gold 58
1915
104/ 1041 Knoxville Si Ohio See So Ry
1
4
/
2
106
10414 Apr'09
/
4
s
1923
8d ext gold 41
112%1181
/
4
114%
/
4
106 1071
107 is Aug'05
106
eke Erie & W 1st g 55 193/ 3-3 114 114% 114
1920
4th ext. gold Os
tu7 1091/4
4
1073 107%
ill Jun 01,
97
97
LA 2.1 gold 6a
1941 J -J 107%
1928 4-1) 9914
5th ext. gold 4s
4
11214114'.
/
4
/
4
1143 113 .Ply'ut
North Ohio 1st gu g 63 1945 A-0
1920 m-s 121% sate 121% 1221 21 121% 1251
1st &instil gold Is
122 124
L Sho Si Mich S See N Y Cent
121 124 Aug'01.
192u 111st()onset g fund 78
1061108 4
/
4
,
88% 35 85
91
87 sale 8/
Leh VaiN Y lst gu g 41 1114u J -J 10714108'. 108 Sep '06
/
4
8
Erie 1st con g 4s prior..1991 4 -.I
107 107
1073 107 Aug'06
4
1361 86¼
/
4
Registered
87¼ 86¼ Alay'09
11140 3.4
Registered
11/1/0 J -J
1,7
98
1/7 12 Sop '09
07')
1
4
77 .51 6111 80
/
4
75 4 Sale 75/
Lehigh Val(Pa)cons g 46 2003 .v1-8
1st cousol gen lien g 48 1991 J -J
1154 J'ly'05
La% 118%
55,leen'07
Lett V Ter By 1st gu g 58 1941 A-0 115
Registered
19116 4.4
DM/Oct '111)
1
4
114
85 Sep '08
754 OU
84
Registered
1941
1951 F-A
Penn coil tr g 4s
105 4 109
108% Sep '011
4
86 .
165 63
8,
414 Leh V Coal 001st gu g 56 1933 J -J 11033 .
831 Sale 82
/
2
1963
50-year cony 4,A
,
96
97
/
4
75 135 571 80
8
733
/
4
LeliSiN Y 1st guar g 48 1945 it-s 961 90¼ 913% Sep '1/1
'76
do
Series E 1953 A-0
/
4
115 11(314
115 1171 11614 Aug'09
Registered
1945 M-S
Bull IN I di, Erie 1st 73 1910
1131 Jan'06
/
2
1
2
1151 117¼
/
2
116 115/J'ly'01)
El k
N let pf 63
1914 A-0 102%
Chic & Erie let gold 5s 1982 13-8
i01, 10114
121 Dee'Ob
4
1014 A-0 101'4
10114 Sep '09
Geld guar 08
......
1121
/
2
Clev & Mahon Val g 58 1938
12812 1261-4
.26 1281 Leh A. find R See Cent of N J
/
4
Long Dock consol g 63 11135 A-0 126
Leh a: Wilkes
1.121
/
4120
114 114 J'ne'oU
es Cent of N J
Coal& UR 1st cur gul35 1922 NI-N
Leroy cto Caney Val See Mo P
106 110
Dock tt, Imp 1st cur 0s 11113 J -J 10314 105 110 Apr'09

'

bteee'AS:01:''

ILINC-ELEA\

-Continued on Next eitne.
UN BON II -

Gas and Electric Light
NYGELH& P g 53...1948 J-D 1031 Sale 1031 1031 17 100's104.
/
4
/
4
/
2
844 male 844
/
2
Purchase money g 4s...1949 F-A
/
4
853 813 831 861
s
/
1
Ed El Ill 1st cony g 68..1910 NI- S
100 1002
100 100 Sep '011
744
2
19115 J J
:0
1977 118
‘31 cousol gold Os
111'2 111 12.7'1y'09
1001 102¼ NYS:A.2E11,80P 1st con g 531930 F-A
/
4
/
4
981 May'01.1
/
4
/
4
101 1011 1011
N Y S Rich Gas 1st g 65.1921
971 Ply'09
/
4
100
100 102
9514 Sep '08
1013 Nov'05
4
96 Mar'08
Pat & Past* & E con g 53.1949 M.S
111.1 121
Pee Gas Si C 1st con g 65 1943 A.0 119 12(1 1191 Sep'09
/
4
/
4
611 Oct '01
Refunding gold Os
1947 M-S 103 1031 10312 Sep'09
101 1074 Dec'00
/
2
239 0
105 um
Ch ELL & Cke let gag Os 1937 J -J 10414 Sale 1041 104 12 6 ro3 104%
/
4
104% 1051 105 Ply'09
/
4
101% 103
Con 0 Co of Ch 1st gag 58.'36 -D 1024 103 102 Sep '09
90 100 IOU May'09
100 100
863 947
4
4
1012 Sep 'UV
/
4
10114104¼
Ind Nat Gas& Oil 30-yr 5s'30 SI-N
941 941 Aug'09
/
4
101%1018
4
110 118
1.01% J'ly
120 117 12 Aug'01)
Mn Fuel Gas 1st gu g 03.1947 SI-N 1011
/
4
9012 994
88 Sep '08
99/J'uo'09
1
4
Syracuse Lighting 1st g 63.151 J -D 100
.
,
103
1 102% 105
110 May'05
102%104 103
Trenton 05 El let g 53 1949 m•S
101
100 Ply'09
100 101, Union Eleo L& P 1st g 58 1932 M•8 100
90 Jan'08
4
91
91
9 91
91 12 Dl
921 Utica El L(lb P letsfg 55 11)30 4-4 103
/
4
/
4
102', 102
108%
Westchester Light'g g 5s 1050 J-D 10314 105 102131ar'00
*No price Friday; latest bid and asked this week.a Due Jan S Due web 4ime Apr e Due Kay
Dae J'iy he Due Aug •/Ate Oct q Due DOO SOption Oats

Gas and Electric Light
Atlanta 01- L Co 1st g 6s...1947 J -D
kikiyn U Gas 1st con g 56 1945 91-8
Eutialo Gas tat g 5s
1947 A-0
Columbus Gas 1st g 5s
1032 -J
Detroit City 0,03 g be
J -4
Det Gas Co con 1st g 53 1916, F
Eq 0 L 1 1st con g 63 1932 .viGas& Eleo Berg Co c g58 1949 4-1)
lir Bap L Co let g 5s 1915 F -A
Hudson Co Gas 1st g 5s 11/411 M-N
(Ms1st g 051022 A-0
Kan City(Mo)
Kings Co El L & 1' g bs 1937 A-0
1997 A-0
Purchase money Os
Ed El II Bkn Dawn g 4s1931) 4-4
Lae Gas LotSt List g 55.31919 (4-F
1934 A-0
Ref and ext let g 5s
Milwaukee Gas L 1st 4s 1927 34-14
Newark Con Gas g




103
107%
68
67

108 Sep 'OP
107 It, 108
69
12 130
/
4
671
74

OCT. 9 1909 ,

New

BOA IP.
N. Y. STOCK EXCHANGE
W KKK ENDI8(1 OCT 8

.Price
Friday
Oct 8

York Bond Record- uontinued--Page 3
Week's
Range or
Last Sate

20

Range
Since
January 1

RON lJ
N. Y. STOCK EXCHANGE
Wake E3017/i4 ocT 8

11.2.
=4;

Price
kridav
Oct 8

903
(Peek's
Range or
Last Sale

Range
0o

N17106

anuary 1

lily?, Ne Low High,
Ask Loll)
Bia
1.3141n & Man Bch See B I
High No tow High
Vi how
Ilia
4
/
915 28 111 94t4
4
/
91 Sale 901
Long Dock See Erie
Lb U 112% '7 1 Cent& 11 [tiv g 3128 1997 3.3
11234 Sep '09
8
1125
4
/
4
/
891 '305 001 Sep '09 .... 9214 934
Long 18i'd-lst con g bs /41931
1907• J
Registered
4
993
40 9334 961
4
/
/41931
90
05%
1576
1st consol gold 48
4
/
971
1934 M•N
Debeu g 48
96
'09
97% Sep
4
)
, j 973
193 T•l
4
4
8'23 25 825 853
4
/
4
/
821 8:31 8214
General gold 48
8 1998 F•A
4
/
Lake Shore coil g 31
10012 1062
4
/
104 1001 Apr'0
8
4
/
4
/
4 801 841
1922
4
/ 81
8214 801
Ferry gold 4128
1998 F -A
Registered
995 Oct '00
97
00
4
/
1932 J -D
1 801 84.4
82
82
Gold 48
s. 1998 F -A
98
4
/
31
Rich Cent colt g
96
4
9135 973 99 Sep '09
4
/
821
1949 M•S
83% 82½ J'ne'09 ....82
Unified gold 4s
1998 F -A
Registered
......
1045
19:1,1 J.1)
4
100% 1003
14
Debeeture gold Is
6
993
Beech Creek 1st go g 48 1936 J • J 1005101 100. J'ne'19
97
985 Sop '011
4
953
1949 .‘11-S
102 Mai'04
Guar ret gold 4s.
J • J 101
1936
Registered
4
M-S 1053
Ilklyn & Mont 1st g 68 1911 M-S 10(1
1936 J -J /07
2d gu gold bs
101% Dec'08
1911
8412
1st 53
Beech Cr Ex t 1st g 3128 5105] A•
,
L10 41\ ev'06
2
/
1931, A-0 1001
, /
974 171
4
97', Apr'09
N Y B&M B lateen g58 1927 Sl•
Oart & Ad 1st fru g 4s 1981 J-0
103 108 105 Apr'07
N Y& 1111 let g58
Gouv & 08W0 ist gu g 5s 1142 J •D
109 Nov'06
Q-J
IOU 1005
99 1005 1004 Sep'09
Nor8311.13 1st con g gobs o1932 51.S
4 Sep '09
Slob & Mal 1st gu g 43 1991 Ni•S
99
.
96
043 981 973
4
/
105 Oct '02
94%
Louisiana & Ark 1st g 58.1927 .1.1) 117 Sale 1161 117
N 3 June R gu 1st 45 1980
4
/
4
/
4
/
1151 1171
19:35
91
9014 Oct'0L.misv A, Nasnv gen g 6s 19:37 M-N 116
N 14% Harlem g :312s 2000 M-N
116 Oct'09
110 117
()old us
4
991 8.916 994
N Y& North 1st g 58 1927 A-0 .•..•11: 1075 Aug'08
101 905 1024
1)95
1940 J -J
...
100 Sep '08
Unified gold 4s
N Y& Pit 1st con go g 4s 1993 A-0
100 May'09
100 100
1940 J -J
Registered
Nor & Mont 1st gu g 58.1916 A •0
8
105 J'ne'08
1910 A-0 1005
1811 1314
4
/
4
/
Sink tuna gold 6s
68.1132 J -D 124 1301 13112 Jan '09
Pine Creek reg guar
4
/
1101 Sep '09
4
1083 110
1931 M-N 1104
4
/
109 lii
4 101)5
Coll trust gold Is
R W&0con 1stest5s.h1922 A-0 109 1101 109,
4
/
4
/
1118 1111
111 111
1111 J -D 1111
105 105 Jan '08,
Nil & Nash 1st g 6s
Oswe& R 25 gu g 58...e1115
1031
2
/
4
• 107 L4 107%
1077 J'ne'09
L Cm .% Lox gold 4128 1931 m-N 125%
• 1243 125%
R WS40T RDA gu g 58.1918 M-N 100% 109
4
125 Sep '09
1930 J •J
..
103 Sep -06
N 0 & M 1st gold 68
Rutland 1st con g 4128 1041 J -J
120 120
120 Jan'09
1930 J • J 118
9312
91
4
/
931 Aug'01
14
N 0 d,111 2d gold 614
1005 108 1074 Aug'
Og&LCham 1st gu 48 g1948 J -J
00
903 92
.
Pensacola Div gold 68-1921) M-8 11414
4
/
911 92 J'ne'09
-Caned 1st go g 414.1941 J -J
hut
117 May'07
1921 M-S
115 115
1st gold Os
115 Feb'09
St L Div
St Law & Adir 1st g 5s 19116 J -J
75
68
71
71 May'09
71
M-S
1980
125 Feb'083
2(1 gold 314
199, A-0
20 gold (is
94% 30 94
933 Sale 94
4
4
/
901
1034 Dec'08
ALI Knox & Gin div 4)4 1955 M-N
Utica & Blk Riv go g 43 1922 J.J 101
110 116 Ply -06
J -D
16 91
95%
1(2
,
Att Knox & Nor 1st g 5s1940 32-S
Lake Shore gold 3128- 1997 -D 92 Sale 91:4
110 Jan '00
110 ill)
101, 1111
4
/
2Ang'09
4
1)0,
/
Hender ridge 1sts f g 08.1931 J
11197 J -D 901
Registered
17
4
97¼ 97 Sep '01
183
96
4
08 04, 97
96
95 sale 943
4
Kentucky Cent gold 48 1987 -J 1051 ,
4
1928 Al-S
Debenture g 48
103 Dec'19)
1145
4
977
14% 821 93
4
043 Sale 9412
L&N & N & N 181 g4'28
1931 M-N
25.year g 48
4
/
90; 11) 88
J
1)01 Sale 90¼
1)15
L& N-South 51 Joint 413.1962 F- A
Ka A.8 G 11 1st goo 58.1138 J -J 1 12
113 1131 Ply'09
112115½
4
/
4
/
1st gu g 5s 1037
1131 116 109 Oct '4)7
N Fla & S
Mahon 0'1 RR 1st 58..1934 J -J
81945 J -J 103 106 76
4
1
100 May-08
N&C Bdge gen gu g 4/
Pitts & L Erie 2(1 g be•a1928 A-0 102
'011
109 1098
10914 -I a)
F.A
4
/
1301 Jan '09
13051305
Pens & Atl let gu g 68 1921 II-A 110 114 110 SCP
Pitts McK4.74 Fist gu 66 1932 J -J 127
1105111'
'
09
gu g 58 1930
126 12
S & N Ala con
1134
25 guar Eis
955
94
9414
4,
94,
M-8
L & Jell Ildge Co gu g 48 1945
MoKees& B V let g 6s 1918 .• ,j 111.5
101 Feb -09
101 101
L N A & Ch Bee I & L
Mich Cent 1st consul 63 1109 31-S
S
7.4 ahou Coal See S
1931 M-S 113%116 114% Oct '08
5s
4
/
921 100
06
081 08% Sep'09
4
/
11.9 J -ne'06
112
J17 anhattan fly consol45 1990 A-0
1931
Registered
104 Apr'1/6
1990 A•0
4
1005 1001
99% 1005 11104 Apr'09
Registered
-M
1140 J-J
4s
9114 100%
4
/
931 11
4
/
191 99% 191
2
/
4
/
1061 Nov'OU
StinpLt tax exempt 199(1 A-0
194( J•J
Registered
110 J'ne08
SIca'pt & B V See N Y. Cent
1)51 3.1•S
j1,4% )3 1st g 3128
4
/
4
/
831 06'4
4
/ 951
058 Salt 051
1911 .1-J
4
/
915 931
91
4
1
/ J'ly'09
Rex Cent cons g 48.
1'152 M-N
4
/
1st g 3 128
4
/
'241 271
'253 278 26 Ang'05
8
al939 J'ly
92% [j 921 954
4
/
1st 00118 (110 g 3s
1921. A0 92% Sale 02%
20-year deb 4s
4
'203 255
2512 Apr -09
-D
241 COL18 inc g 3s trust recta.
80
Bat C & Slur lst go g 38 11181
80
60 J'ly'09
101 1004 Sep '01)
mit 102/4
Rex Internet 1st con g 48.1977 3.9
NY Chic& St, L 1st g 48 1937 A-0 100% 100 100 Aug'01
SO Feb'08
4
/
100 1001
4
1
Stamped guaranteed .1977 34-S
1937 A-0 19/
Registered
100% 101
100% May'09
8
913
011-2 911 Sep '09
4
/
Rex North 1st gold 08 .1910 J -D
M•N
1131
Debentures 18
4
/
6 9 101 1041
1023
8 Salt 102
&Lich Cent See N I Col
West Shore 1st 48 go. 2361 3-3 i023
4
/
40 WU 1031
4
/ 101
Rid ot N J Sesfirio
2361 -J 101 Sale 1001
Registered
Ull L S & W See Clilc&N W
N 1.8 Greenw Lake See Erie
Sill & North See Cli N Ss St
4
/
2J'ne'09 .•-- 1321 1331 N Y & Har See N YC&Hud
4
/
1321
Minn & St L 1st gold 7s..1927 J-D 133
W
Y Lack & W See D L
118 Jan '07 -...
Pacific Ex 1st gold 68...1921 A•0 108%
4
101 4 May'01 ••.• 1013 103'4 NYLE&W See Erie
South West Ex 1st g 78 1910 J -D
4
/
1111 1111 N Y & Long Br See Centof N J
'
,
1094 1195 PlY 09
N
1934
133% 146
a
6 Sale 1427 144%
1st(meet gold bs
844 8714 N IN H.8 IL-Cony 68 1948 3-3 1427 Sala 109
4
/
841 85 Sep '09
110
1)75111%
1st and rotund gold 43 1946 iVi•
4
/
1956 J -J 109
Cony deben 31s..
117 Apr l/6 -•-•
2
/
911 92
4
/
1.181 Deo'0:
Des Al & Ft D 1st go 48..'36
g 58 11)37 .11-N 1165
Housatonic R con
107 107
107 Aug'01
Slinn & St L gu See B le& N
N 11.8 Derby con cy 53 1918 IA-N
5
4
/ 995 11 09 1004
6
903 Sale 011
J -J
01 StP&8851 con g 4 int gu'38
N Y & North See N Y
119
99 J'ly'011 .••. 99
4
/
1)81
973 99.4
4
4
985
97% Sale 973
5188 N & A 1st g 4 Int go 1926 J -J
N 10 & W ref 1st g 4s..g1992
2
1
101/J'ne'Ut,
Rhin Un See St I'M JIM
14
100 . 10 98%101 14
g1992 M-S
Regis $5,000 only
J -1) 100 10014 100
Ro Kan & Tex 1st g 4s 1990
Y & Put See N Y
885 111 863 88"4
4
Sale 88
88
919110 F-A
25 gold 4s
1044 10012 NY&14B Bee Long Island
105% 100 Sep '06
1044 M-N
1st ext gold be
8
854 i4 83% 8776, N Y & W Sea Erie
s47
85 Salo
2004 3.1•S
1st.8 refund 45
4
/
901 71 10
1135 N Y Tex & M See So Pao Co
1105 Sale 90
11136 -J
J'ne'01.
104 104
4
/
Gen s I 41s
1941 M-N 103 Sale 104
4
/
891 Nor & South 1s1 g be
58 Apr'09
88
2001 A-0
*. 1265128
1264 1264
St L Div 1st ref g 4s
4
/
1131 M-N 1205
1091 Mar'01 ••-• 10912 110
Nonf 80 West gen g 6s
1940 31-N 105
129 129
129 Mar'013
Dal & We 1st gu g 38
93 Apr'09
93
(Ns ext g 68 1934 F-A /204 126 1281 J'ne'09
93
93
Improvem't
4
/
127 1281
4
/
Kau C & Pao 1st g 48 11.11U F- A 113
1132 A-0
ill
113
113 1141
2
/
New River 18t g 6s
4
/
4
/
991 41) 98 1001
Sale
U9'
hie K & h 1st gu 6 58 1142 A •0 10711138 1004 Aug-09
2108
/
108 112
N & W Ry 18t con g 48 199 5-0 995
1942 M-N
97
97
97 .Ply'M
51. K & Ok 1st gu us
106 Sep'09
199 5-0
105 110
Registered
100 1063
4
95
13
934
UK& ToIT lstgug58 1142
134 93-2 935
J
4
Div'11stl& gen g 4s 1944
111 110, Apr'59 •..• 11.04 1104
4
/
113 4 1035
1021
ElherSh & So 1st gu 658 1943 J -D
4
/
8
1932 .1.1) 1021Sale 10i% Oct'01 148 893493
10-25 year cony 4s
1(17 set)'01' ....• l0t 1113
91
94
Tex& Okla istgu g us 1943 31•S 112 107 113 Sep '01 ..•• 113 110
Pocah C & C joint 46 1941 J-D
10<3 1.2 ireu'95
kto Pacific 1st con g 6s _1920 Sl-N 1011114; 101
105
16 100 12 102%
(I& T let
1122 J -J
g bs
102
4102
/
4
/
4
963
4
211 954 981
Trust gold Os stamptid a1917 SI-6
4
903 t'ale 963
Scio V & N N 1st gu g 4s 1989
07
1041 Feb'
2
/
a1917 51-S
Registered
4
/
4
1021 '2 101 1033 North Illinois See Chi & N
4
/
1920 - A 1021 Sale 102
gold 58
1st cull
.
4
/
4
/ 811 27 783 854 North Ohio See L Erie & W
IA-8 8012 Sale 801
1145
4
/
561 1025104
40-year gold loan 4s
4
/
1021 Salt 1021 103
% J'ne'09 .•.. 105 90- Nor Pac-Prior lien g 48 1197
4
953
1938 si-N
101 103
;i,
10212 Sep'09
3d Is extd at 41:
115 18
1997
Registered
81)
h 15
948 Sep '91)
75
s
74' lu 73
73'-..
Cent Br By Ist gu g 48 1111 I' -A
73% Sale
91
General lien gold 3s....a2047
89 Mar'09 ••.• ID
•1)
4
72% 743
4
/
721
Con Branch U Plat g 1:1 1148
72¼ 72%
Registered
blar'05 •-- • ......
a21/47
110
975
96
Sep 4/9
Leroy& 0 VA Llstg5s 1926 J - J NO%
965
St Paul•Dul Div g 4s. -Mb
91.04 100%
6
1003 100%
Pao Rot Mo 1st ex g 48.1938 F- A
Dul Short L 1st gu 5s..1916
4
/
1121 115
115 Sep 7e9
J -J
2(1 extended gold 5s 1938
C B& gcoll tr 44 See tit Nor
101 5 112
1091 1095 1095
4
/
120 121
St Lir Md.,Sgen con g 581931 A•O
120 Sep '01,
1205
St P & N P geu g 68-.1123
4
/
1101 111 Sep '01) -• 110 4, 111%
115 1205
Gen con stamp gt(ig 581131 A•0
119 120 115 May'09
Registered certilic's..1923
88%
90%
86
874 81% 88
J •J
Unified.% ref geld 43 1921
11714 _Ply'07
1131
4
/
6
893 89
8914 11 884 91
St Patti.8 Dal 1st 5s....1931
811
ltiv&UDivlstg4s 1933 114-N
104 104%
4
/
1041 Sep '09
1041
4
/
1917
2(15s
4
/
1071 Apr'Uti •
......
g 58 1926 NI- 8
9712 99
Verdi V I & W 1st
90 Sep '09
69
US
1106
1st consol gold 45
18 Dec'00
J -J
4
/
2
921 921
4
/
921jan 'UV
AIWA & K Gist cons g 58 1153 J •
4
/
941
11/16
Wash Cent 1st g4s
1225 Aug'Ul)
4
/
11111 125
4
/
llb 1161
Slob .8 Ohio now gold Us 11127
115 rly
1101
4
/
4
Nor Pao Ter Co 1st g 68 1933
117% 1185 1173 J'ne'01)
117 118
1st extension gold lis.../4112', •s 89
By Cal See So Pao
110 Ply '011
Nor
4
/
801 91
.1936 -j
General gold 48
8
4 11276
4
1123 1123
4
/
1121 1127 Nor Wis See 081 P51.80
Uoutgoin Div 1st g Ils..i94 F -A
75 May'08
Nor & Mont See N Y Cent
....
St L & Cairo cull g 4s..51130
& W See C C cfo St L
...
Utj 101 Nov-04
11131 •J
Guaranteed g 48
hio Ray RR See Balt & 0
See Southern
M & U colt 48
Ore & Cal See So Pats Co
Rollawk A, Mal Seeli s C& 11
Ore Short Line See Un Pao
Slonongaliela My See 11 U
Oswego & Rome See NC
Rout Cent See St P N &
4
/
,
1081 1031 Sep '09 ...j11088112
I.)ao Coast Co 1st g
ac
I58_1146 J
Slorgan'm La 8, T See S P Co
I.
of Missouri See Mo Pac
Morris & 11;830X. See Del L.% W
4
/
4
/
1031 1041 8 103 105
110341125 Penn RR 1st real est g4811)23
78.1013 J -J 109 110 110% Sep '01
Mash Chat & St List
4
10912 1091
/
4
/
1091 Jan 'U..
1919 A-5 1091
4
/
Consol gold Os
8
1123 113%
4
1928 A-0 110 112% 1127 Aug'06
1.1 1st consol gold 5s
101 1045
101 Sep 'UV
CO11801 gold 4s
1943 NI-1N IOU
4
/
1161 May'07
Branch 1st g0 1923 J -J 117
Jasper
4
/
4
/
1912 Al-N 1011 Salt. 10334 [.405 432 971 1065
4s
/
Convertible g 31
J -J
11714 Mar'05
c.S1 51 W & Al 1st 08-1917
9114 1706 94% 100
11115 J-1) 9314 bale 18
s
4
/
Convertible g 31
113 J'ly'04
4
T & P Branch 1st 68.. 1917 J -J
1034 1053
1148 MN 104 18 sale l034 1045
Cense'gold 4s
..
Nash Vier & Shot See L & N
93 J'ne'ul
Alleg Val gen gu g 4s 1942 M-6 100
9434 18 027 96
8
4
/
941
04
9434
4
1s
Nat Rye of Mexpr L 4/ 1957 I -J
96
1)It it It& Bge 1st go 48 g.'30 F-A
89
4
/
871 6 86
6
877 875
1177 A-0
Ouar gen 48
4
/
1031 101
104 J'ne'01)
PhilaBal& W 1st g 48 1943 11-N 103'4
102 103
6
41027 102 Aug'011
/
14
4
/
Natol Alex prior nen 41 1126 J -J 1011
102 Jan '03
Sod Bay .8 So 1st g 5s 1124 J -J 100
80
85
4
843 84 Sep '09
1951 4-0 83
1st comet 4s
4
/
104 1001
4
1033 100 100¼ J'ly '011
U .N J RR & Can gen 48 1914 M-6
NOwU&D See N YN H& 11
NJ Julie lilt .S'ee N Y Cent

1

-Continued on Next Page
311SCEL1. kNEOUS BONDS
Telegraph and Telephone
.
Cool null 11 01,
4
/
931 6 9134 96
93%
4
923
Am Telep & Tel coil tr 48 1121 -• .1
08 100
4
J-D 993
100 May'09
B1111& Sum Iron a t
4
/
4
/
1936 M-S 1061 Sale 1061 1074 3941 1251075
Convertible 48.
97
4
973
a 11/.:0
4
973 I'ne'00
Debenture be
110
0
91 101 100 Sep - 398 100
1.14 1005 Mich State Telep 1st 58 -1124 F-A
I- -A
90 Sep'09
06
,0, ,ld0 gun a t g
4
/
984 i66 901 98%
1937 3-3
9834 sale 184
87
-..
97, 874 J
875 Poe Tel& Tel ist 614
Convertible deb g 58-.1111 I? A
4
/
4
/
1 981 1021
1005
1
84: West Union col tr cur 56 1136 3-3 1001. 1018 1(105 Sep
53 71
84
63
825
Col Indu 1st& coil 68 gu..1134 F-A
954
'099314 9634
95
s. 1950 M-N
4
/
and real rat g 41
Dee'04
Coutin'talC 151st go Os g.1952 F -A
0734
4
/
10034 Sale 1004 1.001 -16 84 10234
1930
Cony 48, Series A
Or Itiv Coal & 0 1st g 68..1916 A•0 05 100 102.8 Apr'06
102 IOU Mar'01 .... 95 100
Slut Un Tel 8 fund 6s. 1911 Nt-h,
107 May'97
Jolt& Clear CS, L 1st g 58.1926 .1-1)
I nittistriai
Ilataullteturing
1051 Dee'06
4
/
Kan& 11C & C lets tgOs.190l J -J 100
885
4
/ 854 170 80
4
/
841 Sale 841
1936 .7 •
Allis-Chalmers 1st 58
811
86
88
88 Sep '06
Pocalt Con Collier 1st s I 53.'57 3-3
4
/
63 96 1031
103
6
1928 A-0 102 1027 102
Am Ag chem 1st 055
78 Fee'07
98%
Sunday Creolc Co g 5s....1941 3.3
5 98
18
1.18
98',, 98
1915 5-1
Am Cot Oil ext 4125
4
/
1951 J -J 103% Sale 1031 lo33 12 1011 104
4
4
/
Tenn Coal gen Os
4
4
/
2
/
102 1023 1021 1021 2 963 1035
4
Hide & L 151stg 68 1119 NIAm
1064 109
101 108 Aug-09
al917 A•
renu Div 1st g Os
80
4
/
731 1 67
4
/
4
/
Amer Ice Scour deb g 6s 1926 A•0 731 Sale 731
1065 108
108 Sep'01
Dim Div 1st consol 6s..11/17 3-3
4100
/
4 951
97
4
/
1161 967
96
Am Spirits Mfg 1st g 68 1115 sl-S
110 110
110 jail '09
Co list gu g 68.1122 J -D 105
Cali
92 Aug'00 ..„ 9034 925
93
col tr 4s 1119 J -J
Atu Thread 1st
103 Nov'08
De Bar CI & 1 Co gu g 68 1910 F -A
4
/
76 1011 1125
4 111
4
/
87
87
Am Tobacco 40-yr g 68- 1944 A-0 1101 111 1101
87 Aug'01
87
1958 J -J
Victor Fuel 1st s I 58
81
805 sale 80
8034 73 74
1151 I-A
45
98% 4 95 100
4
/
9812 994 981
Va Iron Coal &eclat sr 58 19411 M-8
Doe -,ov q1Juellou 4 option kia141
/4Due .1.17 kilts° ,tua o Due 'idt
,No price yeuley; latest hut and asked. a Due Jan h Due Feb o Due Aar d Due
"




904
118/8 1E8
N. Y. sTIKIK 81M1l A NGE
WEICK EM.S0 OOT 8

New York Bond Record-concluded-Page 4
Price
Friday
Oct 8

Wee/c'
Range or
Last Sale

;-;.•
Range
g
Since
a4.4 January!

/
111/ o1
4
N. Y. STOOK EXCH A NG E
WEEK Exonvo OCT 8

&nee
hViday
Oct 8

(VOL.
Weeic's
Range or
Last Sale

Range
38
sines
)4‘c January 1

Btu
Ais* I.ovo
fligh No Low
Bid
ton southern Pao Co-/Continued;
Lour
11ion 54,
g
-J
Penn Co
-Guar 1st g 4.28.1921 j
105
105
104 109'-,
07
No of Cal gnat g 5s
112 Feb,
1938 A-c)
1921 .1-J 1(13's
Registered
1044 5Iav'09
W441041
Ore & Cal let guar g 58 1927 J -J 11)314
104 Mar 09
/
4
101 101
901
4
Guar 342s coil trust reg.1937 M-S
904 J'ne'06
109,
4
1014 Jan '(I1)
So Pao ot Aria let gu g 63.6'10 J -J
0114 10114
Guar 31 coil tr ser li 1941 F -A 89
/
4
90
91 J'ly'09
• 901 911,
S
4
)3co Pao of Oat-Us E& F 1912 A•ti
10412 J'ne'Os
Tr Co certif's gu g 348 1916
98 Sale 98
-15
2 96.4 98
/
41893'04
1141
let gold 68
1912 A.0
1942 -D
Gu 3.2s tr Ufa
90 Aug'00
91
89
112
90
116 Alay90
1st con guar g 5s
1937 M-N
S9'4
Ou 34s tr ars I)
1944 .1-0 90
4
931, 903 May'01)
9019 90%
104 A pu'Or •..
Paco(8.1 Alex let g 68 1911 J -J
Guar 15-25 year g 48.-1031 A 0
'99
98% WO
984100
90 J'ly 01.) •... 8814. ..
So Pao Coast lot gu 48 g 1937 J J
92
Cl &I Mar let go w 4126-1935 81-N 1003
4
110 Jan '05
Tex&NOSabDivIst g6s 1912 M-S 103 Sale 103
103
1021 103
/
4
C1& P gen gu g 4 lesser A.'4•2 J -J 109%
1103 Jan '09
4
110.4 110%
9814 A pr'08
1943 J • J 1034
Con gold 5s
Series B
1942 A-0
109% J'ly 0t;
1)4148010 1.141
1093 1093
4
4
91-',
4
o Pac RR 1st ref 4s
934 9018
J •J
Series 0 34
2s
96 Aug'014
1948 1I-N
2
95, 97
96
110 Sale 110
110
23 100 113 18
Southern -1st con g 53_19 3
96
94
9
5
Series D31
/
4
0
90 Ilay'08
1950 F-A
145's 97
110 May'0, • •.• 109 111)14
Registered
1994 J -J
Erie & Pitts gu g 3 2s B L940 J J
,
91
92 Apr'07
Develop & gen 4s SerA.1950 A-0 80 nate 80
818- 62 't0
85
Series 0
94
981 Apr'04
9012 sale
1940 .14
......
Mob & Ohio colt tr g 48 1938 51-S
110.4
90 4 it 854 :;01.,
.
Gr R& I ex 1st gu 244231941
104
1063 Dec'08
4
Mein Div 1st g 4'2-5s 1996 J•J 110 1 ll/ 1101 Sep '0'.• .•• 11014 113'.
/
4
1
4
Pitts Ft W &0 1st 70 1912
107
80ot'02
1273
St Louis thy 1st g 4s
Aug'01. ..••
891
88
4
1951 J -J
107 110 110 May .9
2(178
1912 J
1094 110
/
4
Ala Con 11 1st g 6s
108 8eir '08 •
J -J 1091
3d 78
107 Oct '08
81912 A-0 107
Atl & Danv 1st g 4s
924 Sep'09 -•• 9214 11212
921 93
/
4
' J -J
8918
1 14
/
4
Pitts Y& Ash 1st con 58.1927 .11-N 1101
110 Feb'011
110 110
28 4s
.1-J
8714 873 92 J'ne'U6
4
E'0080StLgu4/
8A...1940 A-0 1u7 108 107% J'ly'01
1
1
4
107%1094
Atl & lad let g guar 43 949 A-0 811 86
/
4
148
9
Series B guar
108 J'ly'09
1942 A-0 107%
108 109
001.8 Greens let (is
109 J'ne'll • - -• 109 1104
,
1916 3-8
Series C guar
1942 11-N 1074
1124.1'1.8'05
E T Ve & Ga Div g 5s 1930 J • J 110
1.103 I LON
8
1093 Ill
4
99%
IOU Aug'09
Series 1) 48 guar
1945 M-N
- 0) 102
1- ..
Con 1st gold 5s
1144 1144 1 110.21141
/
4
195)3 51-N 114.8
96 Seib 96
Germs If. 342 guar g
1941) F -A
116
1 94
B Ten reor lieu g Os
98
/
4
1938 M'S 106 1071 107 Apr't) .•• 105 11/7
36
Series F 48 guar
/
4
1953 J-0 991
Ga Midland 1st 3s
68 Aug'09 •.•• 64
05
08
1946 A-0 61
C St L & P 1st con g 58 1932 A-0 1131
4
114 J'ly 8/9
114 116',
Ga Pao Ely 1st g (is
1;6% Aug'0
114% 11'7
1.)22 -.1
Peimacola & All See L & Nash
Knox .8 Ohio 1st g 6s 1925
4
118411814
J 115 1161 1181 NIRY'1W
/
4
Peo & East See000&StL
e
aloud:, Dm prior lieu g 5s 1945 J -J 1034
1153 Apr'00
Pee & Pek On let g 6s
1(6 Aug'09
1921 Q-F 116
116 116
82 Nov118
81.
Mortgage gold 4s
85
1945 J -J
2u gold 4's
1003 Dee'05
51921 M-N
4
110 J'ne900 -••• 1084 111
Rich & Dan con g 66.-1915 J -J
Pere Marq-Uhob W' Ss 1921 J.0
1011 105 Aug'09
/
4
105 106
A-0 107 10812 92 rne'08
Deb 38 stamped
Flint & P M g Os... .....1920 A-0
11212 112 Aug'01
112 115
75 Oct '08
Rich & Sleek 1st g 4e 1946 51-N
927
cousol gold 5s
1939 M-N
107 1071 Ang'01)
/
4
104% 101 12
1014 103%
So Car & Ga 1st g 53
19111 An-N 101 105 103 Sep '09
Pt Huron Div let g 58 1939 A-0 106 111 107 Aug'09
110
112 Oct
107 1084
......
Virginia Mid ser C us 1111i.
••
Sag Tus & It lst gu g 48 1931
1084 Inv '00
108.4
Series 1) 4-58
1921 41.
Phil 13 & W ,See Penn RR
108
109 J'ly
109 109
Series E 58
1926
Philippine By let 30-yr a f 46'37 J -J
931 93 May'09
90
/
4
109 Aug'09
03
107 1101
General 511
05
/
4
.
1936 M-N 1094
Pitts Cut & St L See Penn Co
1094 Mar'09
Uuar stamped
1074 [0914
1936 M-N
Pitts Cleve & Tot See B & 0
1161 Jan '07
/
4
91
W 0.8 W 1st ay gu 45 1924 F-A
Pitts Ft W &
See Penn Co
1081 Aug'09
4
West N 0 let con g 68 1914 J -J 107
1081 109'4
4
Pitts MoKees & Y ,86.6 N Y Cen
6 (Pa N Ala See 1&N
Pitts Sit
L E 1st g 5s 1940 A-0 1151411514 1113 J'ly'09
116 1164 Spokaue Internet 1st g 68 1955 •.1 1051 1063 10614 Sep'00
/
4
1063 106%
4
4
let coneol gold 58
1943 J -J
116
/
4J'ly'97
1131
'et A ot St I. ist g 41
10/ 12109
/
4
0_1939 A-o 107%109 108 Sep '09
PHU& West See B &0
1 lit con gold Os....1894-1944 F-A 11041108 11618 1161,
115 117
D eadmg Co gen g 4s
99.2 Sale 991.3 100
1997 J.J
67 9912101
98 Aug'0P
Gen refund 3 t g 48
1)71 98
/
4
116
93
1933 J -J
13Y Registered
1997 J -J
98%
983 Sep'09
8
98 4, 100
St L M lige Ter gu g 58 1930 A-0 101.1%
1104 Pne'09
1101
41104
Jersey Cent colt g 48 1951 A 0
90', 98
98
4 9612 9842 Pox & N 0 See So Pao Co
Phila & Read cons
1911 J.D 1034
4
11)21 Sep'09 .. 1024 10214 Tex& Pao let gold 5s
3 112 119
/
4
4
2000 J.1) 1124 1123 1121 112%
Rensselaer .8 Stir See D& 13
7s..
26 gold inc 5s
85 Aug'09
83
05
75
q2000 Mar
Rich 40 Dan See South By
La Div B L 1st g 5s
103 Sep 'UV
103
103 103
:
1991
9 50
Rich & Mock See Southern
101)
W Min W& N W let gu 58'30
10814 Nov'04
Rio Or West See Den& Rio Or
l'ol & 0 C 18t g 5s
J -J 111
ill Sep 'UV
Ill 1121
/
4
Hoch & Pitt* See B R,RP
Western Div 1st g 5s 1933 A-0 111)12112 112 Sep '01)
112 112
935
Rome Wet & Og See N I" Cent
J-1)
General gold Os
1044 Sep '09
1(1312105
Rutland See N Y Cent
Kau & 5( 1st gu g 4s.....1933 A-0 91
03 Sep '09
I.2
92% 95
19110
94t 94% 9142 Sep'09
ore
Tot P.8 W let gold 48
11117 J -J
86'4 941
4
:13:iep'09
4 4
9512 96
ln J-J
Tol St L& Wprlien g 31 1925 J -J
92
90'a 1)1
97
904 bep
/
4
3
89La 91%
St L.8 Cairo See Slob & Ulm
A-0 801 Sale 804
5U-year gold 48
4
b 80
81
8814
St L.8 Iron Mount See M P
Tor Ham & Bull 1st g 43./11946 J-D
913 Apr'09
913 91%
4
19 1
31
at L 51 Br See T lilt A of St L
later & Del 1st con g 5s 1928 J
108 Aug'01.1
107 1081,
8t Louis&
--ieng 68.1931 J -J 122 123% 12314 Sep'09
let refund g 4s
1221
/
4124%
/
4
89 Sep 'Mr
1952 A-C) 881
89
89
General gold foi
On Pee RR & 1 gr g 48 _11147 J • J 102% Sale 1021 102% 93 102 MIN
10912 10912
1931 J • J 109
/
4
1094111
92
L & If RR cons g 4a..'96 J -J
1 -J 1011
92
Registered
/
4
91
1014 Sep '01.
964
1003 103
4
Gen 15-20 yr 38
89% 30 88
4
893 Sale 891
1927 M-N
8
20-yr cony 48
8
913
4
1927 J-J 1163 Sale 1164 LOP, 2579 102 11414
11)47
Southw Div let g 56 1947 A-0 1004
10012 Aug'09
1st & ref 48
1001
/
4191
98% 4i 1163 100
98 bale 98
4
g2008 .11Refunding g 48
841 Sale 84%
1951 J -J
85'2 52 84% 89
4
Ore 147.8 Nov con g 48.1946 J
119144
111114
984
1/8
1"3'8
KU Ft6 & M con g 68 1928 M-N 1194 121% 1194 Sep'09 •... 116%12012
Ore Short Line lstg 68..1922 F-A 118
1183 Sep '00
4
1.18441201
/
4
K C Ft8& Ry ref g 4s 1936 A-0 82's 833 8212
83
87 823 86
lat oonsol g 58
4
y
3 113/ 118
1
4
1946 J • J 114 115 113% 114
KO& MR& Bletgu5s.1921) A-0 100
Guar rotund 4s
•D
......
941 23 934 oist,
931 bale 0314
/
4
/
4
1929
971
Oz'rk&
lat gu 5s g.1918 A-0 97
97
Registered
94 Jan 'Oil
9712 97
98
04
114
1929 J -D
St Lotus So See Illinois Cent
Utah & Nor gold 5s 1926 J -J 1074
993 Aug'09
8
119.8 1001
/
4
St LS W 1st g 4s bd 013.1989 51-N
94'2 27 921 95
933 94
Uni NJIiii&C Co See Pa lilt
4
/
4
2d g 4s um bond etf8-2)1981 J -J
84
Utah Central See Rio Ur Wes
79
$5
8412 8314 Oct '01)
CO13801 gold 4s
78
1932 J -D 78 Sale 77.4
84 771 81, Utah & North See On Pacific
/
4
4
Gray'sPtTer 1stgug fai 1947 J -D
96
1014 A.pr'07
Utica & Black 11 See
ent
• ..
St Paul.8 Dui See Nor Pacific
Vendetta consol g 4e-------351 F -A
98 Nov'Ob
St P Minn & Man See Cit Nor
/ era Cruz &Plat gu4431934
1.16 Sep'09
96
96
& 84or Pao See Nor Baio
Ver Val Ind & W See Mo P
8tP & S'x City .866(1 StPM &()
Virginia Mid See South By
8 A.& A Paris 1st gu g48-1943 J • J
884 894 89 Sep '09
884 92% Va & ISouthwit 1st gu 58.2003 J•J 110
1.10
110
110 1171
/
4
81 &N P 1st sink I g 08.1911. J J 104 106 11U Uet '05
let cons 50-year 5s
11158 A-0 97 IOU
981 Aug'01.
/
4
981 100
4
Say h'& West See All Coast L
IV abash 1st gold 58
4
li14
1939 8-N 1123 113 113
1039
111.4 1141
/
4
TV 26 gold 58
Scioto Val (112
Bee Nor& W
F-A 100 102, 101 12 1008 0 1011
/
4105
2
Seaboard Air Line g 4s
Debenture series B
91 Oct'09
11151) A-0
1338 91
90
2
1939 J -J
100 JUL J'Iy'W)
86 101
Coll tr refund g 5s
let lien equip a id g 5s 1921 v1-8
99%
99% 12 951
1911 M-N
/
4100%
101 1024 May'01.
10212 10212
Atl-Birm 30-yrlst g 48 61933 NIlet lien 50 yr g term 48.1954 J -J
85
86 Sep'09
86
85
Si 5lay'01.
86
87
87
874
Car Cent let con g 48-1949 J -J
933
2
let ref and ext g 48
85 J'ly'08
73% Sale
73
'14
1956 J-J
71% 804
Fla Cen & Pen 1st g 53.1918 J -J 101
Det & Cli Ext let g 58 1941 J -J 10113
10714 Aug'00
Aug'09
4
1104
108 111 14
1st laud gr ext g 5s
Dee Moin Div 1st g 4s 1939 J
193() J -J
83
08% 14114
91's 8'ne'0,
Consol gold Cis
1091 alar'05
A-0 754 84
/
4
1943 J -J
Om Div lst g 3 28
,
78 J'Iy'01)
78
80
Ga 8.5 Ala Ry latcon 513 01945 J -J
Vol.8 Oh Div 1st g 4s 194 V1-8
10612 J'ne'011
914 May9)9
90
85
90
1941
1021 106 4,
9114
/
4
Oa Car & No 1st gu g bs 1929 J -J
4'3
Wab Pitts Term 1st g 48 1954 J
45 Sup '01;
109 10512 Mar'09
554
42
105 106
8eab & Roe 1st Se
1073 J'ne'00
43 salt
1920 J -J 106
4
Trust Co certfs
4212
44
553
4
106% 1073
4
Sher Shr & So Bee
.1.1)
K&T
26 gold 48
1
bt
8
: 8 Sep '01144
1954
StlSpOea&13 See AU Coaat L
8
•
Sale
Trust Co cents
71 14'4
4
So Car &(la See Southern
Warren See Del Lae & West
Southern PRO160 Co
Wash Cent See Nor Pao
Gold 4s(Cent Pao coll).k1940 J -D
911 921 913
/
4
/
4
4
/
4
921 41 90
0512 Wash 0.8 W See Southern
Registered
311941) J -D 86
/
4
921 933
933 Aug'09
/
4
913 921J'ne88,
4
4
4
85
933 Wash Terml lat gu 1;.2s..1.945 F -A
4
20-year cony 48
843
8
84
g1920 M-8 10312 Sale 103% 1013y 1331 9712107
- 82% 88
West Maryland 1st g 4s. 1952 A-0
.
Cent Poe let ret gu g 4s1941) F-A
61
69 Aug'01.
974 bale 97'.
73,
Uen & cony 43
2
1'?', 101 1161 98/
1952 A-0
8
8
Registered
(42
Sep '01.1
Ma If-A
73
68
. 69
Trust Co certfs
96
963 96.4 Sep '01.1
9714
4
Mort guar gold 312s..k1920 J
102 102
102 J'iy 'U..
89
894 89
W Yu 0ent w
894 17 89
lat g (is 11111 8-3
93.
4
Through St L let gu 4s'54 A•0 1/3
110 117
/
4
93 Sep 911.1
94
West N 1.8 Pa let g 58.-193'4 -3 1121 sale 1121 1124
/
4
115
93
Gal tier & A lat g 6s 1910 F-A
91
91
87
lien gold 4s
1/43
1011 Apr'09
8
4
92
1943 A-0
1011
/
41014
Mex & Pao 18t g 53
1931 M-N 108% WV% 11144 Apr'01.
34 Feb817
Income Os
(41943 Nov
110 112
Gila V Li& N lat gu g 58 1924 M-N 1041
1043 Sep '01)
4
/
4
104 1043 West No Car See South By
4
Hotui B & W T 1st g 58 1938 V1-81 104's 105 105 4 May'uu
'014
107 109
10714 Sep
103 105.4 Wheel'g & 1, E let g 5s...1926 A-0 1084
let guar 5s red
95 J'iy
1933 1-N 11131
/
4
Wheel Div let gold 58..1928 J -J
10312 Apr'013
10312 103 4
& T0lat g 50 int gu 1937 J -J 109.4
/
4
10'J% Aug'09
1031 1)ec808
Exton & Imp gold --. .11)30 F
..
1093 1104
8
Como'g 6s int guar 191'. A-0 109 2
RB lit °ousel 4s--10714 Nov'07
1
4
833 90
86% 80/ Sep '01
4
,
85
1149 It-S
Gen gold 4s nit guar 1921 A-0 94
99 Dec'08
20-year equip s f 5s ...1922 J -J
961 95 Sep -01)
/
4
95
95.2 99
86
Waco& 81 W div 1st g 68'30 vl-N 116 118 116 Dee'06
Wilkes.8 Emit See Erie
£&N W 1stgug5e.194l J -J
1074Jan 09
See kit P & 51
10712101¼ \VII & Sioux
Morgan's La (lb T 1st 76 1918 A•0 11714120 1221 Aug'08
Wis Cent 00-yr let gen 4s 1941 1-J
/
4
95'4 Sale 95
/
4
8
9512 52 891 961
let gold Os
1920 J•J 114
116 Nov916
Sup& Duidiv& term let48'36
4
- 984 Side 931
9312 31 92% 95
•

P
St50`18dt te,t„

U

.AN £0
Mamilacturing & Industrial
Armour &Co 1st real est4125'39 J-D
934 Sale 931
94 162
4
Beth steel 1st ext 8 t 58..1926 4-J
90 8ale
9o', 343
88%
Cent Leather 20-year g 58.1925 A-0 1001
1001 169
/
4
/
4Sale 100
Corn Prod Ref s f g 58....193; M-N
981
98
/ 984 1
4
Di8tlibee Cor;env 1st g 58.'27 A-0 75 /Sale 75
758. 44
lien Electric dab g 34
0..1942
83 Aug'09
10-yr g deb 5s
1917 J-D 164 Sale 154
155
07
Int Paper Co 1st con g 63 11/1b F-A 104 105 105
15
105
Consol cony s I g 5s
1935 J -J
89 bale 89
89% 51
lot St Pump 10-yr cony. Os'Is J -J 10414 165 103 Sep '0:.
Lackaw Steel 1st g
A-0 981 984 981
4
98'. 11
4
N lAir Brake 1st cony 6s'28 M-N 114 salt 114
114% 6
Repub 1.88 lst&coltrSs.1934 A•13 1017 Sale Wu% 101/ Os
8
s
Union Bag & P let st 58 103t, J-J
96
18312 961
4
k
9612
b Leath God:deb g68 1913 .8-N 106 Sale 106
106
8
Realty& Icons'deb g5s'24 J -J
US
PO Sale 89
9014 55
U S Red & Ref 1st 8 f g 68.1931
94 bale 91
94
5
U S Rubber 10-yr coll tr 0211- J -D 105 Sale 105
105% 43
"No price Friday; latest Did and asked this week. a Due Jan




liON 1)s--Concluded.

Manulacturing & Induetrial
0612 U 6 8teel Corp-i coup .a1963 51-81
93
90'.
77
8110-60 yr 55. 1 rag ..81963 31-N
Ye-Car Chem let 5-yr tis 1923 .113
964101
95 100
Westin4house
& Ms I 5s '31 J.J
/
4
731 78%
Miscellaneous
84
80
Adams 11:X col In g 45
1948 hi-S
136 155.. Bush Terminal let 4s.. 195. A-0
2
101 101114
Cense! Os
1955 J -J
897 Ulue o & t Yard col g 56 11415 J -J
85
100 1054- Det 51& 51 III gr incomes 1911 A-0
99
93
instil for Irrig Wks 48 1943 31-N
108 1164 Int Mercan Marine 4, 1922 A-0
2
28
tilt Navigation late f 58 1929 F-A
98 102
4
4
913 9,
New No Ship & U D 5s81990 -J
11)414 106% N Y Dock 50-yr let g 48 1951 F-A
844 92
Providence See deb 48.-1957 M.N
95
89
Provident Loan Soo 4.28.1921 M-S
4
1021 106
6 Yuba Wet Co con g 68 1923 J - J
0 Due eel) 4 Due Apr eDa. May g Due ins

105% Sale 1054 106 494
1054 105%
US
1)81. 411
98 Sal.
94% Salo 941
/ 95% 256
4

/
4108
1021
101% 1081
/
4
933 100
4
904 95 2
,

9212 92
92 4 20
,
8
91% 903 Ply'011
/
4
951 J'ly'OP ••.•
100 J au'08 • •••
47 Apr'08
40
33
2
951 Sep '013
94 44
714 sale 71
724
85 rly '01.) •
85
96 A.ug'0:‘
95
943 '21
4
4
94% 943
.
90 Jan'09 • ••
164
95 .ply'09 •-- •
'04
112 J'ly

1/4
92
90
981
/
4
9112 951
/
4
......

92

95

it Due

p Due Nov

92%
6812
84%
..
Oi
90
95

9512
77
8811

954
90
1/8

sOutioalS41141.

CHTCAGO STOOK EXCEIANTIE-Stook Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND (DIVEST SALE PRICES
.8aturaam
Oct. 2.

Al onaay
Oct. 4.

Tuesaay
Oct. 5.

if eartesaair
Oct. 6.

4 aursaay
Oct. 7,

,Twat,
'
Oct. 8.

Sates
ot the
W eek
Shares

Hang( (or Previous Year
(1908)

Range since
Jan. 1 1909

STOCKS
CHICAGO STOCK
EXCHANGE

Highest

Lowest

Last Sale 180 Apr'09
Sep'09
Last Sale 134
212
213 *2
212 *2
212 *2
*2
Octa19
Last Sale 7
8
*7
8
*7
8
*7
8
*7
Last al 1934 Sep'09
112 *108 112
*108 112 *108 112 *108
---------3612 3612
3612 3634 3634 *3612 37
3614 *36
36
Last Sale 2413 Oct'09
25
*24
25
*24
25
*24
25
*24
Sep'09
Last Sale J
10
*9
10
*9
10
*9
10
*9
_
4 612 __,_
43
6
614 6 8
5
6 8 712
8
718 77
733 712
41
--41
40
41
43
43 *41
*41
*41
43
93
*41
82
*80
80
80
80
80
81
*30
*80
81
80 80
Last Sale 1734 Sep'09
18
*16
18
*16
*15
18
*16
18
51
51
5112 6112
51
51
51
51
51
51
501, 51
Aug'09
Last Sale 20
,
.1 _. 20 3..__ 20 *__ 20 *___ _ 20
Aug'09
70
Last Sale 70
*68
70
*68
70
*63
*68
70
51
5312
------51
*52
52
*52
5212 5210 52
5312
48
!
4712 473
4838 48
4838 48
4634 4678 47
4634 47
Last Sale 10212 Sep'09
*103 104 *103 104 *103 104 *103 104

;!ailroads
Chicago City By
100 180 Mch 8 190 Feb
Chicago & Oak Park..100
4 Jan 22
4
13 Sep '22
Do pref
100
15 Jan 22
7 Sep 21
---- Chic Rys part ctf "1"--- 107 Joe 4 11912 J'iy 28
-ia Chic Rys part ctf "2"-__
36 J'ne23 4534 tall2
Chic Rys part ctf "3"-__
24 Sep 7 30 Jan '29
U May 3 1312Jan 2
___ Chic Rys part ctt "4"._
100
434 Oct 7 2914 Jan 2
6,946 Chicago Subway
52 J'iy 7
200 (Inns City By & Lt_ _100 35 Feb 24
100 79 Jan
Do pref
45
8612 May18
Metropol W S Elev 100 1518 Sep 13 19 Mch 8
100 47 Jan 14
54 J'ne
"556 Do pref
100 20 Aug 11
25 May 6
Northwestern Elev
100 63 an 0 73 May 7
Do pref
45 South Side Elevated_100 50 Jar. 25 61 May i
1,405 Streets W Stable C L_100 2914 Apr 13 5134 J'ne 19
100 97 Feb 15 10712 J'ne 18
Do pref

1214 1
1258 1234 12
83
1
8312
823 1
21212 21212 -----130 130
Yi
---- --__ *67
*111
113
143 143
14234 143
Last Sale 18
June'W
a 1
June'09'
7...,.- ---- ---- ---- ---- ---- ---- -20-------------20
2134'
*1912 2019 20
20
*is
20
20
0112
-___ ____
5818 -------- 59
:i 58
5912 5812 583
58
59
*58
53
*52
54
*52
54
*52
*5912 5512 54
54
July'09
Sale 1
Last Ds 118 *1
113 *1
*1
118 *1
3
July'09
*2
Last Sale 21g
3
*2
3
*2
3
*2
31
31
32
32
32
32
*3212 33
*3212 33
*3212 33
137
13712 13712 *136
13712 13734 138 138
138
138 138 *13712
Mch'08
Last Sale 214
-- --- ---- ---- ---151
151
147 14812 199 152
145 146
-I2 145
0 -*1,- - 143- 1,12012
12058 12058 120 12012 120 12012 *120 12012 12012 12012 120
_
2234 23---2312 2358 2312 2312
8614 ---- __- _
- ---- ---- ---- ---- 8614 12812 12712 128
128 12
12712 128
812 12812
.12758 1213.1
6058 5934 60 8 593
3
4 593
4
615s 60
61
5978 01
5914 60
Sep'09
Last Sale 47
*43 ____ *43 ____ *43 ---- *43 ___
Last Sale 21g June'07
June'09
Last Sale 21
- ___- ---- ---- ___
11512 116 *115 116
*11612 11712 1161.1 11614 115 115
127
12612 12612 *126 12712 12658 127 *126
,
1 126 128 *126 128
98
9673 967
8 9712 9712 *97
98
*96
9812 100
9812 99
Oct'00
Last Sale 120
*118 120 *118 120 *118 120 *118 120
*11534 11614 *11534 11614 11512 11612 *115 11512 - iiile 1i-116 blc woo
-Last1193.
4
12013 1213
1181 11012 1191 119
11734 11734 11734 11734
11712 118
*11512 11612 11612 11634 11634 117
10958 10934 10958 10934 10912 10934 10918 10938 109 10912 10918 10914
Feb'09
Last Sale 7
148
1H.
15)) *144
- 33 10212 *10212 ---10212 10212 10218 10218 10238 10217 10212 10212
Apr'09
Last Sale 112
-------- ------ ---- -- ---Apr'09
Last Sale 3
---- ---- ---- -- -_-- ---- __--.._
Apr'09
Last Sale 734
1614
1612 16 1612
16
-1558 16
Sep'09
Last Sale 20
21
*20
21
*20
21
*20
21
*20

Miscellaneous
100
American Can
100
Do pre
Amer1;_xin Radiator_100
100
1)o peel
Amer Shipbuliding_100
100
Do prat
Amer Telep & Teleg____
100
Booth (A) & Co
100
Do pref
1,675 Booth Fisheries corn-Do pref
310
10 Cal & Chic (.11.nal & D-100
Chic Brew'g &
Do prat
75 Chic Pneumatic Tool_100
160 Chicago Telephone-__100
Do right9
5
--5-1. Chic Title & Trust_100
523 Commonw'th- P,dison _ 100
500 Corn Prod Ref Co Corn__
Do Pref _
Do
100
100
194 Diamond Match
100
3,129 Illinois Brick
Masonic Temple
M Ilw & Chic Brewing
I)o pref
100
80 National Biscuit
100
Do pre'
180
100
366 National Carbon
100
Do prat
201 People'sGasL&Coke- _100
Do rights
__
6,513 Sears- Roebuck corn_ _100
100
731
Do pref
1,392 Swift & Co
Do rights
00
20 The Quake- Oats Co. 10)
100
133
Do prat
Unit Box Bd & P Co-100
Do Full paid
100
Do pref
Do Full pa d
4,524
100
Western Stone

1278 1278 1258 1258
1318 1234 13
13
8312
83
84
8434 8414 8458 84
84
*20812 212 *20812 212 *20812 212 *20812 212
*130 132 *130 132 *130 132 *130 132
6718
6718 *66
66
6718 6718 *66
66
«110 11012 *110 11012:0110 11012 111 111
14238 14238 14214 14214 14358 14358 *14212 143

a

12712 Ili

K11612 1171;
-2

.iia-

. 119 122 11814

4 -12 120,8 1-22

1-4v*iii- 141; *iii" Ili"

. .... 144

2,010
1,311
10
50
150
105
600

Interest
Period

Price
Friday
Oct. 8

Week's
Range or
Last Sal;

1418 May2:
86 Joe 4
21212 Sep 15
132 J'iy 21
6734 Aug 7
112 Sep 13
4
1443 Sep 28
1 Jan 2
5 Jan 5
27 Aug76
62 Sep 7
58 Apr It
1 Apr 27
218 Apr 2;
34 Aug24
140 Sep 23

7
117 Jan 18 152 Oct 107 Jan 21 12112 J'iy 1
2518 Aug 3
1713 Feb '25
7014 51c1125 8812 May19
4
117 Jan 9 1303 Aug 13
38 Jan 26 6158 Oct 5
43 Jan 5 47 Sep 16
'2012 Apr 27
9718 Jan 2
11814 Feb 15
82 Jan 14
110 Jan 15
102 Jan 5
12 Feb 25
55 Jan 5
101 Jan 5
10012
6 Feb 5
119 Jan
9812 Jan 2
5,, Feb 15
214 Feb 26
334 Mehl()
1012 Meh
15 Feb 16

21 .I'ne
11914 Sep 27
130 Sep 21
100 Oct 1
120 Apr 1
11978 Aug 16
I53 4(5
1
122 Oct 5
114 Oct 6
11414 Aug 0
'20 Jan 18
152 J'iy 28
10312 Aug 12
158 Mch20
318 Nich
012 Jan 4
1612 Oct 1
25 Mch 15

I'ighest

160 Jan
Ps Feb
612Dec
8434 'Fin
38 Oct
'20 Nov
1,34 Set)
15 Feb
30 Oct
68 Sep
1214 Nov
42 Jan
1334 Aug
46 Au
42 Aug
'2612 Apr
85 Apr

185 Dec
318 Aug
10 Aug
110 Nov
47 Joe
28 Dec
1312 Dec
3012 Dec
4734 Nov
8612 Nov
19 Jan
54 May
22 Dec
6212 Dec
71 Jan
31 Nov
1(13 Joe

4 Feb
4112 Jan
125 Jan
116 Apr
37 WI
91 Jan

1038 Nov
8
707 Dec
200 Dec
12814 Nov
63 Nov
RA Nov

7 Dec
8
3 Dec

30 Jan
100 May

40 Feb
1 Oct
2 Nov
20 Dec
106 Jan
4
3 Feb
100 Jan
80 Jan

6714 Dec
lir, Aug
4 Apr
301. Aug
113 Sep
234 Feb
116 Dec
110 Oct

113 Jan
30 Jan
38 Joe

13/ Aug
4212 Dec
46 J'iy

19 J'ne
70 Jan
10134 Jan
51 Mcl;
1)1 Mch
1012 Jan

20
97
120
87
115
100

J'iy
Dec
Aug
Dec
Nov
Deo

24 Jan
72 Jan
8812 Jail

56b10
102 Dec
1053.! Sep

11434 Jan
87 Jan'
14 .Ply

134 Jan
ICO J'iy
134 Jan

112 J'Iy'
1134 Oct

12 Jan
17

Apr

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Oct. 8

7
7 8 Jan 30
7134 Jan 6
200 Jan 11
126 Jan 21
5418 Apr 21
101 Feb 24
139 Augli
J'nel0
14 May22
10 8171124
48 J'ne 16
51I Jan 8
1 Apr 27
218 Apr 27
20 Mch24
127 Jan 4

Lowest

B'ds
Sold

Range
for
Year 1909

NAME

OutstandMg
Stock
t

Surplus
and
Profits
1

r
Divide- ut Record
in
1907

in Per- Last Paid
1908 (ad
%

An. Dec '08, 6
6
6
839,065
$100,000
11alumet National
High No. Low High
Ask Low
Bid
J-J July '09, 5
10
186,242 1(1
500,000
Chicago City
100 Mcli'07
- A
Amer Strawb'd 1st Gs_ 1C1 ;
9314 967 s Commercial National- 7,000,000 3,343,646 _-_. -_ Oct. '09, 2
---- 9312 Sept'09
Armour & Co 4 169_103' J - D
Q-J Oct. '09, 2
8
8
n4,000,000 3,963,096
Continental National
Aurora Elgin &Chic Is 19'11 A -0 --6 Q41 July '09, 112
6
8,98.50,000
Cook Co State Savings
.
Cal & So Chic Ity Co
Q-J Oct. '09, 3
12
3,000,000 5,283,593 12
102 10212 Corn Exchange National
102 J'ne'09
102; F - A
1st 51 Is
A-0 Oct.' 09,5
6
6
27,714
200,000
101 10114 Drexel State
10114 Oct '09
Cass Av & F (1 (St L)53
916 Q-J Oct. '09, 212
8
409,369
600,000
Drovers' Dep National100 May'07
Chic Board of Trade 491927 J - I)
Q-J Oct. '09, 112
6
6
31,905
200,000
.
10314 10312 :35 f(ii" 106" Englewood State
Chicago City Ity 59_ 1927 • - A fa;
12 Q-161 Sep30'09,4
8,000,000 8,220,177 12
First National
103 Apr'04
Chic Consol Br & Mit Gs_ __ .1 - J
10 Q-M Sep 30'09211
162,118 10
150,000
P rst Nat Englewood
50
50
50 Apr'09
Chic Consol Trac 4 16s 1939 • - ii
Priv ate Ba nk
542,865
1,000,000
Foreman Bros B'leg Co_
9634 Jan'06
- A
Chic Auditoriumlst 59192.0
Q-J Oct. '09, 2
8
8
418,357
Port Dearborn National 1,000,000
49_1929 A Chic Dock Co 1st
J-J July '09, 212
5
5
152,092
500,000
Hamilton National____
Chic Jc RR. 1st Mg 59_194, 51- S
8
Q-J Oct. '09, 2
8
807,640
Hibernian Meg Ass'n__ 1,500,000
--87 Feba15
Chic No Shore Elea 69.1512 A -0
J-J July '09, 5
10
10
121,561
200,000
72
6
81 Kaspar State Bank__ 1,250,000 432,415 -_- 10+2 Q-M Sep 30'09,212
81
81
Chic Pne Tool 1st 5s_a1921 J 4
Sale 10114 1013, 22 10075 1023 Live Stock Exch'ge Nat
1027
- A
Chic fly 5s
Q-F Aug 1 '09, J.
4
4
63,864
300,000
I;
9534
8
955
4
9312 9614 Monroe National
Chic Rys 4-59 series "A" A -0 953 Sale
Q-J Oct. '09, 2
8
8
2,000,000 1,134,917
8414 8912 Nat Bank of Republic
86
8612 46
.1 - I) 18612 Sale
Chic Rys 4-5s series "II''
Q-J Oct. '09, 112
3
509,923 ---_
1,500,000
91 National City
89
Chic Rys 1-59 scrle3 "CI" F -A 5____ 9212 9214 Sep '09
69,480 ....... --- Q-J Oct. '09, 1
250,000
10138 10238 National Produce
- A (10114 Sale 10112 Sept'O.
1913
Chic Ryi coil 6s
216 Q-J Oct. '09, 112
67,612 _200,000
10112 10238 North Avenue State
10112 July'09
Chic Rys Fund 68_1013 F - A
Q-J Oct. '09, 112
6
6
15,911i
50,000
101 10212 North Side State Sav'gs
,
110114 Sale 10114 1,11.1,
Chic Rys Tenn CtZs 1st 58,950
200,000
North West State
6612 Aug'08
419_2001 11 N
Chic 1(I&P1111
70,677 --- -_- ____ ____ -----250,000
Pra, tie National
6612 July'08
S
Collat trust p; 59-19111
Q-M Sep '09, 112
8
8
49,940
500,000
11 10234 101331 Prairie State
Chic Telephone 51923 J -D io:i' Sale 10278 1031*
2 _-- Jan '08, 2
4
12,173
10314 Railway Exchange
250,000
Commonw-Edison 52_1912 M - S 10218 Sale 10234 10218 12 101
153,426
300,000
Security
100 Jne'08
Chic Edison deb 69_1913 J Q-J Oct. '09, 112
6
6
78,211
200,000
8
5 11061- 16134 South Chicago Sayings_
10133 Sale 10038 10038
1st g Is___ _July 1920 A Q-J Oct. '09,3
11
1,500,000 1,465,411 9+1
8
1005 10218 State Bank of Chicago
10058 Aug'09
192 .11 - S
Debenture 5s
J-D Sep 30:09,2
6
7
174,589
250,000
10234 1035s Stock Yards Savings_
'09
103 Sep
Commonw Elect 5s5104" .11 - S 110214
M-N May '09, 3
6
6
46,883
200,000
Union Bank of Chicago_
80 Dec'08
102: J -D
Illinois Tunnel 5s
Q-J Oct. '09, 112
6
6
65,315
200,000
UnionStock Yards State
Q-J July '09, 2
Kan City Rv & Light
8
8
9834 American Trust & Says_ 3,000,000 2,755,558
98
9834 J'ne'09
1013 M N
Q-J Oct. '09, 134
Co 5s
7
7
812,930
2,000,000
Central Trust Co oL III
95
96
96 Mch'09
Kniock'b'ker Ice 1st 5s.1928 A ,
116 Q-J Oct. '09, 11:
89,160 -n500,000
73
91
'Mawr() Say Bk & Tr
90 July'09
87
J 580
J
-1st 59-1025
Lake St E1
Q-J Oct. '09, 113
6
6
5,000,000 r1,208,619
Chicago Title & Trust
May'05
16
1025 Feb
Income 5^
A-0 Oct. '09,2
4
3
5,331
50,000
litlzens Trust ec Savings
Metr W Side El
8+2 Q-J Oct. '09, 211
506,621 10
600,000
4
83
8612 Colonial Trust & Savings
8314
8314
Sale
1030 F - A
1st 43
7M Q-J Oct. '09,2
6
97,307
200,000
IL _Trust & Sayings
8112 8414 Drovers
8112 Sept
1933 J -J
Extension g 4s
215,582 ------- Q-J Oct. '09, 112
1,500,000
4
,
9214 9612 ' amen Trust Co
9412
Sa13
81 e
4 9412
North \Veat El 1st 4s_1911 \I
_ 98 99 Firnt Trust & Savings 2,000,000 2,990,694---- Q-M Sep 3009, 4
9814 Aug'00
No W (i-L & Coke Co 59'28 Q - 1\1
10,254 Incorp orated 1908 V.87,p.1138
200,000
Say_
6 93 98 Guarantee Trust &
96
1043 11 N
9512 9612 9512
Ogden Gas Is
Q-J Oct '09, 212
6
10014 10012 Harris Trust & Savings_ 1,250,000 1,140,070 --8
1003 Mch'09
1916 J - I) 100
Pcarsons-Taft Is
o Oct. '09.4
9634 98
Illinois Trut & Saving: 5,000,000 8,297,291 16+4 16+4 Q-J Oct. '09, 13
85- S 963 -- 97 Mch'09
4.409
8
4
4
6
44,201
200,000
98
9978 Kenwood i rust&Savgs_
51. N
98 -__- 98 J'ne'09
9.009 Sertc9 II
416 Q-J Oct. '09, 114
2
39,04'
200,000
100 10018 LakeView Trust,!-:Savgs
M.- N
99 __ 100 Mch'09
4.809 Series P
Q-J Oct. '09, 3
12
120 122
Merchants' Loan ec Treo 3,000,000 5,036,106 12
12134 May'09
Peo Gas L&C 131 69_194:, A 6
243,819
Q-J Sep30'09,112
6
750,000
103 104
Metropolitan Trust&Say
4 - 8
Refunding g 53____1917
7/57 1037 10314 Sep '09
Q-J Oct. '09, 2
8
8
1,500,000 2,123,341
Northern Trust Co
2 10334 105
101
Chic Gas L&C 13t 5s1637 J - J 104 Sale 104
6
6
J-J July '09, 3
55,011
200,000
4
102 1023 North-Western Tr&Say.
10214 July'09
- I)
Consum Gas 1st 59_1936
6
6 Q-J Oct"09,2
100,064
200,000
10112 102
People's Trust & Savgs_
10212 102 Aug'09
Mut'l Fuel Gas 1st5s1947 11- N
Q-J Oct. '09, 2
8
183,263 k8
500,000
•9_
4
9412 963 Pullman Trust & Say ,
Sept'09
Ms_192.; .1" 95
9412
South Side Elev 4
20,000 Beg. b us.J'iy 12'0 9 V.89,p.141
200,000
100 102
Sheridan Tr ec Say Bank
100 Sep '09
Swift & Co 1st g 59.-1914 J - J iii6" 101
J-J July '09, 21!
5
3
22,651
200,000
96 'Itockmen's Trust & Say
92
93
95 J'ne'09
Union El 'Loop) 59_104 A -( ---8 Q-M Sep 30'09, 2
zli ,000,000 1,263,035 ____
Union Trust Co
43_1911
-N
114 Nov'04
Union Pacific cony
Q-J Oct. '09, 11;
6
6
201,660
Trust&Savings 1,000,000
"fir "861; Western
7812 12
51; Sale
7814
United Box Board col 6W:16
64,803 Began busim3 ss Se pt 5 1908
200,000
7014 81
West Side Tr&SavBanl:
78 Sale
78 Sep '09
General mtge 6s
Q-J Oct. '09, 111
(I
6
38,514
200,00'
Woodlawn Tr&Savilank
8512 JulyaP
Western Stone Co 59.-1909 A -0

80- 81 110D4

----

--

8314

Ch 1cago b ond nrices.
2Vanr.-Accrtied in tere3'• must be added to
of business) for State.
were made on this day.
Sept. 1 (close of business) to.. national banks and Sopt. 2. opening
us 3i
•Bid and ask.),1 price!, no sales
. k Also stock dividend of 33 1-3%. nCapttal and surp
institutions. :No p:ice Friday: latest price this week. aDue Dec. 31. bDuc June
S Bankers and Commercial National banks mc
Dec. 31 1908.
ho increased. aDividendi are paid Q-J with extra payments Q-F. r Ai of data
National, with 37,000,000 capital: V. 80. p. 571. z Capital to bc increased.
under name of Commercia,




BOSTON STOOK EXCHANGE-Stock Record, Daily, Weekly and Yearly
-NOT PER CENTUM PRICES
SHARE PRICES
Salurday
Oct. 2.

Monday
Oct. 4.

Tuesday
Ocl. 5.

Wednesday
Oct. 6.

Thursday
Oct. 7.

Friday
Oct. 8.

Sates
0/ 3/3.1
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range since Jan. 1
1909.
Lowest

Highest

Range for P-evtous Yeas
(1908)
Lowest

Iltghest

Railroads
s, sant
6713 Feb 10114 Dec
125 12513 *12418 12438 12333 12458 12212 12312 123 12358 12212 12212 1,555 Atch Topa Fe_100 08 Jan 13 12518 Oct 2
8:112 Mei) 10414 Deo
100 10034 Jan 15 106 J•ne 7
10
Do pref
*10413 10513 *10412 10512 *10413 10512 *10412 10513 10512 10512 *10414 10512
100 225 Jan 4 23914 Apr 8 18112 Jan '230 Deo
231
232
118 Boston & Albany.
232 232
232 232
23012 232
*__ 233 *231 232
100 12414 Jan 7 13213 Apr 22 ,1211. Dec 140 Jan
12914 130
717 Boston Elevated
12914 12014 12914 12914 12312 12912 12912 12912 12912 130
229
100 224 Jan 12 235 Mobil) 20114 Feb 228 Deo
229
229 230
73 Boston & Lowell
*228
--- *228 ---- *228 230
-- *228
14912
100 13212 :Tan 2 15012 Sep 9 111 Oct 140 Jan
149 14912 149
305 Boston & Maine
14912 14912 14912 14912 149 150
149 149
100 151 Feb 26 160 Apr 3 136 Feb 156 Jan
Last Sale 152 July'09 --._
pref
Do
2081 205" go" 300" gi" *300 ____ *15
15 Boston & Providence_100 295 Sep 14 301 Jan 1) 284 Jan 301 Nov
.
31;6"
13 Melt
9 Aid;
1 Boston Suburban El Cos- 113 Jan 2 22 Feb 3
17
17
4
*15
*15
1712 17
1712 *15
1712 *15
38 Nov
45 Jan
73
0012 Jan 5 75 Feb 3
pref
73 *71
73 *7114 73 *7114 73
73
73
17 Jan
*12
)5112 103Do Wor Elec Cos
10 Boston&
1334 *10
1414 '11c(112
10 Maylo
12 *____ 12
*_.... 12
10
812 Nov
10
6012.1311
1.514 Oct 7
4712 Dec
54
54
610
5514 54
Do pref
52 Jan 5
*5312 54
*_- 54
*5312 54
*5312 54
15114 Deo
126 Jan
158 159
100 Chic Junc By & USY_100 143 :an 25 162 .1 'Ite2a
158 158
11012 Dec
102 Jan
119 ig" 119 119
100 116 Arch 11) 123 J'ly
*118 110
9Do pref
Last Sale 170 July'09 ---- Con & Mont, Class 4 100 170 Jan 26 173 Men 5 163 Dec 165 Melt
---Last Sale 13913 Jne'09
-___
Conn & Pass Riv pref _100 139 Jan 2 14212 Mch 25 13314 Sep 138 Apr
51 Connecticut River_ 100 267 Jan 15 275 Mehl() 244 Jan 263 Dec
270 ifO
133 Nov
-- .132" 132 132" 132 k151 133 132" ffi" 90 Fitchburg. pref
100 129 J'ly 20 136 Feb 5 117 Jan
*132
131 131
86 Dec
67 Apr
105 Ga By & Electri97 97 97 97 97 97 97 97
100 75 Jan 6 97 Oct 4
*95 100
97
97
85 Deo
81 Oct
8812 Sep 15
8513 *86
8812
100 79 Jan 11
881 Last Sale 8812 Sep'09
8812 *86
Do prof
*86
5 Maine Central
195 195
100 19514 Ja:•. 13 19514 Jan 13 193 Nov 193 Nov
133 Nov
4
1814 1712 1712 152 11- 17i
1712
1812 "ia
100 1114 Jan 12 19 Oct 1
1833 - 2 *18
fg1814 Jan
935 Mass Electric Cos
64 Nov
81 260Do pref
40 Jan
8212 8112 8212
8112 8112 81
8112
*81
82
100 5812 Jan 15 83 Sep 29
82
171
17112
128 Jan 161 Nov
17134 172
17112 17134 17112 1713
17112 172 . 172 172
742 N Ir N H & Hartford-100 157 Jan 21 ,7473
4
145 Apr
Last Sale 149 Aug'09 ---- Northern N H
100 146 Feb 4 149 Aug 9 140 Joe
Laa Sale 210 Sep'09
Norwich & Wor pref-100 200 Apr 13 215 Sep 2 200 Apr 205 Feb
•20018 Jan '8
200
48 Old Colony
no
175 Jan 19338 Deo
200" 200 200" gi" *200
100 104 Jan 5
4
*555 2001"1 .Z55"
34 Dec
15 Rutland pref____., _100 26 Apr 27 40 J'ne 5
1•5 Jan
35
35
415 Dec
70 Feb
10 Seattle Electric
100 0014 Alch 2 11712 Aug 16
114 114 *Hi" fa" *iiir2 114 *ii5" 114 *ii5" 114
883 Jan 102 Deo
3
*104 105 105 105
100 9712 Apr 6 107 Aug 3_
28
105 105 105 105 105 105 105 um
Do pref
8
100 217278 Feb 26 21834 Auglo 11012 Mel, 1855 Nov
910 Union Pacific
4
208 20858 20834 2083 20834 20634 20338 20514 20553 20712 20414 2063
0758 Nov
7).134 Apr
100 0312 Alch '2 11714 Aug 16
Last Sale 10833 Sep'09 ---*10778 10878 *10712 1081 *10512 10812 *10512 10612
Do pref
161 Nov
2 Vermont & Mas3
100 165 Jan 20 175 Apt 17 150 Jan
*172 --172 172
9112 Sep
76 Jan
50 88 Jan 2 0818 Apr 23
"oi- 'W- 182 West End St
"iii" 04 94 94 "oi" *Vi "oi 94 *94
110 Dec
96 Jan
50 103 J'ne25 112 Apr 27
3
*- 107
m 107 *106 107 106 106 .__ 105
*106
1)0 prof
Mch12 146 May19 138 J'ly 140 Mel)
Last Sale 145 July'09
Wore Nash & Roch-100 144
Miscellaneous
35 Nov
13 Jan
46
46
1,090 Amer Agricul Chem_ 100 3314 Jan 2 5014 Aug 12
4618 46
4613 46
48
4613 46
4612 4612 46
10112 10212
*10212
77 Mel, 98 Nov
454
100 04 Jan 18 105 J'ly 23
Do pref
102 10214 102 1023, 10212 10212 10212 10312
12 Dec
978 Feb 23
4 Feb
812
9
9
50
553 Jan 26
8 4 914
954
2
P fu Service
3
1,30 AmerA
9
9 14 834 9
918
9
23 Dec
22 J'ne 14
2012 21
912 Feb
21
50 1:1 Jan 14
21
2012 21
2012 21
prof
2034 21
21
21
1375 Nov
8
Apr 8
9914 Jan
1333 1,054 Amer Sugar Refin_100 12112 J'ne22 136
4
13312 13412 13312 13458 13212 13414 13214 13234 13314 13412 132
127
368
1273
12778 12778 12778 128
100 120 J'ne 20 Ea Apr Li 100 Feb 132 Nov
128 128
Do pref
4
127 128
127 128
8
99 Jan 13212 Nov
14258 14214 1433 14212 1433 14218 1423 1423 14312 14278 14312 13,789 Amer Teiep & Teleg_100 12514 Feb 1 14518 Sep 20
4
14214
4
3238 Dec
*38
4018 Aug 27
10 American Woolen__ _100 2713 Feb .1
39
16 Jan
39
*38
3812 438
3812 *38
38
38
3812 *38
9612 Nov
11
7734 Feb
10312 104
1,098
Do prof
104 10414 104 10414 10334 10418 10334 104
100 3331.. Jan 15 108 J
104 104
412 Deo
*712
73 Aug 30
4
3 Jan
812
50 Boston Land
10
73
4 73
4 "••,12 812
334 Apr 1
*712 812 *712 811 *712 812
142 142
14314 14314
61 Cumb Telep & Teleg_100 125 Jan 26 /4512 rlY 29
140 140 *14314 1431r *141 143
*138 143
. 2Jan 128 Nov
061
2114 Dec
6014 Oct
443 Jan
4
*57
58
1,195 Dominion iron & Steel__
5512 5913 5812 6014 5712 5712 *
1812 Jan 11
52
52
5714 583
4
833 Nov
414 Mob
10
10
1012 1078 *1014 1012 10
10
7 Jan 4 )378 J'ne 9
1,050 East Boston Land
*1014 1012 1012 101
252
252
252 252
252
252 252
25112 252
443 F;dison Elec Illum___100 245 Jan 2 200 Apr ; 201 Met 253 Nov
252 252
282 General Electric
100 15033 Feb 24 173 Aug 7 111 Jan 162 Dec
165
16512
166 166 *16632 167
*16712 16814 *167 16712 167 167
40 Mel, 60 Dec
4
4
693 6978 6912 7012 693 7014 6958 6934 6912 693
4 6912 6913 2,634 AlassachusettsGasCos 100 59 Jan 5 7012 Oct 4
90 Nov
77 Jan
9312 94
100 80 Jan 5 07 Apr 2u
618
Do pref
8
9312 9313 9312 9414 933 933
4
4 937 9414 0312 94
213 214 *212
)213
213
213 213 *213 ____ *21318
Mergenthaler Lino_100 :0212 81e1112 220 Feb 17 192 Apr 215 Nov
152
3 t./et
3 Alch 29
1 Alch
214 214 *23
*214 3
25 Mexican Telephone
10
2 Jan 5
*214 3
3 23
*214 3
4
78 Nov
40 9Ich
11113 116
107 112
109 109
2,344 N E Colton Yarn. .100 63 Apr 24 116 Oct 8
10612 109
100 10212 105 111
93 Deo
75 Mcb
108
100 93 Jan 2 110 J'ne 16
108
293
108 108 *10712 198 *10712 108
Do pref
10712 10712 108
10712
136 4 137
137 137
100 12614 Jan 5 139 Sep 20 105 Jan 128 Nov
137 137
3
85 N E Telephone
137 137
137 137
137 137
79 Dec
5112 Joe
20 pacific Coast Power_106 75 Feb 6 106 Oct 1
106 106 *____ 110 *105 108
*108 110 *105 107
190" 190
190 190
100 168 Jan 30 Mt Aug 7 147 Jan 17412 Nov
413 Pullman Co
190 190
190 191
190 191
191 191
1012 Nov
9 Apr
12 Sep 29
12 .11
12
30 Reece Button-Hole.. 10
12 *11
934 Jan 11
*11
*1114 12
*1112 12
1112 12
8812 jail 10812 J'ly
10'212 1,022 Swift & Co
100 100 Jan 1) 11412 Aug 6
10953 1093 109 10978 10914 1095g 10914 10958 10918 10013 109
4
24 Oct
20 Jan
25 2012 AIay21 25 Aug 13
,
2413 *2414 2412
Torrington, Class A
53
*2414 2412 *2414 2412 2334 23 4 *2414 2412 2412
3
2612 Dec
2.3 May
10
Do pref
25 2414 jan 20 2 Sep 23
*2712
*2712 -- *2712
712
28
*27
2714 2714 *27
28
212 Jan
2 Apr '2
114 Afel,
100 Union Cop L'd & Arg.. 25
1 Jan 26
112 112
167 Sep 20 11412 Jan 148 J'ly
- 562 United Fruit
.- 158 181;
100 15612 Jan 14
156 fif Hi ig" 155" 0
155 15712 156" 158
6912 7014 11,390 Un Shoe Mach Corp.._ 25 x54 Mehl" 71 Oct 7 3812 Jail 6233 Nov
71
6912 69
68
6812 68
66 4 6712 6712 69
3
30 Nov
31
31 615 Do pref
247 Jan
3
25 2812 Jan 11 3114 Sep 21
31
31
31
31
3034 303
4 3034 30 4 3034 31
3
5834 Nov
26 Jan
8
9118 8712 8034 67,076 U S Steel Corp
100 4134 Feb 24 947 Oct 4
9234 92
9478 00
9418 8713 9013 89
92
12812 12812 302 Do prof
8712 Jan 114 Nov
101•• 107 Feb 23 131 Oct 4
12812 129
12734 129
12878 130
130 13012 130 131
Ia. Nov
4 Feb
4
1034 10 4
123 May b
500 West Ie'ele & Teleg_100
140 D
3
*1012 11
*103 113
013 Jan 11
4
prt
1138 1134 *1012 11
4
91012 1114
8014 Dec
69 Jan
90
90 *38
488
100 76 Mob 3 00 J'ly 15
90
90
*8812 89
88
88
*....- 90
Mining
1214 Aug
1012 Nfav25
112 Feb
612
614 *6
*6
6
6 J'ly 14
6
25
*612 634
614
360 Adventure Con
6
6
6
24 Apr
4112 Nov
25 :44 Jan 29 62 Oct 1
*58 ____ *58 ____ 58
58
256 Allottez
59
60
*53
6112 6112 60
3
8318 Nov
45 Feb
8212 8014 8112 31,490 Atnalgamated Copper 100 65 Feb 28 887 Aug32
8334 8414 8312 8412 8218 8334 8053 8212 81
30 J'ne
2034 Jan
25 23 71,11127 3518 Oct 4
3433 3478 3414 3434 3412 3478 3412 3458 3,675 Am Zinc Lead & Stn
3478 3518
3378 35
5153 J'ne 4
'28 Feb
53 Nov
Last Srle 50
28 3818 Feb 20
Sep'09
--- Anaconda
4058 Deo
Sep
14 Jan
25 30
4 4
.
7
-1; 452 --61- 78511 1614 4534 46'- 45 4534 9, 67 Arizona Commercial... .3 45 Feb 2, 4814 Feb 29 .40 Feb .90 Aug
-4/ 17
- -464 17
4
1/
1
Feb 1:
*•75 .90 *.7 .92 *.75 .90 Last Sal.' 1
Sep'09 2,5156 Arnold
_
*.75 .09
8 Apr
1912 Nov
01:
9
814 511.:
25
8 J'ly 16 18 lan *i
814 817 *814 813
Atlantic
*814 812
814 31,
80 May 7
;25 Oct .75 Nov
10 .45 Feb)
.50 .50
100 Bonanza (Dev Co)
*.50 .55 *.50 .53 *.50
103 Afehl5 1714 May 8
4
1818 Nov
1014 Apr
1434 143 -143 - -4
4 143
4
1513 *1434 15
140 BostonCon C&G (rcts) 11
1514 1514 *15
15
15
25 Nov
225 Jan '1
1114 Apr
2012 2
2114 2034 21
22
2134 2134 2138 2158 21
012 1,860 BosecCorbCop &SHAN' 2, 1718 Jily 14
22
1512 Jan
30 Aug
15 2133 Feb 24
28 May 8
2518 2518 2514 247
8 2478 3,048 Butte Coalition
2518 25 4 25
2558 26
2512 26
3
03 Feb 130 Aug
9934 101
891 Calumet & Arizona_ 10 91,14 May 3 110 Jan 4
10312 104
103 10213 103 10313 101 10213 101 103
660
663
25 985 Feb 26 693 Aug 13 0565 Mch 700 Jan
663 665
41 Calumet & Hecla
665 665
665 670
679 670
670 670
3634 Nov
4413 Sep 3
21 Feb
25 29 Feb
40
*3912 4012 3912 4014
601 Centennial
40
1
41
3934 4012
4158 415$
an 15 .25 Mel, .45 Joe
Last Sal- .20
Sep'09
Cons Mercur Gold_ _ _ 1 .10 J'ne26 .35
*.15 .20 *.15 .20
*.1.5 .20 *.15 .21
8373 Nov
5513 Feb
7912 80.. 7912 7013 3 i Copper RangeCon Co 100 6822 Feb 26 8614 Aug 12
80
8013 7912 8014 7912 80
8012 80
1173 Nov
7 Jan
125 Daly-West
20
3
858 *8
812 812
712 May28 12 Mettit)
858 8 8 *8
5
312 858
8
3
10 Dec
834 Dec
105 Apr 20
8
712 Feb 1
10
1114 2,910 East Butte Cop Alin
1113 11
1114 1114 1114 1112 1118 1118 1118 1114 11
234 Nov
.99 Mei,
212 jan lb
12
8
300 Elm River
13 Aug 6
*112 2
*112 2
*138 112 *138 112
*112 2
112
112
612 Apr
1912 Nov
25 13 Feb 25 19 Aug 3
1712 1712 17
17
1712 1634 1714 1634 133 1,076 Franklin
1712 171
17
10t4 Aug 2
73 Joe 1*
8
018 014
938 913
9
9 18
9
013 4,306 Giroux Consolidated_ 5
918 914
0 3 91
3
80 Jan .10 J'ly
95
95
95
95
768 Granby Consolidated_ 100 90 Feb 26 110 Jan 4
03
95
97
100 100
95
0712 93
67 Jan
1313 Aug
1234 Jao
3
20
014 97
9 Feb 20
973 1058 1014 1034 1014 1058 1012 1031 1053 11 38,066 Greene Cananea
1211 ,Pne 10
814 Sep lI
*912 10
*912 10
*10
1034 10
70 Hancock Consolidated 25
1012 *10
10
712 Aug u
25
0 Jily 21
612 612 --5T3
875 Helvetia Copper
7
7
612 612
3
*612 7
612 6 4
173 Feb
4
'2614 Jan
2414 2314 2334 2312 2512 2312 2313
909 Isle Royale (Copper) _ 25 2218 Apr 27 3314 Feb 13
2412 24
2414 2414 *24
03 Aug 19
3
5
712 Apr 30
3,80.l Kerr Lake
918 914
4
9
14 9 8
3
914 93
10 Sep
2414 Deo
25 16 Jan 30 39 Aug 18
21,2,.., Lake Copper
37
3812 3653 37
3614 37
36
37
7
9
7: 3 3 : 19
9788 38
.
7
1214 Jan
1714 Jan
1,
7
834 35
4
25 1034 Jily 11, 1034 Feb 16
15 4 : 3918 37
17
15
1,250 La Salle Copper
15
9
7
1512 16
1514 1512 15
214 Mel,
83 Aug
8
414 Mehl, 1814 May28
714
25
340 Mass Consol
7
12
714 *7
7
14 712
.73 J'ly
La:t S .70
25 .30 Apr 29 /0 J'ly 2 .25 Jan
*.50 .70
Sep'09
Mayflower
*.50 .70 *.50 .75
31. Dec
514 May10
11 Jan
5
5
312 Apr 16
518 518
434 5
5
L'•
5
5
514
514 2,508 Mexico Cons M & S.._ 10
1512 Dec
13 Sep
.1
1714 Aug 6
5 1234 Feb 26
4 1534 1534 1558 15.58, 1512 1512 1,081 Miami Copper
1512 1534
1534 153
4 1534 153
1314 Itch 4
1512 Nov
714 Feb
1012 10
10
25
10
10
665 Michigan
73 Sep 13
4
1012 1013 1012 1013 1012 1013 *10
73 Nov
45 Feb
7018 Jan 8
61
61
62
60
60
25 x5713 J'ly 11
6113 62
60
727 Mohawk
62
*60
61
11
Dec
13
3Jan
Last Sale .25
.._ Montana Conso 0 & 0 10 .19 Feb 11 .40 Apr 6
Sep'09
*.20 .25 *.20 .31 *.20 .25 *.20 .30
2513 Aug 12 • 8 s Jan
3
20 4 Nov
3
2334 2418 237
8 24
3,618 Nevada Consolidated_ 0 1613 Feb 26
2433 2413 2433 24.13 2414 2412 2358 24
07 Jul() 13 Sep 21
8 Oct 8
5
4
67
3 1158 6,932 Nipissing Alines
1178 1218 1178 1:14 1134 1178 1158 1178 113 12
8514 Jan 2
4034 Feb
6113 6214 6133 6'414 60
8 60
61
15 4714
583
4 60 12,327 North Butte
4
503 Nov
613
; 5912 607
412 Meh22 1178 Aug 0
73
4 8
712 8
712
'473 2,105 North Lake($8 paid). 25
773 8
814 814
734 8k
1 J'ly
Last Sale .60
25 .40 J'ne2) .75 Aug 6 .50 Jan
Old Colony
*
*.65
*.65 _- *.60 .75
SeP'09
4714 Feb 24 59 Augll
6012 Dec
28 Jan
53
54
5312 54
53
54
"Hii Old Dominion
54
65-__5434 ---3- 5412 5413 54
54 4
25 122 Feb 26 .160 Oct 4
15212 156
77 Feb 13512 Deo
155
156 153
156
063 Osceola
155 160
15812 15978 159 160
3614 J'nel0
3118 Deo
31
31
1012Jan
31
31
31
458 Parrott (Silver & Cop) 10 20 Feb 1
31
3114 30
3138 3114 3114 31
1,0 Jan 4
25 85 Feb 1
77 Feb 100 Aug
88
270 Quincy
88
88
87
83
88
88
89
*90
0013 90
90
353 Nov
'275 Jan 8
178 Oct
2
2
8
2
2
178 2
15 Apr
3 400 sa tina Fe (Gold & Cop) 10
1:580 S ha t tw n
2
2
2
2
2
2
1914 Nov
10 1312 Feb26
1778 Jan 4
161g 16
934 Feb
16
16
16
1614 1638 1614 1011.: 16
183g 16
3612 Nov
25 34 Jan 5 0212 Aug 3
14 Apr
1,540 Superior
57
57
57
68
57
5753
*58
59
57
5712 5734 57
14 Alch21
1812 1(3328
15
15
1518
747 Superior5413oston Min 10
1514 15
1533 1512 1512 1534 1533 1513 15
2018 Nov
1418 Oct
1512 1534 3,710700 TamarackPitts Copp- 10 1278 Anr 27
1518 1518 15
/812 J'IY
1514 1518 1533 1518 1538 1513 16
56 mei: 58 Nov
25 62 J'ly 16 330 Feb 25
70
*68
70 'L._ 70
*71
73
70
70
70
970 i73 Jan 23
25 Aug
2: 1612 J13021
1113 1,550 Trinity
11
115
1218 Feb
1218 1214 12
1112 12
11
12
1178 12
1612 Nov
1014 .fan
101
45 Alcb
8
3
Last Se:. 103 Sep'09
814 Pne 21
Copper
9 mo, 31)34 Nov
2,802 United StatesCoalec011 2: 28 Jan 12 33 Aug 12
37
37
-5E- - 34 371; 37 "3"i" 3614 1117, 36 -- - 36
3
6
37
6612 575, 5612 57 5614 5334 553 5613 0,504 U S Smelt Ref & Min_ 50 39 Feb 25 59 Sep 21 28 A•fel; 4678 Nov
4
5712 5734 5712 58
47 Nov
511
44 Jan 8 64 Oct 4
37 Feb
533, 5338 5312 53
54
5278 53
53
53
Do pref
5312 5314 5312 6,465
7 Nov
43 Sep
8
418 Sep 28
(334 Jail
434 43,
434 43,
43!
414
473 1,075 Utah-Apex Mining- f
434 47
8
412
434 43
4
4312 1,747 Utah Consolidated
W Aug
r
3714 Fen 24 • 4312 Aug 11
2912 Jan
4331 43
43
4311 43
4312 4312 4318 4334 4314 431_
.53 Nov
2878 itiay
16 3934 Feb 26 54 .Aug 1.
- 4934 40e4 *4813 4913 *4812 40
180 v ictiorCop per Co
20 U ta t ia
4834 4834 4812 431,
6 Nov
212 Apr
4 4
22.
*334 4
M2 May f•
334 33., *33
358 Jan 0
*3 4
3
43 Apr 3U
4
e734 Nov
*712 8
712 712
713 71
: *7
175 ‘Vinuna
23
83 Sep 20
8
8
42 Jan
3 4 3714 *
7718 7 8 -; 54
5
7
150 150
103 Wolverine
^5 1313 Mehl'. )14 4 Aug 12 11512 Jan 155 Nov
150 150
• 151 151
150 151
,
150 150
120
150
3m Oct
.56 Slav 3
2
313 *2
214 *2
*213 23
•5
2 Oct 6
,1^,n to
214
130 U. yandot
4 *213 213 *213
Ex-div. and rights.
New stock
-.
c Beton5 pay't of ;133e88•ts called in 1993. • liid and asked prices.
Ass't pant. ( 512x stock (IN. 1 E:z.rignt:,




Boston Bond Record

Ow.9 1909.1
Him Ds
BOSTON STOCK F.XC WOE
WEEK ENDINo OCT 8

Week's
Range or
Last Sale

Price
Friday
Oct 8

907

130:slts
-- 5.
3.
BOSTON STOCK ENO EPGE t., '.
WEEK ENntud OCT 8
is ;',
t'.

Range
Since
z.vc Januar",

Price
Friday
Oct 8

Week's
Range or
Last Sale

(1496

-I` i-

January 1

High ., u boa, 1i3gti.
A SA LOW
ilta
fah
101
101
1 10014 101.
913 964 Illinois Steel deben 5s....191O J -J 100
,i
Non-convert deben 5s. .1913 A-0 100 2
11'1 Sep '01.3 .... 0016 101 12
924 107,
4
,
In Falls &Sioux (21st 78..1917 A-0
83
83
11? Apt'))•
Kan C Clin & Spr 1st 5s...1923 A-0 00% 971 97 Sep' --- 94
97
130 190
/
4
09
100 10112 Kan C Ft 83 & Gall ext 53..1911 J-1) 100
100 Sep '013 ...., mu 101
92% 91% Kan 0 Ft Scott & 31 68....1928 M-N 11914 119 4 11914 119', 7 1164 12014
93
93
94 12 Kan 0 Al & (igen 1s
1931 M-S
93 Sep '09 .... 3)0
93
102%119
Assented income 5s
1934 5.S 9) Sale 9 I.
91
13 88'-s 9212
101 J'ne 09 .... 103'2104
10741204 Kan C & .31 Hy & Br 1st 581929 A-0 101
73/ Maine Cent cons 1st 78...1912 A-0
1.
4
1137 .Nov'06
6
59
Cons 1st 4s
1912 A-0
1014 Sep '05
115 J'ne'018
(00410014 Marc Hough & Ont ist 68.1925 A-0
Mass Gas 1i2s frects)
l'199
981,109
99 Sal, 9712
99
4
Mexican Central cons 18..1911 J-J
86 Mar'09 .... 84% 86 1
lateens inc:38
Jan 1039 J'ly
1316 Apr'08
102 102
98 cons me 3s
Jan 1939.Ply
131514 Apr'))1917 J- J
, M ich Teleplst Is
2
994 99
Minne Gen Elec con g 68 1929 2-2
10212 Ang'04
Now Eng Cot Tarn 5s....1929 F -A 104 104'4 1041
4 104 14 6 1021, 101%
New Eng Teleph Is
1915 A-0
102 Feb'OV .... 102 102
Is.
1916 A-0
IOU% Sep 'Ob
110 12
81
N ow England cons g Is. .1945 J -J
Boston Term 1st 48
6
1939 A-0
09% 1001
N TN II & H con deb 31
281956 J -J
11)84 Aug'09 .... 9734 108 12
Cony deb 68 (ctfs)
2
991 100
2
1948 J -J
14112 Sep'09 .... 131 1414
Old Colony gold 433
101 4, 102
1024 F-A
101 Apr'09 .... 101 101.
6
4
,6
98% 9 0 Oreg Ry & Nav eon g 18..1946 2-fl
0834 Sep '01' .... 987 937
oreg Sh bins 1st g Os
81194
1922 F-A
t18% matqh. .... i187
0014 92
Repub Valley 1st s f 6s...1919 J-J
105 Dec'Oe
Rutland 1st con gen 412;3.1941 J -J
ii 1013 104
4
101111017 101% 102
10712 Nov'115
,
Rutland-Canadian 1st 481919 J -J
01
93
102 3fat'02
93
93
9 91
98% May'06
1.184 11814 Savannah Elec 1st cons 58.1952 J -J
1181 Feb'011
4
Seattle Elea 1st g Is
1930 F-A 10512 100 1057 Sep '09 .... W5% 1063
5
126 b'et)'05
2
Ferro Haute Eleo g Is
1929 J -J
97 Apr'07
101 103
103 set)'09 •
1023
4
1918 11-S
102 Aug'09 .... 102 102
102 10612 Torrington 1st g Is
106 J'Iy'OQ
Union Pac RR & 1 gr g 13.1947 J -J ....... ..... 10'25 A pCOU .... 1024 103's
8
Dee'07
01
20-year cony 18
1927 j
-J
110 42 J'ne'09 .... 102%110%
4
1121 Jan'03
Uniten Fruit gen s f 4 1 1923 J-J
,8
961
4
96 4,
2 95% 97
1)6
96
96 Feb'01)
152
152
t 120 135
1/2 12 1J 8 Coal & Oil 1st s I 6s..1938 M-N
6 87
111
90
91
91
103 Sep '09 .... 10'24 108%
1/6 12 97% US Steel Corp 10-60 yr 5(3.1963 31-N
06% Aug'09
We8t End.Street Ry 4s
1915 F-A
10012 Apr'09 .... 100 12 O0's
10)18 Apt'05
1914 WS
Gold 412s
1111 3 J'ne'09 .... 1004 10212
4
,
96 Apr'03
Coln de Denture 48
1916 M-N
934 Sep '09 .... 99 16 100 42
33 133
133 Mar'013
OM 48
1917 F -A
WO% Oct 'uli .... 991,10034
140 Apr'05
NArestern Teleph & Tel 58.1932 J -J
993 1004 Oil% 10014 21 96 100%
4
4
97 Sale 97
97% 23 961 09
0516 Apr'00 .... 93% 954
1 963 98% Wisconsin Cent let gen 481949 J -J ......
4
1163
8
06%
063
4

a WI
/Am
03 1* 62
1)3 'isle 92%
107 Salo 106
107 138
,
83 Man))
190 Sep •013 ••••
1001 100% 1004 10012 1
4
11 312 95¼ (
'2
34
94
0112 Sale 933
4
911- 1(
120
11814 Sep '01)
120 14 Aug'09
8
71
723 23
4
717 Sale
111) Feb'01
10014 Mar'09
10112 Oct '0'112 42 J1111 '03
102 Oct'09
102 Sop '05
iJ9 Jan '09
100 J'ne'01
117 J'ue'08
111% Ply'05
:3
88
89
88
11103 Oct'07
90% Ply'09
100 Apr'llb
1
100
100
102 May'09
98% Feb'09
904 J'ly'09

tita

Am Toler> & Tel coil tr 48.1020 J -J
1936 M-S
Convertible 48
Am Writ Paper 1st 815s g 1919 J J
Ariz Corn Cop 1st cony 08 1918 M-S
&ten Ton all 8 Fe gong 48..1993 A-0
Adiuxtment g 4a.....Ply 1993 Nov
Ply 1995 3I-N
Stamped
1935 J -D
50-year cony 15
1917 J-D
10-year cony 5s
Atl Gull & W 1,88 Lines 58.'59 J -J
Boston Elect L consoi 58 1924
1916 .1- J
Boston & Lowell /5
1944 .1-3
Boston & Mania 44
2s
Boston Terminal 1st 3 4235 1947 F -A
,
1918 J -J
Bur (II Mo Illy ex 6s
1(315 J-J
Non-exempt (is
19113 J .J
Sinking fund 49
Butte & Boston 1st 68- 1917 A•
Cedar Rap & Molt 1st 73 1916 M•N
NOV J -D
28 78
F
Cent Verrnt 1st g48..Alay19211
B & Q Iowa Div 1st 58 1919 A-0
Iowa Div 1st 4s
1919 A-0
Debenture 58
1. 113 M-N
(
1922 F-A
Denver Eaten 45
Nebraska Eaten 45
1927 f3.4-N
1921
B&SWar 4s
1941; J • J
Illinois Div 3128
Joint bones See (It Northern
Jhic .10 Ry & Stir Yes 68.1915 J •J
Coll trust refunding g 451940 A-0
Oh Mil & St P Dub D 66-1920 J - J
Oh H & St P Wis V dm 6s1920 J J
Chin & No Mien 1st gu 58.1931 811-N
Ohio & W Mich gen 53-.1921 . D
Concord & Mont cons 45 1920 .1.1)
A-0
Conn & Pass It 1st g
1927 A-0
Out-rent River let Is
Det(Jr Rap & W 1st 1s 1916 A-0
Dominion Coal 1st s f 58 1910
1915 M-S
friten burg 48
1927 31-S
45
freint Elk & MO V 1st (38 193:3 A-0
1933 A-0
Unstampen 1st 6s
Gt Nor 0313 & Q coil tr 481921 J -J
Registered 4s
1921

N0TE-Buyer pays accrued utereat in addition to the purchase price for all

Boston B011t18.

w

No price Friday; latest bid and asked.

11 le at price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices
-Not Per (Annum Prices
Saito-dal)
Oct

Monad y
Oct 4

86
4
1081 1081 108
4
.18
*13
383
4
14
13% 1414

Tuesday
Oct 6

86
86
80
4
108% 1073 108
19
*lb
39
14
14
14

40
40
41
.4.0
16
.45
4
45% 46
453 453
4
47% 484 433% 474
48,4 48%
4
1214 1212
*
1212 121
121, 123
6:14 0%
69% 61
.604 61
2.11, 23% '23%
21
231 '24 12
6
4
71',, 723
75
74% 73
'73
4
12 32 12%
1212 123
12
12
, 27',, 27%
'271, 27¼. '271, 274
1171
41174
118 118% 117.4 118
100%101% 100 10)12 138%101%
74 12
6711126 71
4 '743
7412. 741
4
47% 18'6 4814 48% 481 4814
121 12%
4
l'23 1212
8
/
4
1212 l'21
21)
28% 267
204 28%
6
29
844 84,4 84% SI316 83 4 8146
onie 618
612 (3",,
,
6
537 53% 53% 53% 53, 53%
923, 90% 913
92, 0234. 102
4
4
i LA DELPIIIA
Inactive Stocks
Allegheny Val pref.-51
50
American Cement
100
Amer Pipe Mfg
Bell Telephone (Pa) 109
60
Cambria Iron
Central Coal & Coke.1013
Gondol Trac ot N
Diamond State Steel 10
Preferred
&lain Con Electric 5 5(1
Bloc Storage Batt....1(30
100
Preferred
100
Ft Wayne &W V
50
Germantown Pass
Indianapolis St
100
Indiana Union Tr
100
Insurance Co of N A..10
Inter Sin Pow & Cliem.30
Keystone Telephone _50
Preferred
50
Keystone Watchease.100
Lit Brothers
10
Little Schuylkill
It)
Minehill & Selittyl H 51;
N Haven Iron & Steel.b
Northern Central
50
North Pennsylvania 5u
Pennsylvania Salt
50
Pennsylvania ,;,ieel..10U
Preferred
101;
Pink' Co(Pitts) pref...OU
Phil(3erman & 5', orris 50
50
Plula Traction
Railways General
10
&airmen Iron & Steel 5
10
*Tide water Steel
Pro[(Trod
Tonopah Mining of Nevl
100
Union Tr ot Ind
United N J RR &(2 10)
Unit Trite Pitts pref..5t,
Warwick(ron& Steel.1(
West Jersey & Sea Slt.5U
Westmoreland Coal....51Eiee 1.01
Wilkes Gas

Bid

A8k

Wednesday
Oct 6

Thursday
Oct

Sates
ACTIVE STOCKS
of the
Week (Ibr Bonds and Inactive
Stocks see below)
Shares

Range Since
Jan 1 19u9

kange lor Previous
Year(11)08)

Lowest

tit(
/hest

Lowest

Highest

30 Mar 8
76 Mar16
IOU Jan 4
11% Feb 28
223 Fel224
4
93 Feb 3
4

421 May12
2
89 May18
Ill Jan It
2118.1'nel1
41 May 15
14% Augli

20 Jan
65 Mat
50 Jan
4 Feb
10 Feb
10 Jan

30 Dee
81 ,
,Dee
302 Dec
15 Dec
26 Dec
12 Nov

Philadelphia
6
62 American Cement
4012 10%
50 377 April 43 Jan 2
1()
41
40
.40
72 American Railways
50 14% Ply b 463 800 11
4
46
413
40
.16% 464 46
8
8,366 Cambria Steel
46
17
50 327 Fe0233 19 Sop 21
47 14
41
45 12 47
4J'ly 14
74 Electric Co of America 10 x1()7 Jan 21. 127
6
'12'., 12 12 .124 1`2% .124 12%
567 Eleo Storage Battery 100 43 Jan 31. 63% J'ly 30
(30
60
604 )304 60
60
'233 Feb
4
3,715 Gen Asphalt tr Otis
100 15 42Jan
'23
23
23
23
'234 234
Do pref tr ctfs
100 63 Jan 6 75 Oct 4
72% 3,565
72
724 73
7112 73
202 Keystone Telephone
50 9 %Jan'21 15 Apr19
1214 .12
12
1212
12
12
:337 M ay 8
8
27 '27%
4
'207
6 '29',, 301 22,369 Lake Superior Corp.. 101) 14 Jan
27
4
117 1174 117 1177 .116 1163
608) Lerugh 10 & Nay tr ctfs 50 96 Jan 5 1211 Aug11
6
4
50 61 Feb23 113 Sep 21
96% 99
99 100
9)J% 09% 33025 Lehigh Valley
, 7'3% 74%, 733 7446 7,815 Pennsylvania RR
6
50 631 Feb21 75% Sep 29
73% 7411
4
4
48
13% 1,970 Plulatielp'aCo(Pitisib) 50 40% Feb24 491 Aug19
48.
48
4834 4812
124 12%
12% 12% 12',, 12',, 6,092 Philadelphia, Eleotrict 25 114 Feb23 12% Sep 3
50 244Jan 3 36% Apr28
27% 28%
28, 28% '28
4
2812 0,742 Phila Rapid Transit
50 59% Feb23 86, Sep 21
4
8231e 133 m 821515 83
'
91e 81% 83 19,925 Renting
4
1 53 Jan 10 7i316 Mar30
*6 12, 63
823 Tonopah Mining
(3% 6% Cilia 03'.
4
58% May 4
53",, 5312
50 505 Jan
634 53%
5314 533 1,590 Union Fraction
6
904 914 90% 91 12 90
50 84% day1.3 044 wet) 0
007 7,874 United Gas Dana
6

32% Mal
42% Mai
267 Feb
8
8% Jan
2412 Feb
312Jan
1978Jan
4% Jan
'3% Feb
7814Jan
52% Feb
I-0116 Jan
31% Ma;
512 Feb
41.2 16J'ne
16314 Feb
37 Jan
c44 J'ne
7312Jan

43 Deo
16% Nov
4012 Dec
114 Dec
47% Deo
193 Deo
6
59'2 Dec
9 May
17 Dec
073 Deo
8
4
763 Dec
6646 Dec
14.4 Dec
123 Nov
8
25 12 Dec
11146 Dec
9 16 Apr
561 Apr
4
94,4 Deo

86
.107
18

33
86
1073
4
103
.17
19
38%

133
4

Oct 8

.38
38
40
"8312 86
107 4 10712 10712
18
18
18
38
.38
39
514
114

PHILADELPHIA

Bid

Ask

BUM'S

Prices are all "and
interest."
Al Val E eat 76 1010 A-0
125
Alt &LVEleo 4 1, 13'33.F-A
2
46
4(33 Am Ity8 cony 58 1.91.1.J•D
4
Atl City 1st Is g'19.M-N
Berg& Ellrw 1st 68'21J -j
764
Betide Steel es 11/98.(2.1)
.
Choc& Moist 5s 1949 J -J
Ch Ok & G gen 58'10 J-J
Col St Ry 1st con 58 1932
Con Trao or NJ 1st 55.'33
& A 1st M Is 1920 .51•N
Elec 53 Peo Tr atk It etni
Eq It Gas-L 1st g Is 192e
Indianapolis Ry 4,3.1933
Interstate 45 11143 F-A
22% 23
Lehigh Nay 412s '14.Q-J
1014.Q•11
12 1212 lilts 48 g
Gen M. 4125 g 1921.4-1
115
Leh V 01st 58 g '33. J-.1
16
Leh V ext 48 lot 1948.J-1)
ALS
28 78 1910
S6's
J-D
61
Consol 68 1023
J-1)
Annuity (I8
11/8
Gen cons 48 '2003.51•N
100
Leh V Trau con 4s'35J-I)
110
New Con Gas Is 1948 .3.1)
Newark Pass con Is 1930
117
NY Ph & No 1st13'39 J-J
133 44'-,,
4
Income 45 1939 M-N
NoOlnoTrac con58'19.J-J
90
Penn gen Os 1910
. Var
9
10
Val
Consol 58 1919
Penn & ltd Steel con Cs.
Pa & NY Can Is '39.A-0
Con 45 1939
A-0
61 Penn Steel 1st 58'17 M-N
4
012
People's 'Jr tr certs18'43
,150
P Co 1st& col tr 53'49 51-s
Con& col tr Is 195151-N
11
12
Phil Elec gold trust °Us
Trust cortifs 4s
P53 E gen. 31 5 g'2U.A-t)
Gen 31 43 g 1920..A&O
40

1014
01
9712
1l7' 117 4
2
113 115
105% 105%
109
1'3

110
113 12

85
86
57,
4
102 12 103 12
109
107
102%
119
150
973
4

109 12
100
120 12
151
97%

11012

1)8
105
071- 98%
1113 4, 103%
75', 76

Baltimore
50 Con.Gas El. L. & Pow.100
164
Do ptel
100
221 Northern Central
50
'240 seaboard(new)
100
100
Do 2(1 pref
601 United Ry & Electrlo 50

PHILADELPHIA
Ph & Read 28 Is'33.A-0
Con 31 78 1911
J-D
Ex Imp AI 48 g'47 A-0
Terminal Is g1941 Q-F
P W& B col tr 4s'21.J-J
Portland Ry 1st Is 1930.
!tech ay& 1,con 58'54J-J
Spanish-Am It- (38'27 J-J
U Trac Ind gen 56'19.J-J
Un Rya Tr cats 48'49J &J
United Rya Inv lat oolltr
Fins 1926
11•34
U Trac Pit gen Is '97 J-J
Welsbach s t Is 1930.J-D
Wlks-B G&E con58'55J-J
BALTIMOILE
Inactive Stocks
Ala Cons Coal& Iron 100
Fret
100
Atlanta & Charlotte 100
Atlau Coast L (Conn)100
Canton Co
100
Cons Cot Duck Corp .50
Preferred
50
Georgia 8on & Fla. .100
let ptel
100
2d pref
100
(31-13-8 Brewing
100
Bonds
Prices are all" and
interest."
Anacostia & Pot 58
All & Ch oat 4 4.28 '10.J-J
Atlan C L 1tR48195231-8
Atl Coast L(Ct)ctts 55 J-D
etts of indebt 45....J-J
J-J
5-20 yr 45 1925
Bait CPass lst 56'11 31-N
Ball Fumig 58.1016 M-N
Exchange 3128 1030 J-J
Balt& P lst OsmI'll A-0
BSP&O 1 st 4 428'53F-A
Balt Trao lst 58.229 M-N
No Bait Div 58 1042 J-D
Cont'l Ity cou5s1932 M-N
Ext& Imp 58.1932 11-5

Bid

Ask

BALTIMORE

118% 120 12 Chas CityRy 1st os'23J-J
Chas IVO& El 53'90 M-S
Chart C& A 28 76'10 A-0
City & Sub 1st 58.222 J-D
City Sub(Was)lst 68'48
1004 101
Coal ,S I Ey lst Os'20F•A
Col &Grnv la t 6s.1916J-J
99% 100
Cousol Gas Os...1910 J•D
103
68
. .1939 J-D
05
Ga& Ala 1st con Is'45J-J
78
GaCar&N lat5sg'29J-J
85% 853 Georgia P 1st 6s...'22 J-J
4
UaSo & Fla 1st 5s 1945J-J
107 Lou
(-1-B•83 Brew 3-45 195131-5
86
28 income Is 1951 M-N
101.12
Knoxv Trac 1st Is'28A•0
LakeR El 1st gu58'4231-8
Macon Ry&LtIst5s'53J-J
25
40
Memphis St 1st 5s'45 J-J
71
80
Met8t( Wash)lst5s125F A
lit Vet- Cot Duck 1st 58.
310 320
Npt N&O P 1(458'38 M-N
95
92
612 Norfolk St 1st 5s
6.
North Cent4128 1925 A-0
20% 21
Series A 5s 1926. .J-.1
33
Series B Is 1926. .J-J
96
Pitt Ifn Trac Is 1997.J-1
75
Polo Val 1st 55 1911..J•J
2
Say Fla& West 58'31 A-0
Seaboard A L 4s 1950 A-0
Saab & Roan Is 1926.J.J
.A-0
103 1034 South Bound 1st 6s.
UE1 L&P 1st1128'29 M-N
99%
951 95% (In Ry& El lst 43'19 231-8
6
Income 4s1949
JD
105 107
Funding 55 1936.
-J-D
86
88%
Va 511828 set- 633'11.M-8
94
02
3d series 65 1916..M-8
10133 101
4
4th aer 3-4-5s 1921.51-S
105 107
108
99
5th aeries Is 1920.51-S
102
Va (State) 3a new '32.J-.1
93
93%
Fund debt 2-3s 191/1.J-J
110 111
West N C con 651914 J-J
113 114
WeetVa C&P 1st 6g'l1 J-J
1101 112
/
4
Wil & Weld 5s..1935.J-J
11012

Bid

Ask

91
90
102
107 108
103% 1044
10212 103
109 112
10014 1014
4
1114 1113
105 1054
105 14 105 12
116 118
108% O91,
44
1412
11
13
105 107
110
05
90
Ou
99%
110 111
78's 79
95
105
105',,
112
112
103
105
107
89
110
107 109
100 107
93
114
874 873
4
08
t81
4
84% 85
102 104%
106
100
1084. 109 12
90
90
106 108
4
101% 11121
112 lit

'Bid and asked; no sales on this day. 111ix•riglits. 11$7,50 paid, t $1214 paid. t $13% paid. .11$35 paid. a Iteoeipt.s. b $23 paid. c $30 paid. a$1241 paid.




908

THE CHRONICLE

Volume of Business at Stock Exchanges

Bid Ask
Industr i and Misee .
5
Consol Rubber Tire__100
3
23
Preferred
36
&0 14
Debenture 4s 19 1 Al96 I 39
THE NEW YORK STOCK EXCHANGE
TRANSACTIONS AT
Con Steamship LInes_100
DAILY, WEEKLY AND YEARLY.
24
Coll Cr 4s 1957 rcts J&J / 22
Corn Prod Ref
-See Stock Exc
c Crucible Steel
1418
Stocks.
Railroad
e Preferred
8238,
State
U. S.
Week ending
Cumberland-Ely Coppet 0 612/7, 7
Par value.
.
902 u4
1/1
Bonds.
Bonds.
Oct. 8 1909.
Shares.
Bonds.
e Diamond Match Co_100' 1271- 12812
5' 05F
, 1
:
Douglas Copper
Saturday
441,950 $41,922,500 32.279,500
$118,000 $30,000
Econ'y Lt Jk P (Toilet, Ill)
898,945 84,947,0001
91,000
Monday
5,017,500
Ferry Companies •
1st M s f g 58 1956-J-D 06 93
1,13:3,487 107,002,900
B & N Y 1st 8s 1911_J-J 90 95
85,50-„,
Tuesday
4,109,000
22
100 17
1,505,524 190,596,400
75,5e3
Wednesday
10,000 IN Y & E R Ferry stk_ 100 34 38 Electric Boat
5.019,500
(35
mstee
e rexl i
155
100
1,028,475 97,560,000' 4,879,000
1st 53 1922
N
94,500
Thursday
100 10
1,005,790 93,939,500i
111,000
8,000 NY &Hob 5s May '96_J-D 9714 9810 Empire
Friday
5,814,000
Preferred
100 70
HobEy 1st 5s 1946 M-N 106131107I2
6,014,171 5565,428,3001 326,918,500
Total
3575,500 $48,000 NY &NJ 5s 1946_ ___J-J 97 103 eFedcral Sugar of NY-See Stk E a list
,95
3
100
10th (lc 23d Sts Ferry_100 38 42 eGeneral ChernIcal
s•101
e Preferred
100
1st mtge 5s 1919 J-D 67 j72
Week ending Oct. 8.
Jan. 1 to Oct. 8.
Sales at
e Union Ferry stock__I00 30 t 32 Goldfield Consol Mines_10 14318 91113
New York Stock
8 112
*7
e 1st 5s 1920
I
M-N 95 97 Go d Hill Copper
190).
1
Exchange.
1008.
1009.
1908.
20 *1012 lob&
Greene-Cananea
Guggenheim Explor'n 100 210 22a
Short-Term Notes
6,014,1711 4,457.007
Stocks-No. shares___
140,794,7011
163,512.109
9812 09
Par value
$565.428,300 1404,038.200 114,954.572,750 512,161,430,575 Am Cig ser A 4s '11 M-S 9712 98 eHackensack Water Co
91
Ref g 4s'52
Bank shares, par
$110,200, Ser 13•48 Mch 15 '12 M-S 100 1003 Hall Signal Coop '12 _J&J 89 55
31,000
$70,100
8
Am Tel & Tel g 5s '10_J-J
100 59
Bonds.
10
8
4
8
1 Mien Coast L 5s '10_111-5 / 1003 1003 Havana Tobacco Co 100
Government bones__
$487,200
$43,000
$467,020'
25
74
Preferred
.
1012
:1
State bonds
71,180,000 Cln Ham&D450 '08_M-S 69
30.134.900
$575,500
3550.000
68
9712
1st g 55 June 1 '22.3 11
Col tr g 48 1913____J-J 97
848,922,200
RR. and misc. bonds_ 29,918.500 19,136,000 1,028,223,600
C C C & St L 5s, June 'I/ 10118 1U158 Heeker-Jones-Jewell MIII
1081r
11
1st 6s 1922
Total bonds
2718,569,820 Erie 8s, Apr 8 1911 A-0 1131- 1
$27,542,000 219,686,00e 81,058,895,700
/0
14 S 31
(ii- Heett-Hall-Mar, new. -o 19612 36
-2 Interb H T g Gs 1011 M-N
991, 100 Hoboken Land &Imp_100
KC Ry&Light Os
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
e 53
Lack Steel 5s g 1910_M-S 0912 100
EXCHANGES.
4
AO
1010__MN 16 1-2 -87
Lake SheckI So 5s '10 F-A 10018 10012 Houston 011
-_ s3012,
4
100
Preferred
Lou & Nash g 5s '10_M-S 10038 10o3
100 110 110
Philadelphia.
Boston.
Mex Cent 5s July 1 1910 100 10012 Hudson Realty
75
Mich Cent 5s 1910.--F-A 10018 10012 e Ingersoll-Rand com_100
Week ending
OD
4
993
a Preferred_
101) 06
Bond
lion!
Listed 'Unlisted
Minn & St L g 5s 'II _F-A
Listed Unlisted
Oct. 8 1909.
1003 10012 internat'l Bank'g Co_100 • 143 fir
1 )
shares.
shares.
sales.
shares. shares.
IN Y Cent 5s 1910_
,
to es.
% 3% I nternat'l Mer Mar-See S tk Ex list
IN Y C Lines Eqp 5s '10-27 5414
15,860
$19,000 NYNH&H 5s'10-'12 10014 10212 International Nickel...100 • 119
$52,500
9,766
24,374
12,627
Saturday
Pre"er red
100 87 • 90
17,231
23,461
50,500 Nort & West 5s 1910 M-N 10038 10078
148,800
21,191
44,385
Monday
4
1st g 5s 1932
23,434
34,520
93,700 Pa RR 55 Mch 15 '10 M-S 101,-8 1003
A &O 9012 9113
29,911
43,000
36,230
Tuesday
15
30,674
19,267
55,700 Public Service Corp 5s- See S'c. ltss International Salt__ 100 12
20,767
39,000
40,565
Wednesday
50,000 St L & San Fr g 54'11 J&J 98-i 903
22,407
4
26,705
1st g 5s /951
69,500
13,570
A-0 / 54 60
35.676
Thursday
21,206
46,600
20,501
4 3i %g notes'12on F&A
15,371
100,00
39,312
712 10
512 9612 larernational Silver 100
Friday
8
South fly g 5s 1910_ _F-A 100 100.,
Preferred
100 95 105
.
3
0
28
,3
4
ist it
J-D 109 111
220,542 113,437 3452,8001 118,905 148,128 8321,500 Southern Ry 6s 1011_M-N 10214 1013 Internes
Total
Tidewater 6s, 1913, guar
1melt
S 9 a & Refg100 132 140
4
1Vestingh'e El&M Os 1010 10014 1003 Jones & Laughlin Steel Co
3
1st s I g Is 1939.-M N 10214 1027
,
Lackawanna Steel
100 5512 5713
Railroad
Lanston Monotype_.• 20 *1012 20
Atch Top & Santa Fe
All bond pries are nnw "and inter3st" except where marked "f."
Lawyers' Mtge Co
100 -250
Convert 4s-See Stock Exe• list
Chic Gt West com(w 1)100 23 27 • eLeli & Wilkes-B Coal 50 120
100 100 110
Bid Ask
Prefereed (w I)____100 55 56 Lord ec Taylor
Ask
Bid
Street Railways
Sf.rect RaP ways
---Preferred
100 • 98 103
Pub Serv Corp N J (Con)
Chic Peo & St L pret__100
New Y rk C41/
---- ---- eLerIllard (P) pret
10 130
Rapid Trail St fly._100 240 250
Deposited stock
Bleeck St & Ful F stk_100 20 28
25
---_- ---- Madison Sq Garcien_100 ,_ 16"
1st 58 1921
Undeposited
A-0 106
o 1 .t mtgc 43 1950_J-J 60 65
6
8
2d 6s 1919
M-N 5?,, 100
J 0 Hob & Paterson
Prior lien g 4 30'30M &S / - - - ......
e B'y & 7th Ave stk__100 140 155
2
48 g 1949
M-N 7812 7912
Con mtg g 58 1930_J&J / 48 ----. Manhattan Tran..it...._ 20.
Zd mt -e 5s 1914__J-J /100 101
10
/
- Mitchell Mining
So J Gas E1&Trac_100 132
Income 5s. July 1930_ / -__
Con 58 1043-See stock Exc st
5 -514 Mononttahela R Coal
50
Gu g 5s, 1953_ _M-5 94) 166" Chicago Subway
100
B'way Surf 1st 5s go 1024 102 104
;
,
Preferred
50 ,22
No Hud Co By 6s'14 J-J 105 • 10612 Ft W & Den Cy std_100 9712 102
e Cent'l Crosst'n stk__100
Mortgage Bond Co
100 11212
J-J 105 1061- Kansas City Sou 5s Apr 1
58 1028
• lst mtge Os 1922_M-N
10C tr100 110
Nat Bank of Cuba
Ext 5s 1924____M-N 100 103
1950 (w I)-See Stock Exc 1st
e Con Pk N ec H Rstic_100 30 40
Nat'l Surety
200 185
Pat City con 65 '31_J-D 119 122 Nat Rys of Mexico-See S tk Ex 1st
e Chet'r & 10th St stk 100 80 90
Nevada Cons')Copper 5 *2338 237
North'n Securities Stubs_ 11212 125
2d Os opt 1014__A-0 100
Col &Oth Ave 5s See Stock Ex:e list
4
35 Nev-Utah Mln & Sm.. 10 *13 113,
Pitts Bess & L 5
50 *33
So Side Si (Chic) See Ch (cage
Dry 1) 5 B ea B
72 eNew Central Coal
Preferred
20 40 60
50 *68
a 1s1 gold Sn 1932.....J-D 9712 100 3yracive R T 58 '46..M 63S 3103 105
-See St! Exc list
NY Air Brake 6s
50 Crent P & H 5s 1943_J-D 95 100 cRallroad Securities Ceo Scrip 5s 1914____ILA / 45
N Y Biscuit Gs 1011_11-: /100
nt C st'r tr ets ser A '52 90
Eighth Avenue stock 100 250 300 United Rys of St L
36
45e New York Dock
10
100 2112 2218 Seaboard Company
Corn vot tr etts
/ 95 100
e Scrip G..: 151
4
3
e Preferred
100 78 81
100
1st preferred
100 7012
e Preferred
e 42d & Gr St F'y stk_100 190 210
Corn & 2d pret-See Bat t 13i; iiTi N Y Mt•re & Security_105 235
Gen 48 1934-See Stock Exe list
42d St M & St N Ave_100
*4
N Y Transportation
2
e 1st mtge 68 1910_M-S 11i 100 UnitRys San Fran See Stk Exc. list Sea Loard Air Line
8
Coll 5s ext May '11 M-S 9814 981 Niles-Bern-Pond com_10 103 106
..100 4612 4714
Wash By & El Co.
2d Income Gs 1915_J-J /50
NinissIng Mines
5 *1078 11
8
100 933 94 Unlsn Pacific 4s-See Stk Exc iist
Preferred
Inge .1;CInter-Met-See SC: Each
214 314
100
J-D 88 8814 West Pac 1st 53 '33 M-S 98 9814 e Ontario Silver
4n1951
Lex Av ecPavE Is See 5th Exc •1st
58 60
Otis Elevator com
10
;
Me. °Poi St By-See Stk Exc 1st
Industrial and Miscel.
Preferred
100 99 101
aas Securities
160 A70
Ninth Avenue stock_100
Adams Kap g 45 1947 J-D / 93 95 Pittsburgh Brewing- 50 *2334 24
New York
:Aeon(' Avenue st3c1:_100 18 20
50 *4154 417g
Preferred
25 4220 '125
e 1st mtge 58 1001)_M-N 98 100 Cent Un Gas 5s '27_ _J-2 102 103 Ahmeek Mining
100 115 120 Pittsburgh Coal-See Stk Exc list
Alliance Realty
--See Stk Exc list
77 Con Gas (N Y)
/74
Consol Os 1943__-A
44
listgCo com(new) 100 40
Allis-Chalmers Co 1st mtg
100 147
e Sixth Avenue sto.;k_10i, 110 120 e Mutual Gas
eTp of 100 x80
_r_ _ 0
$ f 5s 1936-See Stock Exc
Sou Boulev 5s 1945___4 61) 85 New Amsterdam Gas
100 105
155 P Preferredec lr h 1 t( n
l tt
eNrr
100
1st consol 5s 1948 J-J 101 10212 American Book
So Fer 1st 55 1919___A-0 89 93
54
100 119 113 1 Producers 011 ___ • 100 125 130
NY do ERGaq 1st 55 '44 J-J 10312 105 American Brass
Third Avenue-Sec Stock Exc is
....:5 -35 Realty Assoc (Bklyn)_100 133 138
J-J 97 103 American Chicle com_100 .
Consol 5s 1945
Tarry W P & 11 5s 1923 /50 80
35 45
100 105 108 i Rofal Bak Powd com.100 160 170
Preferred
95 N Y & Richmond Gas 100
YkersStRit5s 1946 A-0 85
100 10/ 110
Pre rred
25 Nor Un 1st Os 1927....M-N 93 100 Am Graphophono corn 100 12 fe
28theaOth St.;.3s '96A-0 • 20
100 27 "ii" 1 Safety Car Heat & Lt_1(1) 128 130
Preferred
Standard Gas com 100 30 55
e Twenty-third St stk_100 200 250 ,
134 tie n
25 *75
60 80 Amer Hardware
100 132 :3)5412 shl eca Minin -,*
e Preferred
Union Ry 1st:s 19 i'_F-A 100 102
4
100 4603 171) 3
0
Co
102 109 Am Malting 6s 1914 J-D 105
1st Is 1030
75
Westchest 1st 5s '43 J-J 60
(
10'4
sco m w 0_100 It'
I ouih
: erIftrg
Amer Press Assoc'n_100
Is
Other Cities
Brcni
100 605 5134
18
4
,
PIterrtd (vi B
*43 4412 Am Soda Fount com..100
50
0
km Gas & Mee corn
Atian Avenue RR
1
3
100 20 ii Standard Cordage...
50 *42 44
1st preferred
Preferred
97 '01
Con 5s tr 1031
50
2
6
1st M g 5s '31 _red_ A-0 / 20
100
2(1 preferred
B B & W 5 5s 1933__A-0 95 103 Amer Light & Tract_100 275 280
5
lc Ex 33t
Adjust M 55 Apr 1 1931 / 3
10') 10612 10712 Am St Found new-See S
Preferred
Brooklyn City Stock_ 10 192 195
30
'
1
A &O 102 103 Standard Couple, corn 100 20
1'8
50
On 1935
Con 5s-Sec SU( Each •nge list Bay State Gas
100 100
Preferred
F &A 701. 711-1
4s 1923
Wks
Deb
BkinHgts 1st 55 1941 A-0 98 102 Illingh't'n (NY) Gas
18
50 210 21712 Standard Milling Co 100 15
A ec0 95 99 American Surety
1st g 5s 1038
Bkln Queens Co & Su/
55
100 no 53
Preferred
American Thread pret 5 *412 514
a 1st g 5.. '41 op '16_J-J 97 102 Brooklyn Un Gas--SeeStk Exc list
M r‘ 8
3 86
1st 5s 1030
612 Am Tobacco Co cam_ _100 455 460
5
Con guar 5s-Sec Week Exe list Bufraio City Gas stk__100
703
48 Standard 011 of N J 100
Amer Typotders corn _100 44
-See Stock Bac list
1st 5s 1947
Bklyn Rap Trait-See Stk Exc list
100 98 100 Swift & Co-S,.7 Bost 5th Exc list
Preferred
95 Con Gas of N 5s '36..J-J 00 94
Coney 1st & Ilkiyn_100 1:0
0 100
3
4
1st 5s 1910-1014-1-J 165 101
.100
Paper.
Amer Writing
& Pow
85 Consumers L
75
1st ins g 48 1i)43__J-J
170
100 28 30 Texas Company
Preferred
J.D 109
Os 19313....___
Brk C & N 5s 1939 J-J 95 100
:
171 t,9 eTexas & Paciac Coal_ 100 05 102
1st s f g 5s110 op '09_J-J 81
Denver Gas & Elec._ _100 132 142
Gr'p't &LorSt 1st Gs MIeN
1212 Title Ins Co of N Y___100 153 158
Gen
5s 1949 op.A1-N 95 9612 AtlGtecWIndSSLines_100
-See Stock Eszc 1st
Kings C Hi 4s
4 673
100 28 30 Tonopah Min (Nevada) 1 *63
Preferred
Elizabeth Gas Lt Co__100 275--101.
Nassau Ele pref
5
10
73 Trenton Potteries corn 1,0
J-J / 71
Col tr g 55 1959
A-0 104 107 Essex & Hudson Gas_100 133 135 ,
5s 104 3
Preferred, new ____100 55 65
100 40 60
77 Barney & Smith Car
1st 45 1951-See Stock Exc its's Gas & El Bergen Co_100 75
103 20
3213
Trow Directory
100 100
Preferred
Gr Rap 1st 5s '15_F-A 99 102
N V1Pbg&Fla 155 ex 44t 90 95
Union Typewriter com100 65 69
100 131 133 Bethi'm Steel Corp-See tk Ex lit
Steinway 1st Os 1022-J-J 102 107 Hudson Co Gac
115
1st preferred
30 Bliss Company corn.. 50 123
Indiana Lighting Co_100 24
Other Cities
115
2d preferred
110 125 jai Preferred
F-A 63 70
4s 1058 op
RyBuffalo Street
56
100 270 2
50 1152
7712 United I3k Note Corp-109'9) *112
40 Bond & Mtge Guar
25
50
1st anise! 55 1931_F-A 10712 10812 Indianapolis Gas
56
Preferred
00 Borden's Cond Milk_103 121 124
1st g Os 1952
A-0 to
Deb 6r, 1917
A-0 107 108
3
100 105 110 United Cigar Mfrs
59 8
100 *50 81
_
• Preferred
9534 9614 Jackson Gas 5s ft' 37_A-0
'Columbus (0) St Ry_100
5
00
10 0 10034 110
5 *618 artreterrecI
0
c pper
Copper
95- 1
100 10914 104 2 British Col
Laclede Gas
`Preferred
100 10914 .
10
4
United
_100 97 100 Butte Coalition Mining 15 *293 2574 eP
o Preferred
Coium By con 5s-SeePhi a list
31
:i2 4
Preferred
__----- A-0 103 108 Casein Co of Am com_100
Crosct'wr.1st 53 '33 J-D 103 106 Madison Gas 6s
138 2?b t
100 55 65
US Casualty
Preferred
78 Newark Gas es 1044 Q-J 130 132
e Conn By & Ltg com_100 74
Er
100 52 pe com
.100 100 101 • Casualty Co of Amer 100 125 140
85 Newark Consol Gas.
101 80
, e PreferreC
100 110 113
Srefnve°
100 130 '33 (j P E err ld
-D 10612 10712 Celluloid Co
S
0
1
1
Con g 5s 1048
1 1st & ref 4 c-See Stir Exc 1i,
9 U S Finishing
6
com 100
Cent Fireworks
No Hudson L H & Pow
Grand Rapids Ry
100
fir
Pre errecl
100 60 65
Preferred
A &O 106
58 1938
.
Prete--red
100 8812
3
4
U S Steel CorporaLlon11 098 1102
100
o Louisv St Is 1930__J&J 10714 1071: Pacific Gas & E,com-100 1'812 5012 Central Foundry
17
Col tr s t 5s '51 opt '11 1143 11513
4
100 15
Preferred
100 9014 91
Preferred
Lynn & Dos 1st 5s '24 J-D 106 107
72
Col tr a t 5s '51 not opt 1143 11513
4
Deb Os 1919 op '01_111-N 68
0 Now On Rys & L.tt_10C 215k 213: Pat & Pas GasecElec_100 93 97
80
551,
a Con g 5s 1049...M-5 101 10212 Chesebrough Mfg Co-100 550 100 US Tit Cu & Indem__10( gio- list
55
101
c Preferred
64
-See Stl.
Gen Al g 4 Ms'35 See 1.1i Ex II-3 St Joseph Gas 53 1937-J-J 93 97 City Investing Co....._100 60 103 eUtah Copper Co
100 98
Waterbury Co com___100
Preferred
Corp of N J_10( 105 107
Pub Serv
100 .--Preferred
eClailin (H 13) cora-100 102..
Electric Companies
Tr ctts 2% to 8%perpe1 04 95
. Westchester & Bronx Tit
100 90 Iii
el.st preferred
Coll Is g notes '09_M-N 100 10038 Chicago Etna in Co-See C Men oust
100 90
& Mtge Guar
62(1 preferred
Ry_100 50.... Kings Co 51 LecP Co 101, 127 131
North Jersey St
155
78
Wes'.ingh'so At: Brake.50 *144 146
80 81
Yarragan(Prov) Ei C0-50 *9112 04 Col & Hock Coal&I p1100 93 95 West El & Mfg 5s-SeeStl: Exc list
1st 45 1945
J-J
95
40
1st g 5s 1917
Cons Tract of N J..100 78 77 NY&Q El LecPowCo_100 37
0
10
White Knob Min
73
Col tr Os Oct 1956 J-J 93 104
100 70
Preferred
J-D 105 10812
lst 55 1033
Preferred
__ Consol Car Heating.-100 2712 30
100
r • Now'kPasRy 5s '30 J-J 108 110 (Jolted Elec of N J
Worth. ,.t Pumn nre_100 10/ fir
,
7812 7914 Con fly LT:tecRetrig_100
J-D 75-1st g 4s 1049
New Stook.
..-rights. S Basis. c Sells on Stk. ix., but not very active 5 Flat p:Ice. n Nora. 3 53 e price. x Ex-div. p Ex-righ..s. 0
.
Per share. a Ez

Outside Securities




I-1;E -

& Telephone Bid J Asle Amer Teleg & Cable_100 80 I 85
Central & So Amer_ _le0 110 112)
Comm'l Un Tel (NY). 25 110 120
75
Emp & Bay State Te1.100 65
Franklin
100 43 I 50
e Gold & Stock Teleg_100 110 1120
N Y & NJTeleph-See St :r Ere list
Northwestern Teleg_ 50 112 120
25 70 80
Pacific & Atlantic
Southern & Atlantic_ 25 92 I 93

!109

THE CHRONICLE

00T. 9

/nuestinent and igaitroad `,intethgence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
.columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earninos.
Week or
Month.

ROADS.

Current
Year.

Previous
Year.

Previous
Year.

Curren:
Year.

July 1 to Lates Date

Latest Gross Earnings.

July 1 to Latest Date.
ROADS.

Week or
Month.

Current
Year.

Prev:cus
Year.

Curren;
Year.

Previous
Year.

S
$
$
$
eNYC & Hnd Rtv_ August __- 8,359,672 7,791,685 16.314,867 14,885,463
Ala N 0 & Tex Pa:.
424,150
Lake Shore & M S August _-- 4,278,626 3,714,758 8,216,975 6,979,147
503,856
263,041 212,044
NO &N East__ r August ___
888,110
816,475
n Lake E & West August -__ 497,434 426,067
230.991
130,944 113,380
252.276
August ___
Ala & Vicicsb_ _ _ r
416.819
537,041
Chic Ind & South August ___ 268,812 224,950
214,568
110,350 106,268
216,648
Vicks Shr & Pacr August ___
8,768
Michigan Central August -__ 2,428,089 2,144,490 4,694,751 4,085,678
6,466
4,638
Ala Tenn & North_ Au ust .._
11.261
Cleve C C & St L.. August --_ 2,620,031 2,294,069 4,917,735 4,383,025
7,499,685 16,702,111 14,508,567
k Atch Top & S Fe_ August __ 4,959,839
455,278
531,048
435,249
Peoria & Eastern August --- 291,254 238,391
46,308
589,928
67,020
Atlanta Birm & Ati 1th wk Sep
192,497
207,168
118,837 110,302
Cincinnati North Avugst
Atlantic Coast Lin( August .._ 1,794,562 1,575,574 3,657,803 3,317,912
1,469,846 1,130,105 2,919,325 2,125,836
Pitts & Lake Erie August
Baltimore ec Ohio_ _ August ___ 7,502,629 6,825,124 14,453.501 12.974,681
513,084
581,132
300,625 266,674
Rutland
376,687
August
226,092 195,352
445,135
Bangor & Aroostook August ___
10,886
N Y Chic & St L.. August
878,322 755,804 1,710,120 1,448,545
8,574
..,3135
5,933
Bellefonte Central_ August ___
Total all lines_ _ _ _ August
21509 542 19097 275 41,518,275 36,301,847
Boston & Maine_ _ _r August ___ 3,952,533 3,519,391 7,674,900 6.794,513
11,147 N Y Ont & Western August
857.337 850,737 1,718,423 1,673,643
10,963
5,068
5,778
Bridgeton & Saco 14 August __
5,127,834 .528,132 10,197,988, 8,929,955
Buff Roch & Pitts_r 1th wk Sci; 264,935 196,343 2,455,591 1,924,570 NYNH& Hart.. r August
495,171
351.733 N Y Susq Ss West_ August
485,742
241,233 265.731
426,793
224,788 181,600
Buffalo & Susq___r
362,021
423,898
207,430 178,103
August__. Canadian Northern_ 4th wk Sep 375.900 313,900 2,727.400 2,377,600 Norfolk & South.. r August
2,893.006 2,507,097 5,474,307 4,876,922
4th wk Sep 2,763,000 2,104,000 22,715,015 18,985,834 Norfolk & Western_ August
Canadian Pacific_ _ _
1,048,836 958,036 2,024,151 1,825,151
August
Central of Georgia_ Ith wk Sep 336,800 333,000 2,788,383 2,758,155 Northern Central
6,910,977 5,836,668 13,608,956 11,516,193
.r August
Central of New Jer.. August __.. 2,297,931 2,151,942 4,493,941 4,316,668 Northern Pacific..
288,491 Pacific Coast Co
August
822,785 593.117 1,557,369- 1,173,106
326,984
326,984 288 491
Central Vermont_ _r Ithy
4,698.062 3,733,766 9,104,479 7,323,787
, Pennsylvania Co.... August
1,716
1,311
Chattanooga South_ 3d wk Sep
Chesapeake & Ohio_ 4th wk Sep 856,071 707,924 7,751,188 6,697,036 d Penn-E of P & E August __ _ 13544 999 11644 799 26,460,764 22,926,864
02,352
d West of P & E.. August __- Dtc.1,53 9,700
hic.2,59 4,900
51,246
3 083
8,392
Lan( June
Chesterfield
Chicago & Alton Sly 4th wk Sep 280,181 282,775 3,315,714 3,370,493 Pere Marquette__ _r August -_ _ 1,352,634 1,201,032 2,568,030 2,258,248
7,900,803 6,918,604 14,726,611 13,139,767 Phila Bait & Wash_ August __ _ 1,511,927 1,389,227 3.028,805 2,817,905
Chic Burl- & Quincy August
, Chicago Great We7t 4th wk Aug 262,415 273.422 1,379,888 1.393.277 Pitts 011 Chic & StL August __ _ 2,772,598 2,255.778 5,211,986 4,483.682
17,838
23,403
8,133
11,915
Chic Did & Louisv_ 4th wic Sep 146,157 143,424 1,522,590 1,419,059 Raleigh & Southp'rt August -_
Reading Company..
Chic Ind h Southern -See New York Can tral.
Phila & Reading_ August --_ 3,510,464 3,012,903 6,602,863 5,930,375
5,210,457 4,652,409 5,210,457 4,652,409
Chic Mi w & St Paul Tuly
Coal & Iron Co
August ___ 1,780,164 2,122,030 3,377,259 4,076,794
Chic & Nor West_ _r August
6,604,756 5,770,644 12,501,026 10,985,829
Total both cos__: August _ _ _ 5,290,628 1,134,933 9,980,122 10,007,168
Chic St P M & 0_ _r \ ugust .._ 1,220,018 1,098,530 2,343,993 2,097,063
292,911
337,633
152,906 118,283
86,082 1,091,817 1,095,518 Rich Freder & Pot_ August
91,684
Chic Term TransRR Tune
72,970
8-5,520
72,970
85,520
661,823 Rio Grande June_ Tuly
755,050
Cin Ham & Day. r July
755,050 664,823
155,679
118,200
16,695
Rio Grande South
7,759
4th wk Sep
Cley Gin Chic St 1. -See New York Cen tral.
395,372 Rock Island System August
392,190
5,977,132 5,334,127 11,393,739 10,013,234
192,119 202,023
Colorado Midland r August _
St L & San Fran_ August .._ 3,650,261 3,171,990 6,955,631 6,022,645
It Colorado & South 4th wk Sep 463,790 3913,936 4,033,123 3,792,844
17,244
970,080 8544621,823,210 1,628,928
Chic h East III__ _ August
10,723
17,244
19,723
Colum Ncwb & Lau July
424,835
382,665
233,582 196,956
75,800
f Evansv & Per h August
77,921
75,800
77,921
July
Copper Range
10831057 9,557,237 20,597.411 18,047,472
Total of all lines_ August
10,271
27,990
5,452
15,117
August
Cornwall
273.329
205,053
22,919 St Jos & Gr Island_ August __ _ 153,299 148.545
39,111
22,999
39,111
Cornwall & Leban_. filly
281,629 St Louis Southwest.. 4th wk Sep 316.483 283,511 2,633,269 2,488,460
325,638
August
163,209 127,843
Cuba Railroad
714,207 549,215 1,463,291 1.072,467
3,248,916 3,063,143 San Pad LA & SL..' August
1,662,778 1,577,115
1Delaware & Hud._ August
1,280,241 1,060,634 2,550,206 12,246,988
2,887,198 2,616,370 6,055,424 5,475.610 Seaboard Air Line.; August
Del Lack &West _ _r August
70,237
77,812
70,237
77,812
Atlanta & 13km_ r uly
) 662,200 396,400 6,142,090 5,409,224
Den & Rio Grande_ 4th wk Sei
C 460
6,098
6,018
6,460
224,869
Florida West Sh _ r July
15,108
293,193
21,966
Denver N W & Pao_ 3d wk Sep
225,594
215,863
121,267 113,430
380,539 Southern Indiana_r August
356,091
38,320
34,876
Det Tol & Iront Sys Id wk Sep
438,746 c Southern Pee Co.._ August _ _ _ 11310746 9,831,638 22,125,315 19,552,043
41,647
433,470
37,200
3d wk Sep
Ann Arbor
lth wk Sep 1,494,729 1,406,832 13.805.907 12,523,808
27,546
315,517
294,539 Southern Railway
Detroit & Mackinac 4th wk Sep ' 34,188
931,989
4th wk Sep 272,415 251360 2,453,167 2,252,643
Mobile & Ohio
1,354,306 981,989 1,354,306
Dul 63 Iron Range_r Fuly
699,548
74,539
915,079
Cin N 0 & Tex P_ 3d wk Sep 188,875 149.881 1,814.212 1,742,062
Dul Sou Sh & Atl_ _ 4th wk Sep 100,809
792,144
676,188
60,894
69.162
Ala Great South_ 3d wk Sep
582,850 509,433 1,189,084 1,059,710
El Paso & Sou W_ _ August
515,264
448,762
49,407
61,198
Georgia So & Fla 4th wk Sep
1,559,734 4,338,892 8,839,283 8,502,349
August
Erie
215,805
16,675
21,239 • 206,045
3d wk Sep
Texas Central
Evansville & i'crre Haute-See Hoek Is and Sysi 'am.
3,245 Texas & Pacific_
_ 1th wk Sep 475,207 458,394 3,488.714 3,230,815
3,623
1,881
1,839
Fairchild & Nor E_ August
5,715
13,041
11,671
6,524
157,630 Tidewater ec West_r August
170,901
79,330
85,754
Fonda Johns & Glov August _
328,373
438.553
328 373 438,53:
423,735 Toledo & Ohio Cent Juiv
427,943
226,250 205,661
August
Georgia Railroad
288,657
297,979
32,846
33,882
Toledo Peor & West 4th wk Sep
nut `iem Ital vaY.
,
Georzla South h Fla --'-e, '
933,926
907.534
62,409
66,148
Grand Trunk Syst _ 4th wic Sep 1,173,150 1,050,980 11,319,597 10,338,722 Toledo St L & West 4th wk Sep
12,621
10,057
5,466
6,217
Gr Trunk West_ _ 3d wk Sep 122,78? 103,983 1,421,516 1,322,899 Tombigbee Valley.. _ August _- 7,948,614 3,975,471 15,483,468 13,725,155
409.775 Union Pacific Syst, August
452,303
38,382
43,4L
Det Gr Hay & Mil 3d wk Sep
_ 805,666 745,061 1,527,581 1,449,987
479,564 Vanden.%
_r August
471,081
38,635
50,650
Canada Atlantic.. 3d wk Sep
202.633
193,358
100,518 100,785
Great Northern Syst September 4,517,668 3,861,777 17,420,519 14,772,742 Virginia & Sou West August _ _ _
4th wk Sep 742,457 697,627 7,398,065 6,774,864
262,771 Wabash
313,858
157,928 131,657
Gulf & Ship Island_ August
476.750
545,057
545,057 476,750
644,181 615,314 1,175,447 1,145,835 Western Maryland.r July
August _
Hocking Valley..
820,450 767,250 1,583,031 1,463.431
August
5,105,185 1,662,619 9,674,530 8,915,876 West Jar & &ash
Illinois Central_ _.._ August
_ 615,264 532.070 1,205,829 1,059,282
Internet & Gt Nor_ 4th wk Sep 251,000 243,000 1,954,030 1,808,511 Wheeling & L S....r August
878
1,408
a Interoccanic Mcx_ 4th wk Sep 138,658 108,873 1,575,946 1,547,499 White Riv(Vt)2 wits end Aug 28
32,800
35,437
16,957
19,573
780,190
rightsville & Tenn August __ _
806,957
81,272
93,084
Iowa Central
4th wk Sep
755,437 637,648 1,411,252 1,222,199
409,080
452,207
Yazoo & Miss Vail_ August
238,213 207,173
Kanawha & Mich_ _ August
756,580 743,918 1,422,608 1,488,252
Kansas City South_ August
Current
Previous
17,838
25,144
K C Mex & Orient_ 2d wk Sep
Year.
Year.
Period.
,
Various Fiscal Years.
Lake Erie & West') -See New York Ce. tral.
2,926,370 2,833,033 5,680,769 5,360,384
Lehigh Valley
August
$39,427
$37,828
36,822 Bellefonte Central
Jan 1 to Aug 31
35,852
36.822
Lexington h East
35,852
Tuly
-Tan 1 to Aug 31 12,473.593 11,880,608
1 Delaware & Hudson
Inc.23 8,913
Long Island
Inc.12 1,206
August
28,004
40,622
Jan 1 to Aug 31
184,068
Manistique
206,149
h Arkan_ Aguust
85,688
Louisiana
100,058
Tan 1 to Sept 21 5,468,700 5,516,10
163,174 a Mexican Railway
186,404
87,725
LouLsv Head ec St L August _ _
102,499
919,1 7
975,301
Jan 1 to Sept 21
Louisville & Nashv_ 4th wk Sep 1,322,200 1,255,363 12,070,713 11,281,746 a Mexican Southern
34,521
35,571 e N Y Central & Hudson River.... Jan 1 to Aug 31 58,888,637 53,196,0 9
12,854
13,329
Macon & Birming'm September
Lake Shore & Michigan South Jan 1 to Aug 31 28,462,083 24,805,737
847,788 797,240 1,641,604 1,519,541
Maine Central-- -r August
Jan 1 to Aug 31 3,055,452 2,772,592
n Lake Erie & Western
August
13,776
3,547
6,740
5,368
Manistique
Chicago Indiana & Southern.. Jan 1 to Aug 31 1.963,724 1,702,224
66,309
37,376
69,089
36,780
.Maryland & Penn_ _ August _ _
Jan 1 to Aug 31 17.285.120 15,416,587
Michigan Central
a Mexican Internet_ 4th wk Sep 197,456 145,606 1,860,935 1,683,122
Clev Gin Chicago & St Louis Jan 1 to Aug 31 17,425,757 15,233,750
a Mexican Railway_ 3d wk Sep 121,600 105,000 1,766,600 1,574,500
Jan 1 to Aug 31 1,867,399 1,719,302
25,246
Peoria & Eastern
23,271
282,415
280,070
a Mexican Southern 3d wk Sep
731,798
588,411
Jan 1 to Aug 31
Cincinnati Northern
- ice New Y ork Centr t'.
Mich:gait Contra,
Jan 1 to Aug 31 8,701,967 6,213,551
25,462
4th wk Sep
26,843
225,832
219,460
Pittsburgh & Lake Erie
Mineral Range
Jan 1 to Aug 31 1,951,187 1,746,575
Rutland
Minneap & St Louis 4th wk Sop 151.973 137,1113 1,249,140 1,100,494
Jan 1 to Aug 31 6.381,602 5.957,564
N Y Chicago & St Louis
Minn St P & S S M1 4th wk Sep 767.682 650,013 6,152,669 5,416,193
Tan 1 to Aug 31 146714726 129352352
Total all lines
Chicago D.vislonj
Tan 1 to Aug 31 7,735,245 7,256,445
1,170,360 2,200,770 4,093,223 4,069,037 Northern Central
Missouri Kan & Tex August
Jan 1 to Aug 31 96,603,713 86,950,013
d Penn-East of Pittsb & Erie
Mo Pee Ss Iron Mtl
Inc.?.39 6,000
Jan 1 to Aug 31
d West of Pitts & Erie
Central Branch.) 4th wk Sep 1,632,000 1,460,000 13,266,190 11,636,274
27,696
344,017
314,150 Piffle Baltimore & Washington_ Jan 1 to Aug 31 11,494,016 10.558,016
26,869
b Mobile Jack & K C Wk Sep 25
936,019 878,611 1,847,003 1,758.909 Pitts Cin Chicago & St Louis_ _ _ Jan 1 to Aug 31 18,853,746 16,708,225
Nashv Chat & St L_ August
583,409
488,065
Dec 1 to July 31
Rio Grande Junction
a Nat Rys of Mexico 4th wk Sep 1,160,091 1,089,701 11,421,958 11,101,878
146,540
10,849
105,253 Texas & Pacific
Jan 1 to Sept 30 10,106,881 9.228.374
15,666
Nevada-Cal-Oregon 4th wk Sep
11.582
Jan 1 to Aug 31 3,981,483 3,735,78
5.480
13.923 West Jersey & Seashore
Nevada Central
5.275
August

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Snntmartes.
4th
1st
2d
3d
3d
4th
lst
Zd
3d
4th

week July
week Aug
week Aug
week Aug
week Aug
week Aug
week Sep
week Sep
week Sept
week Sep

(49 roads)____
(44 roads)._
(46 roads)._
(33 roads).._-_
(47 roads)._
44
1 roads)____
42 roads)____
45 roads)____
45 roads)____
(37 roads)..___

;ur'iit Year Prey's Year
s
s
16,580,173 15,075,834
11,311,290 10,235,361
11,3133,764 10,600,774
10,920,086 9,931,209
11,780,990 10,745,592
16,740,145 15,107,527
11,521,265 10.434,381
12,317,219 11,229,609
12,036,635 11,508,456
16.733731 14.722.429

Inc. or Dec.

%

+1,504,339
+1.075.929
+964.900
+988,877
+1,035,398
+1,632,618
+1,086,887
4-1,087,610
+1,428.179
-1-2.033.322

%
-S
Month Nov 1908 (804 roads) _ 210,971,123 218,057,731 -7,098,808 3.61
Month Dec 1908 (798 roads). 205,216.481 193,791,645 +11,424.836 5.91
Month Jan 1908 (894 roads)_ 183.223.014 173,596,903 +9,626,111 5.54
Month Feb 1909 (893 roads)._ 174,497,319 161,058,607 +13,438,712 8.3,
Month Mch 1909 (890 roads)_ 205.708,319 183,453,906 +22,254,413 12.1:
Months Apr111909 (895 roads).. 197,011,539 175,002,648 +2,008,891 12.51
Month May 1909 (893 roads)_ 201,625,122 174,475,411 +27,149,711 15.51
Month June 1909 (893 roads). 210,357,226 183,983,829 +26,373,397 14.3:
Month July 1909 (692 roads)._ 208,870,411 185,340,563 +23,529,848 12.71
Month Aur 1909( 49 roads) _ 570113511 11155L211 411102 4100 11.7'
Monthly Summaries.

Coen( Year Prey's Year Inc. or Dec.

s

$
9.98
10.51
9.10
9.96
9.63
10.84
10.42
9.69
12.41
13_77

s

a Mexican currency. b Includes earnings of Gulf & Chicago Division. c Includes the Houston & Texas Central and its subsidiary lines in both years.
the latter 01
d Covers lines directly operated. e Includes the New York & Ottawa. the St. Lawrence & Adirondack and the Ottawa & New
York.
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. 1 Includes Evansville & Indiana RR. it Includes
earnings of Colorado & Southern, Fort Worth tto Denver City and all affiliated lines, excepting Trinity & Brazos Valley RR. k Includes in both year
earnings of Denver Enid (lc Gulf RR., Pecos Valley System and Santa Fe Prescott & Phoenix By. 1 These figures do not include receipts from sale 0
n Includes the Northern Ohio TIll. o Figures here are on the old basis of accounting-not the new or mtP.e-State Commerce Commission Meth°.
coal
r These figures are on the new basis prescribed by the Inter-State Commerce Commission.




THE CHRONICLE

910

-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth week
of September. The table covers 37 roads and shows 13.77%
increase in the aggregate over the same week last year.
Fourth Week of September.

1909.

1908.

$
. $'
Atlanta Birmingham & Atlantic
67,020
46,308
Buffalo Rochester & Pittsburgh
264,935
196,343
Canadian Northern
375,900
313,900
Canadian Pacific
2,763,000 2,104,000
Central of Georgia
336,800
333,000
Chesapeake & Ohio
856,071
707,924
Chicago & Alton
280,181
282,775
Chicago Ind & Louisville
146,157
143,424
Colorado & Southern
463,790
396,936
Denver & Rio Grande
662,200
596,400
Detroit & Mackinac
34,188
27,548
100,809
74,539
Duluth South Shore & Atlantic
61,198
49,407
Georgia Southern Fc Florida_ __ _
Grand Trunk of Canada
1,179,150 1,050,980
Grand Trunk Western
Haven Fe Mil
Detroit Grand
Canada Atlantic
251,000
International & Great Northern
243,000
138,658
108,873
Interoceanlc of Mexico
93,084
81,272
Iowa Central
Louisville & Nashville
1,322,200 1,255,363
197,456
Mexican International
145,696
Mineral Range
• 25,462
26,843
Minneapolis & St Louis
151,973
137,613
Minneap St P & S S M
}
767,682
650,013
Chicago Division
Missouri Pacific
1,632,000 1,460,000
Mobile & Ohio
272,415
251,360
National Railways of Mexico
1,160,091 1,069,701
Nevada-California-Oregon
15,666
10,849
Rio Grande Southern
16,695
7,759
St Louis Southwestern
283,511
316,483
Southern Railway
1,494,729 1,406,882
Texas & Pacific
475,207
458,394
Toledo Peoria & Western
33,882
32,846
66,148
62,409
Toledo St Louis & Western
Wabash
742,457
697,627
Total (37 roads)
Net increase (13.77%)

Increase. Decrease.
$
20,712
68,592
62,000
659,000
3,800
148,147

$

2,594
2,733
66,854
65,800
6,642
26,270
11,791
128,170
.
8,000
29,785
11,812
66,837
51,760
1,381
14,360
117,669
172,000
21,055
90,390
4,817
8,936
32,972
87,847
16,813
1,036
3,739
44,830

16,755,751 14,722,429 2,046,233
2,033,322

12,911

For the month of September the returns of 36 roads show
as follows:
Month of September.
Gross earnings (36 roads)

1909.

1908.

Increase.

54,018,251 47,839,195 6,179,056

12.92

[VoL. Lxxxix.

-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Roads.
Year.
Year.
Year.
Year.
N Y Cent & Hud Rlv-(Con)-- $
*
338,755
238,057
N Y Chic & St L_b_Aug 876,322
755,804
Jan 1 to Aug 31
6,381,602 5,957,564 1,896,496 1,562,299
Total all lines_ b
Aug21,509,542 19,097,275 8,312,396 6,957,302
Jan 1 to Aug 31
146,714,726 129352,352 46,653,191 36,070,208
xN Y N H & Hartford b Aug 5,127,834 4,528,132 2,129,332 1,553,486
July 1 to Aug 31
10,197,988 8,929,955 4,148,531 3,048,397
357,648
N Y Ont & Western_a__Aug
332,412
850,737
857,337
July 1 to Aug 31
678,864
627,599
1,718,423 1,673,643
Norfolk & Western_ b _ _ _Aug 2,893,006 2,507,097 1,251,473 1,025,983
July 1 to Aug 31
5,474,307 4,876,922 2,261,218 1,984,837
Pacific Coast
Aug 822,785
107,517
593,117
235,096
July 1 to Aug 31
172,754
1,557,369 1,173,100
431,714
xPenna Company- b
Aug 4,698,062 3,733,766 2,027,503 1,646,724
July 1 to Aug 31
9,104,479 7,323,787 3,835,152 3,136,075
Rich Freds & Pot_b____Aug
16,431
39,887
152,906
118,283
July 1 to Aug 31
87,085
337,633
292,911
110,002
Rio Grande Junction _July
n21,891
n25,656
85,520
72,970
Dec 1 to July 31
488,065 n175,022 n146,419
583,409
18,130
20,919
Rio Grande Southern_b_Aug
51,444
49,134
30,989
44,387.
July 1 to Aug 31
102,753
94,257
807,100
243,213
153,916
St Louis Southwestern_aAug 854,155
452,008
294,840
1,652,948 1,584,207
July 1 to Aug 31
321,440 p130,092
p111,493
Toledo St L & West_a_ _Aug 343,025
615,263 p229,414
p204,995
July 1 to Aug 31
647,227
745,061
247,149
206,993
Aug 805,666
xVandalla_b
400,437
385,109
1.527,581 1,449,987
• July 1 to Aug 31
981,938
915,153
Aug 2,624,167 2,376,979
Wabash_ b
4,862,533 4,454,956 1,644,790 1,542,645
July 1 to Aug 31
637,647 def28,456 def67,654
755,437
Yazoo F0 Miss Valley_a_Aug
July 1 to Aug 31
, 1,411,252 1,222,198 def112,092 def202,347
INDUSTRIAL COMPANIES.
-Gross Earnings
-NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
Abington F0 Rockland Elect
6,411
4,396
2,581
1,594
Light & Power Co_ ___Aug
42,930
Jan 1 to Aug 31
35,884
15,585
13,848
Blackstone Val Gas&ELAug
68,341
34,334
74,405
33,373
19,792
15,700
7,058
Edison El Co (Brockton)Aug
7,489
166.657
134,845
70,793
59,902
Jan 1 to Aug 31
33,529
34,162
River Gas Works.._ _Aug
14,606
17,001
Fall
18,440
16,637
8,824
7,364
Houghton Co El Lt CoAug
161,552
147,888
78,761
70,226
Jan 1 to Aug 31
Aug
26,665
26,229
11,617
10,764
Lowell Elect Corp
226,369
217,711
91,788
90,596
Jan 1 to Aug 31
77,508
74,411
40,612
39,997
Minneap Gen Elec Co___Aug
697,460
390,608
630,828
350,259
Jan 1 to Aug 31

a Net earnings here given are after allowing for taxes.
b Net earnings here given are before allowing for taxes.
c Includes the New York & Ottawa, the St. Lawrence & Adirondack and
the Ottawa & New York By., the latter of which, being a Canadian road,
does not make returns to the Inter-State Commerce Commission.
e Includes the Northern Ohio RR.
is These figures represent 30% of gross earnings.
p For August miscellaneous charges to income was $1,784, against $13,397 in 1908, and for period from July 1 to Aug. 31 was $16,265 in 1909.
against $30,075 in 1908.
-Gross Earnings- -Net Earnings
r For Aug. 1909 net from Coal Department was a loss of $21,497, against
Previous
Current
Current
Previous
a credit of $78,797 last year, and from Jan. 1 to Aug. 31 was a credit of
Year.
Year.
Roads.
Year.
Year.
$537,359 in 1909, against $605,345 in 1908.
s After allowing for miscellaneous charges to income for tho month of
35,308
Atlanta Birm & Atl_ b_ _Aug
195,586
August 1909; total net earnings were $524,104, against $451,611 last year,
57,466
July 1 to Aug 31
378,247
and for period from July 1 to Aug. 31 were $848,030 this year, against
2.634 $910,067.
5,778
Bridgeton & Saco Riv_bAug
5,068
2,357
10,963
11,147
x These figures are on the basis of accounting required by the Inter-State
5,046
5,196
July 1 to Aug 31
Aug 1,265,060 1,150,975
5567,084
Chicago & Alton a
5530,652 Commerce Commission.
2,354,748 2,208,012
July 1 to Aug 31
5926,679 51,016,642
Interest Charges and Surplus.
xChlc Burl Fc Quincy_b_Aug 7,900,803 6,918,604 2,646,452 2,483,479
-Int., Rentals, &c.
--Bal. of Net E'ngs.14,726,611 13,189,767 4,683,868 4,517,027
July 1 to Aug 31
Previous
Current
Previous
Current
xChicago & Nor West_ b_Aug 6,604,756 5,770,644 2,316,155 2,205,264
Year.
Year.
Year.
Year.
Roads.
12,501,026 10,985,829 4,240,997 4,069,685
July 1 to Aug 31
$
202,023
__Aug
192,119
Colorado MIdiand_a_ _
19,918
2,041
1,722
635
593
46,079 Bridgeton & Saco Riv_Ang
395.372
392,190
55,418
July 1 to Aug 31
3,860
97,038
3,926
1,270
1,186
July 1 to Aug 31
127,843
Aug 163.209
51,094
Cuba RR
0,315
42,978 Colorado Midland
31,350
31,350 cdef25,461
Aug
281,629
100,112
325,638
,July 1 to Aug 31
106,442
c18,011
62,700
62,700 cde133,808
July 1 to Aug 31
r697,276
1,662,778 1,577,115
r688,438 Cuba RR
10,715
Delaware Fc Hudson_ b
34,996
32,263
16,098
Aug
12,473,503 11,880,606 r4,708,503 r4.483,424
41,917
Jan 1 to Aug 31
69,992
64,525
30,120
July 1 to Aug 31
674,144
587,301 Denver & Rio Grande Aug 417,001
Denver & Rio Grande_a_Aug 2,046,674 1,764,400
325,750 (1314,118
d319,570
4,037,190 3,449,224 1,378,150 1,188,461
d700,447
July 1 to Aug 31
July 1 to Aug 31
821,475
641,016 d696,216
225,549
110,595
60,632 Duluth So Sh & Atlan_ _Aug
Duluth So Sh & Atl_ b_ _Aug 308,440
92,440
x23,107 xdef19,529
87,894
593,674
448,664
July 1 to Aug 31
192,540
122,383
x13,268 xdcf37,307
July 1 to Aug 31
187,081
176,053
x166,152
1,681
x190,993
1,839
Fairchild Fc Northeast_ b Aug
152
Aug
245 Hocking Valley
115,876
118,953
3,245
x322,245 x305,134
3,623
July 1 to Aug 31
def2,995
230,239
July 1 to Aug 31
599
237,181
x22,365
x60,524
Aug 5,557,913 4,460,472 2,421,303 1,441,285 Kanawha & Michigan__ _Aug
x Great Northern_ b
26,020
23,082
x61,689
10,872,851 8,910,965 4,669,061 2,851,725
July 1 to Aug 31
51,281
46,162 x112,537
July 1 to Aug 31
x3,555
x2,794
615,314
Hocking Valley- b
644,181
Aug
265,446
12,810
Aug
244,760 Mineral Range
13,132
x366
x3,706
July 1 to Aug 31
1,175,447 1.145,835
466,831
25,588
454,297
26,394
July 1 to Aug 31
22,483
17,464
4,046
Illinois Central a
Aug 5,105,185 4,662,619
3,594
857,120
704,723 Nevada-Cal-Oregon __Aug
45,533
31,138
8,092
July 1 to Aug 31
9,674,530 8,915,876 1,279,783 1,385,530
7,172
July 1 to Aug 31
234,045
261,886
Kanawha & Michigan_a_Aug
207,173
95,762
238,213
80,564
98,367
N Y Ont & Western____Aug
433,669
496,161
182,703
409,080
July 1 to Aug 31
452,207
153,724
146,670
193,930
04 483
July 1 to Aug 31
788,346
438,726
587,257
Louisville & Nashville b Aug 4,033,672 3,649,746 1,588,657 1,217,389 Norfolk & Western
Aug 463,127
1,334,631 1,107,050
7,899,653 7,330,098 3,054,455 1,526,792
July 1 to Aug 31
July 1 to Aug 31
17,323
Aug 847,768
797,240
13,558
x Maine Central_ b
339,834
July 928,337
308,983 Rio Grande June
6 583
878 373837
7
:
66,666
108,356
July 1 to Aug 31
1,641,604 1,519,549
79,753
652,364
66,666
5311,724
Dec 1 to July 31
18,937
xdef981
72,380
Southern__ _Aug
Mineral Range_ b
Aug
76,301
19,148
x2,069
15,908
16,343 RIO Grande
37,816 xdef2,939
146,207
July 1 to Aug 31
149,966
26,723
38,229
x10,909
29,272
July 1 to Aug 31
617
5,9
878,611
Nashville Chatt&StL_b_Aug
245,836
1678 6 x112,810
936,019
172,688
x35,287
227,813 St Louts Southwestern_ _Aug
239,704 x191,513
July 1 to Aug 31
1,847,003 1,758,909
344,167
467,250
x36,310
435,458
July 1 to Aug 31
Nevada-Cal-Oregon b-- _Aug
44,722
37,237
25,159
20,341
INDUSTRIAL COMPANIES.
Jan 1 to Aug .31
88,550
69,379
50,938
37,074
-Int., Rentals, dec.- -Bal. of Net E'ngs.cN Y Cent & H Riv_b_Aug 8,359,672 7,791.665 2,804,360 2,621,715
Previous
Previous
Current
Current
58,383,637 53,196,059 17,307,451 13,273,495
Jan 1 to Aug 31
Companies.
Year.
Year.
Year.
Year.
Lake Shore & Mich S b Aug 4,278,626 3,714,758 1,877,577 1,534,274
Jan 1 to Aug 31
28,462,083 24,805,737 10,554,701 8,376,929 Abington & Rockland Elect
1,239
Aug
478
355
2,103
Lt & Power Co
eLake Erie & WesternbAug 497,434
426,067
174,932
110,062
11,332
2,931
2,516
12,654
Jan 1 to Aug 31
Jan 1 to Aug 31
3,055,452 2,772,592
524,811
351,029
4,529
(Brockton)Aug
3,620
2,960
3,438
Chic Incr.& South_ b_ _Aug
224,950
268,812
57,030
56,778 Edison El Co
39,213
26,491
44,302
20,689
Jan 1 to Aug 31
Jan 1 to Aug 31
1,963,724 1,702,224
401,595
295,866
14,647
12,259
2,347
2,354
MichlimaCentral_bAug 2,428,089 2,144,490
895,786
681,022 Fall River Gas Works_ _ _Aug
Jan 1 to Aug 31
3,056
17,285,120 15,416,587 5,296,189 4,553,964 Houghton Co El Lt Co_ _Aug
4,077
4,747
.4,308
37,540
42,188
36,575
32,686
C C C & St Lb
Jan 1 to Aug 31
Aug 2,620,031 2,294,069 1,002,334
846,343
Jan 1 to Aug 31
6,714
17,425,757 15,233,750 4,808,627 3,772,619 Lowell Elect Corp
Aug
6,800
4,817
4,050
53,252
57,622
34,166
37,344
Peoria Fc Eastern_ b__Aug
Jan 1 to Aug 31
291,254
238,391
117,696
76,450
Jan 1 to Aug 31
1,867,399 1,719,302
7,906
512,292
10,584
Aug
423,064 Minneap Gen El Co
30,028
32,091
99,591
150,816
239,792
250,668
Cincinnati North'n_b_Aug
Jan 1 to Aug 31
118,837
110,302
44,692
40,775
731,798
588,411
Jan 1 to Aug 31
148,516
116,615
c After allowing for miscellaneous charges and credits to income.
Pittsb & Lake Erle_b_Aug 1,469,846 1,130,105
873,930
655,899
d These flgures are after allowing for other income and for discount and
8,701,967 6,213,551 4,662,091 2,883.791
Jan 1 to Aug 31
exchange. The sum of $10,000 is deducted every month from surplus and
Aug
300,625
266,674
Rutland b
125,304
95,927 placed to the credit of the renewal fund.
1,951,187 1,746,575
Jan 1 to Aug 31
540,422
460,537
x After allowing for other income received.

It will be seen that there is a gain on the roads reporting
In the amount of $6,179,056, or 12.92%.
-The table folNet Earnings Monthly to Latest Dates.
lowing shows the gross and net earnings of STEAM railroad
and of industrial companies reported this week:




THE CHRONICLE

OCT. 9 1909.!

STREET RAILWAY AND TRACTION COMPANIES.

911

-Int., Rentals. ea.- -Bet. of Net E'ngs.Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
3
El Paso Electric Co
9,642
3,434
7,076
8,259
Aug
39,628
Jan 1 to Aug 31
81,975
57,379
63,813
26,640
Galvest-Houst Elect Co_Aug
21,679
26,081
20,526
Jan 1 to Aug 31
172,544
123,540
152,932
163,335
Houghton Co Tract Co_ _ Aug
6.215
8,579
11,122
4,603
Jan 1 to Aug 31
47,571
48,451
37,640
35,776
Jacksonville Elect Co_ _ _Aug
9,250
7,897
7,970
9,232
Jan 1 to Aug 31
75,140
74,565
55,980
35,219
Northern Texas Elec Co_ Aug
17,434
17,190
21,539
34,339
Jan 1 to Aug 31
137,495
129,040
215,569
138,642
Paducah Tract & Lt Co_ Aug
6,851
6,619
2,030
1,306
Jan 1 to Aug 31
55,693
55,076
3,435
3,384
Pensacola Elect Co
4,488
Aug
5,319
4,372
1,933
Jan 1 to Aug 31
33,997
34,713
35,643
1,437
Puget Sound Elect Ry_ _Aug
31,716
42,929
48,800
19,821
Seattle Elect Co
Aug
190,109
94,834
108,588
68,248
Jan 1 to Aug 31
707,707
825,657
472,974
773,646
Tampa Elect Co.
Aug
4,594
15,070
5,138
10,613
Jan 1 to Aug 31
37,316
120,847
21,230
94,442
Twin City Rap Trans Co_ Aug
140,251
128,667
238,332
182,328
Jan 1 to Aug 31
1,108,259 1,006,456 1,260,431 1,080,033
Whatcom Co fly & Lt_.Aug
8,064
7,976
9,603
4,173
Jan 1 to Aug 31
46,221
64,011
45,404
34,494
Roads..

Jan. 1 to latest date.

Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

$
$
American Rys Co_ _ _ August
284,487 272,679
cAur Elgin & Chic Fly August
163,698 153,895
Binghamton St. Ry__ August
34,348 32,892
Birm fly Lt & Power August
181,979 172,068
Brockton & Ply St fly July
18,022 15,956
11,288 10,279
Camaguey Co
August
22,005 22,958
Cape Breton Elec Co_ August
17,159
Carolina Pow&Lt Co_ August
68,836
70,031
Central Penn Trac__ _ August
68,484 63,803
Chariest Con Ry G&E August
1077,693 962,559
Chicago Railways Co_ July
36,389 33,137
Cleve Painesv & East August
128,749 94,739
Dallas Electric Corp_ August
Detroit United Ry___ 3d wk Sep 153,870 135,484
92,236 84,733
Duluth-Superior TrCo August
177,210 174,380
East St Louis & Sub_ August
46,447 41,399
August
El Paso Electric
37,908
39,221
Fair & Clarksb Tr Co. August
Ft Wayne & Wabash
Valley Traction Co August ___ 133,412 125,587
August ___ 111,295 101,708
Galv-Hous Elec Co
Grand Rapids Ry Co. August -- 99,838 91,289
Havana Electric Ity_ Wk Oct 3 38,293 34,030
Honolulu Rapid Tran
July
34,525 36,637
& Land Co
32,925 25,952
Houghton Co Trac Co August
362,729 342,273
Illinois Traction Co._ July
Jacksonville Elec Co_ August
38,782 36,271
31,213 30,684
Kansas City-Western June
130,992 119,674
Lake Shore Elec Ry_ August
51,373 54,143
Lex & Inter Rya Co__ June
374,680 337,966
Milw Elec Ry & Lt Co August
Milw Lt lit & Trac Co August __ _ 106.994 104,718
Montreal Street Ry__ Wk Oct 2 75,185 70,914
Nashville Ry & Light August
137,255 126,946
231,061 209,742
North Ohio Tr & Lt__ August
North Texas Elec Co_ August
109,422 92,503
Northwestern Bice Co September 169,066 159,151
Norf & Portsm Tr Co June
164,511 d164,527
Oklahoma City fly__ July
41,468 26,781
Paducah Tr & Lt Co_ August
19,930 19,852
Pensacola Electric Co August
22,205
19,562
Porti'd(Or)RyL&PCo August _ _ _ 429,276 365,849
Rio de Janeiro Tram
Light & Power_ _ __ August
673,220 641,807
St Joseph (Mo) Ry IA
Heat & Power Co_ August
00,524
83,444
Sao Paulo Tr Lt & P. August
193,203 179,921
Savannah Electric Co July
53,454
55,811
610,816 382,742
Seattle Electric Co_ _ _ August
Sou Wisconsin Ry Co August
13.938
14,431
48,648 45,474
Tampa Electric Co__ August
Toledo Rys & Light_ July
226,564 199,237
Toronto Railway ___ Wk Oct 2 73,875 67,584
Twin City Rap Tran_ 3d wk Sep 137,287 123,482
Underground El Ry
of London
Three tube lines__ Wk Sep 25 112,085 £12,270
£9,739
19,885
Metropolitan Dist_ Wk Sep 25
£7,359
16,564
United Tramways_ Wk Sep 25
957,246 911,515
United Itys of St L__ August
642.120 587,733
United RRs of San Fr August
179,825 174,858
Virginia Ry & Pow Co June
29,417
36,841
Whatcom Co Ry & Lt August
c These figures are for consolidated company.
the Norfolk County Ferries.

Current
Year.
1,946,189
1,009,265
230,721
1,458,461
73,158
87,372
148,388
125,782
501,768
510,087
6,980,343
210,844
854,533
5,729,673
636,384
1,304,676
376,374
270,270

Previous
Year.
1,869,160
920,528
211,134
1,404,375
67.088
74,223
159,838
472,250
506,771
197,258
728,511
5,114,560
578,151
1,317,827
342,691
247,990

856,257
905,614
700,864
793,768
618,670
678,396
1,548,674 1,439,432

z After allowing for other income received.
232.209
213,693
2,416,947
312,211
166,428
726,854
266,513
2,747,439
606,308
2,920,557
1,103,101
1,432,015
805,290
1,523,278
923,527
228,194
147,729
162,401
3,126,870

219,513
173,565
2,255,790
382,463
156,837
683,136
269,048
2,531,747
565,721
2,764,137
1,008,528
1,247,878
682,359
1,409,084
d875,620
148,384
151,355
135,959
2,848,823

4,964,764 4,595,811
634,532
1,575,775
348,363
3,808,176
107,314
389,145
1,528,054
2,835,412
4,997,536

577,251
1,501,294
335,848
2,917,185
102,932
362,624
1,429,612
2,607,064
4,606,226

£476,285 1437,415
1371,320 1340,972
£236,264 £259,923
7,297,056 6,973,280
4,832,778 4,497,944
1,014,195
956,396
260,354
231,789

d Includes earnings of

-The following table gives
Street Railway Net Earnings.
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Sept. 25 1909. The
next will appear in the issue of Oct. 30 1909.
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Roads.
Year.
Year.
$
$
7,578
8,681
Aug
BatonRouge Elec Co_ _.
3,162
2,086
10,501
22,958
22,005
Elect Co_ _ _ Aug
11,072
Cape Breton
53,992
159,838
148,388
65,591
Jan 1 to Aug 31
40,532
94,739
31,186
128,749
.Aug
Dallas Electric Corp...
301,035
216,115
728,511
854,533
Jan 1 to Aug 31
10,510
17,901
41,399
46,447
Aug
El Paso Electric Co
97.007
145,788
342,691
376,374
Jan 1 to Aug 31
59,167
59,157
Ft Wayne & Wab Valley Aug
133,412
125,587
363,762
368,139
Jan 1 to Aug 31
856,257
905,614
Galvest-Houst Elect Co_ Aug
46,607
48,319
111,295
101,708
Jan 1 to Aug 31
286,875
325,476
793,768
700,864
Houghton Co Tract Co..Aug
32,925
13,180
17,337
25,952
213,693
Jan 1 to Aug 31
73,422
96,022
173,565
38,782
Jacksonville Elect Co_ _ _ Aug
17,129
17,490
36,271
312,211
282,463
109,784
131,120
Jan 1 to Aug 31
109,422
38,973
51,529
Northern Texas Eke Co_ Aug
92,503
805,290
353,064
682,359
Jan 1 to Aug 31
287,682
Paducah Tract & Lt Co_Aug
8,649
19,930
19,852
8,157
Jan 1 to Aug 31
147,729
151,355
59,077
58,511
Pensacola Electric Co_ _ _ Aug
9,691
22,205
19,562
6,421
Jan 1 to Aug 31
70,358
162,401
135,959
35,434
Puget Sound Elect Ry_.Aug
80,516
194,383
158,595
62,750
Seattle Electric Co
298,697
382,742
Aug 610,816
163,082
Jan 1 to Aug 31
3,808,176 2,917,185 1,599,303 1,180,681
Tampa Electric Co
Aug
19,664
45,474
48,468
15,751
Jan 1 to Aug 31
158,163
389,145
115,672
362,624
Twin City Rap Tr Co_ b_ Aug 641,062
378,583
310,995
592,702
Jan 1 to Aug 31
4,531,222 4,181,925 2,368,690 2,086,489
United RRs of San Fr b Aug
642,120
278,169
587,733
231,705
Jan 1 to Aug 31
4,832,778 4,497,944 2,027,269 1,574,340
Whatcom Co Ry & Lt.._ Aug
36,841
17,667
29,417
12,149
Jan 1 to Aug 31
260,354
111,625
231,789
98,505
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.

Interest Charges and Surp
-Int., Rentals, &c.
- -Bal. of Net E'ngs.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
5,071
Cape Breton Elect Co__ _ Aug
4,969
5,430
6,103
41,092
40,169
Jan 1 to Aug 31
12,900
25,422
Dallas Electric Corp_ __ _ Aug
28,649
28,329
11,883
2,857
230,087
Jan 1 to Aug 31
236,067
70,948 def19,952
Roads.




ANNUAL REPORTS.
Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Sept. 25. The next will appear in that of Oct. 30.
Louisville & Nashville Railroad.
(Report for Fiscal Year ending June 30 1909.)
The annual report of the Board of Directors (Mr. H. Walters, Chairman, and Mr. M. H. Smith, President) is given
at length on subsequent pages; also the income account and
balance sheet.
The statistics for four years have been compiled for the
"Chronicle" as below:
ROAD AND EQUIPMENT.
1908-09.
1907-08.
1906-07.
1905-06.
Average miles operated_
4,393
4,348
4,306
4,131
Equipment
Locomotives
896
899
865
745
Passenger cars
573
572
559
535
41,720
Freight, &c., cars
40,589
39,528
36,633
Roadway cars
1,421
1,503
1,452
1,289
Operations
Passengers carried
10,112,246 10,641,341 10,908,545 10,666,500
Passengers carried 1 mile433,684,066 445,151,339 432,827,035 362,745,093
Rate per pass. per mile_ 2.320 cts.
2.379 cts.
2.347 cts.
Freight (tons) carried'. 24,403,95'2 23,256,502 26,093,798 24,553,832
Freight (tons) car'd 1 m.4255981335 4020348694 4395620480 3925707333
Rate per ton per mile._. 0.763 cts.
0.779 cts.
0.796 cts.
Av. train-load(rev.) tons
263
234
231
230
Earnings per revenue
passenger train mile
31.2855
$1.3473
31.2746
Earnings per revenue
freight train mile_ _ _ _
$2.0054
31.8207
$1.8374
Gross earnings per mile_
$10,340
;10,263
$11,098
• Not including company's freight.
EARNINGS AND EXPENSES.
Note.
-The figures in the later two years having been compiled according
to the new system of accounts prescribed by the Inter-State Commerce Commission, comparisons with the earlier years are inaccurate.
1907-08.
1908-09.
1906-07.
1905-06.
Earnings from$
$
$
$
Freight
32,465,969 31,334,941 35,235,787 31,536,207
Passengers
10,062,535 10,590,948 10,417,470
8,985,216
Mail
831,530
854,800
883,434
907,339
Express
1,124,056
1,207,767
1,078,600
958,386
Miscellaneous
738,806
a834,820
648,654
621,849
Total gross earnings_. 45,425,891
Operating xpensesMaintenance of way, &c. 5,257,038
Maintenance of equipm't 7,832,021
Transportation expenses 14,587,773
Traffic expenses
999,655
General
951,012

44,620,281

48,263,945

43,008,996

6,291,109
8,065,898
9,020,127
8,709,611
16,196,6851 17,972,348
1,056,279J
1,030,091
1,033,446

6,537,697
7,791,853
15,639,420

Op. exp., excl. taxes_ 29,627,499
P. c. op. cap: to earns
(65.22)
Net earnings
15,798,392

33,594,291
(75.29)
11,025,990

30,933,464
(68.77)
12,075,533,

INCOME ACCOUNT.
1907-08.
1908-09.
Receipts
3
Net earnings
15,798,392 11,025,990
Outside operations (net) bdef75,555
43,061

35,781,302
(74.14)
12,482,643

964,483

1906-07.

1905-06.3§

12,482,643

12,075,533

15,722,837
1,437,992

11,069,051
1,393,760

12,482,643
1,208,611

12,075,533
1,141,515

Operating
_ 14,234,845
Investm'ts,
Income fromincome__rents & miscellaneous 1,395,124

9,675,291

11,274,032

10,934,018

1,277,607

1,561,755

1,566,776

Taxes

Total Income
15,679,969 10,952,898 12,835,787 12,500,794
Disbursements
Interest on bonds
5,995,013
5,882,252
5,934,598
5,601,934
N. & D. RR.rent
118,061
118,061
118,061
118,061
Other rents
303,255
235,874
38,582
50,179
Sinking fund
264,302
251,792
241,084
241,850
General interest
9,733
To S. & N. A
411,403 Cr.103,416
104,424
52,940
Res.for doubtful accts
43,676
35,970
Additions & betterments
(included in operating
expenses)
866,547
1,690,468
Dividends
(5 IA)3,300,000(5 5i)3,300,000(6)3,600,000(6)3,600,000
,
Total disbursements__ 11,258,581
Balance for year
sur4,421,388

9,985,265
11,428,442
9,752,418
def475,544 sur2,850,522 sur2,748,376

a Miscellaneous gross earnings in 1908-09 include $301,467 revenue from
operations other than transportation.
b Outside operations in 1908-09 are derived as follows: Revenues.
$336,403; expenses, $411,958; balance, deficit, $75,555.

THE CHRONICLE

912

GENERAL BALANCE SHEET JUNE 30.
1908.
1906.
1909.
1907.
Assets
3
Road, equipment, &c_ _ 169,304,201 168,510,650 166,667,129 160,354,363
600,159
1,038,815
1,102,734
563,763
Timber, quar. lands, &c.
4,751,180
4,364,689
4,545,362
4,446,102
Stocks owned
3,529,557
3,485,057
5,820,607
6,155,949
Bonds owned
Stks.&bds.in trusts,&c_ 15,334,306 21,879,306 21,879,306 21,879,306
Louisv. & Att. RR. pur_ 1,950,000
Bills & accts. receiv. in5,700,415
4,467,154
div. & cos., agents,&c. 6,842,820
5,127,818
6,471,927
5,460,015
Materials, fuel, &c
5,745,870
4,695,321
8,201,192
8,245,552
Cash
13,764,256 x3,643,772
4,698,718
Advances to subsid. co's 4,804,428
3,613,508
5,772,964
3,469,784
3,367,298
Improvem'ts & better'ts
1,457,249
788,204
517,849
Miscellaneous
756,680
1,075,420
889,997
3,254,000
3,254,000
Contingent account_ _ _ _ 10,879,000
4,334,000
Total assets
240,218,662 228,712,366 229,987,712 220,542.517
Liabilities
Stock
60,000,000 60,000,000 60,000,000 60,000,000
Bonded debt (see "By.
129,778,500 130,116,500 128,549,500 129,153,500
& Ind. Section")
6,500,000
6,500,000
3-year 5% gold notes_ _ _ 4,710,000
2,288,274
2,247,129
2,554,198
2,146,249
Interest and rents
1,860,484
1,556,809
1,845,384
Dividends
1,850.638
355,359
353,624
545,947
421,047
Traffic balances, &c_ _ _ _
2,826,153
4,705,105
4,190,163
Pay-rolls, vouchers, &c_ 2,838,367
Bills payable for Mem120,000
120,000
phis passenger station
544,000
458,541
1,549,072
389,803
Reserve funds
1.056,719
Miscellaneous
2,143,890
1,118,076
943,586
10,879,000
Contingent account
4,334,000
3,254,000
3,254,000
23,431,527 19,015,050 20,827,513 18,130,046
Profit and loss

[VOL. Lxxxix.

First consols issued to acquire St. L. S.
-W. By. Co. 2d mtge•
incomes of the par value of $217,000 and first consol. mtge.
bond scrip, $2,000
Equipment trust obligations to acquire 28 passenger-train cars
and 31 locomotives
Increase
-First mtge. bonds of Gray's Point Terminal Ry.
Deduct-(1)
-W. By. Co. (As this is a continCo. guaranteed by St. L. S.
gent liability only, and as the Gray's Point Terminal By. Co.
Is a separately reporting company, the liability is now carried
on the books of the latter company only)
$500,000
(2)
-St. L. S.
-W. By. Co.'s securities surrendered
in exchange for first consol. mtge. bonds, viz.:
$217,000 2d mtge. incomes and $700 first
217,700
consolidated bond scrip

$196,000
715,922
$911,922

717,700

$104,222
Net increase
First consolidated mortgage bonds, amounting to $1,993,100 par value,
are held, as free assets, in the treasury.
Of the full amount of first consolidated mortgage bonds authorized, viz.:
$25,000,000, there have been issued to June 30 1909 $22,260,850, leaving
$2,739,150 bonds still unissued, all of which are reserved to be exchanged
for the $3,043,500 second mortgage incomes certificates (at 90) outstanding
in hands of the public. The amount of second mortgage incomes pledged
as security for first consol. mtge. bonds,as of the same date, was $6,956,500.
The company has no floating debt.

Vice-President and General Manager, F. H. Britton,
St. Louis, Sept., 1 1909, wrote:

Operating Revenues.
-The resumption of normal business conditions is
reflected In the increase in total operating revenues for the fiscal year,
amounting In the aggregate to $733,625, or 7.64%. The southwest
territory traversed by this line readily responded with other sections to the
demand for a restoration of credit and confidence.
Freight revenue increased $557,877, or 7.78%. An improved cotton
Total liabilities
240,218,662 228,712,866 229,987,712 220,542,517 crop resulted In an increase of 54.02% In the tonnage of cotton and cottonseed products. The tonnage of lumber and its products, which con-V. 89, p, 470, 467.
stitutes, approximately, 50% of all commercial tonnage transported
remained about the same as in the previous year. Passenger revenue
Colorado & Southern Ry.
shows an increase of $161,107, or 8.40%, which is due to the general
betterment of business conditions and a restoration of a maximum of
(Report for Fiscal Year ending June 30 1909.)
3 cents per mile passenger fare in the States of Missouri and Arkansas.
Agricultural
On subsequent pages will be found at length the text of the improving and conditions in the territory served by this line are steadily
as a result the substitution of diver:tried farming for exreport and the comparative income account for two years, clusive cotton and corn farming is rapidly gaining favor. In the season
area along this line in Arkansas of more than 28.000
showing the operations of the system and balance sheet. of 1909 an rice culture, as compared with 10,000 acres In 1908. acres was
A notable
devoted to
The figures of the income account for the year 1907-08 have agricultural development of the past year has been the growing of Irish
been re-cast to afford a proper comparison with those of the potatoes in Southern Arkansas for the early market. Severe cold weather
later year, which fulfill :the amended requirements of the in January and February destroyed the peach crop, but the trees promise
well for next season.
-Maintenance of way and structures shows an
Operating Expenses.
Inter-State Commerce Commission, effective July 1 1908.increase of $122,801, or 6.94%; maintenance of equipment an increase of
V. 88, p. 1499.
$180,167, or 10.68%; and transportation expenses a decrease of $124,511,
or 3.71%; whereas the total operating revenues show an increase of $733,625,
•
or 7.64%. The number of cross-tics placed in track was 1,216,506, an
Northern Pacific Railway.
increase of 286,482.
Rates.
-The litigation with the State of Missouri in re freight and pas(Report for Fiscal Year ending June 30 1909.)
senger rates was stopped on March 8 1009 by an order of the United States
Below we give the income account as appearing in the Court permanently enjoining the enforcement of the maximum freight
pamphlet report, prepared in accordance with the new rate law and the 2-cents per mile maximum passenger rate law. [Compare
editorial remarks, V. 89, p. 498-9.]
In Sept. 1908 the company and other Arkansas roads appealed to the
classification prescribed by the Inter-State Commerce Comapplication
United States Court
mission, the accounts for the year 1907-08 having been re-cast promulgated by the for relief from the Commission of the freight rates
and the maximum
Arkansas Railroad
for purposes of comparison. The text and further data will passenger rate of 2 cents per mile, prescribed by the Legislature of that
temporary restraining order was issued
State.
be given another week. The figures for 1906-07 are, however, after theAcompany restored the maximum 3 cents Sept. 3 1908 and thereper mile passenger rate
repeated as given in the report for 1907-08, the items in and issued a new freight schedule to replace the Commission's rates.
complaint of the State that the new freight schedule
1906-07, of which the corresponding ones have been changed Subsequently, onby the company was excessive, the Court ordered the
placed in effect
in the later year being shown by the letter a.
adoption, temporarily, of a tariff of freight rates which would yield, approximately, 33 1-3% more revenue than the inhibited rates. This
INCOME ACCO U NT
.
Court tariff of freight rates and a maximum 3 cents per mile passenger
rate are in operation in Arkansas pending the final hearing of this case,
1907-08.
1906-07.
• 1908-09.
which will be taken up in 1909.
At the present time the company has in effect a 3 cents per mile pasOperating Revenue
47,073,305 46,423,836 47,650,369 senger rate in Missouri, Arkansas, Louisiana and Texas, while a 2 cents
Freight
per mile rate prevails in Illinois.
17,330,608 18,133,238 16,320,861
Passenger _
Equipment.
-The following equipment was purchased during the year
3,065,076 a3,002,968
3,416,102
Other revenue from transportation
---- under trust agreements: 10 mogul freight locomotives; 10 consolidated
freight locomotives; 6 Atlantic type passenger locomotives; 5 switch loco67,820,015 67,622,151 a66,974,199
Total
598,526
a491,436 motives; 3 pari3r cafe cars; 10 coaches; 10 baggage and express cars;5 mail
640,732
Revenue other than transportation
and express cars.
Material has been purchased to build 500 (60,000-lb. capacity) stock
08,460,747 68,220,677 a67,465,635
Total operating revenue
12,071
12,110
al2,393 cars to Pine Bluff, Ark., shops. These cars are to take the place of the
Per mile (average)
500 stock cars leased from Mather Humane Stock Transportation Co.
Operating Expenses
This work is now in progress.
Additions and Betterments.
-There is carried in the balance sheet an
8,762,297 a0,331,396
Maintenance of way and structures_ 7,847,050
7,845,689
8,572,717 a5,778,945 asset of $384,838, representing amounts advanced from the treasury for
Maintenance of equipment
919,199
807,849
a734,654 additions and betterments and for which no securities have been issued;
Traffic expenses
20,305,621 20,659,110 a19,901,787 of this amount $157,758 was expended during the preceding year and
Transportation expenses
1,102,445
1,038,701
a974,429 $227,081 during the current fiscal year.
General expenses
Outlook.
-The indications at this time are that the cotton crop for the
38,020,004 39,840,684 a36,721,212 ensuing season will fall short of last year's crop, on account of the conTotal operating expenses
tinued drought in Arkansas and Texas, and to decreased acreage In Louisrev
(55.54%)
(58.40%) a(54.43%)
Per cent oper. exp. to oper.
30,440,743 28,379,993 a30,744,423 iana. In the latter State more diversified farming is being done, much of
Net operattng revenue
the acreage heretofore devoted to cotton now being planted in alfalfa and
Sleeping, parlor, observation, dining
429,359
530,569 corn. The lumber market is fairly active and the demand for that com640,925
and care cars, and restaurants_ _ _ _
modity seems to be on the increase. A material improvement is noted in
30,870,102 29,020,919 a31,274,992 the movement of practically all classes of freight to the Southwest and on
Total net revenue
2,398,719 the whole it Is reasonable to take a fairly optimistic view of the traffic
2,547,835
2,717,486
Taxes accrued
prospects for the coming year.
28,322,267 26,303,433 a28,878,273
Operating income
Character of Steel Rail in Main Track June 30.
Dividends and interest on securities,
Total,
85-lb. 75-lb. 70-lb. 60-lb. 56-lb. 35-lb.
Miles3,975,763 a2,876,799
int. on deposits & rentals received_ 3,245,419
8.95 830.10 30.67 6.15 416.85 33.13 1,325.85
452,219
138,380
(a)
1009
Hire of equipment
8.95 824.23 30.67 6.15 422.50 33.35 1.325.85
1908
8.95 823.83 30.67 6.15 406.96 38.55 1,310.11
32,019,905 30,417,577 a31,753,072 1907
Gross income
8.95 708.48 30.67 6.15 510.21 33.94 1,307.40
1906
Deduct
Ballast and Bridges in Main Track June 30.
a879,256
Hire of equipment
Total.
Gravel. Cinders. Nat Soil, Beges. Trestles,
Miles- Rock.
337,136
a245,539
318,718
Rentals paid
6,775,003
7,098,903
6,994,620 1909 __ ___179.02
1.47
Interest on funded debt
381.21
47.06
89.05
1,325.85
628.04
Interest and commissions on new
388.48
1.47
84.07
48.34
1,325.85
628.64
1908 _ ____174.85
3,268,416
3,106,883
159,727 1907 _ ____153.32
stock subscriptions
401.53
1.37
70.89
48.06
1,310.10
634.94
14,105,000 10,850,000 10,850,000 1906 _ ____146.78
Dividends on stock,7%
428.91
72.32
1.30
1,307.41
48.01
610.08
Total_

,,

24,485,555

Net income for the year
Appropriation for deprec. of equip.
Appropriation for insurance fund

7,534,350

Net surplus for the year
-V. 89, p. 529, 163.

7,534,350

21,374,509 a19,129,143
9,043,068

12,623,929
5,926,753

2,784,950
6,258,118

6,897,176

St. Louis Southwestern Railway. •
(Report for Fiscal Year ending June 30 1909.)
President Edwin Gould, Sept. 15 1909, says in substance:
-The financial results show a surplus
General Results.
-First Dividend.
over all charges, exclusive of dividends on capital stock, of $528,982, as
compared with $231,025 during the preceding year, an increase of $297,957.
The financial situation of the company, resulting in a large measure from
its policy in the reservation and use of its surplus income, and the growth
both In volume and stability of the earnings of your properties, justified
in the opinion of the board a distribution to the holders of the preferred
stock. Accordingly a send-annual dividend of 2% on the outstanding
preferred stock was paid on July 15 1909.
-The net increase of $194,222 in the funded debt, as
Funled Debt.
shown In the balance sheet, is accounted for as follows:




-Operations, earnings, charges,
Statistics of Operation.
&c., have been:
OPERATIONS, EARNINGS,EXPENSES,CHARGES, &c.
1908-09.
1907-08.
1006-07.
1905-06.
1,470
1,452
1,464
1,452
Average miles operated_
Operations
1,670,509
2,217,806
2,261,965
2,077,082
Passengers carried
Passengers carried! mile 87,919,405 86,540,407 83,274,470 71,869,707
2.34 cts.
2.19 cts.
2.42 cts.
Rate per pass, per mile_
2,855,520
2,946,126
2,944,168
3,075,230
Tons freight moved •
do 1 mile • _716,547,816 700,010,635 736,752,813 683,297,713
do
1.08 eta.
1.01 eta.
1.05 eta.
Rate per ton per mile _
$1.1825
$1.0815
$1.1243
Earns. per pass. train m.
$2.8134
$2.9269
$2.6549
Earns. per freight tr. m.
$7,029
*6,555
Gross earnings per mile_
'Not including company's freight.
INCOME ACCOUNT.
The figures for the year 1907-08 have been recast to conform with the
changes prescribed by the Inter-Stato Commerce Commission, effective
July 1 1908. The figures for 1906-07 are, however, repeated as given In
the report for 1907-08. The items in 1906-07 of which the corresponding
ones in 1907-08 have been changed arc shown by the letter a.

1908-09.
Operating income
Passenger
Freight
Mail, express, &c
Rev, other than from transportation_

1907-08.

1906-07.

2,091,121
7,731,677
428,531
80,561

1,924,515
7,173,799 al0,261,336
415,415
84,534

10,331,889

9,598,264 al0,261,336

1,892,498
1,866,662
366,883
3,229,425
431,625

1,769,697
1,686,495 a 6,985,692
345,730
3,353,936
424,5651

7,787,093
Total operating expenses
2,544,796
Net operating revenue
Net from dining and spec'l car service.bdef.10,159

7,580,423 a6,985,692
2,017,841 a3,275,644
def.3,561
def.4,900

Total operating revenues
Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses

a3,272,083
243,501

Total net revenue
Taxes accrued

2,534,637
268,704

2,012,940
293,786

Total operating income
Hire of equipment-balance
Joint facilities and miscellaneous rents
Interest on investments, &c

2,265,933
98,444
134,930
244,171

1,719,154 a3,028,581
399,9051
a539,775
118,764 }.
223,5021

477,545
2,743,478

742,171
2,461,325

1,687,133
126,080
33,098
25,000
274,077

1,640,283
130,420
70,189}
25,000
275,608

1,551,323
130,420

2,145,388
598,089

2,141,500
319,824

a1,986,234
1,582,122

Total net Income
DeductInt. on first and cons. mtge. bonds_ _ _
Int. on 2d M. inc. bds. held by public.
Other interest and miscellaneous_ _ _ _
Rents-leased roads
Rents-joint facilities, &c
Total deductions
Balance, surplus for year

a539,775
a3,568,355

a304,491

b Revenues from outside operations in 1908-09 were $44,806 and expenses
$54,965; net deficit, $10,159.
CONDENSED BALANCE SHEET JUNE 30.
1909.
1908.
1907.
Assets$
$
$
Road and equipment__ _ 73,722,714 73,722,714 72,850,208
Additions, and better384,838
ments unfunded
157,758
500,000
500,000
*Gray's Point Term'l Ry
*Shreve. Br. & Term.
414,000
usage rights
6,016,328
6,732,250
6,016,328
Trust equipment
Investments in stocks
4,516,159
5,808,919
and bonds
4,643,028
1,594,028
1,367,881
1,633,579
Advances
788,744
1,479,933
1,369,229
Cash
2,436,680
2,128,080
Accounts collectible_ _ _ _ 2,405,549
1,421,292
1,215,324
1,479,115
Supplies and materials
55,530
85,919
364,111
Miscellaneous
92,845,118 92,372,153 90,592,970
Total
Liabilities
20,000,000 20,000,000 20,000,000
Preferred stock
16,500,000 16,500,000116,500,000
Common stock
Bonds (see "Railway &
Industrial" section). _*46,489,767 *46,295,545 44,776,250
521,064
1,151,875
774,114
Reserve funds
• 1469,495
Equipment trust notes_ _
Int., dim and rents due
475,826
482,114
and accrued
884,267
Sundry accts. payable_ _ 2,153,643
2,792,213
2,540,617
5,534,456
Credit of income account 5,665,566
5,303,430
Total

92,845,118

92,372,153

90,592,970

1906.
71,105,457
500,000
350,000
5,739,833
3,444,362
1,089,553
853,482
1,199,056
949,077
57,564
85,288,384
20,000,000
16,500,000
42,233,250
387,030
193,000
469,806
1,773,365
3,731,933
85,288,384

* The Shreveport Bridge & Terminal and Gray's Point Terminal bonds,
whose principal and interest are guaranteed, included in the bonded debt
in former years, are omitted in the years shown above since the liabilities
-V. 89, p. 408.
are contingent.

Pere Marquette Railroad.
(Report for Fiscal Year ending June 30 1909.)
President William Cotter, Detroit, Sept. 1909, writes in
substance:
-The statistics and tables shown throughout this report
General Results.
include the operations over Pere Marquette RR., the Lake Erie & Detroit
River RT. and the London & Port Stanley fly.
For the fiscal year ending June 30 1909 there was an increase in operating
revenues of $875,845. in operating expenses of $35,592; in net operating
revenues of $840,252' and in taxes of $23,654. Other income decreased
$264,164 and interest and rentals increased $118,117. The result for the
year was a surplus of $40,651, contrasting with a deficit of $393,667 in
1908-09. Operating revenues, operating expenses and other income for
the year 1907-08 have been re-stated in order to place them on the same
basis as 1909 figures,which have been compiled In accordance with requirements of the Inter-State Commerce Commission. The recent changes made
by the Inter-State Commerce Commission related particularly to "outside
operations" and to "equipment borrowed and loaned."
Capitalization.
-There was no increase in the capital stock of the Pere
Marquette RR. Co., but the bonded debt was decreased $51,282, as follows:
Refunding 4% bonds issued on account of equipment notes and bonds
and other bonds retired, $1,001,000; equipment notes, bonds. &c., retired,
$1,052,282: net decrease, $51,282.
'rhe amount of receiver's certificates was decreased $420,000, and the
$180,000 outstanding June 30 1909 was paid Aug. 1 1909.
-Payments have been made during the year on
Capital Expenditures.
account of new equipment,additions and betterments and to retire maturing
equipment obligations, aggregating $1,261,422, as follows:
Paid on account of Kleybolte equipment under award of arbitrat's $68,743
Paid for material furnished for 750 gondola cars purchased during
previous year
34,706
Amounts paid to retire sundry equipment trust bonds
1,026 ,06
4 646
7
Additions and betterments (chiefly new bridges and culverts,
$115,751-Ed.)
131,326
ignoadway and Track.-There were 11.46 miles of side and yard tracks
built and 25.45 taken up-a net decrease of 13.99 miles. There were
507,367 cross ties used-384,203 being put in the main track renewals,
100,774 in side track renewals and 22,390 for new work. 73 nines of track
were ballasted with gravel and cinders. There were 5,760 (track) ft.
85-1b. rail laid on main line.
-For the first time we have a 12 months' showing under
Passenger Rates.
the Michigan 2-cent-fare law (effective Sept. 28 1907), and the result Indicates very plainly that in sparsely settled communities, such as served by
your company, the 2-cent fare does not stimulate travel. The comparative
figures for passengers carried from 1900 to 1908 show the average increase
per year for the eight years to be 6.85%, while the increase for the year
ended June 30 1909 was but 6.44%. If we could have applied our 1907
average passenger rate of .01972 to the 1909 passengers carried, It would
have added nearly $375,000 to net earnings.
Outlook.-Tho gratifying results in freight traffic compared with 1908
indicates an excellent standing of the property in local and also in competitive territory outside of Michigan. It also Indicates tile growing importance and value of the territory covered by your railroad, and recognition of the road as an intermediate line between east and west and Northwest and Southeast. The property has responded and will produce improved results through continuation of the same policy and increasing
facilities to meet requirements of the property. The relation of the road
to ItiCconneotions at all its termini 1S:excellent. ,




913

THE CHRONICLE

OCT. 9 1909.]

OPERATIONS,EARNINGS,EXPENSES. &C.
1907-08.
1906-07.
1908-09.
2,362
2,390
2,349
Average miles operated
4,964,247
4,579,279
5,267,714
Passengers carried
178,248,126
167,061,923
189,727,627
Passengers carried 1 mile
1.849 cts.
Earnings per pass, per mile
1.774 cts.
80.8260
$0.8486
Earnings per pass, train mile
8,866,962
6.1312
Revenue tons carried
9,316,716
Revenue tons carried 1 mile
1,681,078,143 1,498,589,964
0.602 cts.
0.582 cts.
Earnings per rev, ton per mile_
0.577 cts.
287.68
322.02
Tons per freight train mile_ __ _
306.58
$1.87374
Earnings per freight train mile_
$1.73267
$1.77001
Gross earnings per mile
$6,228
$5,823
INCOME ACCOUNT.
Note.
-Operating expenses and operating revenues for 1907-08 have been
re-stated in order to place them upon the same basis as the 1908-09 figures.
The changes required by the Inter-State Commerce Commission relate particularly to "outside operations" and "equipment borrowed and loaned."
1908-09.
1907-08. Inc.( 4-) or
$
$
Operating revenueDec.(-)
•
9,705,565
9,025,916 +679,649
Freight
3,366,466
3,295,704
Passenger ..
+70,762
578,505
575,228
Mall and express
+3,277
359,768
304,938
+ 54,830
Other transportation revenue
121,134
Revenue from oper'ns other than trans_
+38,127
159,261
460,262
431,061
+29,201
Outside operations
Total operating revenue
Operating expenses
Maintenance of way and structures_
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Outside operations

14,629,827

13,753,982

+875,845

1,669,220
2,018,494
349,971
5,712,493
357,017
474,385

1,620,206
2,044,500
306,044
5,795,436
362,072
417,730

+49,014
-26,006
+43,927
--82,943
-5,055
+56,655

Total expenses
Per cent expenses to earnings
Net operating revenue
Taxes

10,581,580
(72.33)
4,048,247
576,893

10,545,988
(76.68)
3,207,994
553,239

+35,592
-(4.35)
+840,253
+23,654

Operating income
Other income

3,971,354
238,209

Total net income
Deduct
Interest on bonds
Interest on bills payable
Interest on receiver's certificates
Rentals

3,709,563

3,157,129

+552,434

2,941,151
11,690
17,005
699,066

2,731,618
41,763
102,981
674,433

+209,533
-30,073
-85,976
+24.833

Total deductions
Balance, surplus

3,668,912
40,651

3,550,795
de1393,667

+118,117
+434,318

2,654,755 +816,599
502,373 -264,164

-OLD BASIS.
RESULTS FOR THREE YEARS
Net.
0th. Inc. Int., Taxes, ec.c. Balance.
Fiscal Year. Gross.
1906-07_..$14,214,195 $4,236,843 $138,988 $3,943,609 sur.$432,222
161,353 *4,519,376 def. 860,947
3,497,076
1905-06.... 13,430,170
441,036
3,215,110 def. 22,431
2,751,643
1904-05___ 12,667,420
'Interest, taxes, 8cc., In 1905-06 includes taxes for years 1902 to 1905.
CONSOLIDATED GENERAL BALANCE SHEET JUNE 30.
1908.
1909.
1907.
Assets
Franchise and prop., incl. leasehold_ 87,902,354 87,669,927 83.491,731
a9,680,847
9.894,815 85,946,684
Stocks and bonds owned
325,034
329,534
Other investments
415,550
Chic. Cin. & Lou. RR. settlement_
400,000
Due for advances
From Chic. Cincinnati & Louisville
424,222
From Toledo By. & Terminal Co_
70,000
Other companies
6,509
708,491
Materials and supplies
890,272
903,598
269,584
Cash on hand
809,705
391,273
538,000
Marketable securitie
612,179
543,818
Agents and conductors
797,272
441,465
447,710
Bills collectible
491,358
Bills receivable
12,810
12,810
14,460
25,770
67,038
P. 0. Department
62,153
67,766
76,316
Express companies
15,448
832,915
729,562
Deposit for interest and dividends_ _
731,181
138,405
106,395
Sundry persons
49,033
Unearned int. on Pullman notes... _
589,193
525,496
383,582
294,795
Deferred assets
1,094,426
642,920
2,186,066
Profit and loss June 30
103,175,542 102,604,405 97,280,528
Total
Liabilities
2,611,300 16,000,000
Pere Marquette RR. common stock_ 4,538,900
Pere Marquette RR. preferred stock_ 11,906,200 11,061,300 12,000,000
12,054,900 14,827,400
Outstanding stock subsid. cos
1,400,000
1,400,000
1,400,000
L. E. & D. Ry. common stock
Fund. debt (incl. leased and auxiliary
60,874,000 59,873,282 c49,973,293
lines)
Receivers' certificates
180,000
600,000
2,238,360
Equipment obligations (including
leased and auxiliary lines)
6,582,845
7,497,893
8,259,553
Unpaid vouchers
943,952
1,456,633
1,707,139
Unpaid wages
448,267
438,244
510,750
Bills payable
.864,300
40,280
609,812
Matured interest and dividends
834,502
706,393
681,647
Open accounts
204,509
540,152
185,153
Deferred liabilities
476,170
308,060
376,232
Equipment renewal account
723,598
365,435
1.670,711
C. H. & D. Kleybolte equipment_ __ _
481,205
549,948
618,692
Taxes accrued
266,792
289,086
256,889
Interest accrued
441,037
373,109
412,552
Total

103,175,542 102,604,405

97,280,528

a Stocks and bonds owned in 1909 include: Pledged, $8,941,961, against
$8,067,962 in 1908; held in treasury, $738,886,against 81,826.853. b Stocks
only. c After deducting $3,175,000 owned by the company.-V.89,p.847.

Toledo & Ohio Central Railway Co.
(Report for Fiscal Year ending June 30 1909.)
President Charles T. Lewis says in brief:
The year's income was seriously affected by the continued depression in
business; also by the late opening of the lake trade in coal.
Betterments charged to the income account of the year aggregated
$101,444, notably widening cuts and fills, $14,328: bridges, trestles and
culverts, $25,284; increased weight of rail, $9,468; track elevation, Columbus, $6,104; water and fuel stations, $6,706; increased cost of coal-handling
plant, $38,928.
Balance in replacement fund June 30 1908, $113,202; depreciation during
the year charged to expenses. $138,576; inventory value of equipment sold
and destroyed, $120,572; making ,a total replacement fund of $372,352.
There was expended during the year for reconstruction and betterment of
equipment $12,622, leaving a balance in replacement fund June 30 1909,
of $359,729.
During the year equipment obligations (principal) were retired to the
amount of $181,747.
2,233 tons of new steel rails weighing 80 pounds per yard were laid, 3.5
miles on the Eastern division south of New Lexington and 14 miles on the
Western division, an aggregate of 17.5 miles; 146,703 new cross-ties were
placed in the main track, 47,593 in sidings, and 68 miles of track were
ballasted.
Additions to property paid from current funds amounted to $69,642,
chiefly right of way and station grounds, $15,569; additional main tracks,
$33,731; sidings and spur tracks. $9,794. In addition additions and
betterments of $7,659 were charged to St. Mary's branch account.

914

CLASSIFIED TONNAGE, AGGREGATING 5,722,591 TONS IN 1908-09,
AGAINST 5,669.112 IN 1907-08.

1903-09
1907-08

[VOL. Laxiax.

THE CHRONICLE

Agriculture.
262,071
257,111

Products of
Ant-.
MannBitum.
Ores,
Merch.
mats. Forests. factures.
Coal.
Coke, &c. & Misc.
45,053 198,064 368,645 4,144,023 581,005 123,730
'40,994 252,593 381,641 4,086,169 507,884 142,720

OPERATIONS, EARNINGS, EXPENSES AND CHARGES.
1908-09.
Aver. miles oper__
441
Operations
No. pass. carried__ 1,189,665
No. pass. carried
one mile
37,752,229
Rate per passenger
per mile
1.600 eta.
Tons moved
5,722,591

1908-09.
1907-08.
1907-08.
441 Tons moved lm.740,866,035 746,850,168
Rate per ton pm 0.045 cts. 0.046 cts.
1,061,712 Aver. train-load
483
478
(tons)
36,536,533 Earns, per pass.
train mile_ _ ' $0.77
$0.76
1.667 cts. Earns, per tght.
$2.18
5,669,112
train mile_ $2.21
INCOME ACCOUNT.

Note.
-The operating expenses for 1907-08 have been somewhat revised in order
to afford a correct comparison, the amount, $2,765,158 as below comparing with
$2,786,208 as appearing in last year's report, a difference of $21,050. The figures
for 1907-08 after operating income not being given in this year's report, we have
changed the item of "rents received" from $141,926 to 3120,876 in order to strike
the proper balance for the year.
1908-09. 1907-08.
1908-09. 1967-08.
$
Earntlqs$
$
$
604,075 609,082 Operating income_ 1,162,093 1,271,653
Passenger
3,344,368 3,452,455 Rents received
Freight
14,530 120,876
Mail, express & misc. 129,151 119,612 Coal & ore dock &
Other than from
miscellaneous
75,400
34,968
10,850
transportation_ _ _ - 12,013
Total
1,252,023 1,427,497
Total oper. rev___4,089,607 4,191,999
Deduct
Expenses
Interest on bonds... 404,000 404,000
Way and structures_ 584,424 576,751 Int. on car trusts... 33,053
43,578
Maint. of equipment. 692,638 649,874 Rents paid
71,167
40,726
64,178
62,322 Net def. subsid. cos_
Traffic
4,601
77,209
Transportation
1,356,529 1,410,950 Additions & improv_ 101,444
68,220
65,384
65,261 Div. on pref. stk.(5) 185,070 a185,070
General
Div. on corn. stk.(1) 58,463 a58,463
Operating expen._2,763,154 2,765,158
Total
P. c. op. exp. to earn (67.57) (65.96)
857,799 877,265
1,326,453 1,426,841 Balance, surplus.- - 394,223 550,232
Net earnings
164,360 155,188
Taxes
Operating income_ 1,162,093 1,271,653
a The dividends paid Feb. 1909 were charged against accumulated surplus, but
are here deducted from the earnings of 1907-08 for the sake of simplicity.
BALANCE SHEET JUNE 30.
1909.
1908.
Assets
Cost of road and
equipment ____19,488,088 19,432,301
Bonds and stocks
3,466,410 3,463,179
owned
463,109
Materials & supp_ 384.820
Cash
1 120,517
1
Cash with financial 240,1661
118,845
agents
509,197
618,955
Bills, receivable
526,154
Road,Ind. & cos.._ 541,401
Agents & conduct_
18,473
20,881
U. S. P. 0. Dept.,
accrued interest
receivable, unex13,248
18,906
pired insurance_

1909.
Stock, common_ __ 6,500,000
Stock, preferred__ 3,708,000
Bonds (see "Ry. &
Ind." section)._ 8,500,000
Car trusts
708,094
Interest, coupons,
dividends, &c
145,780
.
Unpaid labor
151,163
Roads, Ind. & cos_ 295,210
Bills rec. discount_ 140,000
10,000
Bills payable
Dividends declared 243,533
70,746
Accrued taxes_
Reserve accounts.. 626,681
6,527
Drafts in transit.Profit and loss.... 3,665,828

1908.
6,500,000
3,/08,000
8,500,000
889,842
146,072
141,102
692,431
300,000

Toledo, Peoria & Western Ry.
(Report for Fiscal Year ending June 30 1909.)
President E. N. Armstrong, Peoria, Ill., Sept. 8 1909
wrote in substance:
General Remarks.
-The earnings from all sources show a decrease of
$127,323, or 10.42%, as compared with the preceding year, and expenses
decreased $119,063, or 11.24%, the result being a decrease in operating
income of $8,260, or 5.08%. The freight traffic decreased 207,383 tons,
or 20.70%. The average earnings per ton mile were 13.5 mills, an increase
of 1.1 mills, and the average cost was 12.1 mills, an increase of 1.7 mills.
The number of passengers carried was 863,596, an increase of 47,673.
The earnings per passenger per mile were 1.92 cents, as compared with
1.96 cents in the preceding year.
There were 1,043 tons of new steel rail and 86,778 cross ties used in the
renewals; 6.69 miles of track were ballasted with cinders, of which 2.32
miles replaced dirt.
To furnish funds to aid the treasury in the payment of interest on first
mortgage bonds, due Jan. 1 and July 1 1909, temporary notes to the
amount of $138,000 were issued.
Expenditures for additions and betterments aggregating $18,085 were
charged to income account during the year.
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.
1908-09. 1907-08.
1908-09. 1907-08.
Other Income
$
654,264 810,047 litre of equipment
- 26,895
38,123
379,714 353,499 Total net income__ _ 181,098 200,585
57,934
Deductions60,180
Int. on funded debt_ 195,800 195,800
1,094,158 1,221,480 Int. on equipment
trust obligations_ _
5,705
Op.Exp. th Taxes7,816
Maint. way & struct_ 190,482 232,032 Int. on bills payable_ 26,950
24,922
3,648
7,277
Maint. of equipment 218,390 261,808 Rentals
22,009 Equipment trust exTraffic expenses_ _ 25,254
penses
1,002
Transportation exp. 416,641 456,602
37,661 Additions and betterGeneral expenses... 39,044
50,143
48,856
ments
18,085
44,901
Taxes
Oper. Revenue
Freight revenue_ _ _ _
Pass. revenue
Mail, express, &c _

Total operating expenses & taxes_ 939,955 1,059,018
Operating income_ 154,203 162,462

Total deductions_ 250,187
Net

281,718

def.69,089 def.81,133

GENERAL BALANCE SHEET JUNE 30.
1909.
1908.
1908.
1909.
$
AssetsLiabilities,
$
Road & equipment 9,419,840 9,419,839 Capital stock
4,076,900 4,076,900
Securities 0th. cos. 103,000
103,000 First mtge. bonds_ 4,895,000 4,895,000
Material & supplies 104,535
89,765 Interest
57,440
99,942
31,713
Due by other cos48,645 Vouchers & accts. 178,908
180,750
14,949
Due by agents_
17,293 Equipment replace89,350
83,807
Cash
ment
80,742
45,919
Miscellaneous
18,775
28,468 Bills payable and
Balance, deficit.- 419,260
350,170
equip% obliga'ns 012,431
842,470
Total
10,201,421 10,140,987
-V. 89, p. 848.

Total

10,201,421 10,140,987

Texas Central Railroad.
(Report for Fiscal Year ending June 30 1909.)
Vice-President Charles Hamilton, Waco, Texas, Aug. 30
1909, writes in substance:

General Results.
-The increase of $155,314, or 15.39%, in gross earnings
over the preceding year was brought about by the increased number of
bales of cotton handled as compared with the previous season, the tonnage
of which was 48,118, contrasting with 32,968 in 1907-08.
The increase of $89,247, or 10.64%, in operating expenses over the pre24,771,562 24,673,090
Total
24,771,562 24,673,090 ceding year is represented in the following items: Increased quantity and
Total
cost of fuel used, $19,926; personal injury account, $21,867; law expenses,
-V. 89, p. 471. 412.
$8,426; taxes, $6,937; ballast, $31,479.
-The new equipment consists of three locomotives, four
Rolling Stock.
express cars, 23 ballast cars and two refrigerator, or ice cars, aggregating
$71,203, which amount, less the depreciation account, which has been carLehigh Valley Railroad.
ried for the lioast 12 months,shows a charge for cost of equipment of $48,269.
-In 1903 and 1904 we partially ballasted the track between Waco
Track.
(Balance Sheet of June 30 1909.)
and Walnut Springs, 62 miles, with gravel. In April 1909 we decided that
accomplished
.The text of the report and the comparative statements the entire mileage should be ballasted as rapidly as could beat the rate of
without interfering with regular operations; this is being done
10 or 12 miles a month. We have purchased 2,100 tons of 80-lb. steel
of earnings were given in V. 89, p. 838, 851.
rails with fastenings, for $75,537, and will lay the same the coming fall.
LEHIGH VALLEY RAILROAD BALANCE SHEET JUNE 30.
Repairs of the damage caused by the floods of April and May 1908, referred to in detail in the report for that year, have been practically com1909.
1908.
1907.
pleted at an expense of $178,110,leaving $10,943 remaining to be expended
$
$
$
Assetsout of the appropriation made for the purpose last year. The bridges
18,639,292 18,639,292 18,639,292 were destroyed have been replaced with longer and stronger structuresthat
Cost of road
and
40,000,070 40,143,703 35,726,422 placed at such a height as to prevent them being reached by future floods.
Equipment
100,000
100,000
100,000
Consol. bonds with War.Run trustees
-Rolling Stock June 30-- --Average Annual Maint.-250
250
250
Treasury stock
Passenger Freight
LocoLocoPassenger Freight
2,762,837
2,368,958
2,149,523 June 30Real estate
Cars.
Cars.
motives. Cars.
Cars.
motives.
115,483
353,575 1909
Construction, Lehigh & Lake Erie RR
32
$84
352
30
$640
$2,668
310,000
300,150
Mortgages receivable
350,200 1908
29
374
71
28
452
2,186
Securities owned23
274
607
71
24
1,700
1907
3,000,000
6,000,000
Consol bonds owned
7,000,000 1906
79
18
22
205
461
2,092
29,289,161 29,158,230 29,166,659
Stocks of RR.and water lines
17,878,683 18,881,068 19,674,683
OPERATIONS AND INCOME ACCOUNT.
Stocks of coal companies
5,692,550
5,693,050
- Stocks of other companies
5 693,448
-Comparisons with the year 1906-07 are inaccurate, owing to
Note.
Bonds of railroad and water lines
4,372,926
4,372,926
4,372,926
Bonds of other companies
3,234,907
3,303,908
3,305.908 changes in methods of accounting.
3 4.38
1907-08.
1906-07 5
0
.
Operations1008-09.
Ctfs. of lndebt. Leh. Vail. Coal Co_ 10,537,000 10,537,000 10,537,000
241
268
268
• Equip. Trust ctts. in treasury
3,560,000
4,050,000
4,540,000 Average miles operated
246,898
Advanced insurance premiums
127,964
119,687 Tons carried
209:510
9
33,03' 718 24,937,479 28, 85 637
1,
317 951
7,234,140
6,195,060
6,612,849 Tons carried 1 mile
Cash on hand
2.0980 cts. 2.2156 cts. 2.6896 cts.
25,774
25,738
Cash with officers and agents
25,840 Revenue per ton per mile
273,145
902,139
542,696
688,172 Passengers carried
Cash in transit
2
15,464 685 14,792,857 14,499,288
301: 1 1
Passengers carried 1 mile
Cash reserved for improvements, &c_ 2,574,005
2.5300 cts. 2.5673 cts. 2.6270 eta.
770,365
647,675
1,033,864 Revenue per passenger per M113
Due by station agents
$
Earnings
2,047,447
2,493,519
Due by individuals and companies_ _ _ 3,124,938
6983:814528
552,134
778,555
$
484,918
406,273
426,421 Freight
Traffic balances due
393,288
381,593
380,900
376,262
732,203
306,251 Passenger
Bills receivable
264
328,535
237,520
170,991 Sleeping car
Advances
28,573
24:3
5
3654
25,100
2,084,200
2,104,196
2,099,145 Mall
Materials and supplies
30,241
30,696
40,810
429,844
380,560
291,972 Express
Sundry accounts (deferred)
12,579
14,745
18,740
Miscellaneous
157,714,594 158,010,850 155,878,199
IATotal assets
1,164,481
1,244,106
1,009,167
Total earnings
Liabilities
40,441,100 40,441,100 40,441,100
ExP.enses and Taxes
Capital stock
229,245
188,794
242,269
80,639,000 81,639,000 82,639,000 Maintenance of way and structures.-.
Funded debt
90,995
181,050
144,776
Equipment trust obligations
8,310,000 10,062,000
6,564,000 Maintenance of equipment
13,856
10,834
2,938,561
General and equip't replace't reserves 2,666,124
4,550,850 Traffic expenses
405,588
419,902
375,181
Mortgages on real estate
116,947
196,880
196,880 Transportation expenses
51.114
53,035
41,718
1,217,454
Interest and rentals accrued
1,230,883
1,163,896 General expenses
31,179
17,988
24,243
51,616
55,660
60,340 Taxes
Interest due and unclaimed
Rentals of leased lines due
337,500
337,500
337,500
754,479
928,267
839,021
June pay-rolls, since paid
963,571
Total expenses and taxes
1,011,441
1,195,893
(60.64)
(83.13)
Per cent of exp. and taxes to earnings
(79.71)
Audited vouchers,including June bills
236,214
170,140 • 489,627
since paid
1,218,137
1,175,754
2,350,138 Net earnings
252
5,327
Individuals and companies
140,216
134,013
127,563 Other Income
Traffic balances
1,073,640
795,144
1,077,955
489,879
175,474
236,214
Taxes accrued
Total receipts
711,885
938,859
257,274
Deferred and suspended
Less Payments
31,000
31,000
31,000
Taxes accrued, not due
298,211 Interest on bonds
14,491
Sundry accounts
547,833
546,672
571,895 Interest on current liabilities
66,225
66,225
66,225
15,405
42,391
36,421 Dividends on preferred stock (5%)_ _
M scelianeous
132,465
•19,212,252 16,518,905 14,009,283 Dividends on common stock (5%)
Profit and loss
205,849
255,734
124,272
Ntw equipment and improvements..
37,282
23,731
157,714,594 158,010,850 155,878,199 Hhe of equipment
Total liabilities
69,520
140,561
6,350
3,579,213

R

1

• After deducting $150,000 discount on securities sold and adding miscellaneous disbursements, $14,905.-V. 89, p. 851, 838.




Toiv.1 payments
Balance for year

340,357
259,719
del, 23,505 def. 184,883

485,424
sur. 4,415

00T. 9

BALANCE SHEET JUNE 30.
1908.
1909.
1908.
1909.
Liabilities
Assets
1,300,000
Property account___5,123,800 5,123,800 First mtge. bonds 1,300,000 2,675,000
2,675,000
Bonds in treasury__ _ 650,000 650,000 Stock,common
26,200 Stock, preferred_ _ _ A,325,000 1,325,000
Stock In treasury_ _ _ 26,200
Vouchers & pay-rolls 62,866 102,973
Unadjusted claims,
*350,860 479,913
Bills payable, &c
24,498
&c
44,796
1,981 Due RRs. and others 62,304
1,801
Cash
7,750
10,594
Interest
Due from agents,con33,112
33,112
Dividends duo
ductors, railroads
6,183
6,183
88,788 Taxes
40,244
and others
Materials & su pplles _ 21,930 105,726 New rails and equip't 111,955
17,743
40,883 Equip. replac't, &c.. 14,518
63,922
Income account
44,907
Gen'l improv't fund..
Total

5,952,395 6,037,378

915

TIIE CHRONICLE

1909.)

Total

-In addition to $208,335 chargedltoldepreciation, liberal
Repairs, &c.
expenditures amounting to $689,774 have been,made during the year
for repairs and to maintain the effeciency of the various properties, every
such expenditure having been charged to operating expense and absorbed
561trire
into the cost of production.
Howe-Brown Property, &c.
-A large part of the Howe-Brown property
has been sold to the Pennsylvania RR. Co. but your company still retains
25% of the original holding, which, through the result of this transaction,
must largely increase in value. The proceeds less the cost of additions
and extensions to other properties of the company have been deducted
from property account.
The spring department, built Just before the panic, and which had not
been operated, was, under the new management, placed in active service
as a producing property. It has already booked a very large tonnage
of orders and should prove a valuable addition to the company's assets.
EARNINGS FOR YEAR ENDING JULY 31.
1907.
1908.
1909.

5,952,395 6,037,378

* Bills payable, &c., include: Bills payable, $242,000; due Moran
Brothers, $55,470; reconstruction, $10,943; Western extension, $42,447.
89, to. 848.

Queboc Railway, Light & Power Company.
(Report for Fiscal Year ending June 30 1909.)
President W. G. Ross says in substance:
The gross earnings increased during the year $68,815, or 10.49%; the
operating expenses $26,381, or 6.31%, and the net earnings $41,887, or
17.57%. The increase in gross earnings of 10.49% compares favorably
with the increase of 1907-08, which was 8.59%. The operating expenses
were 61.31% of the gross earnings, as against 63.72% the previous year.
The fixed charges, however, exclusive of the dividends on the common
stock, have increased $38,652, or 25.53%. ThLs•increase is due to the dividend upon the $250,000 additional preferred stock, which was issued last
year for the new power developments, making the total issue now $750,000.
The premium of $7,760 from this issue was credited to surplus account.

Gross earnings
Expenses
Depreciation

8,928,030
8,807,283
649,231

12,121,651
9,917,908
208,335

not given, not given.

def.528,485 not given, not given.
'8,460

1,995,408
•19,518

Net earnings
Other income

1906.

Bal. for dividends ___sr.2,014,926 def.520,025 sr.$2,672,160sr.2,901,840
Preferred dividends __ _(234)549,821 (1)244,365(6)1,466,190(534)1344007
sr.1,465,105 def.764,390 sr.1,205,970 sr.1,557,833

Balance

"After deducting in each year $10,000 for interest on mortgages.
BALANCE SHEET AUGUST 31.
1909.
$

Assets•
Real estate,plants,
45,523,396
&c
Investment secur_ 272,044
Accts. & bills rec_ 2,355,558
644,308
Cash
Taxes, insurance,
55,053
&c., advanced
5,301,952
Inventory

1908.
$

1909.
LiabilitiesPreferred stock_ __24,436,500
Common stock ___24,578,400
Accounts payable_ 864,449
Bills payable
758.000
Interest accrued__
20,380
Insurance fund__
51,583
Reserve for contin.
85,000
Purch., &c., mtges 200,000
Profit &loss,sum_ 3,157,999

1908.
$
24,436,500
24,578,400
447,244
1,481,419
17,328
35,340'
45,541
200,000
1,692,894

45,529,551
240,000
1,200,105
total number of passengers carried upon this division
-The
City Division.
1,048,164
was 6,859,679, an increase of 810,476; average fare per passenger, 4.19
71,721
cents, as against 4.22 cents; car mileage, 1,394,744; increase, 62,434 miles.
4,845,125
The continued increase of travel has necessitated the purchase of additional
direct-current machinery, and a contract was entered into for a 1,500 k. w.
motor generator set, which is now practically installed in the sub-station.
Further additions to the rolling stock and car shed accommodation are
Total
54,152,311 52,934,666
54,152,311 52,034,666
Total
necessary.
-V. 89, p. 723.
-The total number of passengers carried upon
Montmorency Division.
this division was 1,442,327; increase, 43,982; average fare per passenger,
10.28 cents. The business upon this division is increasing rapidly, and
Pope Manufacturing Co., Hartford, Conn.
additional electrical machinery and rolling stock will be necessary.
-The earnings from this division have increased 15.55%.
Power Division.
(Report for 73 Months ending July 31 1909.)
The cost of generating and distribution has increased 14.19%; a large proportion of this can, however, be considered extraordinary. The remodeling
President Albert L. Pope says in substance:
and fireproofing of the power house has been completed.
The company began operations on Dec. 24 1908, and has operated during
RESULTS FOR YEARS ENDING JUNE 30.
this period ending July 31 1909 (7 months and 8 days) only its factories
1906-07.
1907-08.
1908-09.
$655,833 abt$603,953 at Hartford, Conn., and Westfield, Mass.; the other properties taken over
$724,648
Gross earnings
417,372 abt.371,538 being at once offered for sale and the manufacturing business therein
444,300
Operating expenses
transferred to the operated factories or liquidated. In the reorganization
$232,415 of Pope Mfg. Co. notes amounting to $800,000 were issued to provide for
$238,461
$280,348
Net earnings
tile purchase of the properties and working capital. These notes were in
Deduct
$125,000 three series, the unoperated properties being trusteed for their retirement.
$125,000
$125,000
Interest on bonds
The sales of these trusteed properties progressed so favorably that on Jan. 2
50,000
Dividend on common stock (2%)_ _
1909 the third series of notes ($267,000) was retired and on July 1 1909
44,1241
Dividend on preferred stock (7%)__ _
on
23,060 the first and second series ($533,000) were paid without encroaching the
44,371
10,239
Interest, &c., paid and accrued
working capital. All mortgages on the property were canceled, and
10,683
City percentage on earnings
company is now free from any bonded or preferred indebtedness. At
cr.17,977
Interest charged to new dam constr'n
Hartford, Conn., we manufacture the Pope-Hartford automobile, and at
$87,066
$84,355 Westfield, Mass., bicycles, these two being the only factories now owned
$40,302
Net profit
and operated. The accounting and sales departments are at Hartford.
the net profits for 1907-08 ($87,066), there was transferred
-Of
Note.
The sales for this fiscal period amounted to $2,397,813, showing net earnto accident insurance fund account $20,000 and to surplus account $67,066. ings of $482,867. Depreciation on buildings, machinery, equipment and
tools are charged monthly to operating expenses and for the fiscal period
BALANCE SHEET JUNE 30.
amounted to $48,693. Ample reserves have been provided for loss in
1909.
1908.
1908.
1909.
accounts receivable.
$
$
Liabilities$
$
Since the company began business on Dec. 24 1908 it has borrowed no
Assets2,500,000 2,500,000 money whatever, all invoices for purchases have been discounted or paid
Prop., incl. Kent Hse6,239,499 6,111,026 Common stock
750,000 500,000 at maturity where no discount was allowed, the only indebtedness at July 31
4,988 Preferred stock
14,429
Cash on hand
2,500,000 2,500,003 1909 being current bills, none of which had matured. Obsolete or surplus
64,737 Bonds
Pow.Div.,oper.acc't. 68,032
Div. pay. corn. stock 25,000
material, raw or manufactured, has been charged off and all other merKent House operat23,899 192,501 chandise inventoried at actual factory or invoice cost.
11,197 Bills payable
11,835
frig account
28,998
14,312 Accrued interest acc't 29,542
16,253
The building and equipping of motor cars for ambulance, police patrol
City Div.,op. acc't__
95,736 wagons and emergency use in fire departments has necessitated the estab88,216
Acc'ts payable, &c
Montmorency Div.,
40,000 lishment of a "public service department." This new field promises a
40,000
58,530 Contingent account_
operating account 64,307
20,000 considerable amount of business.
27,331 Accid. ins, fund acc't 20,000
25,250
Accounts receivable_
Surplus account_ _ _ _ 462,948 414,886
The company has in the past made a minor portion of its automobile
bodies. By concentration of departments at the Westfield factory sufficient
6,439,605 6,292,121 floor space has been gained to establish a body department there andrit
Total
6,439,605 6,292,121
Total
Is expected in the near future that the company will manufacture its entire
-V. 89, p. 722.
requirements of automobile bodies, the general policy being to manufacture
for our automobiles and bicycles everything necessary for their completion
Crucible Steel Co. of America, Pittsburgh.
that can be produced in our factories with economy and efficiency.
By the early completion of our 1910 model of the Pope-Hartford auto(Report for Fiscal Year ending Aug. 31 1909.)
mobile we have been able to continue working nearly the full factory force
summer, thus avoiding the usual partial shutting
The report, signed by Chairman Herbert Du Puy and throughout the this report we had begun the delivery of our 1910 down.
model
At the date of
President Frank B. Smith says in substance:
our 1909 product having been disposed of.
automobiles,
The Pope-Hartford automobile is noted in its class for excellence of
-The net profits available for dividends were $2,014,926,
General Results.
durability. Our bicycles are recognized as among
as compared with a loss in the previous year of $520,024, being a difference design, efficiency and for the coming year is most encouraging, contracts
in favor of the present year of $2,534,951. The earnings showed a steady the best. The prospect been made for our estimated production of autofor sale having already
year, as follows:
increase during the
increased sale of bicycles is looked for.
$556,343 mobiles and an
$411,213[Third quarter
First quarter
609,882
555,823 I Fourth quarter
STATEMENT OF EARNINGS DEC. 24 1908 TO JULY 31 1909.
Second quarter

General Manager Edward A. Evans says in brief:

$2,223,261
Total year
Deduct depreciation in valuations during the year and provision
208,335
for contingencies
$2,014,926
Net profits available for dividends
The ratio of operating charges to gross receipts was 81.82%, in comparison with 08.65% in the previous year. The net profits earned were equivalent to 8.25% on the preferred stock.
Divtdends.-Owing to better conditions prevailing during the last half
of the fiscal year, the board resumed on March 31 1909 the payment of
dividends upon the preferred stock. Two dividends, together amounting
to $549.82t, were paid, first at the date named one of 1%, followed three
was paid on
months later by one of 1 ii %. A further dividend of 1
Sept. 30, and it is hoped that the regular payment of 1 % will be distributed in December, by which time it is expected that the entire outstanding
indebtedness will.have been liquidated.
Statzts.-The banking obligations and other bills payable at the commencement of the fiscal year amounted to $1,481,410. During the year,
your management took the conservative view that before paying full
dividends of 7% on the preferred stock, these debts should be liquidated.
On Aug. 31 1909 they amounted to 3753,000, showing a reduction of
$723,410 during the year. Since Aug. 31 they have been further reduced
by $258,000, leaving a present liability of $500,000, which it is anticipated
will be liquidated before Dec. 31 1909. The current assets on Aug. 31
1909 were valued at $8,628,915, including $644,308 in cash, whilst the
current liabilities were reduced to $1,642,820, showing an excess of current
assets over current liabilities of $6,986,086. The company has no bonded
debt, either authorized or outstanding, and its properties are free and
unencumbered except for the two purchase money mortgages of $100,000
each, one of which was, however, paid off during September 1009.
orders -The unfilled orders and contracts on hand as of August 31
were as follows, contrasting with 95,000 at the date of the present report:
106,243 tons11908
72,984 tons
1906
101,910 tonsI1909
91,498 ton 3
1907
that the tonnage is still slightly below normal, ye t
It will be observed
ows such a steady improvement that the outlook for the future cannot
t be productive of increased earnings.




Income from operations (after deducting manufacturing and producing costs, including charges for depreciation, replacements
and renewals to plant, administrative, office and selling expenses)$462,816
Miscellaneous earns., includ'g discounts, int, and royalties received 58,029
$520,845
Total earnings
Deduct interest, &c., on mortgage notes ($16,609); miscellaneous
37,978
expenses, &c. ($21,368)
$482,867
Surplus for first 734 months
-The directors on Sept. 21 declared an accumulated dividend of 6%
Note.
on the 6% cumulative preferred stock, payable Sept. 30 1909 to stockholders of record Sept. 29 1909, and a further dividend of 134% on the pre-Ed.
ferred stock, payable Npv. 1 1909 to stockholders of record Oct. 26.
BALANCE SHEET JULY 31 1909.
LiabilitiesA ssets
Pref. stock ($2,500,000) _y$2,198,203
plant, tools, patents, licenses and good will_ _45,194,835 Coin, stock ($4,000,000).. y3,690,808
Reserves for replacements
Deferred charges and pre345,053
to plant
47,628
paid expenses
210,960 Accts. payable, including
Miscell.invests.&contracts
121,365
accrued taxes, &o_ _
474,430
supplies, &c__
Materials,
Pay-rolls accrued
6,386
Accounts and notes receiv41,956
212,726 Deposits received on ord's
able (less reserves)___
23,778
769,836 Contingent liabilities_ _ _ _
office_
Cash in banks and
Net earnings Dec. 24
482,867
1908 to July 31 1909_ _
Total

$6,910,415

Total

$6,910,415

• After deducting $83,815 for "unoperated real est Ito, buildings, machinery, &c., sold," and adding $42,303 for expenditures on additions and
impprsotovecmkef
Preferred,
authorized and issued: Prefeed, $2,500,000: common, $4,s.horized
it
000,000. Deduct amount, acquired by reorg. committee and held in treasury: preferred $301,797 and common $309,192 remainder outstanding,
-V.:89. p. 849,,,781.
viz., $2,198,203 preferredIand $3,690,808 common.

(Vol, Lxxxix.

THE CHRONICLE

916

1
•
saving the present manufacturer's profit and excessive freight; in addition,
Wells, Fargo 86 Company (Express), New York.
the surplus gases will be used for generating cheaper power.
-This company continues to supply power for
Lake Superior Power Co.
(Report /or Fiscal Year ending June 30 1909.)
the operation of the subsidiary companies of the corporation and is the
owner of and conducts the operations of the Helen mine.
President Dudley Evans, Oct. 1 1909, says in brief:
The output of ore from the Helen mine for the year was 175,836 tons,
The report presented to the stockholders last year (dated Aug. 20 1908) an increase over the previous year of 25,213 tons. There have been taken
was made under our old system of accounting and covered the fiscal year from this mine since it was opened in 1900 1,584,571 tons of ore, of which
The new system of accounting prescribed by the approximately 175,000 tons have been used in the steel plant and 1,369,371
ending July 31 1908.
Inter-State Commerce Commission requires that the fiscal year shall end tons have been sold. Heretofore adequate allowance has not been made
June 30 and include all the business accruing in that period. Hence our for depreciation of this property, but your directors are placing this on a
accounts were remodeled to conform to the new requirements.
sound basis by the creation of the necessary sinking fund.
As future reports necessarily will be made for the fiscal year ending
-The buildings and equipment,
Sault Ste. Marie Pulp & Paper Co.
June 30,It is considered better for comparative purposes to make the present which were partly destroyed by fire in May 1908 (covered by insurance),
report for the full fiscal year rather than omit the figures for July 1908. have been restored, and the plant is now in full operation. The result for
The July earnings, therefore, appear in both this and last year's reports. the year has been satisfactory. The company manufactured 29,718 tons
The earnings, however, for July, are more than offset by earnings accruing of ground-wood pulp, an increase over the previous year of 3,470 tons.
prior to June 30 1908, which under the new system of accounting were only
-This company's showing
Algoma Central & Hudson Bay Railway Co.
ascertainable after last year's report had been issued. These earnings for the year is satisfactory, having regard to the conditions under which
are in fact in excess of the July earnings included in report to stockholders the road has been operated. The completion of the line to the Canadian
last year by $63,068, which amount is carried directly to profit and loss Pacific Ry. and to the National Transcontinental By. is necessary to enable
account, not being included in the annual report of either year.
the railway to attain the efficiency of which it is capable. At the last
The railroad mileage covered by the company's contracts on June 30 session of the Ontario Legislature the land grant of 7,400 acres per mile
1909 in United States and Mexico amounted to 61,869 miles; the stage, for 225 miles was renewed for 23.5 years. It is imperative that financial
inland steamer and ocean steamship mileage aggregated 8,516 miles, a arrangements be made for immediate construction work, if the valuable
total of 70,385 miles; an increase during the year of 11,756 miles.
land grant and cash subsidies are to be preserved. These matters are
Our agencies on same date in the United States and Mexico totaled receiving the careful attention of your directors.
6,368; an increase of 1,060; and our employees (exclusive and Joint) numManitoulin de North Shore Railway Co.
-The directors have let a contract
bered 17,013, not including our various correspondents in all quarters of for the construction of an additional 8 miles of road from the present termithe globe.
nus to Krean Hill, where is situated one of the nickel-copper mines, the
The volume of our business has increased somewhat during the greater traffic of which has been secured. This, it is hoped, will net a fair return
portion of the fiscal year. Some localities, however, within the scope of on the company's investment. The complete construction of this line,
our territory have not yet revived to anything like a normal basis. Al- and .the consequent earning of the land grant, is being aimed at, and your
lusion has been made in previous reports to the augmented cost of doing directors hope to make considerable progress in this direction during the
business because of the requirements not only of the Inter-State Commerce current year.
Commission, but of the various State Commissions in the way of filing
-The operaInternational Transit Co. and Trans St. Mary's Traction Co.
tariffs and reports, and numerous special statistics, all of which continue. tions of these companies cannot be regarded as satisfactory, owing to the
During the year Just closed interest rates on money have been so low as unavoidably heavy expenses incidental to operation.
to effect very considerably our income account.
-The net profits are slightly less than those
7'agona Water & Light Co.
Heretofore all purchases of new equipment have been charged to opera- for the previous year,but,owing to the further extension of the company's
ing expenses, and a very conservative appraisement of same had been works in the town, the prospects for increased revenue are encouraging.
carried as an asset; but in accordance with the requirements of the Inter.
State Commerce Commission an inventory of our equipment was taken in
INCOME FOR FISCAL YEAR ENDING JUNE 30.
June 1909, which resulted in an increase of ;759,287, and thelbook value
1906-07.
1908-09.
1907-08.
of same has been Increased accordingly.
a$491,614
$527,983
Int. & div. on securities of subsid. cos. a$501,424
75,004
150,029
65,087
Interest from banks. etc
INCOME ACCOUNT.
Year ending Years end. July 31$566,512
$566,618
$678,012
Total
1907.
June 30 '09.
1908.
b446,342
500,000
Interest on first mortgage bonds_ __ _
Gross receipts from express
$24,476,432 $22,945,408 $22,934,425 Gen. exp., taxes and org. costs
l•
543,516
63,5231
Total disbursements
21,213,953 20,364,832 19,566,403 Int. on loans & accts. written off_ __ _ J
148,382
28,8845
Net express earnings
Net earnings other sources

$3,368,022
045,882

Balance, credit profit and loss_ __ _
Balance preceding years

822.996
499,182

$27,869
471,313

$29,630
591,683

$4,664,379 $4,078,818 $4,313,904
BALANCE SHEET.
June 30'09 July31'08
June 30'09 July 31'08
1.10:tidess
Assetss
3,211,0871 6,477,571 Capital stock__ __ 8,000,000 8,000,000
Stocks
Reserve
Bonds
19,701,575 19,701,575
3,750,2875
4,001.483 3,432,964 Real est. reserve__ 120,025
Real estate
224,938
Agts.,dfts.,cap.,&e. 1,447,978
676,949 W. F. & Co. Bank,
Sail Lake City39,883
Cash on hand and
5,459,757 1,757,976 W.F. & Co. Bank,
in banks
San Francisco_
17,845
17,165,142 16,650,004
Loans
Refrigerator car re58,991
Materials & supp_
16,040
placement
Unexpired insur
23,120
Individuals & cos_ 684,683
104,920 Ace.taxes not due.17,303,000
400,000
Traffic balances __
Div. pay. July 15_
41,585
20,453
Interest accrued_
128,917 Unclaimed (Ibis_
Car purchase acct_
211,561 Unpaid money orSuspense account..
36,631
ders, checks, &e. 1,450,078 1,085,611
San Francisco bldg.
Express privileges. 2,133,379
103,272
account ..._
32,191 Traffic balances..
Equipment
2,044,551 1,243,117 Wages & salaries_ 490,357
Audited vouchers
and accounts___ 582,337
1,682,949
Transp. payments. (?)
Profit and loss__ 4,753,843

Total..
5% paid on income bonds Oct. 1 1906

$522,178

$499,182

$621,313
150,000

Total surplus as per balance sheet..

$522,178

$499,182

$471,313

$3,262,479
1,401,900

$2,580,636
1,498,182

Total net income

37,888,662 30,752,801
Total
--V.88.p. 1066.

Total

37,888,662 30,752,801

The Lake Superior Corporation.
(Report for Fiscal Year ending June 30 1909.)
The retiring President, C. D. Warren (see a subsequent
page), says in substance:
-The result of the year's operations of all the subGeneral Statement.
sidiary companies of the Lake Superior Corporation, compiled on the
basis of the previous year's accounts-that is, without provision having
been made for bad and doubtful debts, depreciation and renewals-shows
a surplus for the year of $1,093,372. Of this amount $501,424 has been paid
by the subsidiary companies to the Lake Superior Corporation by way of
interest and dividends. The remainder of the surplus has been set aside
by the subsidiary companies, as in previous years, towards providing for
such depreciation, &c.
In view of the foregoing, your directors are not Justified in paying interest
on the income bonds for the year.
When the reorganization of the corporation was consummated in 1904,
an amount was providid for working capital which proved quite inadequate
to the needs of the various companies. The result was that the companies
were compelled to borrow very heavily from the banks, but it is gratifying
to be able to report that the total amount of advances from banks has
been reduced to a comparatively small amount. At the annual meeting on
Oct. 6 President Warren, it is reported, said: "The corporation and its
subsidiary companies are now in excellent condition. During the past year
the Government guaranteed loan (of the Canadian Improvement Co.;
V.88, p. 233) has been entirely paid off and the borrowings of the corporation now amount to only $50,000, as against $2,300,000 in the earlier days
of the reorganization."
It is obviously in the interests of all concerned that the affairs of the
corporation should be placed on a sound basis, and the directors look forward with hope to the commercial possibilities of the business. The outlook for the current year is encouraging.
Steel Plant.
-The improvement in financial conditions prevailing during
the latter part of the fiscal year was reflected in the large increase in the
mileage of new railways under construction in the Dominion. The steel
plant got its share of the rail orders placed during the year, with the result
that the rail mill was in steady operation for the last ten months of the
financial year. The furnaces were shut down during parts of July, August
and September.
Output for the Year, Compared with the Previous Year (Tons).
Pig Iron. Rails (Bess.). Rails (Open II.)
126,733
31,732
1908-09
130,268
117,697
25,321
135,852
1907-08
Arrangements have been made for the construction of an additional blastfurnace with a rated capacity of 400 tons per day. With this completed,
the blast-furnace capacity will, under normal conditions, be sufficient to
meet the requirements of the Bessemer and open-hearth plants. Arrangements have also been completed for the erection of a merchant mill, capable
of manufacturing structural steel such as will meet the requirements of the
Canadian market; work is in progress. The addition of the new blast
furnace and the merchant mIll should insure the steady operation of the
steel plant.
The plant has now been in operation for over five years, and replacements
and improvements will naturally be necessary from time to time. Your
directors are alive to the necessity of providing for the same from annual
earnings.
Arrangements are being made for the construction of by-product coke
ovens, able to supply the steel plant with all the coke it will need, thus




a In addition to interest and dividends paid as above, the subsidiary
companies reserved an amount ($580,386 in 1907-08) from net earnings for
the year for extensions and working capital.
b Interest on treasury bonds, $53,658, deducted in 1907-08.
BALANCE SHEET JUNE 30.
1009.
1909.
1908.
1908.
AssetsLiabilities$
$
$
Invest. & secur. of
40,000,000 40,000,000
Capital stock
subsidiary cos_ .51,430,951 51,430,901 First mtge. bonds_10,000,000 10,000,000
Cash
18,910
9,486 Income bonds._ _ _ 3,000,000 3,000,000
Cash for coupons_
11,850
12,350 Bills and accounts
Accts. receivable
315,750
5,610
2,550
2,010
payable
Accts. sec. by bds.
42,877
60,000 Accrued interest_
41,667
Treasury bonds_ __
12,350
15,0001.1,013,204 Coupons due (con.)
11,850
Treas.bd.trust sect 795,2005
Suspense account_
59,218
Suspense account_
Profit and
522,178
499,183
133,207
Due from sub. cos.. 1,171,116 1,396,721
1,106
Miscellaneous
Total

53,578,245 53,929,378

Total

53.578,245 53,929,378

-V. 89, p. 415.
*Includes accrued Interest.

La Belle Iron Works, Steubenville.
(Report for Fiscal Year ending June 30 1909.)
President Isaac M. Scott says in substance:
Ore Properties.
-As it was not found practicable, owing to adverse
business conditions, to operate your furnace department in full throughout
the year, mining operations were carried on to an extent only sufficient
to care for your actual ore requirements. The total ore production for the
year was as follows: La Belie mine, 32,207 tons; Miller mine. 227,205 tons;
total, 259,412 tons, showing a decrease of 42% as compared with 1908.
Coke.
-During practically the whole of the year coke could be purchased in the open market at a price equal to or below the actual cost of
production. and therefore in order to conserve your natural resources,the
coke plant in Fayette County was closed down the greater part of the year.
The production was 23,697 tons, showing a decrease of 64% as compared
with the previous year. The coke plant at the present time is running
practically in full.
Steubenville Mine.
-During the year your Steubenville mine produced
157,275 tons of steam and heating furnace coal, showing an increase of
25% over the previous year. The mine Is capable of producing at least
80% of the coal required in the operation of your plant.
Manufacturing Plants.
-It is gratifying that, owing to an increase in the
volume of business, your manufacturing properties (the furnace department
excepted) produced during the last year a tonnage greater than during
the previous year, the increase in some lines being quite marked. With
this increase in volume, lower costs naturally obtained, which in a measure
offset the low prices at which it was necessary to market the material;
Production for Year in Comparison with the Previous Year (Gross Tons).
Pig iron, 130,898 tons, dec. 25% Sheets, 36,598 tons, Inc. 315%
Slabs A: billets, 201,686 tons. Inc. 7% I Tubular goods, 51,532 tons, inc. 18%
Plates&Skelp,165,625 tons, inc. 13% I Nails, 187,722 kegs, Inc. 60%
Pay-roll.
-There was paid out in wages $2,254,644, the average number
of employees being approximately 2,850. The average wage per man was
slightly higher than the previous year.
Shipments.
-The value of the shipments for the year aggregated $10,278,458, an increase of 15% over the previous year.
-The only addition made to your plant equipment was
Plant Additions.
a metal mixer, which was put into operation early in July 1909.
-During the fiscal year your Brooke County oil property
Oil Property.
produced 202,954 barrels of oil, malting a total production for the field to
June 30 1909 of approximately 300,000 barrels. While the production
shows a material decrease from its maximum your company still derives
a substantial income from this source, which is likely to continue for
some time to come.
-There has been set aside for general depreciation the sum of
Funds.
$250,000, thus increasing this fund to an even $1,000,000. In addition
the contingent, relining and rebuilding funds have been maintained at
a point consistent with the hazards of the business.
-There was paid out in cash dividends the sum of $793,120
Dividends.
this being at the rate of 8% per annum on the issued capital stock. The
fact that dividends could be maintained at the old rate on the Increased
capital, your plant kept up and a substantial addition made to the surplus
account in a year of such stress is doubtless gratifying.
-The outlook for the coming year can only be regarded as
Outlook.
encouraging, a heavy demand for all kinds of steel goods being almost
assured. Prices, though showing some improvement, are still relatively
low, but with the full resumption of buying by the transportation companies, higher prices can be reasonably expected.

RESULTS FOR YEARS ENDING JUNE 30.
1905-06.
1906-07.
1907-08.
1908-09.
$
$
$
*
1,853,080
2,457,147
1,755,639
x1,814,394
Net profits for year
150,000
150,000
147,000
143,710
Interest on bonds
(8)793,120 (8)594,928 (8)583,916 (7 M)516450
Cash dividend
936,830
Total
877,564
Balance, surplus
Surplus beginning of year 1,435,654

741,928
1,013,711
3,150,810

733,916
1,723,231
2,228,459

666,450
1,186,629
1,291,829

2,313,218

4,164,521
*2,478,867
250,000

3,951,690
% 80
(8)550 ,
250,000

2,478,459

250,000

Tot.surp. end of year. 2,063,218

1,435,654

3,150,810

2,228,459

Total
Stock dividends)
Special depreciation_ _ _ _

9.17

THE CHRONICLE

OCT. 91909.]

250,000

• 33 1-3%.
x After deducting $40,436 for provision for exhaustion of minerals
and extinguishment of lease values, development, &c., against $59,132 in
1907-08 and in 1906-07, $178,008 for similar purposes and contingencies
and $116,052 in 1905-06.
-Price, Waterhouse & Co., who certify to the correctness of the
Note.
accounts, say: "No provision for accruing depreciation has been charged
against the profits of the past year, but an amount of $250,000 has been
appropriated for this purpose from the available surplus at June 30 1909."
BALANCE SHEET JUNE 30.
1909.
1908.
1909.
Liabilities
Assets
9,915,467
Property account.a11,225,911 11,030,138 Capital stock
45,000 Bonded debt
2,364,000
125.000
Other assets
Wages, taxes and
8,000
Sinking fund dep_
royalties a.cer'd_ 221,204
unexInsurance
6,197 Accounts payable.. 417,368
11,312
pired, &c
198,294
2,746,040 2,990,397 Div. pay. Aug. 1_
Inventories
17,765
Accrued interest.. _
Accounts and bills
845,952 Depr., &c., funds_b1,420,531
1,166,221
receivable
736,868 33 1-3% stock div.
1,335,362
Cash
paid Aug. 1908
Total surp. June 30 2,063,218
Total assets... _16,617,846 15,654,552

1908.
7,436,600
2,450,000
173,113
350,656
148,732
22,885
1,158,045
2,478,867
1,435,654

Total liabillties_16,617,846 15,654,552

a Includes: Real estate, buildings, plant, machinery, &c., at Steubenville and
Wheeling; also mining, gas, oil properties, equipment, &c. b Reserve funds include:
For depreciation, 81,000,000; exhaustion of minerals, 8210,886; for re-lining furfurnaces, extraordinary repairs and contingencies, 8200,644.-V. 89. D. 724.

United States Coal & Oil Company.
(Report for Fiscal Year ending June 30 1909.)
Pres. A. F. Holden, Boston, Sept. 22 1909, says in brief:
The consolidated balance sheet sets forth the combined assets and liabilities of the company and its subsidiaries, the Island Creek RR. Co.
(total mileage June 30 1908, 13.24), Island Creek Stores Co.,Island Creek
Fuel Co. and J. C. McManus Oil Co.
The additions to property during the year of $161,803 include the construction of 55 dwelling houses and 420 mine cars, purchase of 3 Jeffrey
mining machines, one 15-ton mine locomotive, fire engine, one passenger
car, one 90-ton switching locomotive, 15 barges, &c.
The property account of $3,986,012 is represented by coal lands and mineral rights situated in Logan and Mingo counties, W. Va., the development
and equipment of the mining properties and the building of the town of
Holden, railroad construction and equipment, the construction of the coalhandling and storage plants at Holden and Huntington, W. Va. and at
Sekitan, Ohio, river equipmmt for transportation of coal on tlie Ohio
River, and other investments.
The coal lands and mineral rights represent the book value of 29.704
acres of coal lands, 26,245.04 of which are held in fee simple and 3,459
to which the mineral title only is owned.
The "mining properties and the building of the town of Holden" consists
of the development and equipment of mines Ito 6,and the expenditure to
date on mines 7 and 8, which are in course of development; 1,366 mine cars,
29 electric mining machines, 14 electric mine locomotives, 357 houses (2 to 7
rooms), 10 boarding-houses, 2 other houses in course of construction, general store, and store warehouse, &c.
Output of Coal to Date (tons).
Total.
1905. 1905-06. 1906-07. 1907-08. 1908-09.
464,923 768,173 1,250,406 2,782,444
237,433
Coal mined.. 61,509
area of coal on the Island Creek seam worked out by all the
The total
mines from the commencement of operations to June 30 1909 was 237.4
acres, and the tonnage worked to each acre averaged 11,612 tons. No
wokk has been done on either the 5-foot or 4-foot seams, which underlie
substantially the whole property.
The net current or quick assets are $1,008,980. We have no floating
debt except current accounts.
From the proceeds of each ton of coal sold we set aside approximately
5 cents as a depreciation fund, as a sinking fund for the bonds and to care
for depreciation in equipment, &c. The sinking fund also received last
year from the sale of oil lands $35,000.
The past year has been generally acknowledged as the poorest coal year
in a decade. Nevertheless we have increased our output and sales, although at a smaller relative profit, and to-day have a daily car rating of
8,000 tons, which could be raised to 10,000 tons with comparatively small
capital expenditure should the business warrant.
[The report for the year 1907-08 contained, along with numerous pictures
of the property, the report made on the mines late in 1907 by a well-known
coal engineer in behalf of Hayden, Stone & Co., who subsequently underwrote the issue of $1,500,000 convertible 6% mortgage bonds. All the
oil lands have been sold. The capital stock was reduced on April 7 1908
-Ed.]
to 120,000 shares, namely, $3,000,000.
CONSOLIDATED INCOME ACCOUNT.
1908-09,
Net earnings of main and subsidiary companies
from coal and miscellaneous operations (includ$391,542
ing net profits on sale of lumber, &c.)
Deduct
$49,753
Administrative and general expenses
Interest on first mortgage bonds, &c., less interest
79,781
received on bank deposits
Reserve for extinguishment and depreciation of
coal properties, transportation plants, river and
63,057
railroad equipment, &c
Expenses of underwriting and issue of 1st M. bonds
Total deductions
Balance, surplus

$192,591
$198,951

1907-08.
$313,942
$39,828
59,891

The past year has been a very unsatisfactory one, and iron continued to
be sold practically at cost by most Virginia furnaces throughout the entire
year. We have continued to keep our iron ore mines in operation and had
on hand July 1 1909 139,486 tons of ore. Most of the year we had only
two furnaces in blast, and our total product for the year ended June 30 1909
was 119,659 tons of coke iron and 3,899 tons of charcoal iron. We delivered during the year but 23,215 tons of coke iron and 2,477 tons of charcoal iron, so that, including the amount on hand July 1 1908 we had, of
both coke and charcoal iron, on July 1 1909 157,594 tons. We mined
during the year 832,025 tons of coal and made during the year 224,707
tons of coke. The iron is carried at cost on our books, and at present
prices would very nearly cover the entire loss which we have shown for
the year.
Our cost of producing pig iron was $1 50 per ton less than in the previous year. In our general balance sheet of June 30 1908 the profit and
loss account was credited with $102,891, whereas this year we have a
debit to profit and loss of $229,463. The owners of the Marion & Rye
Valley Railway Co. were unable to complete their financial arrangements
and extend the line into Ashe County, N. C., so that at present our Ballou
properties are not available for furnishing ore to our furnaces. We have
spent funds liberally in improving our property during the past year.
At the present writing there is distinctly a better demand for iron, and
prices have advanced from the lowest figures from $2 to $2 50 a ton.
EARNINGS FOR YEAR ENDING JUNE 30.
-Year 1907-08
-Year 1908-09--Net.
Gross.
Net.
Gross.,
Operations of$1,650,932
$48,100 $2,275,716 $296,280
Furnaces
2,642
76,535
4,822
79,678
Foundries
166,746
837,297
110,777
Coal mines
861,440
5,363
420,030
27,674
Coke ovens
360,269
187
117,481
def.751
67,976
Crescent Works
869
Saw mills
629
8,349
200,693
7,458
Grist mills
179,136
$3,928,621

$479,567

1908-09.
year 1908-09, interest and discount
($11,434); farms and farm rentals ($25,253): Homestead Co. dividend ($25,000); miscellaneous, merchandise discount, &c. ($9,448)
$71,135

1907-08.

Total

$3,000,060

$198,080

INCOME ACCOUNT.

Other income: For

$97,140

$269,215 - $576,707
Total net income
Deductions
$31,500
$43,000
Taxes
264,879
268,249
Bond interest
Insurance ($21,626) and exp. idle plants ($178,109)
199,735
96,393
23,391
14,982
Development
Dead rents and contracts ($46,760), operation of Jack54,979
42,599
son Ferry ($136) and miscellaneous($8,083)
$580,946 $458,762
def.311,731 $117,945
Net profit for the year
funds were charged during the year with $334,343 for depreciaSundry
tion, viz.: Depreciation of coal lands, $49,932; depreciation of ore lands,
$20,286; depreciation of improvements to leased properties, $51,083; dep.
of improve'ts to owned properties, $182,152; furnace repairs, $30,890.
There was spent $236,228 during the year for improvements to owned
and leased properties, viz.: Improvements to owned properties, $156,137;
improvements to leased properties, $56,412; repairs to furnaces, $23,679.
BALANCE SHEET JUNE 30.
1908.
1909.
1909.
1908.
Liabilities
$
Assets$
10,000,000 10,000,000
Real estate & plant13,512,139 13,308,049 Capital stock
270,023 First mtge. bonds_ 4,883,000 4,887,000
275,232
Equipment
490,000
474,000
196,864 Prior lien bonds
197,363
Securities owned
129,162
140,862
120,600 Unpaid vouchers_
83,465
Sales ledger bal_ _ _
51,776
50,128
834,294 Unpaid pay-rolls.. _
40,269
Bills receivable_ _ _
25,100
9,781
.645 Accoun's payable_
45,488
Cash
15,043
15,911
2,906,019 1,701,321 Taxes accrued.... _
Materials
493,747
1,117,247
69,650
71,684 Bills payable •
Miscellaneous __...
87,575
87,308
Interest accrued _
Profit and loss_ _ _ _ 229,463
270,186
Deprec., &c., fund 580,850
102,891
Profit and loss_
17,359,089 16,552,480
Total
-V. 89, p. 850.

Total

17,359,089 16,552,480

GENERAL INVESTMENT NEWF,
RAILROADS, INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fe Ry.-Dividend on Common
-The directors on Wednesday
Stock Restored to 6% Basis.
declared a semi-annual dividend of 3% on the common
stock, payable Dec. 1 to holders of record Nov. 5. This
restores the annual rate to 6% as in 1907, contrasting with
5% from June 1908 to June 1909 inclusive. Future distributions on the common shares, it is announced, will be made
quarterly instead ofsemi-annually. The advance in the price of
the stock has served to stimulate the conversion of debentures. As a result the common stock, which on June 30
1909 stood at $121,559,500 outstanding, had on Oct. 7
been increased ta $146,438,000 as reported by the New York
Stock Exchange.
-T. DeWitt Cuyler has been elected a direcNew Director.
tor and member of the executive committee to succeed the
late H. H. Rogers. Mr. Cuyler is a director of the Pennsylvania RR. and, it is supposed, represents Pennsylvania interests, though, according to unofficial statements, he enters
the Atchison board only as a private stockholder and friend
of President Ripley.

Previous Dividend Record.
1899, 1900. 1901. 1902 to 1905. 1906. 1907. 1908. 1909.
6
5 June,2 M
0
3
4 yearly (J&D) 4 ;si
On com__ 0
5
5
5
5 yearly (F Fe A) 5
5
$251,698. On pref..- 21i. 4
$62,243 -V. 89, p. 855. 837.
37,959
114,020

BALANCE SHEET JUNE 30.
1908-09. 1907-08.
1908-09. 1907-08.
Assets$
$
$
Liabilities$
Property account.--3,986,012 3,824,209 Capital stock
3,003,000 3,000,000
15,897
35,000 First mtge. bonds... _1,500,000 1,500,000
Sink. Id. 1st M. bds_
567,695 578,661 Accounts payable_ _
Cash
. 59,014 110,084
24,095
Accounts rec'ble__-- 214,197 191,613 Accrued pay-rolls
24,777
Accrued Interest- _ 11,250
Coal in transit, &c.
155,360 131,261 Notes payable
40,000
(cost)
166,087 161,611 Deprecia'n funds_- 123,830
Inventories (cost)
59,450
Unexpired insurance,
Surplus
395,378 196,427
8,382
8,319
taxes, &e

-Boston i:fc Maine Shares
Boston Railroad Holding Co.
-The company on Oct. 6 took over the $10,994,Taken Over.
800 Boston & Maine stock recently purchased from the
Billard Company at $140 per share, payable $125 in Boston
Holding Co. bonds and $15 in its stock, calling for $1,649,200
of stock and $13,743,500 of 4% 50-year bonds.
The purchased stock, it is stated, was pledged with the National City
Bank of New York to secure a loan which was not due until next April,
but which was paid off at a small premium. See report of N. Y. N. H. & H.
in V. 89, p. 839, and compare V. 89, p. 528, 777, 846.

Canadian Pacific Ry.-Ordinary Shareholders of Record
Nov. 15 to Have Option to Subscribe for $30,000,000 (20%)
New Stock at 125-The sanction of the Governor in Council
Virginia Iron, Coal & Coke Co.
having been obtained, the shareholders at the special general
for Fiscal Year ending June 30 1909.)
(Report
meeting held a year ago took the necessary action to provide
President Henry K. McHarg, New York, Aug. 24 1909, for an increase of the ordinary share capital of the company
from $150,000,000 to $200,000,000. At the annual meeting
wrote in substance:

5,113,567 4,930,738
Total
-V. 88, p. 1163.




Total

5,113,567 4,930,738

918

TEE CHRONICLE

[VOL. Lxxxix.

in Montreal on Oct. 6 President Sir Thomas Shaughnessy
made the following announcement as to the proposed issue
of the first $30,000,000 of this new stock, which will be
offered pro rata at 125 a share to ordinary shareholders of
record Nov. 15:

income, $1,600,000 equipment 43% notes, Series C, dated
Oct. 1 1909 and due in semi-annual installments from Oct. 1
1913 to April 11918, being part of the $5,300,000 issue due
1910 to 1919. Interest A. &O. Par $1,000 (c). Central
Trust Co., New York, trustee. A circular says:

The same conditions that bring enhanced revenue also compel important
expenditures for locomotives and cars, for the acquisition or enlargement
of terminal grounds and buildings, and more siding accommodation, not
only at the important centres, but at hundreds of other places on the
system, anti for additions and improvements of almost every description.
Anticipating these general requirements of the company and to meet
them as they arise the directors think it prudent at this time to make provision for the necessary funds by offering to the holders of ordinary capital
stock a portion of the unissued shares. It is proposed that the issues shall
be in the proportion of 20% of the shares registered in the name of each
individual holder on the books of the company in London, New York and
Montreal on Nov. 15, and the issue price will be 125. The usual practice
of having payment made in installments at intervals of about 60 days will
be followed, and interest at the rate of 6% per annum will be allowed on
such payments.

The above equipment notes are the direct obligation of the Chicago Rock
Island & Pacific Railway Co. They are part of a total issue of $5,300,000,
and will be issued to pay for 85 locomotives, 99 passenger cars, 3,500freight
cars, 110 cabooses and 1 observation coach. The cost of this equipment is
approximately $5,894,074, of which the company pays about $594,074 in
cash, making an equity of over 11%, rapidly increasing as the installments
mature. The title to all of this equipment will be retained by the trustee
for the benefit of the holders of the above bonds until all of said bonds are
fully paid.
Together with its predecessor company, the Chicago Rock Island &
Pacific Ry. has paid uninterrupted annual dividends averaging 6% for over
46 years—since 1862. During the last fiscal year the company earned a
surplus over all fixed charges equivalent to nearly 8% on its $75,000,000
capital stock.—V. 89, p. 666.

Your committee is gratified to report that the contention which they
made on your behalf before the New York Public Service Commission for
the Second District was successful (V. 89, p. 102, 469). Your committee
feels that your position is now reasonably secure. There can be no refunding without due recognition of your rights, and the New Haven road must
refund the obligations of this company to make available its large investments therein.
In the refunding plan it was proposed to take up the first mortgage bonds
of the Central New England and the first mortgage bonds of the Dutchess
County RR., so that the whole attack was directed against the general
mortgage bonds, of which $920,876 are held by others than the N. Y. N. H.
& H. RR. Co.
The New Haven road, in order to secure income from the property, was
compelled to make some award of interest on the general mortgage bonds.
They have accordingly awarded 4% to be paid to the general mortgage
bondholders of record on Sept. 30 (V. 89, p. 592). Your committee has
requested the Fidelity Trust Co., as trustee, for these bonds, to ascertain
whether the earnings would not justify an award of 5%, and whether any
part of the net earnings have been diverted to securities held by the New
Haven road which are not prior in right to your bonds.

of meeting these notes, as well as the question of paying the fixed charges
in future.
While Mr. Harriman was alive he influenced several railroads to send
their freight through his tunnel, meeting the charges themselves, but after
his death some of the roads, including the Wabash and the Erie, refused
to make the through rate any more. The consignees wouldn't pay the
tunnel charges, and accordingly the tunnel lost the business, which is now
being handled by trucks.
At the meeting yesterday it is understood that the attention of the conferrees was brought to the fact that the dock property will be ready to be
opened soon and the re venue from this source will aid materially in the
subway's attempt to make both ends meet, so that if the next interest
payment, due in December, be met from private sources as heretofore, it is
not unlikely that thereafter the enterprise will be able to pay its own way.
On the other hand, it remained a serious question with some of those
present whether the diversion of traffic incident to the canceliationof contracts by railroads with the subway would not more than counterbalance
this advantage.—V. 89, p. 778.

Chicago Subway CO.—Conference.—A conference of the
Land Sales.—At the aforesaid meeting the President said: leading interests in the property was held in this city on
The cash in hand resulting from the sale of lands and town-sites has
now reached the considerable sum of $14,000,000, and the deferred pay- Oct. 7 "to discuss conditions as they have arisen from the
death of Mr. Harriman." Nothing was decided on and
ments exceed $18,000,000 in amount."—V. 89, p. 846,726.
Capital Traction Co., Washinkton, D. C.—New Bonds.— nothing, it is said, can be until four or five more meetings
Shareholders of record Nov. 1 are offered the right to sub- shall be held. No plans for reorganization, it is stated, were
scribe at par for a block of $1,440,000 5% bonds, part of discussed, though some relief for the company during the
the first mortgage issue of 1907 (of which $2,520,000 are development period is believed to be under consideration.
The 'New York Sun" of Oct. 8 said:
outstanding), to the extent of 12% of their stock holdings.
When Mr. Harriman and J. Ogden Armour bought control of the prop—V.88, D. 559.
erty four or five years ago for $5,000,000 the construction policy was
Central New England Ry.—Circular to Bondholders.—The changed from the 'development of the dock properties to the extension of
The
work was carried
committee (C. S. W. Packard of Philadelphia, Chairman) the tunnels. of theconstruction the resulting deficitalong faster than the
traffic and
development
In funds available to
representing the minority general mortgage income bonds, meet fixed charges was accordingly made up jointly by Armour and Harriman, who took
has sent to the depositing bondholders a circular letter, dated and Armour arethe company's notes secured by its own bonds. Harriman
said to have advanced about *14,000,000 in this way, and
Sept. 30, saying in substance:
among the matters under consideration, it is understood, is the question

Twenty Miles Abandoned.—The company, with the permission of the Public Service Commission, abandoned on
Oct. 2 about 20 miles of its road between West Pine Plains
and West Salt Point because it paralleled the better line
acquired from the Poughkeepsie & Eastern some years ago.
The Fidelity Trust Co., trustee for the general mortgage,
opposed this action.—V. 89, p. 592.
Charlotte Monroe & Columbia RR.—Receivership Proceedings to be Dismissed.—We are informed that the application recently made by the Bank of Richmond as trustee
under the mortgage will be dismissed upon payment of the
coupons and other charges in default, which are expected
to be met in a few days.—V. 89, p. 410.
Cherryvale Oklahoma & Texas Ry.—Bond Issue.—
Requests for official information regarding this enterprise
have met with no response, and we therefore reprint the
following which was sent to the "London Financial News"
on June 28 by its New York correspondent:
There;is a dearth of precise Information here as to the Cherryvale Okla
homa & Texas Ry., on whose behalf 50,000 ($1,000,000) 5% first mortgage
gold bonds of $20 and 10,000 ($1,000,000) 5% first mortgage gold bonds of
$100 are being offered by Gubbay & Co., Place Vendome, Paris. The
prospectus gives the name of the Carnegie Trust Co. as the New York
bankers: the trust company lacks particulars and can only refer inquirers
to the President at Caney, Kansas
Inquiry of the President (Senator S. H. Porter) at Caney produces
the assurance that his company has over 300 miles of "located and surveyed
lines, with about 30 miles of road-bed graded and the construction of 50
miles now let." But no information is obtainable as to the names of the
contractors to whom the contract has been let, as to whether the construction has commenced, or as to when it is to commence. It was stated
In the prospectus circulated last March that it was "estimated by the
directors that it will require one year in which to put in full operation the
part of the system for which this bond issue is now being made." The
prospectus Issued by Gubbay & Co. stated that "the Interest on this issue
is guaranteed for three years (covering ,
the whole time of construction)
by deposits with the company's bankers.'
[A press despatch from Guthrie, Okla., on May 23 said: "Within thirty
days actual construction will commence on the Cherryvale Oklahoma &
Texas By., according to Senator S. M. Porter of Cherryvale, Kan., who has
just returned from France, where he succeeded in floating bonds in the
sum of $2,000,000 to finance the road. The line is to be constructed
southwest from Cherryvale, Kan., through Oklahoma, a distance of 235
miles to Geary. It is routed via Pawhuska, Blackburn, Perry and Guthrie.
A branch line, will run southwest to Fayetteville, Ark., a distance of 150
miles. Gov. Roscoe Stubbs of Kansas and Senator Porter have been
more than two years financing the company."—Ed.]—V. 88, p. 1619.

Chicago & Alton RR.—Report.—The results for the year
ending June 30, as reported in the newspapers, were:
Fiscal
Gross
Other
Interest, Dividends Bal.,
Net
Year-Earnings.
Earnings. Income. Taxes,&c.
Paid
Surp.
1903-09$12,604,355 $5,195,75741.9,655 $3,519,839 $1,633,816 $32,445
1907-08___ 12,087,735 4,465,845 9,249 3,154,182 1,021,153 299,759
• Deficit.
•
Dividends as above in 1908-09 Include 4% ($781,712) on the common
stock, against 1% ($195,428) In 1907-08, 8% ($70,344) on the prior lien
and participating stock, against 5% ($43,965) In 1907-08 and 4% ($781,760)
yearly on the preferred stock.

New Director.—Edward Tilden of Chicago has been elected
a director to succeed S. M. Felton, who is now President of
the Chicago Great Western.—V. 89, p. 347.
"Chicago Rock Island & Pacific Ry.—Equipment Notes
Offered.—N. W. Harris & Co., New York and Boston, and
the Harris Trust & Savings Bank, Chicago, are offering, by
advertisement on another page, at prices to yield 45
,%




Cincinnati Hamilton & Dayton Ry.—Offering of Collateral
Trust 4% Notes Guaranteed by B. & 0.—William Salomon &
Co., New York and Chicago, are offering at the market
4
price, yielding about 43 % "purchase money collateral
trust 4% gold notes," dated Jan. 1 1908 and due July 1 1913
(but redeemable at par and interest on any interest day on
60 days' notice), principal and interest unconditionally
guaranteed by endorsement by the Baltimore & Ohio RR.
Co., per plan in V. 89, p. 1498. Total issue, $11,557,000.
Denomination $1,000(c). Central Trust Co. of New York,
trustee. Interest J. & J. No further notes can be issued.
Endorsements on Collateral Trust 4% Notes, Dated 1908.
For value received, The Baltimore & Ohio RR. Co. hereby guarantees
to the holder of tee within note the punctual payment of the principal and
Interest of the within note at the times and in the manner therein specified,
and covenants in default of payment of any part of the principal or interest
by the maker thereof to pay at the times and In the manner therein specified the said principal and interest as the same shall become due, upon
the demand of the bolder thereof.
[Signed as of July 1 1909, Baltimore & Ohio RR. Co., by Fifth VicePresident. Attested by Assistant Secretary.]
This note is subject to the terms and conditions of the supplemental
trust agreement between the Railway Company, The Baltimore & Ohio
RR. Co. and the Central Trust Co. of New York, dated July 1 1909, to
which reference hereby is made.
[Signed, Central Trust Co. of New York, trustee, by Vice-President.]—
V. 89, p. 409, 410.

Cleveland (Electric) Ry.—Ellorts at Settlement of Franchise
Dispute.—As the result of long negotiations, Judge Tayler
of the United States Circuit Court in a letter dated Oct. 4,
the terms of which have been accepted by the City Council
and the company, agrees to act as arbitrator on the subject
of the valuation of the company's property and the
maximum rate of fare, provided all other points to be
covered by the new proposed ordinance have been agreed upon.
The Judge isoints out that neither the Mayor nor the Council agrees to
at a

referendum
accept his findings but both reserve the right to attack them
election. He also says: "As to the maximum rate of fare, my position Is
well known anti the parties to these negotiations ought to understand now
that my conviction is that the maximum rate of fare ought to be 7 tickets
for 25 cents and one cent for a transfer. I see no objection to making the
single rate of fare 4 cents."—V. 89, IL 778, 348.

Connecticut Valley Street Railway.—$700,000 Bond Issue
Approved.—The Massachusetts Railroad Commission on
Oct. 4 issued an order approving:
An issue of coupon or reglste,red 5% bonds to an amount not exceeding
at par value $700,000, payable not more than 20 years from date thereof
for the following purposes:
1. The proceeds of bonds amounting to $500,000 shall be applied
exclusively to the payment and refunding of b onds of the Greenfield &
Turners Falls Street Ry. Co. $130,000, of the Greenfield Deerfield &
Northampton Street By. Co. $150,000, of the Northampton & Amherst
Street By. Co. $180,000, severally assumed in the consolidation) and of
bonds of the Connecticut Valley Street Ry. Co. to the amount of $40,000.
2. The proceeds of bonds amounting to $200,000 shall be applied to the
payment of floating debt properly incurred in making certain permanent
additions and Improvements.—V. 88, p. 1313.

---Interest.
Detroit Mackinac & Marquette RR. Land Grant.
—The trustees announce that 1% will be paid to the registered holders of the outstanding land grant bonds on Oct. 11,
being the amount of interest thereon for the six months
ending Sept. 30. The last payment was made in April 1908,
when the same amount was disbursed.—V. 89, p. 667.
Garden City Gulf & Northern 'RR.—Mortgage.-----New
Project.—This steam railroad company, incorporated in
Kansas in 1908, has filed a mortgage to the Commonwealth

OCT. 9 1909.]

TIIE CHRONICLE

919

-Coupon PayMuskegon Grand Rapids & Indiana RR.
ment.
-Coupon No. 45, due Jan. 1 1909, is now being paid at
the office of Winslow, Lanier & Co. The surplus May 19
1909, after paying coupon No. 44, was $2,336; the net earnings for the four months-April to July, inclusive-were
$16,567; total, $18,903; amount required to pay coupon
No. 45, $18,750; surplus as of August 1 1909, $153.-V. 88,
p. 1373.
-The
-New Stock.
New York New Haven & Hartford ER.
annual report published last week (V. 89, p. 839) discloses
that practically the entire $40,000,000 new stock will shortly
be offered for subscription at $125 a share to stockholders
and holders of convertible debenture 6s and 33's. Subscriptions will be payable in four equal installments at intervals of six months without, it is stated, the right to anticipate
any installment. The rights accruing to stockholders are
estimated to be worth $10 a share, while in the case of the
4% bonds, convertible into stock at 150, the
holders of 31
rights are figured as worth 6.6%.-V. 89, p. 847, 838.
Norfolk & Western Ry.-Equipment Trusts Offered.
Brown Brothers & Co. New York, Philadelphia and Boston,
'
are offering for sale, at prices to yield 4.35% income,$2,800,000 4% equipment trust gold cretificates of $1,000 each
the
Of the $3,000,000 bonds authorized, $750,000 under the rerms of the (c*), secured on 33 freight locomotives and 3,565 cars,
issued
mortgage were issuable at once and $750,000 were set aside to be from original cost of which was $4,176,585. Commercial Trust
at $25,000 per mile for construction of main line of singleatrack
trustee. These certificates include
connection
present station in Jerome townslte, Lincoln County, Idaho, to Milner town- Co. of Philadelphia,
with the rialroad of the Minnidoka & Southwestern RR., near for requisi- part of series, L, M, N and 0, each part $700,000 and each
site, Twin Falls County. The remaining $1,500,000 reserved Sec., J. H. maturing in seven annual instalments of $100,000; "L" on
tion, construction and improvements. Pres., W. S. Kuhn;
Dec. 1 from 1910 to 1916; "M" on March 1 from 1911 to
-V. 89, p. 778.
Simpson.
- 1917; "N" on April 1 from 1911 to 1917, and "0" on June 1
Lake Charles (La.) Railway, Light & Water Works Co.
-The Inter-State Trust & Banking Co., New from 19111 to 1917. Interest payable semi-annually on
Bonds Offered.
Orleans, is offering at par and interest the unsold portion dates corresponding to the respective maturities.
These certificates are issued by the Commercial Trust Co. of Philadelphia,
of a block of $100,000 first mortgage 6% serial gold bonds
by endorsement as to principal and dividends by
(total amount outstanding $300,000), dated Aug. 1 1909 as trustee, and guaranteed Co. They are secured by assignment to the
the Norfolk & Western Ry.
and due $15,000 semi-annually from Aug. 1 1912 to Feb. 1 trustee of a lease contract with said railway company covering standard
certificates at maturity
the rental being
1922, both inclusive, but redeemable upon 30 days' notice equipment,the Installments sufficient to retire the
of dividends. The trustee retains title to the
and to pay
Aug. 1 1914 and interest days thereafter at 103 and interest. equipment until the certificates have all been retired. This is the well"Philadelphia" car trust plan.
Principal and interest (F. & A.) payable at Inter-State Trust known certificates now offered are part of four series of $1,000,000 each,
The
that time in
& Banking Co., trustee, New Orleans, and Chicago Savings created during the year ending June 30 1907, and held since matured and
Two $100,000 installments in each series have
Bank & Trust Co., Chicago. Denominations $500 and the treasury.The company retains the remaining $100,000 installments in
been paid.
$1,000 (c*). A circular says in substance:
each series maturing prior to June 30 1910.
0.

Trust Co. of St. Louis, as trustee, to secure an issue of
$5,000,000 6% bonds of $1,000 each, dated 1909 and due
.
in 1949, interest J. & J., at office of trustee issuable at
'
$15,000 per mile, present issue to be $600,000. The road
is projected to run from Plains, Kans., on the Chicago
Rock Island & Pacific Ry., in the southern part of the
State, northwesterly to St. Francis, Kans., on the C. B. & Q.,
250 miles. Forty miles of the line from Garden City to
Scott City, is under construction and it is hoped will be
ready for operation on or about Jan. 1 1910. The authorized
capital stock is $5,000,000; present issue to be $600,000,
par $100. President, B. M. McCue; Sec'y., E. A. Tennis;
Treas., J. W. Hope. Office, Garden City, Kans.
-The bonds pledged to se-Bonds.
Idaho Southern RR.
cure the issue of notes recently offered for sale are part of
an authorized issue of $3,000,000 first mortgage gold 5s,
dated May 11909, secured by mortgage to the Trust Co. of
America, New York City, trustee. These bonds are due
May 1 1959 but are subject to call at 110 on any interest
date. Interest M. & N. Annual sinking fund, beginning in
1915, a sum equal to 5% of net earnings of calendar year
next preceding. Capital stock, $3,000,000, all issued; par,
$100. Compare V. 89, p. 778.

Series
Series N.
$200,000
Series M.
Series L.
Capital stock
300,000 Cash cost of equipment_ _$1,027,914 $1,048,740 $1,047,075 $1,052,856
First mortgage bonds; authorized, $500,000; outstanding
-3- 30
Freight locomotives__ __
Held by trustee for improvements and extensions, to be
430
-566
490
545
50-ton hopper coal cars__
issued on basis of $1 in bonds for each $1 33 of im300
500
_
$200,000
50-ton drop bott.gondolas500
provements and extensions
_
300
_ton
stock
- In June 1900 the company acquired all the property and franchises of 40cars.
- -.
the Lake Charles Street By. Co., operating an electric railway in Laic: -V. 89, p. 666, 59Y, 610
& Water Works Co., which opCharles and the Lake Charles Ice, Light
-Official Statement as to New York
Pennsylvania Mt.
erated an ice plant, electric-light and power department and water system.
-Samuel Rea, Vice-President, authorizes the stateCombined Earnings of Constituent Companies as Reported by Expert Acc'tants. Station.
Total.
1908.
1907.
1906.
ment that it may be possible by February 1910 to run cer$134,194 $185,290 $183,220 $502,716
Gross earnings
Long Island RR. Co. into New York, but
Operating exp. (Includ'g int. & taxes) 80,517 111,291 128,305 320,113 tain trains of the
$53,677 $74,005 $54,921 $182,603
Net earnings
Inasmuch as the present bond issue refunds bills payable, the interest on
which is included in the above deductions, it will be seen that the net earnings for the last 3 years were over 4 times the interest charge on the entire
outstanding first mortgage bonds.
Lake Charles has an estimated population of 18,000; is a prosperous,
growing city. The officers and directors of this company are all local men,
who have been identified with these properties from the beginning. One
power plant furnishes electrical energy for the railway, the light and the
power departments, mostly installed within the last three or four years.,
The street railway Includes 7.04 miles of single track (60-lb. rails), constructed in 1905. The water system is supplied from four artesian wells,
having a natural flow of about 1,500,000 gallons per day and a pumping capacity of about 7,000,0110 gallons. The system is connected with the
pumping plants of two lumber companies, which obtain their supply from
the Calcasieu River, and in case of lire can assist the public service plant.
The company also manufactures and sells ice. Liberal franchises granted
for street railways in 1891 for 30 years, for water works in 1891 for 25 years
and for electric light and power in 1906 for 20 years.

Lewiston & Reedsville Electric Ry., Pennsylvania.
-The Utilities Corporation, incorporated
Change in Control.
on March 11 1909, under the laws of New Jersey at the in
stance of Dodge & Day, engineers, Washington Building,
Philadelphia, has acquired the entire $150,000 capital stock
of this trolley road, the entire stock of the Mifflin
County Gas & Electric Co. and a majority of the Citizens'
Electric Light, Heat & Power Co. of Altoona, Pa. The
Utilities Corporation has no bonds outstanding and does
not propose to issue any.
The Utilities Corporation is authorized to issue $2,000,000 capital stock,
namely $1,000,000 common and $1,000,000 preferred, the latter being 6%
and subject to call at
cumulative from Jan. 1 into, non-participating,company proposes to $110
purper share after Jan. 1 1913; roar $100. The
chase "electric-light, street railway and gas properties where there is an
opportunity for expansion and an increase In earnings from centralized
and efficient management." Officers: President, Charles Day; Vice-Pres.,
Dane A. Pearson; See., John F. Zimmermann. Temporary office, 1336
Walnut St. Philadelphia.
-V. 88, p. 1128.

-See "Annual Re-Report.
Louisville & Nashville RR.
ports" on a preceding page.
-L. W. Botts has been elected a director
New Director.
-V. 89, p. 470, 467.
to succeed the late Attilla Cox.
Mexican Central Railway Securities Co., London.
-The holders of "A" and "B"
Release of Stockholding.
debentures and debenture stock will vote Oct. 20 upon
releasing from the trust agreement dated March 1 1899
"the $2,845,275 second preferred shares of the Ferrocarriles
Nacionales de Mexico (National Railways of Mexico), to
which the trustees of the above-mentioned trust deed have
become entitled under the plan of readjustment and union
of the Mexican Central Railway Co., Ltd., and the National
RR. Co. of Mexico, dated April 6 1908."-V. 86, p. 1225.
-Sale Confirmed.
Mobile Jackson & Kansas City RR.
Judge H. T. Toulman of the United States District Court at
Mobile on Oct. 4 confirmed the sale of the road on Aug. 23
-V. 89, p. 529, 411.
to the reorganization committee.



that the new station cannot be fully completed and opened
for trains from the East and from the West until May or June
1910, because there is still a very large amount of work to be
done in the station and station yard and in Sunnyside Yard.
-V. 89, p. 666, 529.
Philadelphia City Passenger Ry.-Purchase of Bonds.
Arrangements have been made by the Philadelphia Rapid
Transit Co. with Drexel & Co., Philadelphia, to purchase on
presentation the $200,000 first mortgage 5s, due Jan.1 1910
at 102M, with coupon dated Jan. 1 1910 attached.
-Bonds Offered.
Seattle Renton & Southern Railway Co.
E. B. Jones & Co. Philadelphia, are offering at prices to net
about 53% $243,000 first mortgage 5s, dated 1908.
Total authorized issue, $1,000,000; reserved for future betterments at
not to exceed 70% of the actual cost thereof, $400,000; now issued, $600.000. For year ending July 11009 the gross earnings were $207,719; operating expenses, $107,365; net earnings, $100,354. Amount required for
interest, $30,000. Compare V. 89, p. 470; V. 86, p. 1468.

-Extension of Bonds
Second Avenue RR., New York City.
-President Charles D. Marvin anPending Reorganization.
nounces that in view of the proceedings for the foreclosure
of the first consolidated mortgage dated 1898 ($7,000,000
authorized), it is deemed best to reserve the refunding of
the $1,280,000 general (now first) mortgage 5% bonds of
1885 for a comprehensive plan of reorganization, and in the
meantime to extend the date of maturity of said bonds to
Nov. 11910. Upon presentation of any of said bonds at the
Guaranty Trust Co., 28 Nassau St. New York City, on or
prior to Nov. 15 1909, they will be ;tamped to indicate such
extension, and there will. be affixed interest warrants representing the interest to accrue thereon May 1 1910 and Nov. 1
1910, respectively, at the rate of 5% per annum. Any holder
who does not desire to extend the date of maturity will receive
his principal on or after November 1 1909, upon surrender
of his bond at the Guaranty Trust Co. for purchase in
aid of said plan of extension. The interest warrants on said
bonds maturing Nov. 1 1909 will also be paid at the same
-V. 89, p. 848, 779.
place.
-Nine first mortgage
-Bonds Called.
Tanana Valley RR.
$1,000 bonds have been drawn for payment by the sinking
fund at 105 and interest at the Knickerbocker Trust Co. of
New York, trustee, on Dec. 1, when interest will cease.V-. 89, p. 226.
Tarrytown White Plains & Mamaroneck Ry.-Sale Post-The foreclosure sale of the company's property,
poned.
which was to have been held on October 8, has been postponed
until Nov. 29. Compare V. 89, p. 226.
-G. Trow-New Director.
Tr -City Railway & Light 0o.
bridge Hollister of Mackay & Co., New York, has been elected

920

THE CHRONICLE

a director to succeed F. W. Kendrick who resigned.
-V.89,
p. 780.
-Holdings of Harriman Group.
Union Pacific RR.
-An
article in McClure's Magazine gives from the testimony in
the Government suit the amount of stock in the Union
Pacific which the individuals who in 1908 comprised the
Harriman syndicate-Edward H. Harriman, Henry C.
Frick, Henry H. Rogers, Otto Kahn, Jacob H. Schiff, James
Stillman and the firm of Kuhn, Loeb & Co.(1) held separately
i.e., individually; (2) held jointly, in a pool for a specified
period; (3) controlled as syndicate managers as follows:
Number of Shares of Stock in Union Pacific RR. Co. Held by
Harriman Interests.
Sept.'00. Sept.'02. Aug.'00. Aug.'05. Sept.'06. Sept.'07.
Sepaiately
17,838 178,958
61,829 172,030 276,776 251,796
Jointly
____ 210,000 287,000 297,000 297,000
As syndicate mgr_
_ _
88,875 124,150 116,150 120,150

[VOL. Lxxxix.

American Power &" Light Co.
-Stock Over-Subscribed.
The Electric Bond & Share Co., New York, announced on
Tuesday the closing of the subscriptions for the stock of
this new holding company, the amount being largely oversubscribed.
This company was incorporated under the laws of Maine on Sept. 22
1909 with $15,000,000 of authorized capital stock in $100 shares ($10,000,000 to be common stock and 55,000,000 6% cumulative preferred). The
present issues to be $5,500,000 common and $2,500,000 preferred stock.
No bonds. The underwriting was offered in blocks consisting of $1,000
preferred and $800 common for /1,000
The new company has taken over the Home Light, Heat & Power Co.
of Pittsburgh, Ran., the United Gas Co. and the Edison Light & Power
Co., both of Wichita,. Kan., and the Astoria Electric Co. of Astoria, Ore.
The net earnings of the above companies for the year ending May 31 1909
were $175,000 after all charges and taxes.
Several other large companies are in process of acquisition.
-V. 86, ri•
848, 667.

American Rolling Mill Co., Middletown, 0.
-Sale of Common Stock.
-The company has sold to a syndicate headed
by W. E. Hutton & Co. of Cincinnati 15,000 shares of common stock at $200 per share net to the company. A limited
amount of this stock, we learn, will be offered for public
subscription for $250 per share. Over 60% of the total
United Railways of The Havana & Regla Warehouses.
The directors have declared from the revenue for the year amount has been retained for permanent investment. An
ending June 30 1909 a dividend of 2%, less income tax, on authoritative statement of Oct. 2 follows:
4, an additional plant,
This money will be used for the constructi
the £4,760,000 ordinary stock, payable Oct. 16 to holders which will be located in Middletown, 0. or wherever the company can
of record Oct. 6. Last year no dividend was paid on this make the most satisfactory arrangement. The company now has two
'
plants, one at Middletown and the other at Zanesville.
stock.
The financial statement as of Sept. 15 is given below. When the addiTotal
17,838 178,958 360,704 583,180 689,926 668,916
Note.
-On Sept. 3 1901 they held separately 80,809 shares. On Aug. 31
1904, separately 25,500; jointly 319,000; as syndicate managers 29,775;
total 374,284.-V. 89, p. 722, 666.

After transferring £80,006 to reserve account and £10,000 to general
renewals reserve account, the company carries forward a total surplus of
£12,644. There is also deferred ordinary stock outstanding.
-V. 84,
p. 1053.

tional stock is issued it will increase the common from $2,200,000 to $3,700,000. It will increase the surplus from $693,404 to $2,193,404. About
$2,700,000 in round figures will be spent on the new plant, which would
Increase that item to $4,062,269 from 51,362,269. It will add additional
working capital of $300,000, bringing total cash up to $601,361 from $301,370. This, it will be understood, would be the condition if the money were
paid in to-day, also expended to-day.
Balance Sheet Sept. 15 1009.
Assets ($4,099,175)
Liabilities ($4,099,175)z Invested assets (plant,
Common stock
$2,200,000
ece.)
$1,362,269 Pref. stock (6% cum, Ed.) 800,000
Pref. stock in treasury
35,000 Bonds
1,500
Stock in other companies_ 1,505,850 Insurance fund
z37,566
Pref. stock to retire bonds
1,800 Reserve for uncollect. acts
16,500
Notes and accts.receivable 271,112 Reserve for depreciation
35,520
Total cash
g301,361 Res. to guar. pref. div___
35,279
Inventory
621,783 Notes payable
157,000
Accounts payable
122,405
Surplus
z Includes real estate and buildings, machinery, plant and equipment,
pattern account, dwelling houses, office fixtures and horse and wagon acct.
y Includes Insurance fund, trustee of pref. div. fund (see "Liabilities")
petty cash and cash in bank.
z Discounted notes receivable received for insurance fund. See 1/.
Compare V. 89, p. 780, 350.

Wabash RR.
-Favorable Decision Affirmed.
-The Appellate Division of the Supreme Court at Rochester on Oct. 6
affirmed the decision of Justice Marcus rendered in Aug.
1908, holding that the Buffalo Terminal Association has the
right to recover from the City of Buffalo the purchase price,
$901,000, paid for the Hamburg Canal strip, together with
interest for about three years, amounting in all to about
$1,100,000. Compare V. 87, p. 616.-V. 89, p. 859, 838,
287.
Western Maryland RR.
-Receiver's New Certificates.
The receiver, it seems, was authorized by Judge Morris in
the United States Circuit Court to borrow $600,000 to be
used in meeting the $850,360 interest due Oct. 1 on the
first mortgage bonds.
-V. 89, p. 848.
Wichita Falls & Northwestern Ry.-Bonds Offered-.
American Silk Co.
-New Management.
-This company,
Earnings.
-Charles M. Smith & Co., Chicago, who are offer- whose reorganization plan is expected shortly, has elected
ing $150,000 first mortgage 5% bonds dated Jan. 1 1909, the following directors (and officers), all, it is stated, new
at 95 and interest, have issued a circular which contains the except Messrs. Cheney, Gi,valter and Pruess:
letter from President Kemp already cited in this column
D. F. Laffean, York, Pa. President; P. C. Weist, York, Pa., Vice5
(V. 88, p. 1439), but with the actual results for the year President, and Alex. Tison, 1, William St., New York, Treasurer; B. P.
New York;
ending June 30 1909 stated as follows: Net earnings, $246,- Cheney, Boston; P. D. Salciatvala of Tata Sons Co., & Co., New H. W.
Gwalter, New York, and H. W. Preuss, of Haddon
York.
943; interest and sinking fund, $60,000; leaving a surplus -V.88, p. 1622.
of $186,943.-V. 88, p. 1439.
American Zinc, Lead & Smelting Co.
-For year
-Report.
ending June 30:
INDUSTRIAL, GAS AND MISCELLANEOUS.
-Dividend Increased.
Affiance Realty Co.
-This company,
$403,300 of whose $2,000,000 capital stock is owned by the
United States Realty & Improvement Co., has declared a
quarterly dividend of 2% on its $2,000,000 of capital stock,
payable Oct. 15 to stockholders of record Oct. 9. In 1007
to 13 % quarterly, extra
4
the rate was increased from 1
dividends also of 1% being paid in Jan. 1907, 1908 and 1909.
1902.

1903.

Annual Dividend Record.
1905.
1906.
1904.
1907.
7%
6%
6%
'8%

1908.
'8%

1909.
•814%

Including 1% extra paid in January.
-V. 88, p. 102.

-Decision.
American Ice Co.
-A decision was handed
down in June last in the Maine courts enjoining the President
and certain directors of the Boston Ice Co.(controlled by the
American Co.) from voting 509 shares (a majority) of the
preferred stock of the Independent Ice Co., which they
acquired in 1902, and ordering that the stock be delivered
into the treasury of the Independent Ice Co.,to be canceled
or reissued. The decision, if sustained on appeal to the full
bench of the Maine Supreme Court, will vest control of the
company in the hands of Messrs. Ferris and Corey, stockholders, and formerly President and Treasurer respectively,
who will be in position to conduct the business as an independent ice concern. The "Boston News Bureau" says:
The Independent Ice Co., after it passed into the hands of the American
Ice Co. interests, was reorganized, and $120,000 of bonds were sold at 90,
the proceeds of the bonds (5108,000) being used in part to retire $65,000
of floating debt, while $12,541 was used to pay for the 509 shares of Independent Ice Co. stock which the officials of the Boston Ice Co. owned.
At present the American Ice Co. controls 90% of the ice business of
Boston, while the Independent Ice Co., it is said, does about 25% as much
business as the Boston Ice Co. and its ally, the Hygienic Ice Co.
-V.89,p.349.

American Light & Traction Co., New York.
-Extra Dividend.
-The directors on Tuesday declared (1) a 23'% stock
dividend, payable on the common shares on or before Nov. 15
to holders of record Oct. 20, who will thus receive 23/i shares
of new common stock on every 100 shares of common held
by them, respectively; and (2) the usual quarterly dividend
of 2% to holders of record Oct. 20. The usual 1
(quarterly) was also declared on the preferred stock.
Dividend Record.
(1) Cash Dividends (%) 1904. 1905. 1906. 1907. 1908.
1909.
Common
I 1,1.4
4%
64
3%
2, 2, 3, 2
5%
(2) Stock Dividends on common: Declared July 14. payable on or
before Sept. 30 1909, 10% in common stock; now declared payable on or
before Nov. 15 1909, 25i% in common stock. (The quarterly cash dividend
pai(i Aug. 2 1909 was 2% and 1% extra.)
-V 89, p. 165, 412.




Fiscal
Year1908-09
1907-08

Net
Earn's.
$360,380
85,146

General
Interest on
Expenses. Bonds,&c.
a$58,583
$57,351
83,081-----

Balance,
Surplus.
$244,445
2,084

a Includes commission for underwriting debenture bonds. b Does not
Include interest on bonds which were issued in Jan. 1909.
The balance, surplus, $244,445, as above in 1908-09, has been appropriated as follows: Additions and betterments to the properties at mines
In Missouri, $47,264; smelters in Kansas, $28,833; ore-separating plant in
Wisconsin, $6,330; special reserve fund for further additions and betterments to properties, $162,016.-V. 89, p. 350.

Armour & Co., Chicago.
-Change of Officers.
-F.W.Croll,
Assistant Treasurer, has been elected Treasurer to succeed
Samuel McRoberts, who resigned, and Robert J. Dunham
was appointed to take the place of Mr. Croll.-V. 88, p. 1374.
Black Lake Consolidated Asbestos Co., Ltd.
-Bonds
Sold.-Rodolphe Forget, Montreal; Baillie, Wood &
Croft, Toronto; and • McCuaig Bros. & Co., Montreal,
offered last week at par, with bonus of 25% of preferred and 50% common stock, $1,000,000 first mortgage
30-year 6% sinking fund gold bonds, subject, as to entire
issue, to call on any interest date prior to 1914 at 105 and
interest, and at any time thereafter at 110 and interest.
Denominations of $500 and $1,000. Semi-annual interest
Payable nt National Trust Co., trustee, Montreal. Authorized
hue, $1,500,000, of which $500,000 reserved for future
requirements. Capital stock, preferred, $1,000,000, entitled
to non-cumulative dividends at the rate of 7% per annum;
and common, $3,000,000. The $1,000,000 bonds haxing
been subscribed, the subscription lists were closed a day
ahead of the advertised time. An advertisement says in
brief:
Chartered under the laws of the Dominion of Canada on July 2 1909 to
acquire, control and operate various asbestos-producing properties situated
on the line of the Quebec Central Ry., in the Province of Quebec, and about
160 miles from Montreal, embracing 5,385 acres, as follows:
Union Asbestos Mines__ _about 110 Controlling interest in
Southwark or Bells Mines " 117
Imperial Asbestos Co
158
Black Lake Chrome & As(See that company below.)
" 5,000
bestos
These properties are in the serpentine belt in the Black Lake and Thetford
Mines district, in which the most important asbestos mines in the world
are located. The Union Asbestos Mines are among the oldest in the
district, adjoining the British Canadian of the Amalgamated Asbestos
Corporation, and the rich Black Lake properties of the Johnson's Co.; a
modern mill of large capacity will be immediately erected, which, it is
estimated, will earn $125,000 net per annum. The Southwark Mine
adjoins the Union and Johnson's; it was worked some years ago for crude
asbestos only, and some 600 and 700 tons of crude are said to have been
shipped, of which 60% was No. 1 grade; ills estimated that the net proflts,
when equipped with a 500-ton mill, will be $143,000 per annum, or, deducting administration and depreciation charges, $130,000. The Imperial
Asbestos Mines, the controlling interest in which has been acquired, will be
worked independently under the management of the Black Lake Co; when

OCT. 9 1909.]

THE CHRONICLE

o
net peranm.
earn146
sLosopropeo0essofover
ogla 1
t5kton mill,It sexpected to
uiped oMerome5
as deposits of highgood value as well
acres showing veins of asbestos of
grade chrome iron ores.
Immediately.
Completion of Two Mills to Be Erected
Estimated Revenue upon
*251,000
ration and maintenance issued_ _ _ _$60,000
Net after administ
be presently
Interest on $1,000,000 bonds to
Av.) 6,000
(See that c bel
136,000
Int.on outstanding Imperial bonds.
70,000
stock
Dividend on $1,000,000 preferred
$115,000
Surplus
making allowance for depreciation and
The erection of a third mill, after
surplus available for dividends on common
will in
contingencies, should add to the
Black Lake Chrome & Asbestos Co.accordstock about $130,000. The
large mill or several smaller ones, in
due course be equipped with one s of Mr. Riehle, the earnings of which.
recommendation
d,
ance with the
the chromic iron mill, which is fully equippe
together with the profits from
revenue.
will materially increase the ated Asbestos Co., when the full amount of the
Consolid
and
The Black Lake
in, will have all of its properties paid for
present bond issue Is paid e for their equipment and development, &c.
more than $500,000 availabl the asbestos industry in Canada is demonof
The remarkable growth grades have doubled in value during the past
strated by the fact that all enormous increase in the output from 24,000
the
eight years in spite of tons in 1908, proving that the demand has kept
tons in 1901 to 68,000
the supply.
abead of
electricity from the Shawinigan Power
Power is furnished in the form of both of which have transmission lines
Power Co.,
Co. and the St. Francis
Black Lake District.
to the
gan Water &
-J. N. Greenshields, K. C., Director of Shawini
Directors
Light & Power Co.; William Farwell,
Power Co. and Quebec Railwayl Cotton Co.and Vice-President of Molsons
President of Montrea
S. H.Ewing,
J. Doherty, Montreal; S. M. BrookBank; Rodolphe Forget, lion. Charles
g.
field, Halifax; Hon. Robert Rogers, Winnipe

Th

-A special meeting
(The) Butterick Company.-New Stock.
olders will be held on Oct. 19 at the office of
of the stockh
and Macdougal
the company, Butterick Building, Spring upon a propofor the purpose of voting
streets, this city,
$12,000,000 to $15,sition to increase the capital stock from -V. 88, p. 747.
000,000, par value of shares to be $100.
-Default-Sale of ColCape May (N. J.) Real Estate Co.
company
-By reason of the default on the part of the ions selateral.
obligat
in the payment of principal and interest on were hypothecurity for which the securities below subscribed trustee, under
cated, the Colonial Trust Co. of Pittsburgh,
agreement
a certain agreement dated July 14 1906, which and a synwas executed by the Cape May Real Estate Co.,the highest
dicate, will offer for sale at public auction to urgh, Pa.,
Pittsb
bidder at the offices of the trust company,
Sept. 20 1909 the following securities:
on
$400,000

921

, Montreal.
cipal are payable • at Royal Trust Co., trustee
; may be registered. A circular says
Denomination $1,000
in substance:
0, having a

of $200,00
These bonds form part of a total authorized issue y and any additions
first and only lien upon all the company's propert modern lighting and
The assets amount to $400,000, including a pole lines and subthereto.
power station and electrical installation and equipment, under present constation, a water power on the Chicoutimi River, flowingfeet on both shores
66
ditions with 90-foot head; ownership in fee simple ofdeed
the Provincial
for a distance of 1,000 feet, and of the river bed by gates;of
exclusive waterGovernment; water mains, main dam and water expiring Jan. 1 1921,
exemption from taxation),
works franchise (with
privileges for a further term.
when the town binds itself to extend theit has the option to do, at any
unless It shall acquire the property, which price to be equal to capitalized
the purchase
time on six months' notice,
in cash or in 5% 50-year
earnings for preceding year on 5% basis, payable
franchise granted
bonds of the municipality at par. Electric-lighting
ng exclusive rights and exemption from
July 1 1895 for 50 years, conferri
taxation for 10 years.
$29,637; required for bond
The earnings for 1908 were, gross,$39,710; net,
been obtained without the
interest, $10,000. This earning capacity has
d for by new bonds.
to be derived from extensions, &c., provide Chicoutimi Pulp Co..
benefits
The company has agreed to sign a contract with the
its kind in the world, for
which has one of the most extensive plants of
delivered when new power de1,500 h.p. of additional water power (to be$18,000, which is equal to the
velopment is finished) at $12 per h.p., or fund. Another contract can
interest on $200,000 of bonds and sinking
per annum.
be secured for 300 h.p. at $15 per h.p., or $4,500

Ala.
Citizens' Light Heat & Power Co., Montgomery,offering
Bonds Offered.-Geo. M. Seward & Co., Chicago, are issue of
at par and interest the unsold portion of the present bonds
$200,000 6% "first and refunding mortgage" gold
to
dated Aug. 2 1909. Due serially on Aug. 1 from 1919
1921,
1926-$17,500 in 1919, $20,000 in 1920, $22,500 in 0 in
$25,000 in 1922 $27,500 in 1923, $32,500 in 1924, $35,00 nt
payme
1925 and $20,000 in 1926; but subject to call for payable
on any interest date at 105 and interest. Couponss Bank,
Feb. 1 and Aug. 1 at Western Trust & Saving l stock
Chicago. Denominations, $500 and $100. Capita
paid in, $100,000.

e (limit under
Incorporated In 1903 and has a liberal 30-year franchis and one mile
Montgomery
State Constitution) which includes the city ofrepresentative business men
limits. The stockholders are
beyond the city
the officers and directors--Alex.
of Montgomery. The following arc
J. L. Cobbs, Treasurer: P. R.
Rice, President; E. Meertief, Vice-President; and C. L. Ruth, directors.
Mgr.; N. Lobman
Whiting, Secretary and Gen. Is $500,000. The $300,000 reserved bonds
The authorized bond issue
ments, and then only in
cannot be Issued except for 75% of the improve
the interest charges.
case the net earnings are in excess of double ) $50,000 are to cancel and
Of the $200,000 of 6% bonds (now issuable
and the remaining
retire an outstanding issue of like amount of bonds improvements and
y
S150,000 will be utilized to carry on the necessar
taken care of.
s in order that the increasing business may be
addition
$1,000 each
4,000 h.p.
Cape May Hotel Co., 400 5% bonds of$100 shares-$600,000 comThe capacity of the plant will be increased to
y in
Also capital stock of said compan
1,000,000
in 1910 and 1911.)
Earnings (Actual in 1907 and 1908, Estimated
mon and $400,000 preferred
150,000
1911 est•
1910 est.
in $100 shares
1908.
1907.
Cape May Light & Power Co., capital stock
that about $1,$140,000
$120,000
$63,405
of Sept. 8 said: "It is said one of the finest Gross earnings
$57,276
The "Pittsburgh Dispatch"
80,000
which is
70,000
42,222
40,834
200,000 was expended In the erection of the hotel, disposed of the scheme Oper. expenses and taxes
s are
on the Jersey Coast. As soon as the securitie May Real Estate Co. This
$60,00
$50,000
taken up by the Cape
*21,183
$16,441
for reorganization will be
Net earnings
ding bonds, the principal and
company has about $3,000,000 in outstan
12.000
two years, and is capitalized at Int. on bonds [and on
12,000
5,645
5,013
interest of which have been in default for nt in V. 85, p. 1521.
loans in 1907 and '08]_
e official stateme
the same figure. Compar
$48,000
$15,538
$11,428
-This company,
-Merger.
Surplus
$38 0
"
Central Colorado Power Co.
on from 30.0001h 1900 to 50,000
Montgomery has Increased In populati
ion its
which on June 6 1909 formally placed in operat
in 1909.
near Glenwood Springs, Letter from General Manager P.11. Whiting, Alonlgotnery, Ala., Aug. 9 1909.
"Shoshone" hydro-electric plant
e (limit under State
20,000 h.p., took
This company holds a very liberal 30-year franchis
Col., its present capacity being stated as subsidiary com- Constitution) for the distribution and sale of electric current for light,
of its
jurisdistion of the City of
power purposes, within the police
title on Sept. 8 1909 to the property
latter's hydro- heat andery, and It has one of the most modern and0well equipped plants of
Montgom
pany, the Eastern Colorado Power Co. The
The $200,00 6% bonds are issued
in the country
its
10,000 h.p. (pro- for size (1,200 h.p.) taking up and .canceling an issue of $50.000 bonds
the purpose of
electric development, initial installation
extending our lines
and in Boulder now outstanding and for enlarging our plant and which the company
jected 30,000 h.p.), is located near Nederl
ed to be in Into the manufacturing and residence districts from
County, Col., 20 miles from Denver, and is expect Eastern has continuous calls for light and power.is completed, this company will
When the installation of machinery
operation before the end of the year. (Compare Rceord"
condensing plant of 4,000 h.p.
have a modern high-grade turbine engine not fully,equal in capacity the
Colorado Power Co. in V. 85, p. 1145; "Engineering
which in practical operation will almost, if Light & Water Power Co..
omery
plant of the other company (Montg
of New York for Oct. 2.)
85, p. 866-Ed.).
a part of the power retative business men of
A contract was made some months ago to supply88, p. 1311), and elec- V.
The Citizens' Company is owned by represen
nts of the Denver Gas & Electric Co. (V.
quireme
nally good service and has the goodan
d In Denver for that purpose, as well as in Montgomery; has givenbest exceptio this city. Its earnings have steadily
people in
tricity is now being delivere
net
ments. The "Denver Re- will and support of the
Leadville and other points under other arrange nd is completed, the com- increased even during the past year of business depression. The
times the bond and other interest charges
publican" states that when the plant at Nederla
of bonds.
the electric power used by the Denver earnings for 1908 were about four
pany will supply practically all of plan for a merger with that company, and almost double the interest charge on present $200,000 issue
earnings should
Gas & Electric Co. The rumored eventually, is said not to be likely of When the installation of new machinery is completednet three to four
ble
short time easily
while not impossible or improba
rapidly increase and in a reasonably
The Arnold
charge on present $200,000 issue of bonds.
adoption in the Immediate future.
times the interest
our plans
which recently inspected our plant, also
-The shareholders will vote in Denver Company of Chicago,have made a very favorable report on same. ComNew Mortgage.
extensions,
a second mortgage to secure $1,350,000 for future p. 289.
Oct. 6 on making
ng not pare V. 89,

securi
-Wm.
-Status.
5% bonds. In 1906 a first mortgage was made ,000 were
Commonwealth Power Co., Michigan.
over $20,000,000 5% bonds, of which $9,000 c Bond & Hughes Clarke, 415 Ford Bldg., Detroit, Mich., in September
statement:
underwritten by Lee, Higginson & Co., the Electri
remaining last favored us with the following official
$1,500.000
Share Co.and William P. Bonbright & Co., and the
83, Common stock authorized, $2.500,000; outstanding as to assets.
See V.
also
Preferred 6% cumulative stock, with preference
$11,000,000 were reserved for extensions, &c.
to redemption on and after
authorized $5,000,000, subject
.
are being paid
p. 1592.-V. 85, p. 1144.
Jan. 1 1918; quarterly dividends of 1 Si% each tion. Out'g_ $1,270,000
-Additional Minority Stock Acquired.
-J.). All dividends paid in full since organiza
(Q.
Central Leather Co.
r, First Trust &
States
Par value of all shares $100. Registra
-The holders of about 10,000 shares of United agreeSavings Bank Chicago.
ed $4,000,000.
parties to the
gold
Leather Co. preferred stock who were not 29 1906 or July 28 First M. 5% sinking fund 1924. bonds, authoriz June 1 and
Interest payable
dated 1904. due Dec. 1
Dements with Colgate & Co. dated Dec.
Trust & Savings Bank, Chicago, trustee. propDec. 1 at First
mortgage on all
1909, have availed themselves of the firm's offer to arrange
nomination $1,0000. Secured by first
le
of cost of
erties. Escrow bonds may be issued for 75%
same terms as the 30,000 forare double
the sale of their stock on the
and improvements, provided net earningssinking fund
There remain only about
to be Issued;
merly represented by the firm.
Interest charges on bonds issued and
of bonds outfor 5 years from Dec. 1 1909 2% of par value 4% Amount
3,000 shares of United States Leather preferred stock which
standing, second 5 years 3% and third 5 years
$2,660,000
l Leather Co. Comhave not been acquired by the Centra
outstanding (see also V.80, p. 225; V. 87, p. 169, 228)
Maine laws as conpare V. 89, p. 849, 780.
Company was incorporated November 1904 under southern Michigan.
and electric companies in
-Partly Esti- solidation of7six water-power power plants on the Kalamazoo and Grand
Central & South American Telegraph Co.
hydro-electric
Now owns
. Total capacity
-For 3 and 9 months ending Sept. 30:
rivers and 3 supplementary steam-generating stations
mated Earnings.
Net Inc.
Tot. Inc.
3 Mos.
$371,000 $210,200
1909
365,000 204,500
1908
9 Mos.
$1,203,000 $717,200
1909
1,240,500 771,500
1908
1623.
-sr. 88, p.

Bal.,.Sur. Total Sur.
Dividends.
(13.5%)$143,565 $66,635 $1,629,525
60,935 1,340,067
(13%)143,5o5
(434%)$430,695 $286,505 $1,629,525
(4 ;i70)432,182 339,319 1,340,067

-Bonds Offered.
Chicoutimi Water & Electric Co.
g at 93.59
St. Cyr, Gonthier & Frigon, Montreal, are offerinfirst mortg
and interest, yielding 53/% income, $50,000 5% call as an
gage gold bonds, due Jan. 30 1932, but subject to3
months'
entire issue at 110 and interest at any time on
notice and also redeemable by sinking fund $6,000 yearly
prinat 105 and interest. Interest (Jan. 1 and July 1) and




Kalamazoo, Galesexceeds 23,800 horse power. Serves Allegan, Otsego, Parma, Jackson,
Albion,
burg, Augusta, Battle Creek, Ceresco, Marshall, Business includes municiGrass Lake, Chelsea, Lansing and Grand Ledge.
turing and elecpal and commercial lighting, industrial power for manufac
this territory.
tric current for all street and interurban railways in
es, in addition to
There were issued in acquiring constituent properti common; balance
$1,200,000 bonds, $1,000,000 preferred and $1,400,000
for extensions.
of common and preferred have been issued at par
Earnings for Year ending July 31.
1905-06. 1906-07. 1907-08. 1908-09.
$320,487 $404,139 $529,926 $575,859
osspensn
GrEx eare
ings
s and taxes were$279,958; charges, $145,175;
501,333
paid (6% on pref.), $76,200
dividends
• $74,526
Surplus for year after dividends (6% on pref. stock) -P., E. C. Nichols,
V.
Officers and directors: Pres., W. A. Foote, Jackson; W. Ritchie, Kals.G.
Battle Creek; Sec.. N. S. Potter, Jackson; Treas.,

922

THE CHRONICLE

mazoo; E. P. Robertson, Albion; I. W. Foote, Jackson; G. W. Mechem,
Battle Creek. General offices, Jackson, Mich.
-V.87, p. 228, 169.

Consumers' Gas Co., Toronto.
-New Stock.
-The shareholders will vote Oct. 26 on increasing the limit of capital
stock from $3,500,000 to $6,000,000. Compare V.87,p. 1422.
Corporation of United Cigar Stores.
-Extra Dividend.
A dividend of 1M% and an extra dividend of JA of 1%
have been declared on the $9,000,000 outstanding stock,
payable October 15 to stockholders of record Oct. 5.
The stock is all of one class.
-V. 88, P. 1440.
•
Crucible Steel Co. of America.
-New Secretary.
-Charles
W.Rowlands, Assistant Secretary,has been elected Secretary
to succeed the late Alexander Thomas.
Annual Report.
-See a preceding page of this issue.
-V.89,
p. 723.
Denver Laramie & Northwestern Ry.-Bonds-Further
Facts.
-A mortgage was recently filed to the International
Trust Co. of Denver, as trustee, to secure an issue of $3,300,000 6% gold bonds to provide for building that portion
of the company's road from Denver, Col., north and riOrthwesterly through the counties of Adams,Weld and Laramie,
in Colorado, and the counties of Albany and Carbon in Wyoming, to certain coal fields on the Medicine Bow River,
Carbon County, Wyom., a total distance, including branches
and sidings, of not exceeding 220 miles, of which 20 miles,
from Denver to Brighton, were opened on Aug. 18.
The bonds are to be dated July 1 1909 and due July 11913, but
subject
to call at company's option after July 1 1910 at 102 and interest.
Par
$1,000 (c'). Interest J. Fe J. at Treasurer's office, Denver, or
Columbia.
Trust Co., New York City. Bonds issuable at $15,000 per mile upon
completed sections of 10 miles, In lots of not less than $150,000. The
company
states that the road will serve rich agricultural and mineral districts "which
will inevitably furnish a large business in freight and passengers,"
but
"with the present plan of procedure and methods adopted for the
raising
of funds, the further construction thereof will necessarily be
slow." Compare V. 89, p. 593.

Denver (Col.) Union Stock Yard Co.
-Bonds-Earnings.
-William A. Mason & Co., Boston and Chicago, are offering
at 98 and interest $750,000 first mortgage 5% gold bonds
dated 1906 and due Jan. 1 1926.
Earnings for Calendar Year 1907 and 1908 and Five Months
ending
May 31 1908 and 1909.
1907 year.
1908 year. 1908 5 mos. 1909 5 mos.
Gross earnings
$162,8/9
5204,1951 not stated.
.
Operating expenses
70,912
75,1071
Net earnings
•
$91,067
$129,038
$47,463
$42,484
Compare V. 87, p. 548, 1302.

Eastern Colorado Power Co.
-Merger.
-See Central Colorado Power Co. above.
-V. 85, p. 1145.
Electric Bond & Share Co.
-New Company's Stock OverSubscribed.
-See American Light & Power Co. above.
V. 89, p. 166.
Fountain Valley Land & Irrigation Co., Colorado.
-Bonds
Offered.-Wollenberger & Co., Chicago, are offering at 100
and interest any part of $250,000 first mortgage 6% gold
bonds. Total issue $500,000. Denominations $100, $500
and $1,000, due May 11918, but subject to call at 103 and
interest. A circular says:

[VoL. Lxxxix.

Hardware & Woodenware Mfg. Co.
-New Receivers.
Judge Martin of the United States Circuit Court in New York
City on Sept. 8,in the suit in equity instituted by Orville R.
Noble and Ralph B. Cooley, appointed Addison E. Cudworth
of Londonderry, Vt., and Frederick W. Crandall of New
York, receivers of the company in place of Nicholas H. Colwell, who resigned. The following has been published:
When the corporation went into the hands of the receiver on Feb. 7 1008
the liabilities were about $1,000,000, but they have since been reduced
by about $300,000. The company was incorporated Sept. 29 1907 with
capital stock of $3,750,000, as a combination of 16 toy and hardware
concerns in the New England States, Pennsylvania, Ohio, Michigan and
Missouri. Special Master Addison E. Cudworth in a report filed on
stated that reorganization appears practically impossible and thatAug. 6
in his
opinion the continued operation of most of the factories, under strict economy,coupled with an effort to effect sales of those least profitable at reasonable prices, is the policy most for the interests of the creditors, and the
only course holding any hope of saving an equity for the stockholders.
There was sold at auction in New York City on Jan. 13 1909 7,675 shares
of common stock for 5110, 12,500 shares of second preferred for $1,600
and 2,850 shares of first preferred for $3,800. Compare V. 66, p. 724.

Holyoke (Mass.) Water Power Co.
-Special Dividend.
The shareholders have just received in addition to the regular quarterly 3% dividend from earnings, a special dividend
of 20% from the proceeds of sales of real estate.
-V. 85, p.
1464.
Imperial Asbestos Co., Ltd.
-Status.
-This company, a
majority of whose stock is owned by the Black Lake Consolidated Asbestos Co., was incorporated by letters patent
of the Province of Quebec, Canada, on Dec. 11 1908 with
$1,000,000 of authorized capital stock in shares of $100 each,
and offered $500,000 of 6% first mortgage gold bonds
due 1939 in denominations of $500 and $1,000 each; interest
semi-annual; trustee, National Trust Co., Ltd., Montreal.
The bonds were offered at 90 with a 20% bonus in stock, and
were mostly taken by the directors, who include:
E. W. McCarty, President, 21 Murray St., New York; J. N. Greenshields,
Esq., K.C., Vice-President; and 0. S. Perrault, Secretary and
both of Montreal; and Hon. Charles Langeller, KC., Quebec. Treasurer,
The prospectus said: The company by the terms of the trust deed undertakes to
r..tir.; $10,000 of the said bonds per annum, beginning in 1912. The company is proceeding with the construction of iti plant and mills and expects
that the same will be completed and the min es anti mills in full operation
by Dec. 1 1909. Provision is made for the payment of interest during
construction. [While the amount of 6% bonds mentioned In the prospectus was $500,000, calling for 5:10,000 interest yearly, the estimated
statement of earnings furnished by the Black Lake Consolidated Co.
-see
above-shows an interest charge on account of Imperial bonds outstanding
of only 56,000.
-Ed.)
"The property consists of about 138 acres, owned in fee simple; is situated
about one mile from the station at Black Lake, in the township of
Province of Quebec. In its immediate vicinity are situated theColeraine,
following
celebrated mines: Johnston's Asbestos Co., American Asbestos Co., Standard Asbestos Co. A few months since the American Asbestos Co. was
sold
to the British-Canadian Co. (V. 88, p. 688) for $2,500,000. Six shafts
about 20 feet deep each htve been sunk upon the property in ascertaining
that it contains a large quantity of asbestos of the highest
grade."

Jefferson City (Mo.) Light, Heat & Power Co.
-Bonds
Earnings.
-The Mercantile Trust Co., St. Louis, is offering
$40,000 1st M. gold 5s at 97 and interest. These bonds are
dated May 11905, due May 1 1925, subject, to call on any
interest date at 105 and interest. Par $500(c). Interest
payable M. & N. at office of trustee, the Mercantile Trust
Co.. St. Louis. A circular shows:

Earning3 for Years ending Dec. 31 1906, 1907 and 1908.
Two reservoirs anti 64 miles of canal, ditches and laterals
1908.
about 8,000 acres are constructed and in operationa, nd with irrigating
1907.
1906.
the com- Gross receipts, gas
pletion of the propose dtwo additional large reservoirs and
$31,991 $28,288 $26,426
connecting ditches, Gross receipts, electricity
all the possible requirements of the future for this tract of
34,623
32,102
26,424
will have been anticipated. The men behind the enterprise 20,000 acres
have had a
Total gross receipts
successful record with several similar Undertakings. The land
$66,614 $60,390 $52,850
at $100 to $125 per acre, and 70% of the proceeds is deposited is selling Net earnings (after taxes, &c.)_
523,056 518,369 511,594
with the Bond interest
Continental Trust Co., Denver, trustee, for the redemption of the
8,529
7,931
5,759
bonds.
This sinking fund should retire the bonds before maturity at 103.
Surplus
The bonds are a first, closed and only lien on 20,000 acres of fertile
$14,527 $10,438
$5,835
land,
These bonds, an absolute first mortgage on the property (valued at more
together with the water rights and the entire irrigation system. Some of
than $400,000) and the only outstanding obligation of the company, are
this land has been producing big crops of oats, wheat, fruit, sugar
alfalfa, &c., for over 30 years. It is located within 5 to 15 miles frombeets, part of an authorized issue of $200,000, of which amount 5160,000 have
Colorado Springs. Colorado Springs, Pueblo, Cripple Creek, Manitou, Colo- been issued; the remaining $40,000 being held in the treasury to provide
rado City and Denver afford exceptional facilities for selling all products for future extensions and necessary improvements, at 85% of their actual
raised. Five large railroads have stations on this tract. The value of the cost, but only after the trustee has audited the accounts and authorizes
the sale. The plants have been practically rebuilt during the past three
land and the improvements thereon is estimated at $2,000,000.
years and the distributing systems put In the best possible shape. The
The total bond issue Is $500,000, of which $200,000
by the stockholders and their friends. This block of has been purchased result is evidenced in the continued increase in earnings since the property
$250,000 is offered has been placed under its present conservative management.
for sale for the purpose of buying additional land and
[Authorized
constructing two capital stock, $200,000, In $100 shares.
additional large reservoirs and connecting canals and ditches.
--Jefferson City has a popu
-Ed.]
lation of over 12,000, and is gaining steadily.
-V. 79, p. 2347.

Gas Securities Co., New York City.-Bal. Sheet June 30
1909:

Assets ($1,338,817)I Liabilities ($1,338,817)
Cash
$48,322 Preferred stock
$487,800
Bonds owned
53,160 Common stock
73,000
Stocks owned
842,902 Balance due pool subseribPool holdings & accr. profits 389,083
ers
92,965
Accounts receivable
2,990 Surplus
685,052
Bills receivable
2,400
On July 1 1909 the company declared on the common shares a dividend
of 100%, payable In common stock, thereby increasing the amount
of common stock outstanding to $146,000. Compare V. 89, p. 531.

Granite city (Ill.) Gas Light & Fuel Co.
-Bonds Offered
Status.
-The Mercantile Trust Co. of St. Louis is offering,
at 97 and interest,$125,000 first mortgage 5% gold bonds
of $1,000 each (c), dated Jan. 16 1905 and due Jan. 16 1925.
Interest payable Jan. 16 and July 16 at office of trustee,
Citizens' Savings & Trust Co., East St. Louis, Ill., or at
Mercantile Trust Co., St. Louis. A circular says:
CapitalizationAuthorized, Outstanding.
Capital stock
$200,000
$200,000
First mortgage 5% bonds
200,000
125,000
The $75,000 bonds held in escrow can only be issued for permanent additions and improvements at 75% of actual cost.
Statement of Earnings for the Year ending Dec. 31 1908.
Gross earnings
$36,3501Int. on $125,000 1st M. bds_ $6,250
Net earnings after taxes_ _ 18,156 Surplus.
11,906
All of the surplus was Put back into the property In extensions and
improvements made during the year.
.. Serves Granite City and Madison, combined population about
16,000.
Granite City Is now being connected with St. Louis by
bridge of the McKinley traction system, and within the new $5,000,000
a
electric cars will be operating between the two points on very short time
These bonds are secured by an absolute first mortgagea live-cent-fare.
property and franchises, the duplication value of which is on the plants,
over twice
outstanding bond issue. The company is operating in both Granite the
City
and Madison under favorable franchises extending for a period of over
27 years after these bonds become due. [President, W. F. Niedringhaus.]




Kansas Natural Gas Co., Pittsburgh.
-Dividend.
-This
company, which has been paying dividends of M of 1%
monthly since February 1908, has decided to defer the
dividend now due in order to apply the funds to new pipe
lines and other necessary construction, in order to take
care of the increasing business. This action, it is hoped,
will "ensure a regular dividend in the future." T. N.
Barnsdall is President. Compare V. 88, p. 1433.-V. 89,
p. 106.
Kings County Electric Light & Power Co., Brooklyn.
Convertible Bonds.
-The directors have voted to recommend
to the stockholders the authorization of an issue of $5,000,000
6% 12-year debenture bonds, convertible into stock at the
option of the holders after three years. It is expected that
the first installment, probably about $2,000,000, will be
offered to the stockholders in proportion to their stockholdings on or about Jan. 11910. This issue of debentures will
take care of the development work of both the company and
its subsidiary, the Edison Electric Illuminating Co. of Brooklyn, for several years to come.
-V. 88, p. 1065.
Lake Superior Corporation.
-New President-Officers.
T. J. Drummond of Montreal has been elected President to
succeed C. D. Warren, minor changes being as follows:
W. K. Whigham elected Second Vice-President in place of
Mr. Drummond and Thomas Gibson Secretary and Treasurer,
succeeding Walter P. Faust of Philadelphia.
New Director.
-H. M. Price of Quebec has been appointed
to the board to take the place of W. H. Gow.-V. 89,
p. 415.

THE CHRONICLE

00T 9 1999.

523

-Dividends
Lanston Monotype Machine Co., Philadelphia.
Resumed.
-The company has declared a dividend of 13/2%
on its $4,998,060 of capital stock, payable Dec. 30 being the
first distribution since April 15 1907, when 2% was paid.
Semi-annual payments of 2% each were made from April
1906 to April 1907. Compare report, V. 89, p. 222.
-For year
-Report.
Lehigh & Wilkes-Barre Coal Co.
ending June 30:

The timber lands are located on the Northern Pacific RR.,about 15 miles
south of tidewater, at Olympia, 40 miles south of Tacoma and about 100
miles north of Portland. The mIll at Tenino has a capacity of 18,000,000
feet per annum and comprises a two-story building, 40x290 ft., equipped
with 60-Inch double circular saw and complete modern equipment. Present
average selling price of lumber at mill $13 50; total cost of lumber on board
cars at mill, $8 50; applicable to payment of principal and interest on these
bonds, $5. At this figure the 127,000,000 feet of timber covered by the
mortgage should produce $635,000.
The bonds are guaranteed jointly and severally by the Mentzer Brothers,
who are the sole owners of the business and who are credited with a net
worth of $125,000 outside of their interest In this property.

Balance,
Interest &
Net
Earnings. Sink. id. chgs. Surplus.
$3,179,133 $1,181 039 $1,993,094
1,934,478
1,201,242
3,225,720
1,265,352
1,378,163
2,643,515

Mexican Telegraph Co.
-For
-Partly Estimated Earnings.
3 and 9 months ending Sept. 30:

Fiscal
Year.
1908-09
1907-08
1906-07
-V. 81, p. 1374.

Total
Receipts.
$16,602,857
18,290,037
17,523,873

Total
3 MosIncome.
1909
$157,000
1908
160,000
9 Mos.1909
539,500
1908
540,000
-V. 88, p. 1625.

Mexican
Net
Dividends
Balance;
Income. Governm't.
Paid.
Surplus.
$144,500 $7,500 (2 %%)$89,735 $47,265
7,500 (2 %%) 71,752
144,000
64,748

-Bonds
Los Angeles (Cal.) Gas & Electric Corporation.
011ered.-N. W. Harris & Co., New York and Boston, the
466,000 23,500 (7 %)251,208 191,292
481,000 23,000 (7 %%)215,256 242,744
Harris Trust & Savings Bank, Chicago, and E. H. Rollins
& Sons of Boston are offering at par and interest the unsold
Mobile (Ala.) Electric Co.
-Bonds.
-Earnings.
-Rudolph
portion of their block of $1,000,000 "first and refunding
mortgage" 5% gold bonds, dated Sept. 1 1909 and due Sept. Kleybolte & Co., Cincinnati, are offering $200,000 first
mortgage 5s, dated 1906, at 931 and interest.
4
1 1939 but redeemable at 105 and interest on any interest
Year
-Gross.
Interest. Bal., Sur.
Net.
date. Par $1,000 (c*). Interest payable M & S at National Aug 31 ending
1909
$294,533
$67,750
$140,272
$72,522
Bank of Commerce, New York City, and Union Trust Co. of Oct. 31 1908
287,161
137,995
68,995
69,000
Oct. 31 1907
272,895
114,936
49,936
65,000
San Francisco, and Harris Trust & Savings Bank, Chicago;
Compare V. 88, p. 234.
the two institutions last named being the mortgage trustees.
Montreal Cotton Co.
-First Mortgage Debentures, &c.
Abstract of Letter from Pres. W. B. Cline, Los Angeles, Cal., Oct. 1 1909.
Chaplin, Milne, Grenfell & Co., Ltd., in London in January
The corporation, a recent cons31idation of the Los Angeles Gas & Electric
Co. and the Pasadena Consolidated Gas Co.,carries on a large and profitable last offered on behalf of the purchasers £200,000 5% first
gas and electric light aid power business in Los Angeles and controls practi- mortgage sinking fund sterling debentures at the
price of
cally all of the gas business of Pasadena, South Pasadena, Hollywood and
Alhambra, serving a total population estimated at 338,000. The aforesaid £97 10s. per £100 debenture. These debentures are part of
bonds are secured by first mortgage upon the company's gas plant in Pasa- a total authorized issue limited to £400,000, due Nov. 1 1943,
dena and by mortgage upon its gas and electric plants in Los Angeles,subject
only to the underlying bonds shown below. The physical property without but redeemable all or any (when drawn) at any time after
allowance for franchise or good-will is conservatively valued at over $10,- Nov. 1 1918 at 105 and interest. The company was incor000,000, thus showing an equity of over $5,000,000 above the $5,000,00
porated in 1874 under letters patent of the Province of
of outstanding bonds.
CapitalizationAuthorized. Outstand'g. Quebec and its authorized share capital is $4,000,000, of
Preferred Stock 6% cumulative
None.
First
$4,000,000
which there has been issued and fully paid $3,000,000 in
None.
Second Preferred Stock 6% cumulative
6,000,000
Common stock (In $100 shares)
20,000,000 $7,250,000 shares of $100 each. A regular quarterly dividend of 2%
"First and refunding" 5s
1,000,000 has been declared payable Sept.
15,000,000
15 1909, the rate of distriConstituent company bonds
z4.000,000
bution having been increased from 7% to 8% in Jan. 1908.

z $173,000 underlying bonds are held in sinking funds toretire the bonds
of these issues. The constituent company bonds include: Los Angeles
Lighting Co. 5s, $999,000, due April 11 1924; The Los Angeles Electric
Co. 5s, $500,000 first mortgage, due Jan. 1 1928 but redeemable after Jan. 1
1913 at par and Y5, of 1% for each year remaining before 1928.
-Ed.); Los
Angeles Gas & Electric Co. 5s, $2,501,000 (general gold 5s of $1,000 each,
dated 1904, duo July 11934, interest J. & J. at Los Angeles and at Union
Trust Co., San Francisco.
-Ed.).
Of the authorized $15,000,000 "first and refunding mortgage" bonds,
$4,000,000 are reserved to retire the constituent company bonds mentioned
above and the remaining $10,000,000 are reserved in escrow and can be
issued for not exceeding 75% of the cash cost of permanent extensions and
additions of and to the plants and properties of the corporation, but only
when the net earnings for the preceding year, after deducting all operating
expenses and taxes, shall have been at least one and three-fourths times
the annual Interest charge on all bonds outstanding and those applied for.
Combined Statement of Consolidated Companies to July 31 1909.
Year ended Dec. 31
7 Mos.'09.
1908.
1909.
1907.
1906.
1905.
Gas meters Jan. 1_ ___
62,605
59,800
54,081
34,849
44,439
Electric meters Jan. 1..
17,414
15,683
10,134
13,258
7,953
Gross earnings
1,682,445 2,615,909 2,530,284 2,281,191 1,860,819
Oper. elm and taxes_ 982,827 1,612,234 1,623,182
Net earnings
Interest paid

699,618 1,003,675
120,584
202,979

907,102 Not stated
185,239 (Ed. Chronicle.)

Surplus
579,034
800,606 721,8635
The net earnings for 1908 were over four times the interest charge on all
present outstandding bonds.
It is the policy of the corporation to make liberal allowances for depreciation, $1,672,379 having been written off since May 1 1904. An annual
sinking fund will begin July 1 1910, equal to 2% of the total amount of
bonds outstanding.
The corporation has a thoroughly modern equipment for the manufacture
and distribution of gas and electrIeLly, and In audition nas extensive holdings
of real estate valued at $900,000. Including 12.7 acres in Los Angeles, most
of which is in the down-town district. The gas plant includes (1) 18 sets
of generating apparatus at Los Angeles using principally crude petroleum
and having a rated capacity of 15,600,000 cubic feet in 24 hours; holders
with a combined capacity of 8,122,183 cubic feet located in Los Angeles
and Pasadena; (2) distributing systems consisting of 700 miles of mains,
Including two trunk mains from Los Angeles to Pasadena; 62,605 gas meters
in service Jan. 1 1909, of which 7,239 were In Pasadena. In 1908 gas to
the amount of 2,108,767,000 cubic feet was sold. A uniform price of 80
cents per 1000 feet for all uses is charged for gas.
The electric plant consists of 5,000 h. P. In boilers, 11,750 h. p. in steam
enginesand turoines,and 12,444 h. p. in electrical apparatus. This plant
served 17,414 consumers on Jan. 1 1909, from 1,306 miles of overhead
main wire and 11.64 miles of underground conduits. The total connected
load was about 34,000 h. p.
The corporation operates directly under the provisions of the Constitution
of California. Its rights for the conduct of its business are adequate and
without time limitation. Two-thirds of Its gross earnings are derived
from the sale of gas. In Los Angeles, Pasadena and the suburbs of South
Pasadena and Alhambra, the corporation controls over 85% of the gas
business, and in the suburb of Hollywood.there is no competiton. The
'electric business has been carried on successfully for many years and is
confined to Los Angeles, whichis also served by The Edison Electric Co. of
Los Angeles and the Pacific Light do Power Co. Excellent relations exist
between the three companies, to all of whom the business is profitable.
The properties of the corporation have been in charge of one management
for 20 years. The corporation is controlled by men prominent in the
commercial and financial life of the Pacific Coast. -V. 89, p. 849.

Mentzer Brothers, Tenino, Wash.
-Bonds Offered.
-Peabody, Houghteling & Co., Chicago, are offering at par and
unsold portion of $100,000 first mortgage 6%
interest the
serial gold bonds dated Oct. 1 1909 and due $10,000 halfyearly from April 1 1910 to Oct. 1 1914, inclusive, redeemable in the reverse of their numerical order at the end of any
year at 102 and interest. Denominations $500 and $1,000(0). Principal and semi-annual interest payable at the
office of Peabody, Houghteling & Co., Chicago. Augustus
S. Peabody, trustee. A circular says:
p‘These bonds, issued to retire the entire floating debt and to furnishaddi-

Venal working capital, arc secured by 2,020 acres of standing timber and
1,820 acres of land, located in Thurston County, Wash., containing 127,000,000 feet of fir and cedar, together with saw-mill, 4 X miles of main line
railroad, rolling stock and logging equipment. Estimated value of fixed
assets: Lands and timber, $250,000; plant and equipment, $75,000; railroad and logging equipment, $30,000; total, $355,000. Sinking fund beginning Nov. 15 1909, $2 50 per 1,000 feet on all timber cut. This should
pay the entire principal of these bonds more than three times over.




Property.
-The company stands as one of the most important manufacturing concerns In Canada, with a capacity of 200,000 spindles and 5,000
looms, employing about 2,500 hands, and using the most complete modern
equipment, including bleachery, dyeing and finishing works, in America.
Its products consist almost exclusively of cottons, which are not liable to
the changes of fashion and for which there Is a large and ever increasing
demand in Canada. The properties are situated at Valleyfleld, P. Q.,
some 40 miles from Montreal, and are held In freehold and under Federal
Government leases, renewable every 21 years In perpetuity. The buildings
are principally of stone.
The company possesses its own water power already developed to the
extent of 8,500 h. p. and sufficient freehold property at the entrance of
the head-race to double the present power; in addition, the company has
purchased the waste water-bed of the river, thus insuring absolute control
of its own water power. This is considered to be a very valuable asset, but
Is not included in the valuation of assets.
Purpose of this Issue.-Thz, present issue of debentures is being made for
the purpose of providing funds to pay off the amount borrowed by the company to redeem the $300,000 of bonds which recently matured, and for
discharging other current liabilities of the company.
Trade.
-The sales for 1908 show a considerable falling off, but this is
only a temporary condition and is due to the general depression in trade
in Canada and the United States, which naturally followed the financial
panic of last year. Trade now shows a marked recovery, and the company
is running its plant practically at its full capacity. The company's affairs
are In a very healthy condition financially.
Trading
Total
Bad
Mainte- DepreciaNet for
Sales.
Profit.
Debts.
nance.
Hon.
Interest. Bond Int.
1901_ £425,854 £116,884 £1,097 118,997 113,356 123,227 150,207
1902__ 489,948
157,526
736
19,597
13,356
23,610 100,227
1903__ 532,481
185,601
1,274
21,814
13,356
25,202 123,955
1904__ 449,077
129,114
520
16,165
23,630
22,520
66,279
1905__ 481,188
111,127
1,046
21,252
23,630
16,472
48,727
1906__ 537,382
144,902
2,181
38,813
23,630
18,540
61,738
1907_ 612,764.
23,630
19,910 111,173
1908._ 1398,000 (supplied by FA. "Chronicle"). See below.
Annual Dividend Rate (Cap. Stock $3,000,000. Rate for 1908 Supplied.
-Ed.
1901.
1902.
1905.
1904.
1903.
1906.
1907.
1908.
8%
9%
9%
9%
7%
7%
7%
8%
During the seven years ending Dec. 31 1907 Interest on bonds (f2,774
per annum) aggregated £19,418 and dividends 2327,803, and the balance,
amounting to £225,034, was carried to special reserves or added to the
balance of undivided profits. [For the year 1908 the net profits were
$251,666, against $454,200 in 1907 and $315,000 in 1906; and after deducting 8% in dividends ($240,000), &c., a balance of $10,212 was carried
to profit and loss.
-Ed.]
Assets and Liabilities Dec. 31 1907 (not 1908).
Real estate, mill buildings, machinery, water power and equipment,and cottages
£942,432
Supplies and materials
278,239
Accounts receivable (f167.070) and cash (t532)
167,602
Total
£1,388,273
Deduct-Bond3
£61,644
Bank advances and other liabilities)
284,584
•222,921
Net assets (prior to issue of new debentures)
£1,103,709
-V. 88, p. 605.

National Carbon Co.
-Dividend Increased.
-The company
has declared a quarterly dividend of 13% on the $5,500,000
common stock payable Oct. 15 to stockholders of record
Oct.5, comparing with 1% paid July 15 last. This increases
the dividend rate from 4 to 5% per annum.
-V.88, p. 1316.
National Drug & Chemical Co. of Canada (Ltd.), Montreal.
-Status.-Of this company's 400,000 first preference shares
of £1 each, 300,000 (£300,000) were placed in London last
March at par and are expected shortly to be listed on the
London Stock Exchange, the necessary application having
been made some weeks ago. Subscriptions were received
by the company through the Bank of Liverpool, Ltd., the
Union of London & Smiths Bank, Ltd., London; Manchester
& Liverpool District Banking Co., Ltd., and the Canadian
Bank of Commerce. An advertisement said in substance:
Share CapitalNo. Auth.
Authorized.
Issued.
400,000 6% cum. 1st pref. shares of £1 each, redeemable, any or all, after 5 years at
28 premium
£400,000
£350,830
15,500 preference shares of $100 each
$1,550,000 $1,176,400
25,000 ordinary shares of $100 each
2,500,000
1,835,700
Rights of First Preference Shares.
-(a) To receive out of profits as a first
charge a cumulative preferential dividend at the rate of 6% per annum;
(b) to have the surplus assets on a winding-up applied first to the payment
In full of the principal at par with all arrears of dividend; (c) to have the

924

THE CHRONICLE

[VOL. Lxxxix.

-Bonds.
15,000, together with a sum
Northwestern Corporation, Walla Walla, Wash. of the
company pay annually to trustees at least
practically all
s which would have been payable
increasing annually equal to the dividendpurchase of first preference shares -This company having taken over
on all shares previously canceled for the The minimum sum available for property of the Willamette Valley Co. the Northwestern
at not exceeding 2s. per share premium. first year, rising to 210,000 per
Walla Walla Valley
Gas & Electric Co. of Walla Walla, the'
redemption will be from 15,000 In the
to £20,000 per annum in from 25 to 28
annum in from 13 to 15 years, and then outstanding shares, no debentures Traction Co., &c., has filed a mortgage to the Germantown
all the
years;(d) except to redeem
of the company shall be created Trust Co. of Philadelphia, as trustee, to secure an issue of
or bonds specifically charging the assets
by a majority of the holders
on
without the sanction of a resolution passed or by proxy, holding in the $5,000,000 bonds. The President is Isaac W. Anders
present in person
of first preference shares
of the first preference shares and the Secretary Clyde W. Heller. The "Portland Oreaggregate not less than three-fourths in value
then outstanding.
gonian" of Sept. 17 said:
30 1909.
railway system
Extracts from Letter of President D. W. Bole, London, Jan.
The property covered by the mortgage includes the street
of which 50,630
line from Walla Walla to Milton and FreeReferring to the proposed issue of first preference shares,
of London and Liver- of Walla Walla, the interurban rights and power plant in Umatilla County
power ditches, water
be issued to Evans' Sons, Lescher & Webb, Ltd.,
will
tion, I beg to say: water, the
Walla Walla and Pendleton; the electric
pool, and 300,000 shares will be offered for public subscrip
Nov. 9 1905 for the transmission of power to Pendleton; the water system, electric-light
and
The company was incorporated under the laws of Canada
going concerns light system of Walla Walla
ed operations Feb. 1 1906. It purchased as es, established plant and power plant of Albany; the electric-light system of Corvallis;
and commenc
and gas
and amalgamated the following wholesale drug business Co., Ltd., and the power plant, water supply system and electric-light system h, the
Bros. &
from 5 to 100 years ago: Brown & Webb, Simson & Sons, Ltd., and Mc- plant of Eugene; the electric-light plant of Dallas and Monmout
Ltd., Halifax; T. B. Barker
t plant of Independence; the gas plant at
electric-ligh
Hattie & Mylius Co.,
& Co., Evans & Sons, water system and
Dermiad Drug Co., Ltd., St. John; Kerry, Watson Skinner & Co., Ltd., North Yakima, Wash., and the gas plant at Lewiston, Idaho. capitalized
Ltd., and Lyman-Knox & Co., Ltd., Montreal; Henry Clarkson, Toronto;
[The Willamette Valley Co., which is understood to have been
and Lyman-Knox &
each of stock and bonds (authorized if not issued), had abKingston; Elliot & Co., Ltd.,
Albany Canal
Drug Co., Ltd., Hamilton; Kerry, at $800,000
J. Winer & Co., Ltd., and DominionDrug Co., Ltd., Winnipeg; Canada sorbed tile Lane County Electric Co. and Eugene Water Co.,dence Light &
London, Ont.; Bole
Electric Light & Power Co. Indepen
Watson & Co.,
Co., Ltd., Calgary; Canada & Water Co., Corvallis
Water (SG Electric Light Co., Dallas
Drug & Book Co., Ltd., Regina; Bole Drug
& Book Co., Ltd., Water Co., Independence &MonmouthWillamette Valley Co. has been held
C.; Canada Drug
Drug & Book Co., Ltd., Nelson, B. Ltd., Vancouver and Victoria. Also Electric Light Co. The control of the
not directly by, the Northwestern Corporation.
Revelstoke, B. C.; Henderson Bros.,
Co., Ltd , of Vancouver, com- in the same interest as, if & Electric Co., which was recently absorbed by
the business of McDowall- Atkins, Watson d with Henderson Bros., Ltd.
The Northwestern Gas
Walla
prising 10 retail stores, which were affiliate business at Halifax, St. John the Northwestern Corporation, had previously absorbed the Walla
ton & Oregon Power Co. and the PendleSince amalgamation we have merged the
and established a new house in Gas & Electric Co., the Washing
outstanding
and Toronto into one house In each city, Montreal houses into the build- ton Electric Light dc Power Co., and at last accounts had bonds (comcommon stock and $543,000
Ottawa. We have also concentrated our
enlarged and improved at an $350,000 pref. stock, $650,000
has coning of Evans & Sons, Ltd., which has been ters, warehouse and offices pare V. 82,0. 6321. In addition, the Northwestern Corporation of North
he Yakima Gas Co.
expense of $70,000, and made the headquar not a part of our scheme, trolled the Walla Walla Valley Traction
Co.,daker City Light & Power Co.
company. As the retail business was ing depot in the commercial Yakima and the Lewiston Gas Co. The
of the
Co. were also controlled, but there is nothing
we sold off the retail stores, leaving a distribut
n, commencing at Halifax, Nova and Boise (Idaho) Traction
by the new mortgage.
centre of every province of the Dominioa distance of nearly 4,000 miles.
to indicate that they are covered In a y waytern Corporation are Rhodes.
extending to Victoria, B. C.,
Scotia and
The principal stockholders in the Northwes
year showed a large in-Ed. "Chronicle.")
The volume of our business in the last financial year of their individual Sinkier & Butcher, Philadelphia.
crease over the total of the houses during the last
-See "Pasadena" in
achieved success,
Pasadena (Cal.) Land & Water Co.
existence. The manufacturing department has already established cenWe
the sales having nearly doubled during the last year.
in "State and City" Department.
ary medicine department
tral laboratories in Montreal and a propriet
-Sale
-Order Affirmed.
the amalgamation prevented the
Toronto. Natural jealousies before Canada; but now, having the united
Passaic Steel Co., Paterson, N. J.
profitable manufacture of chemicals In this branch of the business will be
-The United States Circuit Court of Appeals
Setfor Nov. 12.
distributing centres,
service of 16 large
order
upwards of 13,000 and the
at Philadelphia on Oct. 5 dismissed the appeal from the The
most profitable. Our customers now number
salesmen.
employees about 700. Including 67 traveling
setting aside the sale of the property on May 29 last. bondSheet).
Assets on Jan. 31 1908 (Date of Last Balance
for Nov. 12, at which the
_
Total foregoing items_ _$3,245,194 date of re-sale has been fixed
Drugs, chemicals, &c_ _ $1,769,689 Less trade and other liablis
505,767 holders' committee has agreed to make a bid of at least
estate and buildings,
Real
424,104
less mortgages
$250,000.-V. 89, p. 415.
902,468 Surplus, exclusive of goodBook debts
Co.
will, trade marks, &c_ _$2,739,427
advertising, furniPortland (Ore.) Water Power & Electric Transmission
Plant,
148,933
ture, fixtures, &c
-This company, incorporated
which was -New Enterprise-Mortgage.
is without taking into account 1251,570
stock,
The above surplus
bankers on Jan. 31 1908, and will in Oregon on Dec. 23 1908, with $1,000,000 capital
outstanding on loan from the company's
on Clackamas River near
the present issue.
be repaid out of the proceeds of by Macintosh & Hyde, Chartered Account- to erect a dam and power house
about 15 miles from Oregon City
The books have been audited
te shows that the profits earned during Estacada, Ore. (distant
ants, Montreal, and their certifica to Jan. 31 1908 have been $406,716,
and 25 miles from Portland), has filed a mortgage to the
since Incorporation
the two years
to directors and officials. These figures
Philadelphia, as trustee, to secure an
after paying all remuneration due
on the loan of £251,570 from the Girard Trust Co. of
1
of the
are arrived at before charging interest
it is intended to pay out of the proceeds
issue of $1,500,000 5% bonds dated 1909 and due Jan.da
company's bankers, which
Estaca
shares.
present issue of first preference out by the issue of preference and ordinary 1939. About 1,700 acres of land are owned below
The amalgamation was carried
businesses, the valuable good-will was
used as a site for the proposed plant. Morris
shares to the owners of the various shares. On the incorporation of the and will be
lphia, and Portland,
satisfied by allotment of ordinary
com- Brothers, Land Title Building, Philade
Ltd., was transferred to the
is President; R. L.
company the business of Evans & Sons,
By reason of this and subsequent ar- Ore., are interested. W. H. Hurlburt
pany for shares in the company.
Ltd., and certain of its direcry and Counsel.
rangements, Evans' Sons, Lescher & Webb, each, and the same directors Durham, Treasurer, and Wirt Minor, Secreta
£1
tors hold 50,630 first preference shares of and are thus largely interested.
-Called Bonds.
Coal & Iron Co.
Rochester & Pittsburgh
hold 1,453 ordinary sbares of $100 each, been distributed in dividends;
have
[Of the remaining profits, $99,750 down the expenses of incorporation, Thirteen Helvetia property purchase-money mortgage bonds
in writing
$38,237 have been applied
for payment Nov. 1 1909 at 110 and interforward.]
&c., and $143,384 have been carried nt), Alfred Bickerton Evans (2d have been drawn
-V. 87, p. 938.
-David Wesley Bole (Preside
Directors.
Central Trust Co.
(Secretary), James Wilson Knox (Vice- est at the
Vice-Pres.), William Simons Kerry
gton Tinling (Gen. Mgr. and
Russell-Miller Milling Co., Merchant Millers and Grain,
Pres.), James Mattinson, Charles Widdrin (Gen. Purch. Agent), all of
orth
Treas.), Theophilus Hatton Wardlew Scott Elliot, of Toronto; William Minneapolis and Fargo, No. Dak.-Acquisitions-New Stoch
and William
Montreal; William W. BoleHenderson, Vancouver; Louis J. Mylius, Francis
-This company, incorporated in North
-Stock Dividend.
on and Thomas M.
Henders
Webb, Halifax; William C. Niblett, Hamily acquired additional milCook Simson and William H.
ders: John James Evans, Liverpool Dakota in 1897, has recentl
ton. Trustees for 1st pref. sharehol Liverpool, and David Weisey Bole,
about
James Hope Simpson,
ling and elevator properties, together valued at
and London;
eMontreal.
$641,000. On Aug. 31 the shareholders voted to increas
-Bonds Much Over-Subscribed.
New York Telephone Co.
4% bonds sold by the company last
Of the $25,000,000 41
ly in this country by
week, $12,500,000 were offered private
remainder were placed
Kidder, Peabody & Co. at 95, and the g bonds (amounting to
in London at the same price as sterlin
lots were
£2,500,000) by Baring Bros. & Co., Ltd. Both
being only about
largely over-subscribed, the allotment bonds are dated
10% of the amount applied for. The interest M. & N.,
,
Oct. 1909 and will mature Nov. 11939
and secured by
being part of an issue limited to $75,000,000 of New York
Co.
mortgage to the Farmers' Loan & Trust N. J., as trustees.
ir,
City and John H. Parsons of Montcla bear not to exceed
will
The remaining bonds, when issued
-V. 89, p. 849, 781.
43% interest.
nd, East
Northern Indiana Gas & Electric Co., Hammo
-The C. II. Geist, Co., Phila-Bonds Offered.
Chicago, &c.
r page of this
delphia, is offering by advertisement on anothe5%,a block of
yield over
issue of the "Chronicle" at a price to
April 11909. Total
'
first refunding mortgage gold 5s, dated
000; reserved
authorized, $10,000,000; present issue, $1,809, d for future
to retire underlying bonds, $1,756,500: reservebankers say:
extensions, betterments, &c., $6,434,500. The

ties of Hammond, West
The territory served comprises the communi Indiana Harbor, Gibson,
Hammond, Robertsdale, Whiting, East Chicago,
City, with a combined population of about
Porter, Chesterton and Michigan
uring district on the south shore
100,000. It embraces the entire manufact
ndiana State line on the west to
of Lake Michigan, from the Illinois-I both sides of the new city of Gary,
g on
Michigan City on the east, extendin
manufacturing centre of the United
a district destined to be the greatest
States.
Twelve Months ending "Luc. 311909.
Earnings of the Combined Properties for
$227,370 let, on ref. M. 5s outstanding $90,450
Net earnings
49,095
(12 months)
Int. on underlying bonds.._ _ 87,825 Surplus
of 47.5% over the
v..- The earnings for these 12 months show an increase in spite of the fact
31 1908. This
earnings for the 12 months ending Aug. g to feel the benefit of the revival
that the company Is only now beginnin gas and electricity brought about
of business, and the increasing sales of
by present operating methods.
now taking place, it is
With the rapid increase In population and business increase can at least
percentage of
not unreasonable to believe that this
12 months
for the next year. This would show for the
be maintained
d surplus of approximately $118,000, or
Jading Aug. Si 1910 an estimate
Interest charges and full
on the common stock, after paying all 88, p. 1134; V.89. p.867.
ver 3%
rs In V.
referred dividends. See further particula




,000,
the authorized capital stock from $1,250,000 to $4,000
preferred
it being provided that the amount of outstandingto assets)
stock (6% cumulative with preference also as
issued
shall not at any time exceed 25% of the total stock
00
of shares $100. Of the new stock, not exceeding $900,0
par
[there being
common and $200,000 "Series B" preferred stock
nding, which is now
already $200,000 preferred stock outsta at once to pay for
be styled "Series Al are to be issued stock dividend of
to
a
the aforesaid acquisitions and to make existing $800,000
least 50% in November next on the nding. President
at
common stock. There are no bonds outsta said in substance:
1909
E. P. Wells in a circular dated June 22

ation for two years or more the
Your directors have had under consider
elevator properties that by reason
advisability of acquiring certain mill and important to the protccton of our
of geographic or strategic location seem
n and in as far s.) the elevators
existing business, to its legitimate expansio
our adequate,and satisfactory supply
are concerned, almost a necessity to capacity. Negotiations were entered
of wheat for our increased milling
resulted in preliminary agreement for the
upon two months ago that haveMilling Co., owning mills and elevators at
purchase of (1) Missouri Valley n, No. Dak., conservatively valued at
Bismarck, Mandan and Dickinso
an average of 24.5% per annum
something more than $300,000, on which
past six years. (2) The Lyon Elevator Co.,
net has been earned during thea capacity of about 1,300,000 bushels, valued
owning 40 grain elevators with the average net earnings for six years have
which
at about $225,000, on G. Ireys Elevator Co., 21 elevators,capacity 550.000.
been 26%. (3) The C.
valuation $116,000, on which average net earnings have been 28%•
bushels,
es we are to exchange stock
For all the capital stock of the above compani
of ascertained real value of the
Co. on
in Russell-Miller Milling tangiblethe basis e assets to be taken into account
, realizabl
ve stocks. Only
respecti
properties and the completion
in either case. With the acquisition of these
construction at Beach, No. Dak.,
of our mills and elevators already under
In both States
Mont., we shall occupy every desirable point
and Billings,
with respect to the valuable trade from
and hold a commanding position t. Our plans have not only the approval
Minnesota to the Pacific Northwes
of our board, but of our bankers. dividend of at least 50% will be declared
In carrying out the plan an extra
date in November to our present common
and paid at our regular dividend
surplus and to facilitate the
shareholders in order to reduce our unwieldy
The immediate issue of
exchange for stocks carrying little or no surplus. provide for the proposed
proposed is required for this exchange and to the required two-thirds
stock
has the approval of
dividend. The plan already
of the outstanding stock
(Treasurer), Arthur
Directors: E. P. Wells (President), H. S. Heim
Koon, C. GAreys, S. W. Wells,
Miller, H. R. Lyon, W. C. Helm, M. B. J. S. Watson, Fargo, No. Dak..
Stephenson. all of Minneapolis;
B. NV.
Charles H. Sanborn is Secretary.
preferred and common, may be
[The residue of the capital stock, both by the affirmative vote of twoIssued and sold as and when authorized

OCT. 9 1.909.j

THE CHRONICLE

thirds of the directors. The remaining $600,000 preferred, if issued, is to
be divided into Series C, D, E, F. G and H of $100,000 each, subject to
call like Series B during first five years at 105 and accrued dividend, and
thereafter at par. Series A preferred is also subject to call under provisions
printed on the certificates. After the accrued dividends on the preferred
stock shall have been paid, the common stock will be entitled to all earnings, "but no cash dividends on common stock in excess of 10% thereon
shall be paid in any one year until a surplus or sinking fund equal to the
then outstanding preferred stock shall have been created, and no mortgage
shall be placed upon any of the real property without the consent of the
holders of two-thirds of the preferred stock then outstanding."
The "Minneapolis Tribune" said: "The Occidental Elevator Co. ,which
was already the property of the Russell-Miller Milling Co., owns 20 elevaBillings, Mont., to Philadelphia. Besides its Minneapolis mill of 2,500
tors. The latter company will now own 12 !lour mills located from
barrels daily capacity, the company operates the former Milburn mill of
Philadelphia, of 1,500 barrels capacity; a mill of 700 barrels capacity at
Grand Forks, one of 800 barrels at Jamestown, another 300-barrel mill at
Minot, two at Valley City, with a combined capacity of 1,800 barrels; one
barrels capacity at Bismarck, another with a daily run of 200 barrels
of
at Mandan, a 500-barrel mill nearly completed at Dickinson, No. Dak.,
and two of 500 barrels each under construction at Beach, No. Dalc., and
Billings, Mont.]

Sears, Roebuck & Co. Chicago.
-$250,000 Preferred Stock
Retired-Dividend Expected on Common Stock.
-The company
some time in 1908 retired $250,000 of its $10,000,000 outstanding 7% cumulative preferred stock, and at a meeting
to be held on Thursday next the directors will vote on retiring
more of the stock. The board will also at this meeting consider the declaration of an initial dividend on the common
stock, possibly, it is rumored, placing that stock on a 6%
dividend basis.
-V. 88, p. 292.
-Bonds Called.
Seattle-Tacoma Power Co.
-One hundred
and eighteen ($118,000) 1st mortgage and refunding bonds
of the Snoqualmie Falls Power Co.,dated Nov. 11902, have
been drawn for redemption on Nov. 1 1909 at 105 and interest at the office of the Illinois Trust & Savings Bank,
-V. 82, p. 1273.
Chicago.
Stock Quotation Telegraph Co., New York.
-Bonds.
The shareholders will meet October 14 to vote on issuing
bonds to the amount of $1,000,000, these to be secured
by a mortgage on all property, privileges and franchises,
present and future; also to authorize the extension of the
duration of the corporation's existence to and including the
year 1960. William H. Hurst is President and Lyttleton
Fox Secretary. New York office, 59 Broad St. The
company is a New York corporation. At last accounts its
capital stock was $500,000.-V. 88, p. 298.
Union Typewriter Co.,New York.-Re-ineorporation.-The
stockholders voted on Oct. 5 to transfer the assets of the
Union Typewriter Co. of New Jersey to the New York corporation. This will mean a saving of about $20,000 in
taxes. Compare V. 88, p. 1377, 752.
-The direcUnited Cigar Manufacturers.-Extra Dividend.
tors yesterday declared a regular quarterly dividend of 1%
on the common stock and an extra dividend of 1%, payable
Nov. 1 to shareholders of record Oct. 26, making 5% for the
year. Compare V. 88, p. 105, 373.
United Dry Goods Companies.
-First Dividend on Com-The directors have declared an initial quarterly
mon.
dividend of 2% on the $10,000,000 common stock, payable
Nov. 1 1909 to stockholders of record Oct. 25. On Sept. 1
last the first dividend of 13 % was paid on the $10,000,000
A
preferred stock.
-V. 89, p. 477.
United States Realty & Improvement Co.
-Dividend
Increased from 4% to 5% Basis.
-The company has declared
a quarterly dividend of 13j% on its $16,162,800 of capital
stock, payable Nov. 1 to stockholders of record Oc. 20,
comparing with 1% paid each three months from May 1908
to Aug. 1909 inclusive. Quarterly distributions of 13/2%
were made from May 1 1907 to Feb. 1 1908.
-For Sept. and 5 months ending Sept. 30 1909
Earnings.

925

the Jan. 1908 coupon was so paid, but the July 1908 interest was purchased
by C. H. Venner dc Co., 33 Wall St.. New York. C. H. Venner is or was
President. Compare V. 77, p. 455; V. 81), p. 107.

John Wanamaker.-Bond Issue.
-A mortgage for $6,000,000,given by John Wanamaker to the Land Title & Trust Co.
of
as trustee, to secure an issue of 6,000 5%
5-year gold bonds of $1,000 each, dated Aug. 17 1908, was
Philadelphia,
filed for record in Philadelphia on Sept. 9 1908, covering
the Wanamaker store in Philadelphia; also 1224 and 1226
Market St. in that city. A press report from Philadelphia
said:
It is announced that John Wanamaker has completed financial arrangements by which he w 11 begin at once the construction of the last section of
his big department store on the Chestnut St. side of the block bounded by
that street, Market, 13th and Juniper streets. About $3,500,000 will
be required to pay off obligations outstanding and the remaining $2,500,000
will be used in the erection of the last section of the store. Officers of the
trust company state that the bonds have been subscribed for at par by a
coterie of financial men in this city and New York. The store, when completed, will be a solid building 12 stories above the street and three below.
It will practically be indest uctIble. [The mortgage was given by John
Wanamaker individually as owner of the property, and the bonds are his
personal obligation. The bonds are due Oct. 1 1013, without option of
earlier redemption. Denomination $1,000. Interest payable Aprli 1 and
Oct. 1 at office of trustee. Compare New York corporation, V. 85, p. 44.]

(John) Wanamaker & Co., New York.
-Mortgage Given by
Mr. Wanamaker Personalty.
-See John Wanamaker above.
-V. 85, p. 44.
Waters, Gildersleeve, Colver Co., Staten Island, N. Y.
Bonds Offered.
-Hutchinson & Gaylord and the American
Bond & Share Co., both of New York City, are offering,at
100 and interest, the unsold part of an issue of $200,000
first mortgage 6% 20-year sinking fund gold bonds dated
April 1 1909 and due April 1 1929, but subject to call on
any interest date after April 1 1915 at 105 and interest
upon 60 days' notice. Interest payable A. & 0. at Logan
Trust Co., trustee, Philadelphia. Issue, authorized and
outstanding, $200,000. Denominations $1,000, $500 and
$100. A prospectus says:
The bonds are a first mortgage on the entire property, real and personal,
of the Waters, Gildersleeve, Colver Co., builders andre-constructors of
harbor craft and marine engines, consisting of real estate, buildings and
other structures thereon, wharves, drydocks, vessels, machinery, appliances and general equipment,located at West New Brighton, Staten Island.
City of New York. Established 22 years. [In December 1908 purchased
by the present company from the Frederick A. Verdon Co.
-Ed.] The
appraised
, as set forthbt
o;Vktyontnoraosaeclusivo
e appraiser
the Corn Exchange
of a1unprovemontsthereon
Bank,
is $185,400. The financial plan of the company is to issue securities
(bonds and stocks) only for an amount equal to the excess of assets over
liabilities, without any consideration whatsoever of the acknowledged
"good-will." This excess of assets over liabilities, now that the original
mortgages are paid, is $346,165. To this end, $150,000 of stock, all common, has been issued, and none is for sale; and this issue of $200,000 first
mortgage 6% 20-year sinking fund gold bonds has been made on the
property.

Western Canada Flour Mills Co., Ltd.
-Dividend Increased.
-A Canadian paper states that this company, which since
the fall of 1906 had- paid yearly dividends of 5%, paid
3% in April 1909 and will pay 4% Oct. 15.
Bonds.
-The Investment Trust Co. of Montreal recently
offered the bonds to yield 5'M per cent, and in so doing re,
ported that the earnings `for the three months ending
Nov. 30 were considerably over $200,000, as against $171,000
for the whole year ending Aug. 30 1908"

The Dominion Securities Corporation of Toronto, as contractors for the
loan,and their agents in London, offered at par and interest first mortgage
20-year sinking fund bonds dated March 1 1908 and due March 1 1928.
Total issue £225,000, or $1,095,000. Interest payable March 1 and Sept. 1.
at Canadian Bank of Commerce, Toronto, New York and London. Denominations $486 66 or 1100. "Net earnings for year ending Aug. 31 1907.
$306,835; required for bond interest, 565,700." A circular said:
The bonds are secured by a (first mortgage) trust deed dated June 11
1908 to the Montreal Trust & Deposit Co. ,as trustee, requiring the company
to set aside yearly to pay to the trustee an amount sufficient to redeem
about 70% of the bonds prior to maturity, either purchasing a fixed amount
thereof each year in the open market, or calling the desired amount at 105.
Power is also reserved on any interest date after March 1 1913 to redeem
the then outstanding bonds at 105. Directors: Andrew Kelly, President;
S. A. McGaw, Vice-President and General Manager; A. J. Mitchell, SecreConsolidated Preliminary Income Account for September and Five Months: tary; Z. A. Lash, K.C.; D. B. Hanna, A. D. Davidson, Joseph Wright.
ended September 30 1909.
BALANCE SHEET AUG. 31 1907.
5 Mos.
Sept.
Sept.
5 Mos.
Assets ($2,812,989)
Liabilities ($2,812,989)
$
$
Deduct$
$
Receipts from$
$
Real estate, bids., machinCapital stock-auth., $1,83,535 Int. on mtges.,&e. 50,701
15,963
269,859
Interest
1,519,229
ery, &c. (book
500,000,Issued_
1,295,000
151,917 691,426 Exp. of managem't 32,534
186,943 Patents and tradevalues)
Investments
marks
13,896 Loans
1,149,412
Int. on debentures 55,350 276,750
Profit on building
Investments at cost_
9,100 Accounts payable
41,245
573,632
120,401
contracts
Purchase money obligations 37,607
Total deduct'ns.138,585 733,552 Inventory of supplies at
Profit on real escost, and products
900,208 Surplus
289,725
32,277 Balance
149,697 647,320 Accounts & bills receivable_ 316,718 Contingent
tate, &c., sales_
liabilDividends, 3 mos_
161,628 Cash
48,913
ity on bills disTotal gross ___ _288,282 1,380,872
4,925
$302,940
counted .
Balance, Burp_ _149,697 485,602 Insur., &c., paid in advance
Letter from Vice-President S. A. Mc6aw, Toronto, April 28 1908.
-V. 88, p. 1371.
History and Status.
-The company was Incorporated
-Decision.
-Judge Ray in charter in 1905 as a consolidation of the Lake Huron & under an Ontario
Westinghouse Air Brake Co.
Manitoba Milling
the United States Circuit Court in this city on Oct. 4 handed Co. of Goderich, Ont., and the Kelly Milling Co. of Brandon, Man.,rounded
out by the erection of a large mill at Winnipeg and the acquisition of
brought against the company elevators along the Canadian Northern and Canadian Pacific railways 66
down a decision in the suit
in
sustaining the patent claims of Murray Corrington and the Manitoba and Saskatchewan. The three mills have an aggregate producve capacity
diem,
Corrington Air Brake Co. on a "fluid pressure brake appar- Winnipeg hasof 6,500 barrels per barrels viz.: (1) The principal one at
a capacity of 4,000
of flour per day. The elevator
atus" for the control of railway vehicles and engines. An (reinforced concrete) there has 400,000 bushels capacity; the Winnipeg
Electric Ry. Co. supply electric motive power at about 60% .the cost
appeal will probably be taken.
of steam. The Winnipeg mill can be Increased to a capacity of 5,000
The patent was granted June 14 1904. An injunction is granted re- barrels with small capital expenditure. (2) The mill at Goderich. with
straining the Westinghouse Co. from manufacturing or selling the alleged marine elevator, &c. handles our own wheat direct arriving from Fort
infringing devices and for an accounting. Officers of the Westinghouse William; elevating capacity 8,000 bushels per hour. Connected with this
'
Co. say the patent relates to a detail of construction for which several mill is also a large cooper e• for the manufacture of barrels; also salt
alternatives may be used if necessary.
-V. 89, p. 777, 724.
plant, where practically enough salt is manufactured by exhaust steam to
of fuel bill. Elevator
bushels. (3) The Branpay
Urbana (O.) Water Co.
-Reorganized Company.
-This don 75% with a capacity of 500 capacity 200,000 100 barrels oatmeal, and
mill,
barrels flour and
company was incorporated in Maine on June 28 1909 with elevator capacity of 200,000 bushels, is situated in the heart of one of the
best wheat-growing districts
elevators
$225,000 capital stock in $100 shares (the incorporators being country the aggregate storagein Manitoba. With the 66bushels. in the
capacity is over 2,400,000

all from Portland, Me.), as successor, no doubt, of the bankYankee Fuel Co.
-New Memberfor Protective Committee.
rupt Urbana Water Works Co. The amount of the funded John W. Platten, First Vice-President
of
debt of the new company is not known. The Secretary of Mortgage & Trust Co., has been appointedthe United States
a member of the
the bondholders' committee of the water works company was bondholders' protective committee, for the
Yankee Fuel
Willis S. Shepard, 575 Atlantic Ave., Boston, Mass.
Co. and the Santa Fe Raton & Eastern RR. to succeed the
In Aug. 1003 Secretary Robert W. Kirby was appointed receiver on a
late Cornelius C. Cuyler, who was chairman of
committee.
confessed judgment owing to expiration of franchise and withholding by
city of amounts claimed to be due for water. At last accounts the capital Bondholders who have not yet deposited their bonds with
stock was $100,000 and the bonded debt 5113,000 of 6% bonds on which
the United States Mortgage & Trust Co. are notified that
Interest was regularly paid at Farmers' Loan & Trust Co., N. Y. City
jan. 1 and July 1 for some time following the appointment of a receiver
they may do so without any penalty.
-V.89, p. 169.




[VOL. Lxxxix.

THE CHRONICLE

926

felteirts and Documents.
LOUISVILLE & NASHVILLE RAILROAD COMPANY.
-FOR THE FISCAL YEAR ENDING JUNE 30 1909.
FIFTY-EIGHTH ANNUAL REPORT
Louisville, Ky., October 6 1909.
'To the Stockholders of the Louisville do Nashville RR. Company.:
The Board of Directors of your Company respectfully submits the following report for the fiscal year ended June 30
1909:
MILEAGE.
-Lines Owned and Operated.
I.
Miles. Miles.
3,352.14

(1) Owned
-(2) Operated but not Owned
(a) Operated as owner of entire Capital Stock
(b) Operated under lease
(c) Operated for account of owners
(d) Operated under trackage arrangements

1,046.23
--------4,398.37
Total operated
during the year, 4,393.11.
Average mileage operated

-Lines Operated Under Their Separate Organiza11.
tions in Which this Company Owns a Majority of the
Capital Stock or Is Interested as Joint Owner or Lessee.
Nashville Chattanooga do St. Louis By.,less mileage used
by L. & N. RR. under trackage arrangements (a majority
925.44
of the Capital Stock owned)
Central Transfer Railway & Storage Co.. Louisville (one.67
half of the Capital Stock owned)
Georgia RR. and Dependencies (interested as joint lessee) _ 571.00
Chicago Indianapolis & Louisville By. (a majority of the
Capital Stock owned jointly with the Southern By.)... 615.75
Louisville Henderson & St. Louis Ry., less mileage of Louisville de Nashville RR.operated under trackage arrange181.70
ments (a majority of the Capital Stock owned)
Frankfort & Cincinnati By.(all of the Capital Stock owned) 40.00
Woodstock & Blocton By. (one-half) of the Capital Stock
7.73
owned)
2,342.29
7.73
Less-Mileage used by this co. under trackage arrangements
2,334.56

.-Lines Owned by This Company but Operated by
?Other Companies.

A

7,002.37
6,970.53
31.84

Less Issued:
Unified Fifty-year 4 per cent Gold

524,000
23,209,500

$155,234,500
Bonded Debt June 30 1909, total issue
Less
Bonds Owned. See page 22 [pamphlet report):
$16,865,000
In Treasury
7,079,000
Deposited in Trusts as Collateral
1,512,000
Held in Sinking Funds
25,458,000
Total Outstanding Bonded Debt in hands of public
$129,778,500
June 30 1909
Total Outstanding Bonded Debt in hands
$130,214,000
of public June 30 1908
Less
Bonds matured or drawn for Sinking Fds.;
97,500
but not presented, as of June 30 1908_
130,116,500
$338,000

D 3crease in Bqnds outstanding in hands of public_ _ _ _
Accounted for as follows:
Bonds drawn for Sinking Fund,including
$713,000
Redeemed and Unredeemed Bonds
Bonds matured, including Redeemed and
23,020.500
Unredeemed Bonds
$23,733,500
LessUnpresented Bonds of June 30 1908

97,500
$23,636,000

Add
Bonds purchased and taken into
Treasury
Bonds purchased for Sink. Fds_

$91,000
122,000

Less
Bonds withdrawn from Treasury
and canceled for Sink. Funds

96,000
117,000
$23,753,000

Bonds Sold
$18,227,000
Unified Fifty-year Gold
62,000
Atl. Knoxv. & Cinc. Division_ _
7,000
Cent. By., 1st Mtge. Gold_
Ky.
Pensacola 6: Atlantic Railroad,
500,000
First Mortgage Gold
Loulsv. & Nashv., Paducah &
Memphis Div., 1st Mtge. Gold 4,619,000

23,415,000
5:138,001)

Decrease as shown above
21.09
10.86

GENERAL RESULTS.
The General Results, as given in detail in Table No. 1,
are here summarized:

31.95
.Deductions:
Sundry net deductions

.11
31.84

BONDED DEBT.
Bonded Debt June 30 1908, total issue
Bonds Drawn for Sinking Funds:
Redeemed
Evansville Henderson & Nashville
$81,000
Division Gold
440,000
General Mortgage Gold
& Atlantic Railroad
Pensacola
74,000
First Mortgage Gold
20,000
Pensacola Div. First Mtge. Gold_
20,000
Louisv. do Nashv. Sink. Fd. Gold_

$23,733,500

$213.000

Paducah & Memphis Division (leased to Nash. Chatt. & 254.20
St. L. By. at 5 per cent on cost of Road)
5.46
Less-Mileage used by this co. under trackage arrangements
248.74
Clarksville & Princeton Branch-Graeey, Ky., to Princeton, Ky. (leased to Ohio Valley Railway Co. at $12,20.70
039 70 per annum)
269.44

Increase
Accounted for as Follows
Additions:
Pine Mountain Railroad-West
Black Mountain Railway (Trackage rights)

23,020,500

$1,092,100

Net decrease from last year

484.09
118.07
221.95
221.22

Total mileage
Total mileage June 30 1908

$713,000 $178,444,000

Brought fcrward
Unredeemed (Not Presented for Payment)
$2,000
Alabama & Florida RR., 1st Mtge__
4,000
Mobile & Montg. By., Income Bds.
1,000
City of Louisville
2,000
Louisv. Cin. & Lex. By., 1st Mtge.
100
Louisv. Cin. & Lex. By., 2d Mtge.
Five-Twenty Collateral Trust_ _ _ _1,083,000

$178,444.000

Operating Revenues
Less Operating Expenses, 65.22 per cent

$45,425,891 45
29,627,499 48
$15,798,391 97
1,437,991 63

Net Operating Revenues, 34.78 per cent
Taxes

$14,360,400 34
Other Income:
From Rents
From Investments
From Interest

$432,620 94
827,366 07
135,136 70
*1,395,123 71
75,554 93

Outside Operations-Deficit
$635,000

Unredeemed (Not Presented for Payment)
$76,000
General Mortgage
Evansv. Bend. 6: Nash. Div.,
2,000
1st Mtge., Gold

78,000
$713,000

1,319,568 78

$15,679,969 12

Total Income
Deductions from Income:
Interest on Bonded Debt
Rents
Additions and Betterments
Sinking Funds

$5,995,012 79
421,316 27
866,546 87
264,301 67
7,547,177 60

$8,132,791 52
411,403 20
(Included in above)_
South & North Alabama RR.surplus
$7,721,388 32
Net Income carried to Profit and Loss Account amounts to
Account
$23,431,The balance to credit of Profit and Loss
527 08. For details see Table No. II.

Bonds Matured:
Redeemed
$6,000
Consolidated Mortgage
5,400
Loulsv. Cine. & Lex., 2d Mtge_ _ _
Five-Twenty Collateral Trust.._ _21,917,000
21,928,400

GROWTH OF TRAFFIC.
table:
The growth of traffic for the past ten years is shown by the following
Years.
1809-1900
1900-1901
1901-1902
1902-1903
1903-1904
1904-1905
1905-1906
1906-1907
1907-1908
1908-1909

Average
Miles
Operated.

Operating
Revenues.

Operating
Expenses.

Net
Operating
Revenues.

Operating
Revenues
Per Mile.

Operating
Expenses
Per Mile.

3,007.35
3,169.27
3,326.75
3,438.93
3,618.19
3,826.31
4,130.91
4,306.33
4,347.80
4,393.11

.27,742,378 89
28,022,206 90
30,712,257 37
35,449,377 84
36,943,792 73
38,517,070 72
43,008,996 23
48,263,945 20
44,620,281 16
45,425,891 45

*18,603,406 02
18,233,033 50
20,902,437 84
23,970,812 44
25,141,548 27
26,490,020 97
30,933,463 71
35,781,302 54
a33,594,291 05
a29,627,499 48

9,138,972 87
9,789,173 40
9,809,819 53
11,478,565 40
11,802,244 46
12,027,049 75
12,075,532 52
12,482,642 66
11,025,990 11
15,798,391 97

•9,224 85
8,841 84
9,231 91
10,308 26
10,210 57
10,066 37
10,411,50
11,207,67
10,262 72
10,340,26

*6,185 97
5,753 07
6,283 14
6,970 43
6,948 65
6,923 12
7,488 29
8,309 00
7,726 73
6,744 08

• Freight on Company's property included.
in Operating Expenses.
a Does not include Additions and Betterments, heretofore included




NetOperating P. C. of Exp.
to Operating
Revenues
Revenues.
Per Mile.
3,038 88
3,088 77
2,948 77
3,337 83
3,261 92
3,143 25
2,923 21
2,898 67
2,535 99
3,596 18

67.06
65.07
68.06
67.62
68.05
58.77
71.02
74.14
75.29
65.22

THE CHRONICLE

OCT. 9 1909. I

ADDITIONS AND BETTERMENTS.
Expenditures for additions and betterments to the property charged to Income Account instead of to Operating
Expenses, under the heading of Improvement Account, as
was done prior to July 1 1907, are as follows:
Right of way & station
$58,927 01
grounds
12,994 80
Real estate
Widening cuts and fills__ 51,955 84
2,759 37
Protection of banks
Grade revisions & changes
4,866 45
of line _
Tunnel improvements_ _ _ _ 18,310 92
Bridges, trestles & culverts 30,390 22
Increased weight of rail...A33,933 59
Additional main tracks__ _300,401 09
30,012 09
Sidings and spur tracks
Terminal yards
3,587 61
Fencing right of way
12,515 32
Improvement of over and
202 64
' under grade crossings_ _
Track elevation, elimination
9,289 56
of grade crossings, &c

_ $7,950 36
Interlocking
apparatus_Block and other signal ap6,141 60
paratus
Telegraph & teleph. lines_ 13,362 97
Station bldgs. and fixtures140,665 61
Shops, engine houses and
9,119 22
turn-tables
2,760 00
Shop machinery & tools
Water and fuel stations _Cr. 3,188 46
270 44
Dock and wharf property_
19,318 62
Miscellaneous structures
Total for the year ended
$866,546 87
June 30 1909
Total for the year ended
1,690,468 42
June 30 1908
$823,921 55

Decrease

RAILS.
The rails in main track operated, except trackage rights,
are shown below:
Miles. Miles.
110.09
649.57
264.30
74.09
1,384.10
1,679.25
11.69
4.173.09
4.06

Steel Rails. Under 383.1 pounds per yard
58 I pounds per yard
60 to 65 pounds per yard
68 pounds per yard
70 pounds per yard
80 pounds per yard
85 pounds per yard
Iron Rails

4,177.15

Total
To which add
Operated under trackage arrangements

221.22
4,398.37

Total mileage owned and operated

The rails in main track owned, operated by other companies, are shown below:
Steel Rails
56 pounds per yard
58j pounds per yard
60 pounds per yard
68 pounds per yard
80 pounds per yard
85 pounds per yard

217.00
2.56
26.24
5.31
3.09
20.70

Less portion of Paducah & Memphis Division used by L. & N.
Railroad under trackage arrangements

'
274.00
5.46

PAYMENTS TO BE MADE ON ACCOUNT OF SINKING
FUNDS, 1909-1910.
Newport & Cincinnati Bridge Co
Henderson Bridge Co
Pensacola Division
-South & North Ala. RR Trust Deed_
L. & N.
Evansville Henderson & Nashville Division
Pensacola & Atlantic Railroad
General Mortgage

July 1
Aug. 1
Sept. 1
Oct. 1
Dec. 1
Feb. 1
June 1

1909_ $14,000
8,400
1909__
1909__ 21,000
1909__ 20,000
1909_ 82,500
1910__ 85,800
1910
521,400
$753,100

Total

Issued. Annual charge.
Georgia Railroad Lease
The Company is liable jointly with the At!antic Coast Line RR. Co. for the yearly
rent, under the lease of the Georgia RR.
amounting to $600,000 This Company's
$300,000 00
liability, per annum
Notes bearing interest at 5% per annum, issued
for the creation of Union Passenger Station
facilities at Memphis, Tenn.
Notes payable July 1 1909, issued for the
creation of Union Passenger Station facilities at Memphis, Tenn., made jointly with
the Chicago Rock Island & Pacific By,,
Illinois Central RR., Missouri Pacific By.,
Nashville Chattanooga & St. Louis By.,
St, Louis & San Francisco RR., St. Louis
Iron Mountain & Southern By., St. Louis
Southwestern fly., Southern By., and
Yazoo & Mississippi Valley By.,each road
signing as principal for one-tenth, and as
surety for the other nine-tenths; total issue
$1,200,000 00, one-tenth of which, or
;120,000 00, is carried as bills payable,
and the other nine-tenths of which, or
$1,080,000 00, is carried as a contingent
liability
54,000 00
1,080,000 00

EQUIPMENT.
Credits to Replacement AccountsDepreciation
Locomotives
Passenger Train Cars
Freight Train Cars _
Work Equipment

$381,892 40
' 66,540 85
1,324,940 39
33,695 50
$1,807,069 14
'

Renewals
For seven (7) Locomotives destroyed
2,951 50
For eight (8) Passenger Train Cars destroyed
11,818 12
For six hundred and seventy-two (672)
Freight Train Cars destroyed
152,856 63
For one hundred and four (104) Work Cars
12,974 49
destroyed and sold

180,600 74
Roadway Tools and Supplies
For two (2) Mahoney Railroad Ditchers, erroneously included in Work Equipment Accounts
Depreciation on Dining and Special Cars
Dining Cars

6,461 75
3,845 16
$1,997,976 79
19,525 74

Balance unexpended June 30 1908

269.44

Total mileage operated by other companies

927

GUARANTIES.
The Company has guaranteed, by endorsement or by agreement, the following obligations of other Companies:

Annual Charge.

Issued.
South & North Alabama RR. Co. Consolidated
Mortgage 5 per cent Gold Bonds
Endorsement covers principal and interest_ ..$8,000,000 00 $400.000 00
Louisville & Nashville Terminal Co. First Mortgage 4 per cent Gold Bonds
Endorsement, made jointly and severally
with Nashville Chattanooga & St. Louis
By., covers principal and interest of
bonds issued
2,535,000 00 101,400 00
Louisville & Nashville-Southern, Monon Collateral, Joint 4 per cent Gold Bonds
This Company and the Southern Railway Co.
are each liable for one-half of the principal
and interest of bonds issued, $11,827,000 00. One year's interest, $473,080 00;
this Company's liability one-half. Should
either Company default in its obligations
to the other, in respect of the bonds of
this issue, the pledged shares of stock belonging to such Company so in default
shall become and be the property of the
Company not in default, which thenceforth shall be liable in severalty upon all
5,913,500 00 236,540 00
covenants contained in the bonds
Nashville & Decatur Railroad, Rent Dividend
lease of this property the payment of
Under
734% annual dividend to stockholders is
guaranteed as rent. Amount of Capital
266,531 25
Stock $3,553,750 00
Terminal Railroad Association of St. Louis
One-fourteenth of interest on $19,974,000
General Mortgage 4% Gold Bonds now
outstanding-one year's interest, $798,960; L. & N. RR. Co's proportion, one57,068 57
fourteenth

Total Credits to Replacement Accounts
$2,017,502 53
Charges to Replacement Accounts for Equipment Bought,
Built, or Otherwise Acquired
$137,468 23
For ten (10) Locomotives
54,207 45
For nine (9) Passenger Train Cars
For one thousand eight hundred and twenty1,104,995 78
five (1,825) Freight Train Cars
For equipping twenty-four (24) Freight
833 15
,
Train Cars with air brakes
For equipping three (3) Tool Cars with air
73 33
brakes
1,297,277 94
Balance unexpended to credit of Replacement Accounts_

$720,224 59

SOUTH & NORTH ALABAMA RAILROAD COMPANY.
Depreciation
$29,646 60
Locomotives
8,998 02
Freight Train Cars
$38,644 62
Renewals
561 50
For one (1) Freight Train Car destroyed
Total Credits to Replacement Accounts, South &
$39,206 12
North Alabama Railroad
There was no equipment acquired by the South do North Alabama Railroad Company during the year.
-The difference between amounts shown as charged to Operating
Note.
Expenses on account of Renewals and the amounts shown as Renewals
in Table IX is due to credits to Renewal Accounts for Salvage from cars
destroyed, and on account of charges to other companies for cars destroyed
on their lines.
Locomotives.
L. & N. RR.
On hand July 1 '08
Bought and built_
Changed
Passenger Coach
erroneously reported destr'y'd
in 1907-08

846
10

24

1
582
1

7

8

849

On hand

9
573

1,527

42,168
23

2

695

104

672

41,473

106
1,421

248

50
50 -----

248
1

50

247

Destroyed
On hand

Roadway
Cars.
1,503

40,341
1,825
2

572
9

856

Changed
Destroyed, sold,
and transferred
from Equipm't
Roadway
to
Tools& Supplies

So. & No. Ala. RR.
On hand July 1 '08

Freight
Cars.

Passenger
Cars.

MAINTENANCE OF EQUIPMENT.
The average cost per mile for repairs to equipment for the past ten years has been as follows:
1809-1900. 1900-1001. 1901-1902. 1902-1903. 1903-1904. 1904-1%05 1905-1906. 1906-1907. 1907-1908. 1908-190
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
8.092
9.090
7.771
9.102
6.962
6.747
6.560
6.226
6.043
6.187
1.542
1.190
1.546
1.646
1.290
1.267
1.410
1.429
1.401
1.853
.745
.918
1.049
.865
.820
.889
.800
.700
.712
.675

Locomotive repairs, per mile
Passenger car repairs, per mile
Freight car repairs, per mile

All equipment of the Company is provided with both air brakes and automatic couplers, except freight equipment,
which is equipped complete with automatic couplers only. The number of freight cars equipped with air brakes is 40,753,
or 97.68%.
The following table shows the equipment on hand at the close of each of the past ten fiscal years:
LOUISVILLE

1
Locomotives
Passenger cars
Freight cars
Roadway cars




NASHVILLE RAILROAD AND OPERATED LINES.

1899-1900, 1900-1901. 1001-1002. 1902-1903. 1903-1904. 1904-1905. 1905-1906. 1906-1907. 1907-1908. 1908-1909.
_
896
865
899
705
745
676
605
557
589
563
572
559
573
535
515
501
471
447
462
456
41,720
40,589
36,633
39,528
30,905
33,241
28,118
23,402
24,880
23,663
1,452
1,503
1,421
1,289
1.149
779
705
525
586
534

[Vol, Lxxxix.

THE CHRONICLE

928

OPERATING REVENUES AND EXPENSES.

The Net Income amounted to $7,721,388 32, an increase of
$4,896,931 90 over the previous year, due to increase in
Operating Revenues and reduction in Operating Expenses.
All salaries of $3,000 and over per annum, which were
reduced in 1908, were restored to amounts previously in
effect.
REDUOTION OfGRADES. NASHVILLE TO HENDERSON.

Following the general plan for the reduction of grades
between Nahsville and Henderson, construction has been
commenced on a cut-off about five miles in length from Madison, Tenn., on the Main Stem, to Goodletts, Tenn., on the
Henderson Division. Besides reducing curvature and shortening distance, this cut-off will, between the points named,
reduce the grade to 1% compensated for curvature opposed
to northbound traffic and 0.8% compensated for curvature
opposed to southbound traffic.
LOUISVILLE & ATLANTIC RAILROAD.

In June 1909 the Company bought the entire capital stock
and all the bonds of the Louisville & Atlantic Railroad Company. The line of road extends from Versailles, Ky.,
through Nicholasville, Richmond, Irvine and Beattyville
to Beattyville Junction, a distance of 101.1 miles. Also,a
branch line about three miles long south of the Kentucky
River to Idamay, Ky., together with a bridge over the river
at Heidelberg; the branch line and the bridge being formerly
the property of the Kentucky Coal Development Company.
Control of the property was taken by this Company on July 1
1909, but the road will be operated for the present under the
organization of the Louivsille & Atlantic Railroad Company.
REDEMPTION OF FIVE-TWENTY COLLATERAL TRUST BONDS
AND SALE OF UNDERLYING SECURITIES.

On Jan. 28 1909 this Company, pursuant to the provisions
of the Trust Deed, called for redemptiorisland payment on
April 1 1009 the whole series of Louisville & Nashville Railroad Company Five-Twenty 4% Collateral Trust Bonds outstanding, viz.: $23,000,000.
The underlying securities of the par value of $29,864,000
consisting of
$18,200,000-L. & N. RR. Co. Unified 50-Year 4% Gold Bonds,
-Paducah & Memphis Div. 50-year 4% Gold Bonds.
4,619,000-L. ec N.
2.500,000-L. & N. Terminal Co. 50-year 4% Gold Bonds,
500,000-Pensacola & Atlantic RR. Co. 1st Mtge. 6% Gold Bonds,
4,045.000-South & North Ala. RR. Co. 5% Consol. Mtge. Bonds,

deposited as collateral for these bonds, were sold at an fiverage
price of ninety-nine and accrued interest, netting this Company $29,565,360, which provided for the redemption of the
Five-Twenty Collateral Trust Bonds and the payment of
the $6,500,000 Three-Year 5% Gold Notes due March 11910.
As of June 30 1909, $21,917,000 of the Collateral Trust
Bonds have been redeemed and $1,790,000 of the ThreeYear Notes purchased and canceled.
Attention is called to the report of the Comptroller for
the details of the year's business.
With deep regret the Board reports the death of Mr.
Attilla Cox, a Director of the Company since Oct. 2 1895.
The Board acknowledges the fidelity and efficiency with
which the officers and employees of the Company have served
its interests.
For the Board of Directors:
H. WALTERS, Chairman.
M. H. SMITH, President.
HASKINS & SELLS,.
CERTIFIED PUBLIC ACCOUNTANTS,
30 Broad Street, New York.

New York, September 28 1909.
Howy Walters, Esq., Chairman of the Board, Louisville de
Nashville Railroad Company, 71 Broadway, New York.
We have examined the books and accounts of the Louis
vine & Nashville Railroad Company for the fiscal year ended
June 30 1909, have verified all cash and security balances
by count or by comparison with receipts and certificates of
deposit, and have examined carefully all details of revenues
and expenses and all charges to capital accounts, and
We hereby certify that the accompanying General Balance
Sheet and statements of Income and Profit and Loss are
correct, and truthfully set forth, respectively, the financial
condition June 30 1909 and the results from the operation for
the period shown.
HASKINS & SELLS,

Certified Public Accountants.
REPORT OF THE COMPTROLLER.
ACCOUNTING DEPARTMENT, L. Fc N. RR. CO.

Louisville, Ky., September 28 1909.
Mr. M. H. Smith, President: ,
Dear Sir.
-I submit herewith statements showing the
financial condition of the Company, and the results from
operation for the year ended June 30 1909, as set forth in the
following tables:
I.
-Income Account.
No.
-Profit and Loss.
• No. .II.
-General Balance Sheet.
No. III.
-Bonded Debt and Estimated Interest Charges
7 No. IV.
for 1909-1910.
-Securities Owned by the Company.!
f: No. V.
-Cost of Road ancliEquipment.41
No. VI.




-Operating Revenues, Operating Expenses and
No. VII.
Net, by Months.
-Total Operating Revenues, Operating EXNo. VIII.
penses and Net.
-Operating Expenses, in Detail.
No. IX.
-Passenger and Freight statistics.
X.
No.
Very respectfully,
CHARLES HAYDON,
Comptroller.
-INCOME ACCOUNT.
TABLE NO. I.
Operating Income
Rail Operations
Operating Revenues
$45,124,424 75
Revenue from transportation
Revenue from operations other than
301,466 70
transportation
$45,425,891 45

Total operating revenues
Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses

5,257,037 79
7,832,021 25
999,655 40
14,587,773 40
951,011 64
29,627,499 48

Total operating expenses (65.22%)

15,798.301 97

Net operating revenues (34.78%)
Outside Operations
Revenues
Expenses

336,402 81
411,907 74
75,554 93

Deficit

$15,722,837 04
1.437,991 63

Total net revenues
Taxes
Operating income
Income from Rents
Clarksville & Princeton Branch
Paducah & Memphis Divi ion
Equipment
Various sources

$14,284,845 41
$12,030 70
206,506 20
141,903 96
72,171 08
-----2432,620 94

Income from Investments
Louisville & Nashville Terminal Co. Bonds _ _
Chicago Indianapolis & Louisville By. Stock_
Jackson Lumber Company Bonds
Nashville Chattanooga & St. L. fly. Stock_ _ _
Charleston Terminal Co. Bends
Louisville Property Co. Bond
Wholesale Merchants Warehouse Bonds
Sundry Bonds and Stocks
Interest from Various Sources

$69,965 75
230,700 81
21.000 00
358.880 00 '
12,000 00
74,513 80
16,541 67
43,764 04
8827,366 07
125,136 70
1,395,122 71
$15,679,969 12

From which Deduct
Charges against Income
Interest on bonded debt
Rents paid for lease of roads
Guaranteed dividend on Nashville & Decatur RR. stock
Rents of other roads

$5,995,012 79

$118,061 25
$6,531 83
$154,593 08

Rents for tracks. yards and other facilities (net)

$266,723 19
$6,416,329 06

Sinking Fund Charges
Direct payments for which no bonds are
received
Accrued premiums on bonds drawn for
sinking funds
Accrued interest on Company's bonds in
sinking funds
Additions and Bettesments

$129,800 00
55,800 00
78,701 67
8264,301 67
866.546 87
21,130,848 54 ,
4T7,547,177 69
$8,132,791 02

South & North Alabama RR. Co. surplus for year, included in above

41,032'

Net income transferred to the credit of Profit and Loss
27,721,388 32
Account

TABLE NO.II.
-PROFIT AND LOSS ACCOUNT.
CREDITS.
$19,015,050 38
Balance to credit of this account June 30 1908
Sinking Fund Payments for which no bonds are to be re129,800 Oil
ceived, charged to Income Account
78,701 67
Interest accrued on Company's Bonds in Sinking Funds
Amount charged South & North Alabama RR.Co. for rental
of equipment in work train and non-revenue service. July
34,264 18
1884 to June 30 1908
For amount of interest accruing on advances prior to July 1
10,911 98
1908
Adjustment of accounts with Glasgow By. Co., account er14,753 85
roneous credits in prior years
20,187 82
Sundry rentals accruing prior to July 1 1908
Amount of this ,Company's proportion of Income from Opera46,911 96
tions of the Georgia Railroad Lease
For adjustment of accounts of Georgia RR. Lease for prior
tsimo 111
years
Unpaid amounts on Audited Pay-rolls and Vouchers prior to
20,642 71
July 1 1904, closed ofI
f
25,420 02
Sundry credits and amounts realized - rom various sourcei.__
Net Surplus from operation for year ended June 30 1900.
7,721,388 32
transferred from Income Account
$27,180,941 90
DEBITS.
$5,644 95
Bonds purchased for Sinking Funds brought to par on Ledger
24,004 01
Premium on Three-year 5% Gold Notes purchased
Discount on Bonds sold during the year:
$182,000 00
Unified 50-year 4% Gold Bonds
46,190 00
Paducah Fe Memphis Division First Mtge. Gold Bonds_
0,000 00
Pensacola & Atlantic RR. First Mtge. Gold Bonds
25,000 00
Louisville & Nashville Terminal First Mtge. Gold Bonds
40,450 00
South & North Alabama RR. Consolidated 5% Bonds_ _
1,800 00
Atlanta Knoxville & Cincinnati Division 4% Bonds
$300,440 00
100,000 00
Reserve for depreciation of mine tracks
for lino
For amount of charges made in 1900 account survey
10,007 73
Phelans to Bessemer, North Alabama RR., closed ()IL__ _
1,500,000 00
For Cash Dividend,2%,payable Feb. 10 1009
1,800,000 00
For Cash Dividend. 3% payable Aug. 10 1909
9,318 06
'
Sundry debits from various sources
Balance to credit of Profit and Loss Account June 30 1909- 23,431,527 08
627,180,841M

929

THE CHRONICLE

WT. 9 1909.;

-GENERAL BALANCE SHEET.
TABLE NO. III.
ASSETS.
DR.
$169,304,201 48
Oost of Road. Equipment, &c. (Table VI.)
600,158 53
Estate. Quarry and Timber Lands
Real
788,204 47
Improvements and Betterments
Investments (Table V.)
Other Companies-In Treasury_$5,820,607 41
Bonds of
3,722,000 00
In Trusts and Sinking Funds
$9,542,607 41
-In Treasury$4,545,362 30
Stocks of Other Companies
11,612,305 85
In Trusts
$16,157,668 15Advances to Subsidiary Companies
Material and Supplies
Material in Private Sidings
Unlny. Sinking Funds and Dep. with Mortgage Trustees_ _
Stock in Louisv. Prop. Co. Held In Trust for Stockholders_ _
Louisville & Atlantic Railroad Purchase
Current Assets
$5,985,438 35
Cask on hand
00
Cash to pay 3-year 5% Gold NoteS due 1910 4,710,000 00
F. Bonds, due 1910.. 1,683,000
Gash to pay L. & N. S.
Cash to pay 5-20-Coll.Tr.Bds.due 1909,unpr. 1.083,000 00
2,000 00
Cash to pay Ala. & Fla. RR.first M. bonds
4,000 00
erCash to pay Mob. 6: Mont. fly. Inc. Bonds_
296,817 93
ir Cash on deposit to pay interest and dividends

25,700,275 56
4,804,427 77
3,697,634 04
997,686 54
25,733;44
35,200 00
1,050,000 00

113,764,256 28
664,874 63
Remittances in transit
724,849 15
from agents and conductors
Due
389,203 45
Traffic balances due from other companies
Bills receivable, less reserve for doubtful notes2,699,835 50
▪ Accounts receivable, less reserve for doubt
2,364,657 42-20,607,076 43
tel accounts
780,980 92
Accounts Awaiting Distribution
48,082 62
Reserve for this Co's Proportions
Unadjusted Claims, less
Contingent Assets
Ala. RR. 5% Cons. Gold Bonds
So. & No.
$7,292,000 00
out'g, endorsed by L. & N. RR Co
7,000 00
Bills payable endorsed by L. & N. RR. Co
Co. 50-yr. 4% G. Bondsout'g
L. & N. Term.
end. by L. & N. RR. and N. Ch. & St. L_ 2,500,000 00
Joint Notes Issued for Creation of Union Passenger Station Facilities at Memphis, Tenn. 1,080,000 00
10,879,000 00

CR.
LIABILITIES.
Capital Stock
.50.918,505 00
Full shares outstanding
720 00
Fractional shares outstanding
Original stock and subsequent Etock divi82,780 00
dends unissued
$60,000,000
129,778,500
Bonded Debt Outstanding (Table IV.)
Outstanding Scrip Account of Dividend payable in stock of
34,357 0
the Louisville Property Company
Current Liabilities
3-year 5% Gold Notes, due March 1 1910
$4,710,000 00
(unsecured)
1,170,100 00
Bonds due and unpaid (Table IV.)
88,278 89
Agents' drafts
$1,665,355 86
Pay-rolls-June 1909 audit unpaid
169,607 23
May 1909 and prior audits unpaid
$1.634.963 14
Bills payable-Issued for Creation Union
$120,000 00
Pass. Station Facilities, Memphis, Tenn
1,003,403 94
Vouchers and accounts payable
1,724,245 31
Interest and rental due and unpaid
751,452 49
Interest and rental accrued but not due_ _ _ _
78,500 00
Int. accr'd but not due on 3-year Gold Notes
Dividends due and unpaid
60,483 60
1,800,000 00
Dividend payable Aug. 10 1909
Taxes accrued but not paid
704,189 21
Unp'd mileage and excess bag'e coupons
139,164 74
Traffic balances due to other companies__ _
353,623 90
7,800 00-14,546,205 22
Other accounts accrued
Reserve Account
1,049,072 SO
Balance unexpended
500,000 00
Reserve Ace -Depr'n of Mine Tracks-amount unexpended
Contingent Liabilities
South & North Alabama RR. Co. 5% Consolidated Gold bonds outstanding, endorsed by Louisville & Nashville RPt. Co. 7,292,000 00
7,000 00
Bills payable endorsed by L. & N. FtR. Co_
L. & N. Terminal Co. 50-year 4% Gold First
2,500,000 00
Mortgage Bonds outstanding
Joint Notes Issued for Creation of Union
Pass.Station Facilities at Memphis,Tenn 1.080,000 00
10,879,000 00
Profit and Loss
23,431,527 OS
Excess of assets over liabilities

$240,218,661 80
Table V.
The Balance Sheet does not include bonds of the Company's issues which are owned and in its Treasury-for details see

1240,218,661 80

-BONDED DEBT LOUISVILLE & NASHVILLE RAILROAD CO. AND SUBSIDIARY LINES, AND
TABLE NO. IV.
ESTIMATED INTEREST CHARGES FOR YEAR 1909-1910.
(Including also Guaranteed Dividend on Stock Nashville & Decatur Railroad.)

MORTGAGES ON RAILROADS.

Authorized.

Issued.

---$
$
150,000
150,000
ellow River RR. 1st Mtg
2,400,000 2,400,000
3vans. Rend. & Nash. Div., 1st M., Gold
600,000
600,000
Mtg., Gold
'ensacola Division, First
ioutheast St. Louis Div., 1st Mtg., Gold- 3,500,000 3,500,000
3,000,000 3,000,000
'ens. 6: Atlantic RR., 1st Mtg., Gold__
_
5,000.000 5,000,000
iew On. & Mobile Div. let Mtg. Gold_
1,000,000 1,000,000
Mtg., Gold
gew Orleans do Mobile Inv., 2d
20,000,000 12,597,000
leneral Mortgage, Gold
309,000
500,000
['he Gallatin & Scottsville By., 1st M.,Gold
2,000,000 2,000,000
lenderson Bridge Co., 1st Mtg., Gold_
Gold.... 7,000,000 3,258,000
,,ou. Cin. & Lox, By. Gen'l Mtg.,
3,500,000 1,764,000
First Mortgage, litty-year, Gold
5,000,000 3,929,000
31rmingham Min. RR., 1st Mtg., Gold
2,096,000
2,500,000
gash. Flor. & Sher. Ry., 1st Mtg., Gold
3,150,000 3,150,000
Alabama Mineral RR. 1st Mtg., Gold., _ _ _
75,000,000 62,275,000
Unified, fifty-year Gold
1,500,000 1,400,000
gewp. & Cinc. Bridge Co., Gen. M., Gold
5,000,000 4,000,000
,.. & N. and H. & M. By., 1st Mtg., Gold
5,000,000 4,836,000
. " . & N., Pad. & Mem. Div., 1st Mtg.,Gold
1,500,000 1,000,000
Ltlanta Knox. ec Nor. Ry., let Mtg., Gold
50,000,000 21,702,000
ktlanta Knoxv. 6: Cine. Division, Gold
3,000,000 3,000,000
ioutheast dc St. Louis Div., 2d M., Gold
7,000,000 6,742,000
Kentucky Central By., let Mtg.. Gold
2,280,000 1,280,000
ktl. Knox.&Nor. fly., 1st Cons. M., Gold
209,580,000 150,988,000
Real Estate Mortgage.
650,000
617,000
it. Louis Property, 20-year, 1st M., Gold
Collateral Trust Bonds.
2,000,000
2,000,000
.
..oulsv. & Nashv. Sinking Fund, Gold_ __ _
7,000,000 5,129,000
qrst Mortgage Trust, Gold
-Sou., Monon Collateral Joint,
L. & N.
L. & N. Proportion, one-halt.... 7,750,000 5,913,500
Gold,

Estimated
Redeemed
Interest
InterOwned by Outstand'g
or Drawn
for Pay- L.& N.RR. in Hands of Maturity. est. Coupons Due. Charge for
Yr 1909-10.
%
Public.
Company.
ment.
$
10,000
1,025,000
255,000

$
140,000

880,000

97,000
6,000

6,386,000

25,000
309,000
718,000

Total Bonds due & unpaid. L. & N. RR_
fonds of Subsidiary Company Outstanding
Matured, Not Presented.
iashv. & Decatur RR., First Mortgage.
dortgages on Railroads Operated, Controlled
Through Ownership of Capital Stock.
lay Minette & Ft. Mor. RR. let M., Gold
)wensboro & Dimity. By.,1st Mtg., Gold
rforganfleid & Atlanta RR

15,000
3,929,000
100,000
3,150,000
4,384,000

5
6
6

Apr. 1, Oct. 1
May 1, Nov. 1

75,645
235,250

31,000

5,882,500 July 1 1952

4

Iasi. 1, July 1

235,300

60,000

712,000 12,276,Vg

546,195

0,413,000 25,456,000 129.778.500

5,711,000

1867
2,000
4,000 Jan 1 1890
1,000 Oct. 151893
2,000 Jan 1 1897
100 Oct. 1 1907
3,000 Dec. 1 1908
.
1,000 June 1 1908
75,000 June 1 1909
1,083,000 April 1 1909

.

1,170,100
8,60

I
uly 1 1900
4
4
4

Jan. 1, July 1
May 1. Nov.i
June 1, Dec. 1

2,000,000
708,000
1,920,000

April 1 1910
7,292,000 Aug. 1 1936
Aug. 1 1936

6
5
5

April 1, Oct. 1
Feb. 1. Aug. 1
Feb. 1, Aug. 1

4,628,000

7,292,000

225,000
1,200,000
500,000

3,000.000
1lfortgaee on Railroad Not Owned but
Operated by L. & N. Railroad.
lo. & No. Alabama RR., 2d Mtg., Gold__
2,000,000
frSo. & No. Alabama RR., Cons., Gold__ 10,000,000
io. & No. Alabama RR.,Imp.6%,Gold__
2,000,000

1,925,000

1,925,000

Total estimated int. charges, 1909-1 i

..,.

14,000,000 11,920,000

3,553,750

3,553,750

-.._

July 1 1930
Nov. 1 1931
June 1 1932

225,000
1,200,000
500,000

2,535,000

99,800

1,683,000 Apr. 1 1910
4,705,000 Nov. 1 1931

.

3,000,000

74,470
146,610
87,450

257,000
424,000

9,353,000 24,744,000 116,891,000
617,000 Mch. 1 1916

•

2,000,000
8,000,000
1,920,000

79,875
19,280
210,000
119,430
299,640
60,000
368,790

60,000

217,000
1,000
11,607,000
2,000
67,000
___- --780,000

500,000
2,000,000
500,000

Ifortgage on Property Not Owned But Operated by L. & N. Railroad.
: Lou. & Nash. Terminal Co., let M., Gold
itock on Which Dividend is Guaranteed.
gashvlilc & Decatur Railroad

$
Jan 1, July 1
June 1, Dec. 1
Mch. 1, Sept. 1
Mch. 1, Sept.1
Feb. 1, Aug. 1
Jan. 1, July I
Jan. 1, July I
June 1. Dec. 1
Jan 1, July 1
Mch. 1, Sept. 1
May 1, Nov. 1
May 1, Nov. 1
May 1, Nov. 1
Feb. 1. Aug. 1
Jan 1, July 1
Jan. 1, July 1
Jan. 1, July 1
Mch. 1, Sept. 1
Feb. 1, Aug. 1
June 1, Dec. 1
May 1, Nov. 1
Mch. I. Sept. 1
Jan. 1, July 1
Mch. 1, Sept. 1

2,314,960
63,000
180,000
184,760
49.950
397,800
89,940
268.200
20,000
--.---5,133,955
Meta. 1, Sept. 1
30,850

17,000

16,750,000 13,042,500
rotal Interest-Bearing Bonded Debt,
226,980,009 164,647,500
L. & N. MR. Co
3onds Outstanding, Matured or Drawn for
Sinking Funds, Not Presented.
klabama & Florida RR.(old Co.), 1st Mtg
dobile & Montgomery By.. Income Bonds
)ity of Lou., Lebanon Branch Extension
en. Ctn. & Lox, By., First Mtg
'...ou. Gin. & Lex. By., Second Mortgage_
'Wens. Heed. & Nash. Div., 1st M., Gold
2eneral Mortgage, Gold
)oneral Mortgage, Gold
?lye-Twenty Collateral Trust "1903" Issue

7,000

$
Jan. 1 1919 4
1,375,000 Dec. 1 1919 6
338,000 Mch. 1 1920 6
3,500,000 Mch. 1 1921 6
2,023,000 Aug. 1 1921 6
4,994,000 Jan. 1 1930 6
1,000,000 Jan. 1 1930 5
6,186,000 June 1 1930 6
July 1 1931 4
1,282,000 Sept. 1 1931 6
3,258,000 Nov. 1 1931 434
1,749,000 May 1 1937 5
Nov. 1 1937 6
1,996,000 Aug. 1 1937 5
July 1 1940 4
57,874,000 July I 1940 4
1,400,000 July 1 1945 434
4,000.000 Sept. 1 1945 434
4,819,000 Feb. 1 1946 4
999,000 Dec. 1 1946 5
10,095,000 May 1 1955 4
2,998,000 Mch. 1 1980 3
6,705,000 July 1 1987 4
500.000 Mch. 1 2002 4

_

35,000
1,979,600

.....___,_

.
-

2,500.000 Dec. 1 1952
1,574,150 Guaranteed
by L.&N.

364,600
364,600

4

June 1, Deo. 1

734 Jan. 1, July 1

ma
100.000
118,081
6,293,661

• Of the I.,. & N. proportion of the outstanding bonds of this issue, there are $1,464,000 which are registered as to both principal and interest,
and the interest thereon is payable quarterly, on Jan. 1, April 1, July 1 and Oct. 1.
1 Principal and interest guaranteed by Louisville 6: Nashville Railroad Company.
This property is eperffited jointly by this Company and the Nashville Chattanooga & St. Louis Railway, the principal and Intermit bang jointly
guaranteed by the two railroad companies.




930

THE CHRONICLE

VoL. Lxxxix.

TABLE NO. V.
-SECURITIES OWNED.
In Treasury.

In Trusts.
It 2*

"Es

In Sinking F'ds.

,? t
i

'44
7!3
2

,84q
vV-4
Other Issues.

L. & N. Issues.

BONDS.

-4 0

.
.
er)

•

zo4
'
t
g

a

Et1
-1.

3,150,000

3,150,000 3,929,000

*z! 1=4

140,000
7,000
97,000
25,000
309,00*
718,000
718,000
15,000
3,929,000
100,000
3,150,000
14,000 376,000
4,384,000
217,000
1,000
11,607,000
2,000
2,000
4,000 1,000 32,000
37,000
166,000
257,000
191,000
424,000
2,000

3,929,000

6,000

31,000
6,000

6,000

4,000 17,000 767,000 718,000 25,456,000

225,000
49,100
300,000
10,000
3,000
14,000
100,000
175,000
100,000
22,300
35,000
1,600,000
34,000
500,000
20,000
66,000
62,000
1,200,000
186,000
1,920,000

500,000

22,000
2,000,000

43,000
332,000
2,930

k.f., Total Bonds of other Companies_

Total.

$

16,865,000

Issues of Other Companies.
Bay Min. do Ft. M. RR. 1st M.,4% G_
'
Carrollton & WorthvilleRR. Co.. 5%_ _
Charleston Term. Co., 50-yr., 4%,Gold
Cent. Transfer By. & Storage Co., 5%
City of Bowling Green, 5%
Elkton & Guthrie RR., 1st Mtg., 5%
Frankfort & Cinc. By. 1st Mtg. 4%
Jackson Lumber Co., 5% Gold
Jackson Lumber Co., 6% Gold•
Jentfer Iron ec Coal Co., 2d Mortgage..
L. & N.Terminal Co., 50-year, Gold.470
Louisville Property Co., Gold, 4%
Monroe RR., 1st Mortgage, 4%
Morganfleld & Atlanta RR., 1st M. 4%
Muhlenberg County, Ky., 5% refunding
Nash. Chatta. do St. Louis Ry. Issues_
National Coal & Iron Co., 57
Owensboro & Nash. Ry., 1seMtg., 6%
So. & Nor. Ala. RR.,5% Con. M., Gold
So. & Nor. Ala. RR., Imp. 5%, Gold_
So. & Nor. Ala. RR., 2d M., 6% Gold
'
rilloss Iron & Steel Co., 1st Mtg., 6%..
Wholesale Merch. Warehouse Co., 57;
Sundry Other Bonds and Scrip

1-4
tO
e
83

O

Total L. & N. Issues (Table IV.)

1(t

Et;65

(`31,'4
(cjg
- 81
2, ,

!•E4

C,
3!

Louisville 4.4. Nashville Issues.
140,000
Yellow River RR., 1st Mtg.,4%
7,000
Pensacola Div., 1st Mtg., Gold, 6%
95,000
Pensacola & Atl., 1st Mtg., Gold, 6%.._
25,000
General Mortgage, Gold, 6%
309,000
Gallatin & Scottsv. By., 1st M., G.,4%
Henderson Bridge Co., 1st Mtg., 6%
First Mtg., 5%, 50-year Gold
15,000
Birmingham Mineral, 1st Mtg., 5%_ _ _ _
Nash. Flo. & She!., 1st Mtg., Gold, 5%
100,000
Alabama Mineral Railroad, 4%
Unified 50-year 4% Gold Mortgage_
3,994,000
& N.,P. & M. Div., 50-yr.4% G.,1st
217,000
Atl. Knox. & Nor., 1st M., 5%, Gold_ _
1,000
Atl. Knox. & eine. Div., 4% Gold_ _ _ _ 11,807,000
S. E. & St. L. Div., 2d Mtg., Gold, 3%
Kentucky Cent., 1st Mtg., Gold, 4%_
L. & N.,6% Sinking Fund, Gold
91,000
5% First Mortgage Trust, Gold
233,000
L. & N.
-Sou., Monon,Coll.,4% Joint
L. & N. one-half
31,000
New On. Mobile & Texas By., 6%

5

62
.13

i-I.
0
•v;

225,000
49,100
300,000
10,000
3,000
14,000
160,000
175,000
100,000
22,300
35,000
1,600;000
34,000
500,000
20,000
86,000
62,000
1,200;000
708,000
1,920,000
2,000,000
93,000
332,000
2,930

5,859,330

1,200,000

500,000 2,000,000

22,000

9,581,330

5,820,607

1,200,000

590.000 2.000.000

22,000

9,542,607

16,865,000 5,859,330 3,150,000 5,129,000

6,000 500.000 2,000.000

Ledger Value, as per Balance Sheet_
Total

4,000 17,000 789,000 718,000 35,037,330

For Stocks held by Central Trust Co., Trustee under Unified Mortgage, see below.
I Deceased,
In Treasury.

In Trusts.
Total

STOCKS.

„Egusta Belt Railway
,f4,ugusta Union Station Co
Augusta & Summerville Railroad
Atlantic Compress Co
Bay Minette & Ft. Morgan Railroad
Central Transfer Railway & Storage Co_
Chic. Ind. & Louisv. Ry., Pref. (one-half) _
Chic. Ind. & Louisv. By., Corn. (one-half)
Cincinnati Inter-Terminal RR. Co., Pref.
Colossal Cavern Co
Elkton & Guthrie Railroad
Frankfort & Cincinnati By. Co
Goodiettsville & Greenbrier Railroad
Gulf Transit Co
Kentucky Public Elevator Co., Common_
Long Branch Coal Railroad
Louisville & Nashville Terminal Co
Loutsv. Hend. & St. L. By., Preferred____
Louisv. Hend. & St. L. By.;Common__
Lexington Terminal Railroad (of Georgia)Lexington Union Station Co., Preferred..
Lexington Union Station Co., Common.
Madisonville Hartford & Eastern RR. Co__
Memphis Railroad Terminal Co
Milledgeville Railway
Missouri & Illinois Bridge & Belt Railroad_
Monroe Railroad
Morganneld & Atlanta Railroad Co
Nashville & Decatur Railroad
Nashville Chattanooga & St. Louis Ry____
Owensboro & Nashville Railway
Pine Mountain Railroad
Republic Iron & Steel Co., Preferred
Republic Iron & Steel Co., Common
South & North Alabama Railroad, Preferred
South & North Alabama Railroad, Common
South Carolina & Augusta Railroad
Son. Iron & Steel Co. Participation Certf_
Swan Creek Railway
St. Louis & Tennessee River Packet CO..
Terminal Rallroad Association of St. Louis..
Tennessee River Packet Co
Whitley Coal Co
Woodstock & Blocton Railway
Total Stocks in other Companies owned.._
Ledger Value as per Balance Sheet

Railroad Com- Sundry Other
panies ConRailroad
trolled by Lou. Companies.
N ashy.

*Central Trust Standard Trust Farmers' Loan
Co. Collateral Co. L. & N
ec. Trust Co.
Sundry Other for Unified 50- Sou.-Manon Collateral unCompanies.
Year 4%
Collateral
der N. 0. M.
Joint Bonds. & T. Mort.
Bonds.

*32,500 00
12,500 00
25,000 00
$25,900 00
$50,000 00
25,000 00

$1,936,700 00
4,898,45000

5,000 00
123,000 00
25,000 00
17,275 00
40,000 00
10,000 00
82,300 00
28,000 00
50,000 00
100,000 00
776,081 03
1,631,385 50
3,300 00
25,000 00
5,000 00
50,000 00
10,000 00
15,000 00
13,000 00
50,000 00
50,000 00
1,979,600 00
1,676,100 00
193,124 99
10,000 00

5,501,50000
963,400 00
46,100 00
46,100 00
2,000,000 00
1,127,400 00

7,533 33
5,000 00
25,000 00
50,000 00
27.700 00
205,800 00
25,200 00
48,300 00
120,000 00
$6,678,824 85

$687,375 00

3,986,86167

383,621 29

4379,600 00 $9,592,300 00 $6,835,150 00
174,879 84

• For Bombs held by Central Trust Co., Trustee under Unified Mortgage, see page 000.




5.606.272 23

6.006,033 62

$32,500 00
12,500 00
25,000 00
25,900 00
50,000 00
25,000 00
1,936,700 00
4,003,450 00
123,000 00
25,000 00
17,275 00
40,000 00
10,000 00
82,300 00
28,000 00
50,000 00
100,000 00
776,081 03
1,631,385 50
3,300 00
25,000 00
5,000 00
50,000 00
10,000 00
15,000 00
13,000 00
50,000 00
51,000 00
1,970,600 00
7,177,600 00
1,158,524 99
10,000 00
46,100 00
46,100 00
2,000,000 00
1,134,933 33
5,000 00
25,000 00
50,000 00
27.700 00
205,800 00
25,200 00
.
48,300 00
120,000 00
$24,173,249 85
16,157,668 15

931

THE CHRONICLE

OCT. 9 1909,

In Trusts.

/n Treasury.

Total

'Central Trust Standard Trust Farmers' Loan
Co. Collateral Co. L. 8e. N.- ec. Trust Co.
Sundry Other for Unified 50- Sou.
-Mon Collateral unYear 4%
der N. 0. M.
Companies.
Collateral
Bonds.
Joint Bonds. ec T Mortgages .

Railroad Corn- Sundry Other
Railroad
panics Controlled by Lou. Companies.
do Nashv.

STOCKS.

/ Add-Stocks charged to Cost or Road and
Equipment, with Trustees:
Henderson Belt Railroad
Southeast & St. Louis Railway
Pensacola Railroad
Loulsv. Cin. & Lexington Ry., Preferred
Louisv. Cin. & Lexington By., Common
Alabama Mineral Railroad
Louisville Railway Transfer
Mobile & Montgomery Railway
Shelby Railroad
Birmingham Mineral Railroad
New Orleans Mobile & Texas Railway
Nashville Florence & Sheffield By
Pontchartrain Railroad
Henderson Bridge Co

$19,750 00
980,000 00
285,000 00
1,500,000 00
985,000 00
1.969,000 00
100,000 00
2,939,700 00
589,256 00
2,412,600 00
3,985,000 00
615,000 00
711,800 00
501,000 00

219,750 00
980,000 00
285,000 00
1,500,000 00
985,000 00
1,969,000 00
100,000 00
2,939,700 00
589,256 00
2,412,800 00
3,985,000 00
615,000 00

'
'

$711,800 00
501,000 00
$887,375 00

$6,678,824 85

Total Stooks

$379,600 00 $26,473,606 00 86,835,150 00

$711,800 00 $41,766,355 85

of the Henderson Belt RR., Southeast .& St. Louis By. and
t These properties have been deeded to the L. & N. RR. Co., with the exception
Pontchartrain Railroad.

TABLE NO. VI.
-COST OF ROAD AND EQUIPMENT.
2168,510,650 38

The Cost of Road and Equipment June;30 1908 was
To which add the following:
Mobile & Montgomery Railway
Improvements and betterments at Montgomery
Atlanta Knoxville & Northern Railway
Expenditures for construction
Sundry expenditures for accounts prior to date ofitransfer of property to L. & N. RR.Co

$8,313 92
$19,917 83
148,917 31
$168,835 14
1,000 00- 161.833 14

Less CreditFor sale of property in Knox County, Tenn
North Alabama Railroad
Expenditures for construction-Skelton Creek Extension
For Sundry Expenditures on tile Following Divisions
Memphis Line
New Orleans & Mobile Division
Clarksville & Princeton Branch
Oneonta h Attalla Railroad
Shelby & Columbiana Railroad

636,173 58
2 00
1,500 00
70 00
504 04
1 00-

814,399 68

2,017 04-

3160,325,050 06
From which Deduct
Credits to the following Divisions:
Knoxville LaFolletto & Jellico Railroad
Sale of property in Knox County, Tenn
Less Charges
Expenditures for construction
Pensacola & Atlantic Railroad
Sale of property at Argyle, Fla

$22,543 60
1,725 02- $20,318 53
30 00-

20,848 58

$169,304,201 48

Total cost, as per Table No. III

TABLE NO. VII.
-GROSS OPERATING REVENUES, OPERATING EXPENSES, AND NET, BY MONTHS.
miles.]
during
14,398.37 Miles.

Express.

Mail.

Passenger.

Freight.

Months.

year 4,393.11

Average operated

..

Totals

$2,574,377 54
2,500,881 01
2,808,921 25
3,109,398 95
2,810,985 81
2,827,039 62
2,699,532 16
2,531,219 33
2,861,212 43
2,592,007 97
2,581,569 96
2,469,823 13

$891,036 89
943,245 22
926,157 41
851,212 61
789,221 11
895,051 12
807,853 20
761,488 29
802,191 72
765,166 53
807,512 35
822,398 57
$10,062,535 02

$854,800 35

Other Revenues
from Transportation.

Months.

385,947 94
314,493 56
74,142 52
14,181 10
•
82,985 26
16,187 42
107,105 93
21,668 00
18,635 44
107,897 69
14,890 99
116,666 29
110,741 4617,273 76
14,564 44
92,801 se
16,271 01
106,420 87
21,440 50
116,148 11
21,248.91
110,311 96
19,137 72
96,597 01

$70,342 86
70,466 75
70.275 44
73,558 61
71,420 29
71,140 21
71,275 57
71,210 69
71,284 41
71,289 03
71,256 58
71,279 91

$32,465,969 16

,
July 1908
Aug. '
Sept. "
Oct. "
Nov. "
Dec. "
Jan. 1909
Feb. '
March "
April "
May "
June "

Revenues from
Operations Other
than Transportation.

' Other Passenger
Train Revenue

$209,992 85

$1,207,766 94

Total Operating
Revenues.

Operating
Expenses.

Per Cent o
Expenses
to
Revenues.

Net Operating
Revenues,

121,367 60
17,376 17
27,492 22
42,045 34
30,425 95
25,600 74
23,450 54
22,013 03
29,024 49
30,251 87
30,551 22
23,752 26

Totals

$22,785 82
29,453 62
22,628 97
28,498 93
25,795 73
27,610 70
24,642 69
25,548 55
20,992 81
23,346 56
25,443 07
24,719 25

$3,680,352 21
3,649,746 39
3.954,647 97
4,323,488 37
3,863,382 02
3,978,008 67
3,754,769 38
3,518,846 23
3,007,397 74
3,619,650 57
3,647,894 05
3,527,707 85

$2,370,949 65
2,432,356 74
2,479,135 42
2,650,176 40
2,550,542 91
2,512,655 96
2,511,244 48
2,408,752 98
2,541,413 75
2,457,990 77
2,465,240 42
2,247,040 00

$1,309,402 56
1,217,389 65
1,475,512 55
1,673,311 97
1,312,839 11
1,465,352 71
1,243,524 90
1,110,093 25
1,365,983 99
1,161,669 80
1,182,653 63
1,280,667 85

64.42
66.64
62.69
61.29
66.02
63.16
66.88
68.45
65.04
67.91
67.58
63.70

$323,360 43

July 1908
Aug. "
Sept. "
Oct. "
Nov. "
Dec. "
Jam 1909
Feb. "
March"
April "
May "
Juno "

$301,466 70

*45,425,891 45

$29,627,499 48

$15,798,391 97

65.22

-GROSS OPERATING REVENUES, OPERATING EXPENSES, AND NET.
TABLE NO, VIII.
Per Cent of
Operating
Revenues.

Sources.

,
assenger revenue -------------------------------------------------------22,152
.372
Sxcess baggage revenue
.018
)arlor and chair ear revenue
dall revenue _ ___________________________________________________
1.882
.:xpress revenue----------------2,059
2.659
1111k revenue
.068
)ther passenger train revenue
.004
Total passenger train revenue
freight revenue __________________
Switching revenue
Special service train revenue
Aiscellaneous transportation revenue

____
'71.470
.590
.112
.010

Gross Operating
Revenues.

Net Operating
Revenues.

Operating
Expenses.

$10,062,535 02
169,072 06
8,002 90
854,800 35
1,207,766 94
31,066 21
1,851 68
$12,335,095 16
32,465,969 16
267.785 76
51,082 62
4.492 05

$4,888,938 93
10,284,625 91
267,785 76
51,082 62
4,492 05

$7,446,156 23
22,181,343 25

$45,124,424 75
Total revenue from transportation _
19,933 18
Station and train privileges
.044
35,366 76
Storage, freight
.078
5.144 01
.011
Storage, baggage.
139,298 91
.307
iar service
5,472 02
.012
Telegraph
21,979 21
.048
ients
12,407 50
.027
s
611scellaneouroint Facilities-Dr3,46853
65,333 64
.136 {
-Or
'obit Facilities
Total

revenue from operations other than transportation

Total operating revenues




19,933 18
35,366 76
5,144 01
139,298 91
5,472 02
21.979 21
12.407 50
3,468 53
65,333 64

*301.466 70
100.000

$45,425,891 45

$29,627,499 48

1

$18,798.391 97

THE CHRONICLE

932

[VOL. Lxxxix.
r10.

-OPERATING EXPENSES.
TABLE NO. IX.
EXPENDED FOR

Transportatice ExpensesTrain Supplies and Expenses-Freight
Train Supplies and Expenses
-Mixed
Interlockers and Block and Other Signals-Operation
Crossing Flagmen and Gatlemen
Drawbridge Operation
Clearing Wrecks
Telegraph and Telephone-Operation
Operating Floating Equipment
Express Service
Stationery and Printing
Other Expenses
Loss and Damage-Freight
Loss and Damage-Baggage
Damage to Property
Damage to Stock on Right of Way-Passenger
-Freight
Damage to Stock on Right of Way
Injuries to Perseths (not Employees)
-Passenger
Injuries to Persons (not Employees)-Freight
Injuries to Employees-Passenger
Injuries to Employees-Freight
Operating Joint Tracks and Facilities-Dr
Operating Joint Tracks and Facilities-Cr

Arnowni.
$177,740 82
2,218 48
18,425 28
71,574 64
26,315 36
54,979 52
73,332 08

Maintenance of Way and Sleusfores-Amounts.
Superintendence
$289,339 77
Ballast
1
13,512 83
Ballast-Extraordinary
8,833 14
Ties
811,316 92
Ties-Extraordinary
663 14
Rails
275,179 78
116,897 22
Rails-Extraordinary
76 46
15,042 56
Other Track Material
176,249 99
601,552 18
Other Track Material-Extraordinary
4,856 69
Roadway and Track
1,841,856 $2
116,611 45
Roadway and Track-Extraordinary
109,454 50
91,692 26
Roadway and Track-Assessments for Public Improvements
12,957 80
127,396 78
Cleaning Right of Way
116,608 80
109,211 78
Removal of Snow, Sand and be
108,738 18
4,955 16
Tunnels
86,334 23
32,724 04
Tunnels-Extraordinary
377 18
235,570 85
Bridges, Trestles and Outran:,
65,001 87
609,876 91
Bridges, Trestles and Culverts
-Extraordinary
8,966 85
Cr. 38,134 85
Over and Under Grade Crossings
15,192 95
Over and Under Grade Crossings
Total
-Extraordinary
114 57
$14,587,773 40
Grade Crossings, Cattle Guards and Signs
46,906 55
General Expenses
Grade Crossings, Cattle Guards and Signs
24 07 Salaries and Expenses of
-Extraordinary $114,706 29
Right of Way Fences
45,614 92 Salaries and Expenses of General Officers
420,556 96
Clerks and Attendants
Right of Way Fenees-Extaaordinary
102 30 General Office Supplies and Expenses
24,021 96
Snow and Sand Fences and Snowsheds
Law Expenses
264,939 15
Signals and Interlocking Plants
49,225 45 Insurance
868 19
Signals and Interlocking Plants-Extraordinary
Relief Department Expenses
Telegraph and Telephone Lines
9,736 12 Pensions
8,358 67
Telegraph and Telephone Lines
-Extraordinary
149 2$ Stationery and Printing
43,403 94
Electric Power Transmission
Other Expenses
70,067 52
Water Stations
34,309 55 General Administration Joint Tracks, Yards and Terminals
Fuel Stations
39.024 91
Dr.
6,836 27
Shops, Engine Houses, etc
108,045 10 General Administration Joint Tracks, Yards and TerminalsStation, Office and Other Buildings
267,644 01
Cr
Cr. 2,747 31
Buildings, Fixtures and Grounds-Extraordinary
18,579 28
Buildings, Fixtures and Grounds
-Assessments for Public
$951,011 64
Total
Improvements
8,887 31
Docks and Wharves
11,871 98
$29,627,499 48
Total Operating Expenses
Docks and Wharves
-Extraordinary
Roadway Tools and Supplies
47,506 71
Injuries to Persons
43,562 14
TABLE NO. X.
Stationery and Printing
15,282 84
Other Expenses
4,747 18
PASSENGER AND FREIGHT STATISTICS.
Maintaining Joint Tracks, Yards and Other Facilities-Dr_ _
211,720 61
Maintaining Joint Tracks, Yards and Other Facilities-Cr_ _ Cr. 164,262 75
TOTALS AND AVERAGES FOR THE YEAR COMPARED WITH
THE PREVIOUS YEAR.
Total
$5,257,037 79
Maintenance of Equipment
Superintendence
$255,999 19
P. C. of
Steam Locomotives-Repairs
Passenger Traffic.
Inc.( -I-)or
2,504,650 95
1008-1909.
1907-1908.
Steam Locomotives-Renewals
Dec.
•Cr. 5,272 66
Steam Locomotives-Depreciation
411,539 00
Electric Locomotives-Repairs
4,303.11
Mileage of road operated_ _a_
4,347.80
+1.0421
Electric Locomotives-Renewals
8,757,737
8,602,394
+1.8058
No. of miles run by rev.trains b_
Electric Locomotives-Depreciation
No. of miles run by cars
47,018,070
46,058.381
+2.0836
Passenger Train Cars
-Repairs
4.90
4.88
437,422 95 No. of cars in each train
+.4098
Passenger Train Cars-Renewals
9,886 30 No. of passengers carried
10,112,246
10,641,341
-4.9720
Passenger Train Cars-Depreciation
66,540 85 No. of miles each passenger was
2,508,830 93
Freight Train Cars-Repairs
carried
42.89
41.83
+2.5340
14,468 23 No. of passengers carried 1 mile 433,684,066
Freight Train Cars-Renewals
445,151,339
--2.5760
1,333,938 41 No. of passengers carried 1 mile
Freight Train Cars-Depreciation
per mile of road_
98,719
102,385
-3.5747
Electric Equipment of Cars-Repairs
No. of pass.carrieci in each train
45.20
47.13 -4.0950
Electric Equipment of Cars-Renewals
No. of pass. carried in each car_
14.15 -2.8975
Electric Equipment of Cars-Depreciation
13.74
Earnings from pass. trains_ _c_ $12,335,095.16 $12,725,556.47 -3.0683
Floating Equipment
-Repairs
Operating expenses, passenger.. 57,446,156.23 58,150,979.20 -8.6471
Floating Equipment
-Renewals
Floating Equipment-Depreciation
Net earnings from pass. trains_ $4,888,918.93 $4,574,577.27
+6.8719
Work Equipment-Repairs
30,480 21 Earnings per mile of road
$2,807,83
32,926.89 -4.0678
Work Equipment-Renewals
6,635 27 Expenses per mile of road
$1,694.96
51,874.73 -9.5891
Work Equipment-Depreciation
33,605 50 Net earnings per mile of road_ _
$1,112.86
$1,052.16
+5.7690
Shop Machinery and Tools
127,921 39 Earnings per revenue train mile cents 128.552 cents 134.732 -4.5868
Power Plant Equipment
Expenses per revenue train mile cents
77.601 cents
86.299 -10.0789
Injuries to Persons
50.951 cents
23,544 88 Net earnings per rev, train mile cents
48.433 + 5.1989
cents
26.235 cents
Stationery and Printing
25,462 31 Earnings per car mile
27.629 -5.0454
cents
15.837 cents
Other Expenses
17.697 -10.5102
3,979 54 Expenses per car mile
cents
10.398 cents
9.932 +4.6919
Maintaining Joint Equipment at Terminals-Dr
43,122 78 Net earnings per car mile
cents
d cents
99.51
99.53
Maintaining Joint Equipment at Terminals-Cr
Cr.
-.0201
824 78 Earnings per passenger
2.379 -2.4800
cents
2.320 cents
Earnings per pass. per mile
64.05 -5.7611
60.36
Total
*7,832,021 25 P. c. of exp. to pass. earnings.. _
Traffic Expenses
Freight Traffic.
Superintendence-Passenger
$68,404 38
16,367,659
-6.2106
Superintendence-Freight
196,076 81 No. of miles run by rev.trains e_ 15,351,129
No. of miles run by mixed rev137,098 66
Outside Agencies-Passenger
nue trains.. _ _ _ .
837,708
e
842,684
-.5005
-Freight
207,494 74
Outside Agencies
212,024,435
+3.6378
108,812 60 No. of miles run by cars, loaded 219,737,560
Advertising-Passenger
96,345,335
+4.0083
47 05 No. of miles run by cars, empty 100,207,160
Advertising-Freight
2,267 64 No. of miles run by cars,
Traffic Associations-Passenger
loaded and empty
._ _ 319,944,720
+3.7535
308,369,770
16,961 49
Traffic Associations-Freight
13.57
12.32 +10.1461
35,571 32 No, of cars loaded in each train
Fast Freight Lines
6.19
5.60 +10.5357
Industrial and Immigration Bureaus
33,756 55 No. of cars empty in each train_
Stationery and Printing-Passenger
29,843 95 No. of cars loaded and empty
In each train
19.76
17.92 +10.2678
Stationery and Printing-Freight
163,307 43
Other Expenses
12 78 Percentage of loaded car mileage to total car mileage
68.68
68.76
-.1163
Total
$999,655 40 Percentage of empty car mile+.2561
31.32
age to total car mileage
31.24
Transportation Expenses
+4.9338
No. of tons carried
24,403,952
23,256,502
Superintendence
$241,028 55 No. of tons carried 1 mile
+5.8610
4,255,981,335 4,020,348,694
Dispatching Trains
320,672 23 No. of tons carried 1 mile per
Station Employees-Passenger
396,793 66
+4.7691
mile of road
968,785
924,686
Station Employees
-Freight
1,680,026 89 No. of miles each ton was car'd
+.8850
172.87
174.40
Weighing and Car Service Associations
69,993 45 No, of tons In each train
233.60 +12.5430
262.90
Coal and Ore Docks
18.96
+2.1090
No. of tons in each loaded car_
19.36
Station Supplies and Expenses
137,872 32 No. of tons in each loaded and
Yardmasters and their Clerks
260,953 71
13,04
+1.9938
empty car
13.30
Yard Conductors and Brakemen
654,568 93 Earns, from freight rev. trains_ $32,465,969.16 $31,334,940.76
+3.6095
Yard Switch and Signal Tenders
43,247 02 Operating expenses, freight_ _ _ 522,181,343.25 $25,443,311.85 -12.8205
Yard Supplies and Expenses
27,070 58 Net earnings from freight revYard Enginemen
365,535 70
$5,891,628.91 +74.5633
$10,284,625.91
enue trains
Engine House Expenses
-Yard
111,924 04 Earnings per mile of road
$7,207.08
+2.5408
$7,390.20
Fuel for Yard Locomotives
259,911 28 Expenses per mile of road_
$5,852.00 -13.7198
*5,049.12
Water for Yard Locomotives
23,007 87 Net earnings per mile of road._
$1.355.08 +72.7632
$2,341.08
Lubricants for Yard Locomotives
7,900 12 Earnings per revenue train mile cents 200.545 cents 182.070 +10.1471
Other Supplies for Yard Locomotives
7,566 43 Expenses per revenue train mile cents 137.016 cents 147.837 -7.3195
Operating Joint Yards and Terminals
-Dr
738,124 48 Net earnings per rev, train mile cents
63.529 cents
34.233 +85.5782
Operating Joint Yards and Terminals-Cr
Cr. 86,116 99 Earnings per car mile
10.147 cents
10.161 -.1377
cents
Motormen
6.932 cents
cents
Expenses per car mile,
8.251 -15.9859
Road Engtnemen-Passenger
502,923 74 Net earnings per car mile
3.214 cents
cents
1.910 +68.2722
Road Enginemen-Freight
1,313,723 98 Earnings per ton
cents 133.036 cents 134.736 -1.2817
Road Enginemen-Mixed
69,905 34 Expenses per ton..
cents
90.892 cents 100.403 -16.9200
Engine House Expenses
458,604 94 Net earnings per ton
-Road
cents
42.143 cents
25.333 +66.3561
Fuel for Road Locomotives
-Passenger
558,614 34 Earnings per ton per mile
cents
.763 cents
.779 -2.0539
Fuel for Road Locomotives-Freight
1,710,333 76 Expenses per ton per mile_ _ _ cents
521 cents
.632 -17.5633
Fuel for Road Locomotives
-Mixed
74,216 21 Net earnings per ton per mile_ cents
.147 +64.6258
.242 cents
Water for Road Locomotives
168,066 41 P. C. of exp. to freight earnings
81.20 -15.8621
68.32
Lubricants for Road Locomotives,
18,864 44
-Passenger
Lubricants for Road Locomotives-Freight
46,195 73
Total All Traffic.
Lubricants for Road Locomotives-Mixed
1,707 68 Gross earnings per mile of road
Other Supplies for Road Locomotives-Passenger
18,573 79
$10,340.25
-Pass., frt. and misc
$10,262.72
+.7554
Other Supplies for Read Locomotives
52,507 12 Operating exp. per mile of road
-Freight
6,744.08
7,726.73 -6.6787
Other Supplies for Road Locomotives-Mixed
1,285 40 Net earnings per ntile of road
3,506.17
2,535.90 +41.8054
Operating Power Plants
Purchased Power
Road Trainmen-Passenger
418,018 94
a Mileage of road operated shows average length operated during each
Road Trainmen-Freight
1,552,776 47 fiscal year.
Road Trainmen-Mixed
75,641 91
b Mlles run by mixed revenue trains should be added to Passenger Train
Train Supplies and Expenses
302,529 42 Mileage in arriving at results per train mile of Passenger Traffic.
c Includes mall, express, excess baggage and train privileges.
-Steam Locomotives-Renewals is due
Credit balance in Account 47
d Excludes mall, express, excess baggage and train privileges.
to excess of value of scrap credited to this account over depreciated values,
e Miles run by mixed revenue trains should be added to Freight Train
as per inventory, of locomotives destroyed during the year.
Mileage in arriving at results per train mile of Freight Traffic.




(-).

933

THE CHRONICLE

OCT. 9 19Wi

THE COLORADO Get SOUTHERN RAILWAY COMPANY.
-FOR TH,E FISCAL YEAR ENDED JUNE 30 1900.
TENTH ANNUAL REPORT
Colorado & Southern Lines
Composed of The Colorado & Southern Railway
Company, The Colorado Railroad Company, The Denver
& Interurban Railroad Company, The Colorado Springs &
Cripple Creek District Railway Co., Fort Worth & Denver
City Railway Co., The Wichita Valley Railway Co., Wichita
Falls & Oklahoma Railway Co., Wichita Valley Railroad
Co., Abilene & Northern Railway Co., Fort Worth & Denver
Terminal Railway Co.
Chicago, July 1st 1909.
To the Stockholders of the Colorado & Southern Railway Co.:
Herewith is submitted the Tenth Annual Report of this
Company for the year ended June 30th 1909.
There are included the reports of A. D. Parker, VicePresident, and J. H. Bradbury, General Auditor.
By order of the Board of Directors,
GEORGE B. HARRIS,
President.
Denver, Colo., July 1st 1909.
Mr. George B. Harris, President, Chicago, Ill.
-I herewith submit the report for the fiscal year
Dear Sir:
ended June 30 1909, which report combines the operations
and affairs of the lines operated by the companies named, and
which are herein designated as the "Colorado & Southern
Lines":
REVENUES AND EXPENSES OF ALL ROADS COMPRISING THE
COLORADO & SOUTHERN LINES FOR YEARS
ENDING JUNE 30TH.
1908.
Operating Revenues.
1909.
510,011,748 85
Freight
$10,600,743 01
3,549,887 58
Passenger
3,756,694 54
161,36702
Mail
169,480 84
264,315 52
Express
266,644 76
295,814 26
Miscellaneous
286,889 02
$14,283,133 23

Total

$15,080,412 17

Operating Expenses.
$2,135,735 86_ _ _ _Maintenance of Way and Structures..
Maintenance of Equipment
2,447,906 42
Traffic Expenses
277,683 79
Transportation Expenses
26
4,838,675
General Expenses
525,706 28

$9,542,809 41

$4,854,724 56

Net Operating Revenues
Outside Operations, Net.

$4,740,323 82

Dr. $2,406 39
21 80
Dr.
Dr. 4,706 71

Hotels
Stock Yards
Dining Cars

Dr.

$589 08

Cr.

0,054 81

Cr.

Total
Taxes

Dr. $7,134 90
393,906 78

$5,465 73
407,101 44

$4,338,688 11
Operating Income
$4,453,682 90
Rents Balance, Income from Securities
296,273 46
78___owned, Other Income and Interest
466,701
$4,634,961 57

Total Corporate Income

$4,920,384 68

Charges.
Interest (on Bonds, Deferred Rentals and
Equipment Leases)
$2,683,682 13
Sinking Funds
$7,843 38
Total Charges
$2,721,525 51

$2,463,058 25
58,571 45
$2,521,629 70
$2.113,331 87

Net Corporate Income

$2,198,859 17

Dividends.
$340,000 00
340,000 00
620,000 00

4% First Preferred Stock 4%
4% Second Preferred Stock 4%
2% Common Stock

$340,000 00
340,000 00
$680,000 00

$1,300,000 00
$898,859 17

$1,433,331 87

Surplus

This Company owns a beneficial interest in one-half of the
total Capital Stock of The Colorado Midland Railway Company and also owns ono-half of the Capital Stock of The
Trinity & Brazos Valley Railway Company. The results of
the operations of those properties for the years ended
June 30th are:
1909.
547,086 74 (Deficit) The Colo. Midland fly. Co.(Surplus)
The Trinity & Brazos Valley fly. Co.
(Deficit)
902,023 85 (Deficit)
$949,110 59 (Deficit)

Total

1008.
$22,317 78
1,179,324 27

(Deficit) $1,157,006 49

Deducting one-half of this deficit from the surplus of the
Colorado & Southern Lines, the result is:
1909.
$424,303 88 (Surplus) Colo. & Southern System (Surplus)

1908.
$854,828 62

The percentage of Operating Revenues required for Operating Expenses was 67.81% as compared with 66.81%
in the previous year, and the proportion of income required
for interest was 54.54%, as compared with 53.12% in the
previous year.




Total
South of Denver:
Pueblo District
Trinidad District
New Mexico District

Narrow
Gauge.

141.10
15.40
6.23

Total.

50.70
96.13
74.36
164.75

141.10
66.10
102.36
74.36
164.75
153.66

385.94

702.35

153.68
316.41

134.06
55.33
150.15

134.05
55.33
150.13

339.51
Total
Colorado Railroad, operated by The Colo37.79
rado & Southern Railway Company..
Walsenburg & Western Railway, operated
by The Colorado & Southern Railway
1.35
Company
Lines Operated Under Trackage Rights:
58.65
Denver & Rio Grande Railroad
106.35
Union Pacific Railroad

339.51
41.55

3.76

1.35
58.65
106.35

860.06
Total
27.05
Denver et Interurban Railroad
Colorado Springs & Cripple Creek Distriet
74.30
Railway
454.14
Fort Worth & Denver City Railway
Wichita Valley Lines
52.20
Wichita Valley Railway
22.80
Wichita Falls & Oklahoma Railway
60.70
Wichita Valley Railroad
38.70
Abilene & Northern Railway
1,589.95

389.70

712.82
165.30
83.29
628.54

389.70

1,589.95

1,249.76
27.06

389.70

389.70

Total Mileage
Mileage in Colorado
Mileage in Wyoming
Mileage in New Mexico
Mileage in Texas
Total

74.30
454.14
52.20
22.80
60.70
38.70
1,979.66

1,979.65

This is an increase of 27.17 miles over the operated mileage of June 30 1908, accounted for as follows:
Added to "Colorado tic Southern Lines" July 1 1908:
The Denver & Interurban Railroad Company
The Walsenburg & Western Railway Company
Colorado & Southern Railway changes:
Revision of mileage Clear Creek District
Change of line Gunnison District
New construction Colorado Railroad__

27.05 miles
1.35 "
.12 "
.24 "
3.76 "
32.62 miles

$1,991,786 63
2,078,717 32
276,0.69 03
4,649,515 65
546,720 78

Total

$10,225,887 81

MILEAGB JUNE 30 1909.
Standard
Gauge.

Colorado & Southern RailwayNorth and West of Denver:
Fort Collins District
Clear Creek District
Platte Canon District
Leadville District
Gunnison District
Wyoming District

Less:
Colorado & Southern Railway changes:
.42
Balance of Pets Branch
4.01
Stout Branch
Union Pacific Railroad, change of line Denver to
.92
Cheyenne
Increase in operated mileage for the year
BOND ISSUES.

5.35 miles
27.17 miles

During the year Refunding and Extension Mortgage
bonds of this Company were issued to cover expenditures for:
$769 12
Securities of The Colorado Railroad Company
225,831 08
Securities of The Denver & Interurban Railroad Company. _
63,520 46
Securities of Fort Worth & Denver City Railway Company_
1,067,815 00
Additions and Betterments for the calendar year 1909
$1,357,735 66

From proceeds of the sale of securities pledged with the
trustee Refunding and Extension Mortgage bonds of the
face value of $62,100 00 were redeemed and canceled.
Under the provision of the Second Mortgage of The Colorado Springs & Cripple Creek District Railway Company,
which allowed the retirement of the bonds at par after
April 11908, the Company deemed it wise to purchase the
balance of these bonds outstanding from the holders, and
they are now held in the Treasury of The Colorado Springs
& Cripple Creek District Railway Company.
Fort Worth & Denver City Railway Company took up
equipment trust notes to the amount of $127,162 08, which
had been placed under the Refunding and Extension Mortgage, and the amount of the principal obtained was used
for improvements of a like amount on the Colorado &
Southern Lines.
THE TRINITY & BRAZOS VALLEY RAILWAY.

Considerable sums have been advanced to cover the deficit
in operations and for construction and improvement work.
The business has increased materially and in consequence
The Colorado & Southern Railway Company has not been
called upon to make so large outlays as heretofore. There
appears to be reason to expect further improvement and
eventually profit.
In October 1908 The Trinity & Brazos Valley Railway
Company secured from The Chicago Rock Island & Gulf
Railway Company terminal facilities at North Fort Worth
and trackage rights between Fort Worth and Dallas, thus
increasing its operated mileage by 33.49 miles and affording
increased facilities for handling through business.
Securities were issued on that portion of the property of
Houston Belt & Terminal Railway Company which was
valued by the Railroad Commission of the State of Texas,
and The Colorado & Southern Railway Company and The
Chicago Rock Island & Pacific Railway Company were roimbursed for advances that they had theretofore made for
construction of the Houston Terminals.

634

THE CHRONICLE

Through valuation by the Railroad Commission of the
State of Texas of the property of Galveston Terminal Railway Company and the issuance of its securities, The Colorado
& Southern Railway Company and The Chicago Rock Island
& Pacific, Railway Company were reimbursed for their
advances.
THE DENVER 6: INTERURBAN RAILROAD.

Mention was made in the last annual report of the Denver
& Interurban Railroad, which was completed at the end of
the last fiscal year, the operation of which since July 1 1908
is included in this report. The Denver & Interurban Railroad, which is entirely a passenger line, comprises a local
street car line in Fort Collins, Colorado, of 6.78 miles and a
line from Globeville to Boulder, Colorado, running over its
own tracks to Semper and over leased tracks of the Colorado
& Southern Railway to Louisville Junction and from Louisville Junction via Louisville and via Marshall .to Boulder.
It owns also a line from Marshall to Eldorado Springs. The
Denver & Interurban Railroad Company, by contract with
The Denver City Tramway Company, has trackage rights
from Globeville to the center of the city of Denver.
THE STAMFORD & NORTHWESTERN RAILWAY.

The construction of the Stamford & Northwestern Railway was begun in January of this year. This line extends
from Stamford, Texas, on the Wichita Valley Railroad,
northwesterly to the middle of Dickens County, about 82.5
miles, with its terminus in the center of a large tract of excellent farm land. Railroad facilities are furnished also to
the intermediate country, which had been partially developed
heretofore. The Colorado & Southern Railway Company
is advancing the funds for this construction. It is hoped
to have sixty miles in operation in the near future and the
entire lino completed between October 15th and 30th of
this year.
IMPROVEMENT WORK.

During the year there were $31,208 48 charged to ballast
work on the Fort Collins District of the Colorado & Southern
Railway.
On the Fort Worth & Denver City Railway the work of
ballasting was continued during the year. There were expended $596,960 22, representing 73.26 miles of rock ballast
and 89.38 miles of gravel ballast, or a total of 162.64 miles.
This makes, up to June 30 1909, 101.78 miles of rock ballast
and 199.53 miles of gravel ballast, or a total of 301.31 miles
ballasted. The ballast work is still going on, and it is expected that it will be completed in the time promised in the
preVious report, namely June 30 1910.
During the year 77.18 miles of 85-pound steel (replacing
85-pound steel), with tie plates, were laid in the main line
of the Fort Worth dr Denver City Railway (at a cost of $173,531 85) from mile-post 43.56 to mile-post 120.74. The
difference between the weight of the 85-pound and the 65pound steel, together with the tie plates, was charged to
Additions and Betterments and appears in the statement
on page 19[pamphlet].
The program adopted some years ago whereby permanent
bridges are being substituted for wooden ones still continues.
The excess cost of new structures over the cost of replacing
In kind the existing ones has been charged to Additions and
Betterments and amounted to $60,953 68 on the Colorado
& Southern Railway and $144,378 86 on the Fort Worth &
Denver City Railway.
On May 16 1908 the machine, blacksmith and boiler shops
at Childress, Texas, were destroyed by fire. The rebuilt
shops were much enlarged to take care of growing necessities
and were equipped with additional individual motor-driven
machinery. The installation of a heating plant, the additional machinery and equipping of machines with individual
electric motors, together with increased size of the buildings,
created an excess cost of $55,007 56. A fire protection system was also installed at Childress during the year at a cost
of $16,942 08.
A detailed statement of Additions and Betterments on the
Colorado & Southern Lines is shown on pages 18 and 19 of
pamphlet report.
NEW EQUIPMENT.

There has been very little change in new equipment during the year. Thirteen locomotives, which were referred
to in the last annual report, were purchased for Fort Worth
& Denver City Railway Company and delivered by the
builders in the early part of the fiscal year. These locomotives were purchased under agreement trust providing
for partial payment notes after 20 per cent cash payment
on delivery was made, as follows:
Cash
Notes

946,603 70
128,830 00

Of the notes, $24,850 00 have been paid during the year.
Pour dining cars were also added to the equipment; one for
The Colorado & Southern Railway Company and three for
Fort Worth & Denver City Railway Company. These were
built at the Pullman Company's shops in Chicago and were
purchased out of Equipment Renewal Reserve. There were
built at The Colorado & Southern Railway Company's shops
at Denver twenty narrow-gauge refrigerator cars, which
were also charged to Equipment Renewal Reserve.
Respectfully submitted,
A. D. PARKER,
Vice-President




[VOL. 1,Xxxix.

REVENUES AND EXPENSES FOR THE FISCAL YEAR ENDED
JUNE 30 1909, COMPARED WITH JUNE 301005.
Percent of
Operating Revenuss.
Increase(+)

Operating RevenuesFreight
$10,600,743 01
Passenger
3,756,694 54
Other Operating Revenues
722,974 62

This
Year.
70.29
24.91
4.80

Last
Year.
70.09
24.86
5.05

Decrease(-)
+1588,994 16
+206,806 96
+1,47782

Total Operating Rev's_ _$15,080,412 17

100.00

100.00

+$797,278 94

Operating Expenses
Maintenance of Way and
Structures
$2,135,735 86
Maintenance of Equipment 2,447,906 42
Traffic
277,663 79
Transportation
4,838,675 26
General
525,706 28

14.16
16.23
1.84
32.09
3.49

13.95
14.55
1.93
32.55
3.83

+143,949 23
+369,189 10
+1,594 76
+ 189,150 61
-21,014 50

Total Operating Expen's$10,225,687 61
Net Operating Revenues

$4,854,724 56

Outside Operations, Net
Hotels
Dr.
Stock Yards
Dr.
Dining Cars
Dr.

Or

67.81

06.81. +1682,87820

32.19

33.19

±1114,40074

$2,40639
21 80
4,70671

Net Deficit Outside Op$7,134 90
. . erations
Total Net Revenue_ __ _ $4,847,589 66
Taxes
393,906 76

-$1,817 31-21 80
-10,761 52
.05

.04

-$12,600 63

32.14
2.61

33.23
2.85

+8101,800 11
--13,194 68

Operating Income
$4,453,682 90
29.53
30.38 +$114,994 79
Average Miles Operated...
1 ,979.63
+47.92
-For the purpose of comparison, last year's figures have been reNote.
vised to conform to the Inter-State Commerce Commission Supplemental
Classifications, effective July 1st 1908.
STATEMENT OF INCOME ACCOUNT FOR THE FISCAL YEAR
ENDED JUNE 30 1909.
Operating Income (see page 12 of report)_ _ _ _ 94,453,682 90
Add:
Interest, Discount
and Exchange_ _
$123,787 10
Income from Investments
547,71475 $671,501 85
less:
Hire of Equipment_ $155,688 56
48,977 78
Rentals
133 73
Miscellaneous

204,800 07

Balance Available for Interest
Less:
Interest on First Mtg.
4% Bonds, C. Fc
$775,940 00
S. Ry. Co
Interest on Refunding and Extension
Mtg. 4;i% Bonds,
C. & S. Ry. Co_ _1,061,950 11
Interest on First Mtg.
5% Bonds, C. S.
&.C. C. D. Ry.Co. 85,979,59
Interest on 2d Mtg.
5% Bonds, C. S.
& C. C. D. Ry.Co.
6,754 53
Interest on First Consolidated Mtg. 5%
Bonds, C. S. & C.
C. D. Ry. Co
68,949 99
Interest on First Mtg.
6% Bonds, F. W.
& D. C. Ry. Co.. 490,470 00
Interest on First Mtg
6% Bonds, F. W.
ev D. T. Ry. Co_.. 18,000 00
Payment by F. W.60
D. C. Ry Co. under"StampedStock"
agreement of October 12 1895
1,11279
Fiscal Year's Proportion of Interest on
Equipment Bonds 43,650 00
Fiscal Year's Proportion of Interest on
Deferred Rentals
under Equipment
86,926 52
rs
Interest on Other
Obligations
43,948 60

480.701 711
$4,920,384 68

$2,683,082 19

Sinking Fund Provisions under First Mortgage C. S. & C. C. D. Ky. Co

37,843 38 2,721,525 51

Net Corporate Income for the Fiscal Year ended June 30'09 $2,198,859 17
Dividends paid on:
First Preferred Stock C. & S. Ry. Co.
Dividend No. 14,
paid Oct. 1 1908_ $170,000 00
Dividend No. 15,
paid April 1 1909 170,000 00
Second preferred Stock, C. & S. Ry. Co.
Dividend No. 4,
paid Oct. 1 1908_ 170,000,00
Dividend No. 5,
paid April 1 1909 170,000 00
Common Stock, C. & S. Ry. Co.
Dividend No. 1,
paid Dec.15 1908 620,000 00
1,300,000 09
Surplus for the Fiscal Yeas ended June 30 1909 Carried to
Profit and Loss

$898,859 17

STATEMENT OF PROFIT AND LOSS ACCOUNT.
Balance to Credit of Profit and Loss June 30'08 $6,538,851 70
Account SinkingFund
Provisions, C. S.
& C. C. D. First
$37,843 $8
Mortgage
Miscellaneous Prof105,738 428143,581 80
Rs, etc
Less: Uncollectible
Accounts
$11,583 95
Deficit on TheDenver & Interurban RR. Co.
prior to July 1
1908
1,859 53

13,443 48

130,118 VI 6,668,990 02

Balance to Credit of Profit and Loss Juno 30 1909

17,567,819 19

OCT. 9 1909.]

THE CHRONICLE

935

STATEMENT OF MISCELLANEOUS SECURITIES, CARRIED ON
BALANCE SHEET AS "SECURITIES OF OTHER COMPANIES," AT COST VALUE OF $11,872,009 45.
Total.
Par Value.
StocksThe Colorado Midland Ry. Co. Preferred Stock
(beneficial interest in one-half of $4,954,$2,477,400 00
800 00, par Value)
The Colorado Midland By. Co. Common Stock
(beneficial interest in one-half of $3,420,1,710,100 00
200 00, par value)
The Trinity & Brazos Valley Ry. Co. Capital
303,100 00
Stock
199,950 00
The Gilpin RR. Co. Capital Stock
The Union Depot & Ry. Co., Denver, Capital
80,000 00
Stock
The Pueblo Union Depot dc RR. Co. Capital
23,320 00
Stock and Sinking Fund
288,400 00
Miscellaneous Stocks
$5,082,270 00
Bonds
The Trinity & Brazos Valley Ry. Co. First
$8,760,000 00
Mortgage Bonds
176,000 00
Other Bonds
8,936,000 00
Miscellaneous
The Trinity & Brazos Valley By. Co. Certificates of Indebt1,443,956 41
edness

LIABILITIES.
Capital Stock (See page 2? of pamphlet report)
First Preferred, The Colorado & Southern
Railway Co
$8,500,000 00
Second Preferred, The Colorado & Southern
Railway Co
8,500,000 00
Common, The Colorado &
Southern Railway Co
$31,000,000 00
Common, The Colorado Spr'gs
& Cripple Creek District
Railway Co
900 00
The Colorado Railroad Co_ ___
500 00
The Denver & Interurban
Railroad Co
700 00
Fort Worth & Denver City
Railway Co., including $30,972 00 "Stamped"
32,822 00
The Wichita Valley Rwy. Co_
900 00
Wichita Falls & Oklahoma
Railway Co
900 00
Wichita Valley Railroad Co
900 00
Abilene & Northern Ry. Co_
900 00
Fort Worth & Denver Terminal Railway Co
900 00
314039,422 00
$48,039,422 00
Funded Debt (See page 22 of pamphlet report)
First Mortgage 4% Bonds, The Colorado &
$15,462,226 41
Total
Southern Railway Co
$19,402,000 00
Refunding and Extension Mortgage 04%
Bonds, The Colorado & Southern Railway
BALANCE SHEET JUNE 30 1909.
Co
26,405,751 71
ASSETS.
First Mortgage 5% Bonds, The Colorado Sp'gs
& Cripple Creek District Railway Co
Cost of Road and Equipment, including Discount on Securi1,706,000 00
$86,321,652 69 Second Mortgage 5% Bonds, The Colorado
ties
Springs & Cripple Creek District Railway
Improvements (see pages 18 and 19 of pamphlet report)_ _ _ _ 4,255,998 03
Co
9,236,065 58
New Equipment (see page 20 of pamphlet report)
180,000 00
First Consolidated Mortgage 5% Bonds. The
Current Assets$561,567 50.
Colorado Springs do Cripple Creek District
Oash
Railway Co
1,379,000 00
Cash to pay Coupons and Divi131,362 14
First Mortgage 6% Bonds, Fort Worth &
dends
Denver City Railway Co
521,814 73
8,176,000 00
Individuals and Companies
First Mortgage 6% Bonds, Fort Worth &
247,268 22
Agents and Conductors
Denver Terminal Railway Co
37,414 97
728,000 00
United States Government
57,976,751 71
Foreign Roads-Traffic Balances 220,256 72
Equipment Bonds, Series "A," The Colorado
5,411 17
Unadjusted Paid Claims
& Southern Railway Co_
25,864 40
Insurance Paid in Advance
$822,000 00
Equipment Lease, Series "Pullman," The
$1,750,959 85
Colorado & Southern Railway Co., DeMaterials and Supplies
1,075,534 05
ferred Rentals
Refunding and Extension Mortgage Bonds of
211,000 08
Equipment Lease Series "A," Fort Worth &
The Colorado & Southern Railway Co. in
Treasury, par value
Denver City Railway Co. Deferred Rentals_
390,000 00
1,439,036 71
Second Mortgage Bonds of The Colorado
Equipment Lease, Series "B," Fort Worth &
Springs & Cripple Creek By. Co. in TreasDenver City Railway Co. Deferred Rentals_
304,000 00
ury, par value
Equipment Lease, Series "Pullman," Fort
180,000 00
First Mortgage Bonds of Fort Worth & DenWorth & Denver City Railway Co., Dever Terminal By. Co.in Treasury, par value
428,000 00
ferred Rentals
705,102 10
Deferred Assets
Equipment Lease, Series "1908," Fort Worth
Accrued Income on investments_
253,284 70
do Denver City Railway Co. Deferred Rentals
104,000 00
5,126,705 31
2,336,102 27
Construction and Improvement Advances to
Current Liabilities
Subsidiary Lines
Vouchers
$634,873 30
Account Walsenburg & Western By
$20,997 29
Pay Rolls
564,424 33
"
Al vord RR
96,106 32
Foreign Roads-Traffic Bal"
160,474 14
Trinity & Brazos Valley Ry
ances
418,225 83
939,535 61
Stamford do Northwestern By
"
Interest on Bonds Due and
248,185 08
"
Dallas Terminals
Unpaid
105,112 25
45,323 84
Houston Terminals
"
Unclaimed Dividends
6.222 00
15,525 00
"
Galveston Terminals
Insurance Collected
6,541 87
32.270 87
Electrification
"
Rail Released not Relaid
47,419 84
1,558,418 15 Equipment Renewal Reserve_
321,935 38
Funds
Special
Stamford
& Northwestern
Cash in Hands of Trustee applicable to reRailway Co
139,641 12
demption of The Colorado Springs & Cripple
*2,244,395 92
Creek District By. Co.'s First Mortgage
Bills Payable
100,000 09
1,021 01
Bonds
Deferred Liabilities
Other Assets
Accrued Taxes
$292,892 98
Securities of Other Companies (see page 21 of
Accrued Interest not yet due..
587,074 04
$11,872,000 45
pamphlet report)
Accrued for Renewal of EquipRefunding and Extension Mortgage Bonds
ment
95,287 11
held to be appropriated for Improvements
975,254 13
and Betterments, par value
1,067,815 00
3,319,650 05;
•
12,939,824 45 Balance to Credit of Profit and Loss
7,567,849 11
$119,439,775 22

$119,439,775 22

-Seven hundred shares of Pittsburgh Ft. Wayne & Chicago Ry. Co. original 7% stock, which is free from personal
tax, is offered for sale in our advertising columns to-day by
A. M. Kidder & Co., 18 Wall St., this city. This stock is
guaranteed by the Pennsylvania RR., of which system the
Pitts. Ft. W. & Chicago is the main line between Chicago
and Pittsburgh. By action of the sinking fund, this property after 1912 will be practically without bonded debt,
making its stock the first lien on the property. See the advertisement in to-day's issue for price and other details.
-The rapid growth in business of the bondhouse of
William R. Compton Bond & Mortgage Co. of St. Louis is
indicated by an enlargement of its quarters on October 1.
The firm has snore than tripled its floor space by extending
the offices along the Fourth St. front until now it occupies
considerably more than one-half the second floor of the
Laclede Bank Building, corner 4th and Olive Streets.
The enlarged office floor area is 3,600 square feet and the
new offices will be handsomely and conveniently equipped.

-Two prominent New York banking and bond houses
are about to open branches in Chicago, viz.: W. N. Coler
& Co. and J. H. Oliphant & Co. A, R. Waller, who was
for 5 years city salesman for MacDonald, McCoy & Co.,
and McCoy & Co., and for the past year a partner in the
bond firm of Cutter, Waller & May, has been appointed
Western manager for Coler & Co. Oliphant & Co. have
bought a membership on the Chicago Stock Exchange,
paying the record-price, $2,250.
-L. A. Trowbridge has resigned the presidency of the
Trowbridge Sr Niver Co., Chicago, and D. R. Niver has
been elected President in his stead. Mr. Trowbridge, who
has for 20 years or more been a prominent figure in the
bond business in Chicago, will retain his office with the firm
and remain a large holder of its stock; but will no longer
be an active partner. George S. Speer is the new VicePresident, R. D. Manson, Secretary, and J. A. Lewis,
Treasurer, of the Trowbridge & Niver Co,
-The sudden death of George D. Martin on the 5th inst.
came as a severe shock to his many friends in this city.
Mr. Martin, though but 28 years of age, had been identified
for the past five years with tile banking house of A. H.
Bickmore & Co. of 30 Pine Street., N. Y., as Cashier and
was a director in many of the corporations in which that firm
is interested.

-John Stuart Watson and Wiley R. Reynolds have organized a bond house under the name of Reynolds, Watson
& Co., with offices at 400 The Rookery, Chicago. Mr. Watson
was a member of the firm of Mason, Lewis & Co. recently
dissolved. Mr. Reynolds until recently was interested in
the Thomas J. Bolger Co., previous to which time he was
Vice-President of the People's National Bank of Jackson,
Michigan.
-A. E. Ames & Co., Ltd., 7 and 9 King St., East, Toronto, Canada, have issued an attractive booklet entitled
"Investors' Reference," containing a brief description of the
leading Canadian companies and securities in which Canadian
investors are interested.
-Arthur Batty, Statistician of John T. Steele, investment securities, Fidelity Building, Buffalo, has prepared a
circular setting forth clearly and concisely the position of
the International Railway of Buffalo as to organization,
capitalization, &o. Copies may be had upon application.




-N. W. Harris & Co. of New York and Boston advertise
in to-day's "Chronicle" $1,600,000 Chicago Rock Island &
Pacific Ry. Co. Equipment 4% notes, Series "C," which
are offered to the investing public at a price to net 4%%.
All the details regarding this security are given in the advertisement. Circular upon request.
-The firm of H. M. Byllesby & Co. of Chicago has removed from .
175 Dearborn Street to the former offices of theContinental National Bank at La Salle and Adams streets.
Its occupancy of these quarters will be temporary only, as
the firm expects to return to its former offices in the American
Trust Building on June 11910.

[VoL. Lxxxix.

THE CHRONICLE

936

Mxic Tonnturcial

wimrz.

COTTON.

Friday Night, October 8 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
COMMERCIAL EPITOME.
week ending this evening the total receipts have reached
Friday Night, Oct. 8 1909.
418,615 bales, against 378,898 bales last week and 278,584
Increasing trade with iron and steel in the van, a generally bales the previous week, making the total receipts since
hopeful feeling and almost universally steady prices, with Sept. 1 1909 1,513,128 bales, against 1,364,070 bales
some advance in rates for money are, roughly, the salient for the same period of 1908, showing an increase since
Sept. 1 1909 of 149,058 bales.
features of American business at the present time.
Sat.

Receipts at-Stocks of Merchandise.

Oct. 1
1909.

Sept. 1
1909.

Oct. 1
1908.

90,000
68,500
40,500
3,157,347 3,130,060 3,016,240
72,800
64.740
36,941
439.815 377,850 260,190
54,158
17,000
5,570
18,000
32,000
15,500
65,223
37,535
62,315
None
None
None
6,500
4,169
3,186
850
410
990
39,100
52,700
51,800

Cocoa
Coffee, Brazil
Coffee, Java
Coffee, others
Sugar
Hides
Cotton
Saltpetre
Manila hemp
Sisal hemp
Flour

Mon. 1 Tues.

Wed.

Total.

Fri.

Thurs.

24,'770 22,805 47,552 28,290 19,798 16,496 159,711

Galveston
tPor
CorpusChristl, ic
New Orleans
Gulfport
Mobile..

5,102

6,955,

9,382 10,082

6,908

784
784
5,404 43,833

2,770 3,132 3,032 1,0'79 14,066
2,046 2,007
4,010
Pensacola
_ ..1 4,010
-922
24
i'oo
'al
154,
__ _
-3
8Jacksonville, &c.
5,783 19,192 99,082
,
Savannah
1'
'
Brunswick ----- ------------ -----------5,200 6,369 11,589
2,669 2,140 18,178
2,368 3,462, 4,248 3,291
Charleston
100
100
Georgetown
5,017 34,340
5,950 7,839, 7,707 4,086 3,741
Wilmington
4,310
,278 30,577
4,5
4
Norfolk
4,' ,'
--348----348
____
_ __ _
____
N'port News, ecc. --------- ------3
55
New York
---------14-----__
14' ---Boston
626
626
____
____
Baltimore____
-------Philadelphia_ _ _ -------i
---------.
7
Totals this week 61,697 59,297102,457 70,460 61,947 62,' 57 418,815

LARD on the spot has been somewhat easier of late, owing
to a decline in live hog prices, some recession in futures at
the West and sluggishness of trade. Prime Western 12.80c.,
middle Western, 12.75c. and City, 125c.©12c. Refined
The following shows the week s total receipts, the total
lard has been easier. Refined Continent 12.95c., South since Sept. 1 1909, and the stocks to-night, compared with
America 13.80c. and Brazil in kegs 14c. Speculation in lard last year:
futures active, with prices more or less irregular, owing to
Stock.
1909.
1908.
'
Receipts to
liquidation.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Tues.
Wed. Thurs.
Mon.
Sat.
Fri.
12.1.2% 12.15
12.22% 12.323 12.25 12 .10
October delivery
11.52% 11.60
11.65
11.72 %
November dellvery_ _ _ _11.82% 11.80
10.82% 10.87% 10.72% 10.82%
10.90
10.90
January delivery

October 8.

This Since Sep This Since Sep
Week. 1 1909. Week. 1 1908.

159,711 547,087 117,217
Galveston
7,047
Port Arthur
784
6,550 2,402
Corp Christi, &c.
New Orleans ____ 43,833 115,198 48,633
Gulfport
44,315 13,901
14,066
Mobile
4,010
4,010
Pensacola
1,889 1,068
922
Jacksonville, &c_
99,082 440,424 89,396
Savannah
65,524 11,249
11,569
Brunswick
78,255 10,579
18,178
Charleston
____
125
100
Georgetown
Wilmington ____ 34,340 112,758 25,454
86 105 21,716
30,577
Norfolk
286
1,000
348
Newport N., &c_
50
806
455
New York
100
440
14
Boston
633 1,464
Baltimore
102
Philadelphia ----------182
---

1909.

1908.

539,506

184,197

100,842

3,371
142,441

69,109

92,805

PORK on the spot quiet but firm on small supplies. Mess
52,946
29,099
37,940
9,288
$25 25@$25 50, clear $23@$23 25 and family $25@$26.
4,078
Beef was firm; trade dull but stocks small. Mess $11©
362,374 144,045 135,170
13,296
37,501
8,486
$11 75, packet $12 50@$13, family $13 75@$14 50 and
27,345
27,969
51,658
extra India mess $20@$21. Cut meats quiet but firm.
9
Pickled hams, regular, 14 to 20 lbs., 123 ®12Mc.; pickled
25,021
27,427
93,372
19,613
62,838
22,611
2
bellies, clear, 8 to 12 lbs., 143/ to 15c.; pickled ribs, 8 to 12
1,322
lbs., 13 to 14c. Tallow quiet but firmer on small stocks;
59.891
60,186
54
4,714
2.214
818
City 63c. Stearines dull but firmer; oleo 16 ®16%c.
2,334
4,589
2,215
Butter firmer; creamery extras, 30©303'c.; Cheese steady;
1,578
279
5,068
--_---f. c., small or large, fancy, 1534c.
418,615 1,513,128 343,617 1,364,070 584,981 521,468
Total
-Linseed steady; city, raw, American seed, 57@58c.;
OIL.
Calcutta, raw, 75c. Lard quiet and firmer; prime 98c.@
In order that comparison may be made with other years,
$1 02. Cocoanut quiet and firm; Cochin 8NA9c., Ceylon we give below the totals at leading ports for six seasons:
7U@8c. Olive quiet and steady at 85c.©$1 40. Palm
1905.
1904.
1906.
1908.
1907.
steady; Lagos 63.1c. Peanut steady; yellow 65@70c. Cod Receipts at- 1909.
- -quiet and firm; domestic 38c., Newfoundland 40c.
_ 159,711 117,217
49,435 147,921 144,310 112,072
Galveston
6,431
582
275
1,596
784
2,402
_COFFEE on the spot quiet and firmer; Rio No. 7, 75-© Pt.Arthur,&c. 43,833 48,633 28,616 51,240 38,206 93,387
New Orleans_
10,840
1c. West India growths steady; Mobile
12,856
5,110
%
14.066
11,062
13,901
/
730.;Santos No.4,85 @8Y
fair to good Cucuta 9ct., 10c. Speculation in future contracts Savannah _ _ _ 99,082 89,396 76,926 71,146 82,866 90,016
2,147
Brunswick_ _ _
4,938
4,648
12,273
11,569
11,249
12,527
7,429
has been more active at an advance in prices due to strong Charleston,&c 18,278 10,579 13,989 13,305
21,764
21,238
by prominent local interests, light Wilming'n,&c 34,340 25,454 37,600 21,595 36,432 34,277
Havre advices, buying
Norfolk
19,118
22,795
30,577
21,716
offerings and covering of shorts.
106
193
103
286
183
348 •
N'port N., &c
October
November
December
January

5.70c.
5.70c.
5.75c.
5.80c.

February
March
April
May

5.85c.
5.90c.
5.90c.
5.95c.

June
July
August
September

5.95c.
6.00c.
6.00c.
6.000.

-Raw quiet and firm; centrifugal, 96-degrees
SUGAR.
test, 4.233c.; muscovado, 89-degrees test, 3.733c.; molasses, 89-degrees test, 3.483,c. Refined quiet and steady;
granulated 4.95c. Teas firm, with an active demand.
Spices active and strong and further advances are expected.
Wool firm, though less active. Hops quiet and steady.
-Refined has been firm, with a good dePETROLEUM.
mand for foreign and domestic account; barrels 8.25c., bulk
4.75c., cases 10.65c. Gasoline firm and active; 86-degrees, in
4
100-gallon drums, 183 c.; drums $7 50 extra. Naphtha
moderately active and steady; 73@76 degrees, in 100-gallon
4c.; drums $7 50 extra. Spirits of turpentine
drums, 16Y
fairly active at 61c. Rosin quiet; common to good strained
$4 10.
-Domestic leaf in the loc`al market has been
TOBACCO.
quiet during the week, but as manufacturers are doing a
large business, it is the general belief that there will soon be
an increased demand for leaf. At some points outside of New
York, notably in Connecticut, sales of leaf have increased of
late. Sumatra has met with a fair demand. Havana has
been moderately active. Advices from Cuba are to the effect that the damage by the recent hurricane was less serious than at first reported. Prices have ruled firm.
COPPER has been easier, but changes have not been
marked. Trade has been dull and confined to•small lots.
Export business has been stagnant. Some of the larger
producers have refused to make concessions in quotations.
%
Lake 13©133c., electrolytic 12%©127 c. Lead dull at
4.35c. Spelter quiet at 5.85@5.95c. Tin quiet; spot pig
30.45c. Iron has been less active, with sales limited to
smaller lots. Some fair-sized orders have been placed in
foundry iron, however, and pipe works are said to be still
actively negotiating for considerable foreign business. No. 1
Northern $18 75@$19 50, No. 2 Southern $19 25.



2,784

970

708

774

1,291

418,615 343,617
-Since Sept. I_ 1,513,128 1,364,070

250,455

345,062

344,925

384,830

All others_ _ _ _
Total this wk_

6,027

980,578 1,332,075 1,613,384 1,857,252

The exports for the week ending this evening reach a total
of 260,817 bales, of which 136,108 were to Great Britain,
36,349 to France and 88,360 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1909:
Week ending Oct. 8 1909.
Exported to

From Sept. 1 1909 to Oct. 8 1909.
Exported to

Exports

ContiGreat
Great
ContiBritain.Fr'nce. nent. Total. Britain. France. nent.
Galveston _--- 33,31326.568 38,268 98,149 101,110110,257 165,077
6,047 •
1,000
Port Arthur_
2,447
Corp.Chris.,&c
28,496 24,051
25,444
New Orleans_ 21,401 8,500 14,968 44,869
4.146 9,159
4.146
9,146
Mobile
4,010
4,010
Pensacola __- 9,010
Fernandina
15,974
99,416 35,897 106,936
Savannah __ 15,974
13,318 26,319
28,050
13,318
Brunswick.7,200
33,197
7,200 -- 13,197 20,397
Charleston_
19,179 26,902 50,038
39,207
Wilmington__ 12,723
Norfolk
Newport News
36,229
39,251 5,091
New York-- 11,598 1,281 2,235 15,114
5,569
11,569
803 12,37
29,373
Boston
6,892
2,329
50,
4,010 4,01
Ba timore
2,999
2.099
856 ____
300 1,156
Philadelphia __
Portland, Me_
3,250
40
400
San Francisco_
573
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit
from

Total
Total 1908_

Total.
376,444
7,047
2,447
77,991
13,305
4,010
192,249
54,369
40,347
84,245
75,571
34,937
9,723
5,098
3,250
573

136,10836,349 88,360260,817 338,787185,957 956,862 081,606
88,39829,30 55,595173,31

316,964132,561

427,475 877,000

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.

THE CHRONICLE

OCT. 9 1909.j
On Shipboard, Not Cleared for
Other CoastGerGreat
October 8 at- Britain. France many. Foreign wise.

Total.

Leaving
Stock.

317 7,543
3,431 89,757
1,900 24,280
3,000 3,000
700 4,789
16,973 19,333
2,300
8,100
1,000
29,000

61,565
94,440
119,765
24,345
24,310
3,278
51,791
19,684

Total 1909_ 55,466 33,211 56,483 14,321 26,321 185,802
Total 1908._ 57,657 27,926 55,475 35,066 22,460 198,584
Total 1907_ 49,183 4,699 39,954 26,292 30,164 150,292

399,179
322,884
360,647

New Orleans__
Galveston ____
Savannah ____
Charleston _
Mobile
Norfolk
New York__
Other ports__

755
596
4,280
24,570 25,539 26,791
5,256 2,864 14,260
3,753
2,360
4,000
15,000

336

300

1,500
13,000

1,595
9,426

Total




Steady
Steady
Barely steady
Firm
Firm
Weak

Con- ConSpot. sum'n. tract.

Total.

93
389
617
477

700
793
200
589
200
817
1,900 2,377
1,300 1,300

1,576

_-_- 4,300 5,876

mm o. .p.. m
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Thursday,
Oct. 7.

_
Saturday..- Quiet 5 pts adv
Monday_- Quiet
Tuesday _- Wet 20 pts dec.. _ _ _
Wednesday Quiet 10 pts dee_ _ _
Thursday _ ulet 30 pts adv
Friday_ _
Quiet 5 pts dec

Sales of Spot and Contract.

,

or.52 4 .agiag
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Wednesday,
Oct. 6.

Spot Market
Closed.

Futures
Market
Closed.

FUTURES.
-The highest, lowest and closing prices at
New York the past week have been as follows:

Tuesday,
Oct. 5.

Speculation In cotton for future delivery has been active,
with wide swings of prices, ending at a moderate net decline
for the week. The receipts have continued large and spot
prices have shown some decline. Fine weather over most
of the belt has facilitated the movement of the crop on an
unusually large scale. Thus far this season it exceeds the
movement for a like period last year, when the crop was the
largest on record. Moreover, there has been heavy Southern
selling here against actual cotton. The Bureau report had
only a momentary effect, although it stated the condition
at only 58.5%, against 69.7% last year and a 10-year average of 67%. Heavy liquidation of long accounts and free
selling for a decline, together with enormous hedge selling
by the South, neutralized the effect of the report. In fact,
prices gradually fell off some 60 points. The India crop reports are favorable. For six weeks past the weather in this
country has been in the main good for picking. Cotton, it
is assumed, has been "making" in all this period. Liverpool
has been a large seller; so at times has Wall Street, as well
as the West. Liverpool prices have at times noticeably
weakened under the effects of liquidation. There has been
some decrease in the spot demand there. Bears take the
ground that the worst is now known in regard to the crop;
that the Bureau report of October is so much burnt powder
and that the believer in lower prices has nothing much to
fear in the way of statistics, at any rate until the Government
issues its December crop estimate. He argues that American spinners at least are averse to buying at such high prices,
and that it is unusual for such quotations to rule at the beginning of the season. The experience of recent years has
seemed to demonstrate that in marketing the first five or
six million bales prices have usually sagged, whatever might
happen later on in the season. On the other hand, however,
large interests have been good buyers, the exports are on a
big scale and of late prices have shown more strength. If
receipts at the ports exceed those of last year, the exports
also outrun those for a similar period in 1908. Europe has
evidently been buying on a liberal scale regardless of the fact
that prices are unusually high for this time of the year. Also
American spinners have been buying more freely of late;
a somewhat better demand for cotton goods is reported
and certain cotton fabrics have advanced in price.
European spinners are said to be buying the better
grades of the American crop on a liberal scae.i Large
spot interests have been heavy purchasers of January
and March. Of late New Orleans, Memphis and Chicago
operators are said to have bought freely, while it is also
stated that some well-known shorts have purchased on a
liberal scale. There has been some talk of possible curtailment of production by American and foreign spinners, but it
has had very little effect. The ginning up to Sept. 25,
though not so heavy as some had looked for-some of the
previous guesses were 3,000,000 bales or more-was nevertheless large. It reached, indeed, no less than 2,562,888
bales, against 2,590,639 bales during the same time last year
on the largest crop ever known. On Thursday fears of
another tropical storm accompanied by cold weather and
possible frost over Sunday had much to do with a rather
sharp rally. Storm warnings were displayed off the coast
of Florida. Can the market stand the big receipts and heavy
hedge selling? This is the question asked on all sides.
Since the opening of the season prices have advanced. The
question is whether they will continue to do so. To-day
prices advanced early on strong cables, reports of snow in
Texas, predictions of wet and colder weather for the Southwest,with frost in the Texas panhandle, and buying by spot
interests and New Orleans. Later a decline occurred on a
report that spinners in session at Charlotte, N. C., had
unanimously recommended curtailment of production, bear
hammering and long liquidation. Spot cotton here has been
more active. Middling upland closed at 13.55c., showing no
change for the week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 2 to Oct.8Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
13.60 13.60 13.40 13.30 13.60 13.55
MARKET AND SALES AT NEW YORK.

937

0
'
-F

;I
i

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the United
States, including in it the exports of Friday only.
October 8Stock at Liverpool
Stock at London
Stock at Manchester

1909.
bales. 596,000
10.000
38,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
India cotton afloat for Europe
Amer. cotton afloat for Europe
EgYpt.Brazil,&c.,aflt.for Europe_
Stock in Alexandria, Egypt
Stock In Bombay, India
Stock in U. S. ports
Stock in U. S. Interior towns
U. S. exports to-day

644,000
11,000
75,000
107.000
2,000
12,000
8,000
3,000

1908.
274,000
12,000
28,000

1907.
541,000
27,000
42,000

1906.
212,000
14,000
22,000

312.000
20,000
89,000
37,000
4,000
15.000
12.000
10,000

610,000
18,000
68.000
93,000
4,000
13,000
19,000
34.000

248,000
22,000
36,000
37.000
4,000
5,000
15,000
6,000

218,000

87,000

249,000

125,000

862.000
34,000
747,955
34,000
66,000
109.000
584.981
321,709
50,313

499,000
50.000
667.140
27,000
64,000
217,000
521,468
368,158
54.117

859,000
80,000
367,200
41,000
61,000
361.000
510,939
237,988
64,786

373,000
54,000
529,894
36.000
65,000
439,000
576.079
228,538
40,908

Total visible supply
2,789,959 2,467,881 2,585,913 7,342,419
Of the above, totals of American and other descripti ns are as follows:
American
Liverpool stocks
bales. 513,000
169,000 445,000 144,000
Manchester stock
30,000
20,000
35,000
19.000
Continental stock
189,000
124.000
152,000
68,000
American afloat for Europe
747.956
687,140 367,200
529,894
U.S. port stocks_
584,931
521,468
510,939
576,079
237,988
228,538
U. S. interior stocks
321,709 368,156
64,786
54,117
U. S. exports to-day
54,313
40,908
Total American
4
East Indian, Brazil, ea.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

2,416,959 1,923,881 1,812,913 1,606,419
105,000
10,000
8,000
63,000
50,000
27,000
64,000
217,000

96,000
27,000
7,000
97,000
80,000
41,000
64.000
361,000

68,000
14,000
3,000
57,000
54,000
36,000
65,000
439,000

373,000 544,000 773.000
2,416,959 1,923,881 1,812,913

1,606.419

83,000
10,000
8,000
29.000
34,000
34.000
66.000
109,000

736,000

2,789,959 2,467,881 2,585,913 2,342,419
Total visible supply
7.27d.
4.98d.
6.52d.
6.45d.
Middling Upland, Liverpool
9.00c.
13.55c.
11.75c.
11.20c.
Middling Upland, New lIork
85d.
10 WI.
10%d. 109-16d.
Egypt, Good Brown, Liverpool._
8.50d.
8.30d.
12.00d.
8.40d.
Peruvian, Rough Good, Liverpool
65id. 4 13-16d. 5 15-16d.
5 gid.
Broach, Fine, Liverpool
6 7-16d. 4 11-16d. 5 9-1611. 6 9-16d.
Tinnevelly, Good, Liverpool..

Continental imports for the past week have been 112,000
bales.
The above figures for 1909 show an increase over last week
of 296,930 bales, a gain of 322,078 bales over 1908, an
increase of 204,046 bales over 1907, and a gain of 447,540
bales over 1906.

Movement to October 8 1909.

Movement to October 9 1908.

AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
in detail below.
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[Void. LXXXIX

THE CHRONICLE

938

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The above totals show that the interior stocks have increased during the week 74,602 bales and are to-night 46,447
bales less than at the same time last year. The receipts
at all the towns have been 32,701. bales more than the same
week last year.
OVERLAND MOVEMENT FORT THE WEEK AND
-We give below a statement showing the
SINCE SEPT. 1.
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
----1908--1909-October 8ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &e

Week.
3,181
2,207
175
1,826
415
1,243
1,080

Since
Sept. 1.
8,103
3,066
412
3,465
827
3,089
5,242

Week.
5,985
5,098
69
1,682
1,948
2,067
1,318

Since
Sept. 1.
16,910
11,036
675
5,574
3,563
3,628
5,806

10,127
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c__ _ 1,095
148
Between interior towns
1,064
Inland, &c., from South
2,307
Total to be deducted

24,204

19,067

47,192

3,061
1,037
5,023

1,716
1,924
311

3,366
2,584
4,464

9,121

3,951

10,414

7,820

15,083

15,116

36,778

Leaving total net overland*

'Including movement by rat Ito Canada.

The foregoing shows the week's net overland movement
has been 7,820 bales, against 15,116 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 21,695 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Oct. 8
Net overland to Oct. 8
Southern consumption to Oct. 8_

1909
1908
Since
Since
Week. Sept. 1.
Week. Sept. 1.
418,615 1,513,128 343,617 1,364,070
36,778
15,083
15,116
7,820
43,000 225,000
52,000 286,000

• Total marketed
Interior stocks in excess

.1
478,435 1,814,21
238,546
74,602

•

Came into sight during week
553,037
Total in sight Oct. 8
2,052,757
148,874
North. spinners' takings to Oct. 8_ _ 44,126

401,733 1,625,848
82,607 252,961
484,340
50,860

1,878,809
175,158

Movement into sight in previous years:
Week-Oct. 11
1907
-Oct. 12
1906
-Oct. 13
1905
1904-Oct. 14

Bales.
370,340
435,549
450,711
510,129

Since Sept. 11907
-Oct. 11
1906-Oct. 12
1905
-Oct. 13
1004-Oct. 14

Bales.
1,443,756
1,780,696
2,145,716
2,403,296
.........-

K QUOTATIONS FOR MIDDI;ING'COTTON AT:OTHER
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week.
. ..




Closing Quotations for Middling Cotton onWeek ending
October 8.
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.
13
13 3-16
13 •
13
12 13-16
13
13.55
13%
13.85
13%
13%
13%
13
13 1-16

13 %
13 3-16
13
13
12%
12%
13%
13.60
13%
13.85
13%
13%
13%
134
13 1-16

13
13 1-16
13 1-16
13%
12%
12%
13
13.60
13%
13.65
13
13j
13%
13
13 1-16

13
13
13
12%
12%
12'
125
13.40
13
13.55
12%
13%
13%
13
12 15-16

13 1-16 13 1-16
13 1-16 13 1-16
13
13
12%
12 15-16
12,1(
12%
12%
12,1j
13%
13
13.60
13.30
13,1-1
13%
13.80
13.85
13 1;16
13
13%
13(
13%
13%
13 %
13,1.1
12%
12%

-The highest,
NEW ORLEANS OPTION MARKET.
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sarday. Monday, Tuesday, Wed'day, Thursd'y, Friday,
Oct. 8.
Oct. 7.
Oct. 6.
Oct. 5.
Oct. 4.
Oct. 2.
October
Range
Closing
November
Range
Closing
December
Range
Closing
January
Range
Closing
February
Range'
Closing
March
Range
Closing
May
Range
'Closing
July
Range
closing
Tone 7
Spot

13.04-.16 13.25-.26 12.86-.03 12.70-.86 13.02-.07 13.02-.12
13.07-.09 13.07-.10 12.86-.87 12.88-.89 13.05-.07 12.95-.93
-® -® - ® -12.80 - ® - ® 13.10-.12 13.10-.11 12.90-.91 12.92-.93 13.07-.09 12.98-.00
13.17-.26 13.20-.44 12.99-.17 12.80-.03 12.98-.19 13.08-.28
13.22-.23 13.20-.21 12.99-.00 13.01-.02 13.17-.18 13.10-.11
13.27-.35 13.29-.53 13.08-.27 12.90-.13 13.09-.30 13.19-.38
13.32-.34 13.29-.30 13.09-.10 13.12-.13 13.28-.29 13.20-.21
- ® -- ® _- @ -____ @ -_ @
13.42 13.42-.44 13.40-.41 13.20-.22 13.21-.22 13.36-.38 13.30-.32
13.47-.55 13.49-.70 13.29-.46 13.11-.31 13.28-.50 13.36-.58
13.52-.53 13.50-.51 13.29-.30 13.31-.32 13.47-.48 13.40-.41
13.55-.62 13.58-.79 13.37-.53 13.18-.39 13.37-.56 13.43-.64
13.60-.61 13.57-.58 13.36-.38 13.39-.40 13.54-.55 13.47-.48
13.66-.67 13.71-.75 13.52-.60 13.22-.43 13.43-.61 13.54-.70
13.66-.67 13.63-.64 13.41-.43 13.45-.46 13.62-.64 13.54-.55
Steady. Quiet.
•
,.
.....,.. ... e•-...,.. •

Quiet.

Quiet.

••.

•
CI.nes riv

10.nri

Steady. Steady.
•
•
II, .4*.l.

Q....d•
'

-Our adWEATHER REPORTS BY TELEGRAPH.
vices by telegraph from the South this evening denote that
quite generally the weather has favored the gathering of
cotton during the week. Over a large part of the belt dry
weather has prevailed and where rain has fallen the precipitation has in the main been light. Picking has, consequently, made rapid progress and the marketing of the
crop is on a very free scale.
-We have had rain on one day of the
Galveston, Texas.
week, the rainfall being inappreciable. The thermometer
has ranged from 66 to 86, averaging 76.
-Rain has fallen on one day of the week to
Abilene, Texas.
the extent of fifty-two hundredths of an inch. Average
thermometer 70, highest 86, lowest 54.
-There has been no rain during the week.
Brenham, Texas.
The thermometer has averaged 74, the highest being 93 and
the lowest 55.
-Rain has fallen on one day the
Corpus Christi, Texas.
past week, the rainfall being inappreciable. The thermometer has averaged 79, ranging from 66 to 82.
-There has been no rain during the week.
Cuero, Texas.
The thermometer has ranged from 52 to 96, averaging 74.
-Rain has fallen on one day during the
Dallas, Texas.
week, the rainfall reaching eight hundredths of an inch.
Average thermometer 74, highest 97 and lowest 51.
-Rain has fallen on one day during
Fort Worth, Texas.
the week to the extent of twelve hundredths of an inch.
The thermometer has averaged 74, the highest being 90 and
the lowest 58.
-There has been rain on one day of the
Henrietta, Texas.
week, the rainfall being thirty-nine hundredths of an inch.
The thermometer has averaged 72, ranging from 52 to 92.
-It has been dry all the week. The
• Huntsville, Texas.
thermometer has ranged from 54 to 91, averaging 73.
-There has been no rain the past week.
Kerrville Texas.
Average thermometer 65, highest 87, lowest 42.
-Rain has fallen on one day of the
Lampasas, Texas.
week, the rainfall being one inch and thirty-seven hundredths
The thermometer has averaged 71, the highest being 94
and the lowest 47.
-There has been no rain during the
Longview, Texas.
week. The thermometer has averaged 72, ranging from
51 to 93.
-The week's rainfall has been nil. The
Luling, Texas.
thermometer has ranged from 53 to 92, averaging 73.
-Dry all the week. Average therNacogdoches, Texas.
mometer 73, highest 96 and lowest 49.
-We have had rain on one day of the
Palestine, Texas.
past week, the rainfall being four hundredths of an inch.
The thermometer has averaged 76, the highest being 92
and the lowest 60.
-There has been no rain the past week.
Paris, Texas.
The thermometer has averaged 75, ranging from 54 to 95.
-We have had no rain the past week.
San Antonio, Texas.
The thermometer has ranged from 52 to 88, averaging 70.
-There has been rain on one clay during
Taylor, Texas.
the week, the precipitation being sixteen hundredths of an
,Average thermometer 72, highest 80 and lowest 54.
inch.

-It has rained on one day of the week,
Weatherford, Texas.
the rainfall being twelve hundredths of an inch. The thermometer has averaged 72, the highest being 90 and the
lowest 54.
-We have had no rain during the
New Orleans, Louisiana.
week. The thermometer has averaged 78.
-We have had no rain the past
Shreveport, Louisiana.
week. The thermometer has ranged from 60 to 90, averaging 75.
-There has been no rain during
Vicksburg, Mississippi.
the week. Average thermometer 75, highest 91 and lowest 58.
Helena, Arkansas.--Pieking is lively. No rain since
Sept. 23. The thermometer has averaged 69.3, the highest
being 87 and the lowest 51.
has been dry all the
g4 Memphis, Tennessee.-The weather and picking and marweek, excellent for gathering cotton,
keting have progressed rapidly. The thermometer has
ranged from 56.3 to 86.4, averaging 70.9.
-Fine weather in the interior for cotton
Mobile, Alabama.
picking, which is progressing rapidly. Dry all the week.
The thermometer has averaged 76, the highest being 92
and the lowest 59.
-Weather perfect for picking. It
Montgomery, Alabama.
has been dry all the week. The thermometer has averaged
72, ranging from 55 to 91.
-We have had no rain the past week.
Selma, Alabama.
The thermometer has ranged from 52 to 88, averaging 70.
-It has rained on one day of the week,
Augusta, Georgia.
to an inappreciable extent. The thermometer has averaged 68, the highest being 87 and the lowest.53.
-We have had rain on one day during
Savannah, Georgia.
the week, the precipitation reaching fifty-two hundredths
of an inch. The thermometer has averaged 71, ranging
from 59 to 83.
-There has been rain on one day during
Madison, Florida.
the week, the precipitation being twenty-five hundredths of
an inch. Average thermometer 75, highest 87 and lowest 63.
-Cotton is being marketed
Charlotte, North Carolina.
freely. There has been rain on one day of the week, the rainfall being fourteen hundredths of an inch. The thermometer has averaged 64, ranging from 53 to 76.
-We have had rain on two
Charleston, South Carolina.
days of the week, the rainfall being one inch and twenty-eight
hundredths. The thermometer has ranged from 58 to 80,
averaging 70.
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Above zero of gauge
Above zero of gauge..
Above zero of gauge..
Below zero of gauge..
Above zero of gauge..

New Orleans
Memphis
Nashville
Shreveport
Vicksburg
• Above.

939

THE CHRONICLE

Oar. 9 1909 I

Oct. 8 1909.
Feet.
5.0
7.4
6.9

3.6

7.0

WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
-

1908.

1909.

Season.
_
2,167,299
Visible supply Oct. 1
2,493,029
1,714,982
Visible supply Sept. 1
1,931,022
American in sight to Oct. 8_ _ 553,037 2,052,757 484,340 1,878,809
29,000
7,000
Bombay receipts to Oct. 7
23,000
8,000
46,000
5,000
37,000
7,000
Other India ship'ts to Oct. 7_ _ _
29,000
14,000
27,000
Alexandria receipts to Oct. 6
54,000
23,000
6,000
9,000
18,000
Other supply to Oct. 6_a
Total supply
Deduct
Visible supply Oct. 8
Total takings to Oct. 8
Of which American
Of which other

Week.

Season.

Week.

3,094,066 4,115,779 2,686,639 3,720,791
2,789,959 2,789,959 2,467,881 2,467,881
304,107 1,325.820
241,107 1,089,820
236,000
63,000

218,758 1,252,910
158,758
931,910
321,000
60,000

a Embraces receipts in Europe from Brazil, Smyrna, West Indies, ece.

CENSUS BUREAU REPORT ON COTTON GINNING
-The Census Bureau issued on Oct. 4 its reTO SEPT. 25.
port on the amount of cotton ginned up to Sept. 25 from the
growth of 1908 as follows, comparison being made with the
returns for the like period of the preceding years.
•,
The second ginning report for the season places the quantity ginned prior
to Sept. 25 from the growth of 1909 at 2,562.888 bales, counting round as
half bales, against 2,582,688 bales a year ago, 1,532,602 hales two years
ago and 2,057,283 bales three years ago. The round bales included this
year were 48,176, compared with 57,107 for 1908. The Sea Island cotton
reported for 1909 was 13,826, compared with 11,457 for 1908.
The number of bales, counting round as halt bales, ginned to Sept. 25
the last two years by States was as follows:
States1908.
1909.
1908.
1909.
States188,660 316,349 North Carolina__
80,472
89,063
Alabama
80.465 Oklahoma
134.247
5,705
83,777
Arkansas
16,657 South Carolina__ 284,726 289,969
19,433
Florida
28,109
17,125
535,026 514,898 Tennessee
Georgia
79,042 Texas
82,351
1,057,876 966,607
Louisiana
4,774
2,219
96,976 199,001 All other States__
Mississippi

Oct. 9 1908.
Feet.
4.0
4.3
6.5
*2.1
4.5

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for three years have been as follows:
October 7

1909.

1908.

Receipts at

Since
Week. Sept. 1.

Since
Week. Sept. 1.

8,000

Bombay

23,000

7,000

Great
Great Conti- Japan
Britain. nent. &China Total. Britain.

Bombay
1909 _
1908 -1907
Calcutta
1909
1908
1907 _
Madras
1909 _
1908
1907 _
All others
1909
1908
1907 ____
Total all
1909
1908 _
1007 ____

Week.
5,000

1,000

17,000
38,000
69,000

1,000

1,000
1,000
1,000

3,000
4,000
5,000

1,000

4,000
5,000
3,000

6,000
5,000
3,000

2,000
2,000
3,000

26,000
30,000
15,000

9,000
0,0001
13,000 11,000 24,000
6,0001
6,000

4,000
4,000
4,000

50.000
77,000
92,000

6.000
4,0001 1,000
3.0001

44,000

ContiJapan
nent. & China. Total.

2,000
2,000
9,000 10,000 19,000
3,000
3,000
1,00

Since
Sept. 1.

Since September 1.

For the Week.
Exports
from-

29,000

1907.

8,000
24,000
21,000

26,000
62,000
90,000
4,000
5,000
6,000

1,000

3,000
2,000

5.000
6,000
3,000
28,000
35,000
20,000

9,000 63,000
27,000 108,000
23,000 119,000

ALEXANDRIA RECEIPTS AND SHIPMENTS OF
Alexandria, Egypt,
October 6.
Receipts (cantars)This week
Since Sept. 1

Exports (bales)
To Liverpool
To Manchester
To Continent
To America
Total exports




1009-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1807-98

Yield,
Bales.

Area,
Acres.
33,862,406
33,512,112
33,079,425
31,557,242
28,808,415
32,363,690
28,995,784
27,300,371
27,874,105
26,534,000
24,175,000
23,175.000
23,029,000

11,581,829
13,550,760
11,319,860
13,556,841
10,123,686
10,758,326
10,701,453
10,425,141
9,439,559
11,235,383
11,189,060

-Under date of AlexanWEGYPTIAN COTTON CROP.
dria, Sept. 18, Fr. Jac Andres Inc., have the following:
Crop reports continue excellent; picking was in full swing. No fogs have
been reported but complaints are heard from several districts that the
damage done by worms was more serious than expected.

COTTON CONSUMPTION AND OVERLAND MOVE-Below we preMENT FOR MONTH OF SEPTEMBER.
sent a synopsis of the crop movement for the month of
September for three years:
1909.

1909.

1908.

1907.

195,000
402,186

110,000
218,544

280,000
640,707

This I Since
This 1 Since
This Since
Week. Sept. 1. Week.,Sept. 1. Week. Sept. 1.
1
6,0001 14,608 2,000 5,228 5,000 15,636
500 1,500 3,000, 5,500 10,586
4,750; 18,459 S,SOOt 18,9091 6,750 17,649
6001 1,298,
600, 2,249
800 1,650
--I-'
11,350 35,816 9,6001 28,433 18,050 45,521

Condition;
Per Cent.
58.5
69.7
67.7
71.6
71.2
75.8
65.1
58.3
61.4
67.0
62.4
75.4
70.0

1908.

1907.

14,548
24,715
13,549
Gross overland for September __ __bales
18,770
6,451
7,120
Net overland for September
934,487
587,437
1,037,386
Port receipts in September
584,262
655,450
378,684
Exports in September
459,845
485,990
413 244
Port stocks on Sept. 30
91,590
92,387
78,865
Northern spinners takings in September
225,000
168,000
205,000
Southern consumption in September_ __ _
a
Canada in September (inOverland to
3,940
1,786
1,402
cluded in net overland)
Burnt North and South in September.
8,108
11,400
9,500
Stock at North. interior markets Sept. 30
888,888
1,427,506 1,278,257
Came in sight during September
12,552,589 10,712,941
in sight balance season
Caine
13,829,84i 11,581,829
Total crop
515.94
521.51
520.17
Average gross weight of bales
498.51
492.94
497.17
weight of bales
Average net

940

[VoL. Lxxxix.

THE CHRONICLE

MANCHESTER MARKET.
-Our report received by
The exports to Japan since Sept. 1 have been 3,823 bales
cable to-night from Manchester states that the market is from Pacific ports.
firm for yarns and quiet for shirtings. Merchants are
Cotton freights at New York the past week have been as
buying very sparingly. We give the prices for to-day be- follows, quotations being in cents per 100 lbs.:
low and leave those for previous weeks of this and last year
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Liverpool
-Oct _ _ _
14
14
14
14
14
14
for comparison.
Manchester
-Nov_ _
•1909.
8% lbs. Shirt- Corn
ings, common Mid.
to finest.
Upl's

32s Cop
Twist.
S.
Aug.
27 9 3-18
Sept
3 9 5-16
10 9 7-16 0
17 9%
®
24 9% 0
Oct.
1 9% 0
8 9%
®

1908.

S. s. d.

s. d.
oft.9 4

9% 4 11

85 lbs. Shirt- Corn
Inas, common Mid.
to finest.
Upl's

32s Cop
Twist.

S.s. d.

d. S.
6.73 7%

s. S.

S.

4 9 @7 10

®

5.25

0 (5)9 5
1 09 6
15i59
2 09 7

8.88 7%
®
6 83 7 15-160
6.93 8
7.31 8% 0

8% 4 9 07 10%
9 4 10 08 0
9 4 10©8 13
9% 5 1 (5)8 4%

10% 5 3 09 9
10% 5 33@9 9

7.29 8%
®
7.27 8 11-160

9% 5 1%08 4% 5.13
5 1%08 4% 4.96

10
10%
10%
10%

5
5
5
5

5.25
5.47
5.54
5.33

EXPORTS OF BREADSTUFFS, PROVISIONS, COT-The exports of these articles
TON AND PETROLEUM.
during the month of August, and the eight months, for the
past three years have been as follows:
Exports
from U.S.

1909.
August.

1908.

8 Months.

August.

1907.

8 Months.

August.

8 Months.

Quantities.
Wheat_ bush_ 5,805,495 19,508,600 11,808,106 54,072,252 5,861,066 35,030,935
Flour_ _ _bbls_
587,927 5,084,484 1,008,864 8,282,105 985,163 9,855,159
Wheat* bush_ 8,451,167 42,388,778 16,347,994 91,342,725 10,294,299 79,379,150
Corn___bush.. 784,024 24,218,724
357.939 25,277,049 4,898,928 67,109,429
Total bush_ 9,235,191 66,607,502 16,705,933 116,619,774 15,193,227 146,488,579
Values.
$
$
$
$
$
$
Wheat & flou 9,616,331 47,821,148 16,595,387 92,100,638 9,543,858 69,129,698
674,719 18,212,428 378,237 17,551,007 3,266,516 38,114,011
Corn and me
771,994
38,313
58,708
840,326
Oats and mea
121,077 1,162,711
440,41' 1,490,612 406,267 1,427,861
Barley
123,856 1,537,238
46,925
211,830
92 767 1,641,348
54,955
Rye
575,180
Breadstuffs_ 10,837,093 68,508,012 17,510,971 113,561,180 13,110,262 110,518,838
9,595,163 94,223,134 10,256,014 109,866,331 16,209,670 125,996,292
Provisions
Cattle & hogs 895,949 10,252,241 1,321,500 17,414,873 2,210,999 24,352,944
Cotton
7,162,723 193,479,025 8.932,687 212,690,389 4,384,947238,494,613
Petroleum,&c 7.629,184 65,478,512 8,801,299 71,510,834 9,194,972 57,922,491
•
Total value_ 36,120,112431,940,92446,822,471525,043,607 45,110,850557,285,178

• Havre-Oct
Bremen-Oct
_
Hamburg
-Oct
Antwerp-Oct
Ghent, via Antwerp
Reval-Oct
Gothenburg
Barcelona,direct,Oct
Genoa
-Oct
Trieste-Oct
Japan

13
18
20
25
20
26
25
34
30
20
28
45

13
18
20
25
20
26
25
34
30
20
28
45

13
18
20
25
20
28
25
34
30
20
28
45

13
18
20
25
20
26
25
34
30
20
28
45

12
18
18
25
20
28
25
34
30
18
28
45

12
18
18
25
20
26
25
34
30
18
28
45

LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sept. 17.
Sales of the week
80,000
Of which speculators took
1,000
Of which exporters took.._ _ 1,000
Sales, American
69,000
Actual export
7,000
Forwarded
63,000
Total stock-Estimated
722,000
Of which American-Est_ _ _830.000
Total imports of the week.... 11,000
Of which American
3,000
Amount afloat
66,000
Of which American
40,000

Sept. 24.
68,000
1,000
1,000
49,000
4,000
65,000
678,000
584, 00
23,000
9,000
112,000
92,000

Oct. 1.
66,000
1,000
1,000
58,000
5,000
71,000
623,000
545,000
23,000
22,000
198,000
170,000

Oct. 8.
51,000
1,000
42,000
4,000
66,000
596,000
513,000
44,000
28,000
315,000
282,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, 1
12:15 }
P. M. J

Saturday.

Monday.

Tuesday. Wednesday. Thursday.

Friday.

Quiet.

Fair
business
doing,

Moderate
demand,

Moderate
demand.

Quiet.

Moderate
demand.

Mid.Upl'ds

7.35

7.28

7.23

7.10

7.15

7.27

Sales
Spec.&exp.

10,000
500

10,000
500

10,000
500

10,000
500

8,000
500

7,000
500

Easy at
1 point
decline,

Easy at
4(37 pts.
decline.

Quiet at
607 pts.
dee ine.

Steady at Steady at
8(5)9 pts. 6(37 pts.
advance. advance.

Market, 1 Quiet at Fev'ish,234 Barely st'y Steady at
4
} 305% pts.dec.to 1 at3g8 pts. 6013 pts.
P. M. J pts. adv. pt. adv.
decline,
decline.

Quiet at Quiet at
5%08 7011 pts.
pts. adv. advance.

'Futures. Steady at
Market 1 506 pts.
opened
3 advance,

*Including flour reduced to bushels.
-All the above figures are based on the monthly preliminary returns Issued
Note.
by the Bureau of Statistics, and cover about 96% of the total exports of breadstuffs, 91% of provisions and cattle and hogs,99% of cotton and 92% ot petroleum.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
The rates on and off middling, as established Sept. 8 1909 clause, unless otherwise stated.
by the Revision Committee, at which grades other than
The prices are given in pence and 100ths. Thus, 7 05 Means 7 05-1005.
middling may be delivered on contract, are as follows:

Fair
c 1 50 on
Strict mid. fair.,...1.30 on
1.10 on
Middling fair
Strict good mid__ _ _0.66 on
Good middling
0.44 on
0.22 on
Strict middling

Middling
Basis
c
Strict low, mid____0.25 off
Low middling
0.75 oft
Strict good ord
1.20 off
Good ordinary.._ .2.00 off
Strict g'd mid. tgd.0 35 on

Good mid. tinged.c_ Even
Strict mid, tinged..0.15 off
Middling tinged___0.25 off
Strict low mid.ting_0.75 off
Low mid. tinged_ _ .1.75 oft
Middling stained_ _1.00 off

NEW YORK QUOTATIONS FOR 32 YEARS.
1900_c
1908
1007
1906
1905
1904
1903
1902

13.55
9.05
11.85
10.65
10.10
10.45
9.60
8.85

1901_c
1900
1899
1898
1897
1896
1895
1894

8.38
11.00
7.31
5.44
6.50
7.94
9.12
6.25

1893.c
1892
1891
1890
1889
1888
1887
1886

8.38
8.19
8.75
10.31
10.62
10.12
9.44
9.38

1885_c
1884
1883
1882
1881
1880
1879
1878

9.81
10.06
10.62
11.38
11.69
11.31
10.50
10.38

-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 260,817 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
6,220
-Oct. 1-CedrIc, 6.220
NEW YORK-To Liverpool
5,353
'
To Manchester
-Oct. 4-Cavour, 5,353
25
To Glasgow-Oct. 1-Columbia, 25
.Oct. 2
-Chicago,
To Havre-Oct. 1-Floride, 53 foreign..
1,281
1,203 upland, 25 Sea Island
259
To Bremen-Oct. 6-Kurfurst, 239 upland, 20 Sea Island....
500
To Rotterdam-Oct. 2
-firma, 500
797
To Barcelona-Oct. 6-Antonio Lopez, 797
200
To Genoa-Oct. 1-Perugla, 200
379
To Venice-Oct. 5
-Alice. 379
100
To Leghorn-Oct. 1-Perugia, 100
GALVESTON-To Liverpool
-Oct. 2
-Logician, 11,205...Oct. 5
18,833
-Basil, 7,628
14,480
-Oct. 8
-Ventura de Larrinaga, 14,480
To Manchester
-Oct. 2-Anglo-Canadian, 12,661._ Oct. 4-MoTo Havre
26,568
hawk, 13,907
.Oct. 5-Aydon, 9,208_ 19,923
To Bremen-Oct. 2-Cassel, 10.715..
To Barcelona-Oct. 2-Delphine, 2,775; Margherita, 3,183._ 5,958
8,238
To Genoa-Oct. 2-Delphine, 8,238
To Trieste-Oct.2-Margherita, 2,219_ _ _Oct.6-Virginia,1,930 4,149
-To Liverpool
NEW ORLEANS
-Oct. 4-Antillian, 8,401...Oct.
21,401
6-Wayfarer. 13,000
8,500
-St. Laurent, 8,500
To Havre--Oct. 7
6,700
To Bremen-Oct. 5-Kingstonlan, 8,700
138
To Hamburg-Oct, 4
-Corinth 138
1,705
To Antwerp-Oct. 4-Susquehanna, 1,705
3,950
To Oporto-Oct. 4-Berenquer el Grande, 3,950
To Barcelona-Oct. 1-Virginia, 200.._Oct. 4-Berenquer el
2,025
Grande, 1.825
400
To Venice-Oct. 1-Virginia, 400
50
To Mexico
-Thelma, 50
-Oct. 6
4,146
-Yucatan, 4,146
MOBILE--To Liverpool-Oct. 4
4,010
PENSACOLA-To Liverpool-Oct. 5-Gracia, 4,010
SAVANNAH-To Liverpool
-Oct. 6-Orator, 9,805; Clearpool,
15,774
5,969
200
To Manchester
-Oct. 6-Clearpool, 200
13,318
-Colonial, 13,318
BRUNSWICK-To Liverpool
-Oct. 7
7,200
-Savannah, 7,200
CHARLESTON-To Liverpool-Oct. 5
13,197
To Bremen-Oct,7
-South America, 13,197
12 723
WILMINGTON-To Liverpool
-Oct. 6-Brookby, 12.723
To Bremen-Oct. 5-Hillmere, 14,179
14,179
BOSTON-To Liverpool
-Oct. 1-Sagamore, 41_ _ Oct. 5-Saxonia, 6,922...Oct. 6-Cestrlan, 4,606
11,569
803
To Genoa-Oct 1-Canopic, 803
BALTIMORE-To Bremen-Oct. 6
4,010
-Main, 4,010
PHILADELPHIA-To Liverpool-Oct. 1-Friesland, 856
856
300
To.rambUrg-Oct. 5
-Arcadia, 300
400
-To Japan--Oct. 5
,
-Mongolia, 400
SAN FRANCISCO

t Total




260,817

Wed.
Tues.
Sat.
Mon.
Thurs.
Fri.
Oct. 2
4 1234 4
to
123f 1234 1234 6 12C 4 123-i 4 123
Oct. 8. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. P.m. P.m. p.m.
October..
Oct.
-Nov_
-Dec.
Nov.
Dec.
-Jan..
-Feb..
Jan.
Feb.-Mch.
Mch.-Apr.
Apr.
-May.
May.June
June-July
July-Aug_
Aug.
-Sep.
-Oct _ _ _ _ _
Sep.
-Nov ____
Oct.

7
7
7
7
7
7
6
6
6
6
6
6
6
6

d.
d.
d.
d.
d.
d.
d.
a. a.
d.
5.
1034 08 08 01 % 01 8754 87 93 923,4 0434 0334
05 01 03 97 9534 833.4 83 90 89 01 9934
,
0134 98 0034 94 93 81
803-4 88 88 99 973,4
01
9734 0034 94 93 81 8034 88 88 99 973-4
803.4 88 88 99 073-4
0034 97 34 00 0334 923-4 81
00 97 903-4 93 92 8034 80 8734 88 9834 97
9934 9634 99 92 34 92 80 80 8734 88 98 34 97
99% 9634 99 923-4 92 80 80 8734 88 9834 97
99 96 99 9234 02 80 80 873-4 88 0834 97
98 34 96 99 92 92 80 80 8734 88 0834 97
95% 93 96 89 89 78 773-4 85 853-4 9534 94
71 61 81 69 69 79 77
76 73 76 71
36 36 38 34 34 28 28 34 34 41
41
22 20 22 19 19 13 13 19 19 25 26

BREADSTUFFS.
Friday, Oct. 8 1909.
Prices for wheat flour have been steady. The general
situation in the local market remains unchanged. Buyers
continue to purchase very sparingly, and when they do buy
favor spring-wheat flour. The mills at the Northwest continue to do a large business. Minneapolis millers, in particular, are enjoying a very active trade. The output of the
mills there last week was the largest in four years, and orders
for future delivery that are being taken are said to be very
much in excess of the capacity of the mills. Rye flour here
has been in fair demand and steady. Corn meal has been
quiet and easier.
Wheat, despite big receipts, has advanced. This was
largely due to the strong cash situation. If exporters are
not buying freely, domestic millers are. If cash prices will
not come down, if cash premiums cannot be dissipated, it
is held that futures must advance. Also there has been a
slight increase in the export demand for Manitoba and durum.
At times the receipts at the West have not come up to expectations. Kansas City, among other markets, has been
getting considerably less than had been predicted. A rumor
of cholera in Russia and a possible embargo on its markets has had some effect, though the rumor of an embargo was promptly denied. Odessa has reported
decreasing receipts from the interior and art excellent demand from Western Europe. Whatever the future may
have in store for the wheat market, it is certainly, a rather
striking fact that despite some very bearish statistics prices
should have advanced during the week. Most remarkable
was the fact that even on the day when it was announced

OCT. 9 1909.1

941

THE CHRONICLE

that the world's stocks during the week had increased
17,365,000 bushels, there was at least a fractional rise.
Yet such an increase for the week was unprecedented.
East of the Rocky Mountains supplies increased 3,162,000
bushels; in Canada 2,803,000; in all America 5,965,000; in
Europe and afloat 11,400,000; the whole footing up 17,365,000. But not only was the domestic cash demand
good but it turned out that the speculative markets had
been somewhat oversold on the strength of the big crop
movement and the recent absence of export demand. Also,
there has been a large business in flour at the Northwest.
In a word, the strictly legitimate aspects of the wheat and
flour business have been of a kind to sustain rather than to
depress prices, while the overdoing of the short side,at least
for the time being, has also contributed to the same result.
To-day prices advanced on better cables than had been expected, small shipments from Argentina, the strong spot
situation, smaller receipts at the Northwest and general
buying. A partial reaction was due to a favorable Government report, hammering and liquidation. The Government
report pointed to a crop of spring and winter wheat of 724,768,000 bushels, against a yield of 664,604,000 last year.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Nom. Nom. Nom. Nom. Nom. Nom.
No. 2 red f.o.b
109%
December delivery in elevator__ _ _107 % 107 % 108% 109% 109
110%
108% 108% 109% 1105 110
May delivery in elevator
FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fri.
101 % 101% 102
December delivery in elevator_ _ _ _100% 99 % 101
102% 102% 102 % 103% 103% 103 %
May delivery in elevator
98'4 98% 98% 98 %
July delivery in elevator

Kt Indian corn futures have been nominal here. At the
West trading has been rather quiet. Prices there have
shown more or less irregularity, with the tendency downward
much of the time, owing to favorable weather and crop
reports. Ideal conditions have prevailed over most sections
for maturing the late plant. The cash market has been dull
and heavy. The country has been a free seller of old and
new corn. Cash interests have sold. Receipts have been
light but in excess of the demand. To-day prices advanced
with other cereals. Colder weather, with rains, was reported
west of the Missouri and the cash market at the West was
more active.

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at
-

Corn.

Wheat.

Flour.

Barley. I

Oats.

Rye.

bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
Chicago ____
18.000
820,600 2,141,400 1,583,450
720.000
246,027
17,000
343,400
125,400
166,500
570,700
Milwaukee__
99.225
Duluth
14,222,
282,441
23.092
881.008
221,000 5,561,664
151,610
684,480 1,182.760 130,380
Minneapolis_
3,037,080
Toledo
57,4001
48,000
179,000
8.000
Detroit
68,5721
37.501
89.479
5,539
162,510
63,809
Cleveland
8.833
7,762
1,893
St. Louis.,_
385,325'
427.200
79,300
4,000
69,300
543.795
Peoria
254,500
7,000
404.600
57,000
13,000
84,600
Kansas City.
200,500
270,600
956,000
Tot.wk.'09
Same wk.'08
Same wk.'07

3,682,938 3,847,082 3,490,768
2.025.394 5,524,352 4,020,241
6.222,927, 5,267.940 3.455,701

727,584 11,551,780
579,132 12,194,829
307,808 6,042,442

214,105
248,587
326,316

Since Aug. 1
1909
4,677,600 69,137,277 30.307,026 41,682,458 15.677.025 1,855,478
1908
4,120,644 74,823,605 23,608.790 43,313,201 24.803,523 1.923,298
1907
3,246.778 56.869,887 41,140.952, 52,555,028 14,452,998 1,777,067

1

Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 2 1909 follow:
Flour,
Wheat,
bbls.
Receipts atbush.
197,585 1,209,400
New York
241,306
52.831
Boston
Portland, Me
90.776
237,521
Philadelphia
120,290
82,538
Baltimore
34,296
5,352
Richmond
3,600
22,325
New Orleans *
714
_
Newport News_ _ .
714
Norfolk
33,000
Galveston
9,080
Mobile
36,443 1,586,335
Montreal
498,358
Total week
Week 1908
491,312
Since Jan. 1 1909_11,737,553
Since Jan. 11908_12,789,171

Corn,
bush.
124,525
60,008

Oats,
bush,
566,050
79,926

Barley,
bush.
34,425
1.540

Rye;
bush.

27.641
41,188
34,612
68,700

81,036
40,195
26,176
91.000

1.000

800
48,460
1,730

4,000
30,893
4,000

10,500
56.694 '10.977

2,725

951,577 47.942 53.714
395,565
3,465,748
852,886 236,162 136,061
268.680
4,223,524
58,173,661 31,851,685 35,794.371 4364,583 760,389
76,959,233 28,357.259 33,202,301 3540,693 1857,621

*Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
2 1909 are shown in the annexed statement:
70
70
69'4 69'4 68 A 68'4 ending Oct.
Cash corn
Rye, Barley, Peas;
Oats,
Corn, Flour,
Wheat,
69% 69% 69% 69% 69% 69 A
December delivery in elevator
bush,
bush.
bbls,
bush.
bush.
bush.
bush,
ExportsfromDAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
14,096
2,805
35,224 89,684
580,745
1,790
New York
Sat. Mon. Tues. Wed. Thurs. Fri.
12 23,052
153,185
Boston
57% 57'4 57% 58% Philadelphia
57'4 57
67,931
December delivery in elevator
199.978
60 % 59% 61 % Baltimore
59% 60
60
1.460 17.344
20
May delivery in elevator
24,004
6
59 % 59'4 59% 594 59% 60'4 New Orleans ____ 146,880
2.412
July delivery in elevator
6,150 26,162
714
Newport News_
Oats for future delivery in the Western market have been Galveston
11.923
394,880
10,500
30.893 9,080
quiet, with narrow fluctuations in prices. But sentiment is Mobile
1,093,940
70.689 26,244
Montreal
distinctly bearish. Receipts are light but a marked increase in Norfolk
714
the movement is predicted and as contract stocks at Chicago
1,790
15,717
252,848
Total week_
are far larger than a year ago, the belief is very general that Week 1908 ._ _2,593,592 144,428 210.279 54.094 51,353 14,096 27,813
18,606
24.264
4,916,993
the logical result of any increase in the receipts must be a
The destination of these exports for the week and since
decline in prices. Meantime the cash demand is light.
Elevator interests have been prominent in the selling of July 1 1909 is as below:
_Corn_
futures. Tired longs in the near months have liquidated.
Wheat
Flour
Since
Since
i Since
To-day prices advanced slightly, owing to a rise in wheat,
Week
July 1
1
July
July 1
Week
Week
an increased cash demand, smaller receipts and covering.
1909'
Oct. 2.
1909.
Oct. 2.
1909.
Exportsforweek and Oct. 2.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
No. 2 white
43-45'4 43.4564 43-4564 434564 434564 434564
White clipped
43-4864 43-4864 43-4864 43-4864 4364-48 43 %-48
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
39 %, 38% 3864 38'4
3964 39
December delivery in elevator
42
4164 4164 4164 4164 4164
delivery in elevator
May

The following are closing quotations:
FLOUR
Winter, low grades..... _$4 15 p $4 35 Kansas straights,sacks.35 00 a$5 25
Winter patents, new___ 5 50P 5 65 Kansas clears, sacks___ 4 40P 4 50
8 30P 6 60
Winter straights, new__ 5 00P 5 25 City patents
4 45
4 15
Winter clears, new____ 4 60P 4 80 Rye flour, bbls
4 15
4 90
5 25P 5 50 Graham flour
Spring patents
3 35
3 40
4 95® 5 20 Corn meal, kiln dried
Spring straights
4 80(a 4 75
Spring clears
GRAIN.
I Corn, per bushelCents.
Wheat, per bushelelev. 6864
No. 2 mixed
$1 11 %
N. Duluth, No. 1
f.o.b. 6964
1.09641No. 2 yellow
N. Duluth, No. 2
f.o.b. Nominal
No. 2 white
Red winter, No. 2..__f.o.b Nominal
..
1.17 % Rye, per bushel
Hard '
f.o.b. 70
Ce t.j No. 2 Western
Oats, per bushelState and Jersey
Nominal
43 p48%
Natural white
Nominal
Barley-Malting
White clipped
43%P48
Feeding, c. 1. f., N. Y. 58@60
Mixed
42%043

AGRICULTURAL DEPARTMENT'S OCTOBER REPORT.
-The report of the Department of Agriculture for
Oct. 1 respecting cereal crops was issued on Oct. 7 as follows:
The crop Reporting Board of the Bureau of Statistics of the Department
of Agriculture finds, from the reports of the correspondents and agents of
the Bureau, as follows:
Corn.-The average condition of corn on Oct. I was 73.8, as compared
with 74.6 last month, 77.8 on Oct. 1 1908. 78.0 on Oct. 1 1007 and 79.2
the 10-year average on Oct. 1.
Wheat -The indicated total production of spring wheat is about 291,848,000 bushels, against 226,694,000 bushels the final estimate in 1908.
The quality is 90.5, against 88.2 in 1908 and 85 5 the average for the past
10 years.
The indicated total production of spring and winter wheat combined is
about 724,768,000 bushels, compared with 664,602,000 bushels finally
estimated last year. The average quality of all wheat is 90.4, compared
with 89.4 last year.
Oals.-The indicated total yield is about 983,618,000 bushels, against
807.156,000 bushels finally estimated in 1908. The quality, 91.4, against
81.3 last year and 85.9 the 10-year average.
-The indicated total yield is about 164,
636000 bushels, against
Barley.
166,756,000 finally estimated in 1908. The quality is 83.5, against 89.3
last year and 87.4 the 10-year average.
-The average condition of potatoes on Oct. 1 was 78.8, against
Potatoes.
80.9 last month,68.7 on Oct. 1 1908 and 75.9 the 10-year average condition
of Oct. 1




bush.
bush,
bbls.
bbls.
since July 1 toUnited Kingdom...146,900 1,157,855 1,498,425 12,480,818
62,659 331,222 1,095,167 6,879,159
Continent
____.... AL. 120,977
So. & Cent. Amer.._ 7,691 182.264
1.600
29,835 331,090
West Indies
33.639
Brit No. Am. Cols. 4,260
24,154
1,503
Other Countries

bush.
95,901
795
46,858
12
862

252,848 2.060,224 2,593,592 19,482,554
210,279 2,508,910 4,916,933 36,857,270

Total
Total 1908

bush.
447,453
484,579
46.767
587,924
5,826
7,200

144,428 1,579,749
24.264
644.314

The world's shipments of wheat and corn for the week
ending Oct. 2 1909 and since July 1 1909 and 1908 are
shown in the following:
Wheat.

Corn.

Week
Oct. 2.
Bushels.
North Amer. 3,444,000
Russian ____ 7,136.000
360,000
Danubian
Argentine __ 184,000
Australian _ _ 328,000
0th. countr's 588,000

1909.

1908.

1909.

Exports.

Since
July 1.

Since
July 1.
Bushels.
30,389,000
49,616,000
7,872.000
11,664.000
2,292,000
21,256.000

Week
Oct. 2.

1908.

Since
July 1.

Since
July 1.

Bushels.
Bushes.
Bushels. Bushels.
789,400
51,94,700 132,000 1,517.000
51,000 5,161,000 4,723,500
14,744,000
94,000 6,503.000 5,735,500
12,184,000
21,034,000 1.564.000 39,154,000 27,899,500
3,056,000
4,872,000

Total..___ 12020000 123,089,000 107,384.700 1,841,000 52,335.000 39,147,900

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Oct. 2
Sept. 25
Oct. 3
Oct. 5

1909.
1909_
1908_
1907_

Corn.
Total.

Bushels. Bushels. Bushels.
10,880,000 13,840,000 24,720.000
10,640,000 12,080,000 22,720.000
15,120,000 16,640,000 31,760,000
18,360,000 16,320,000 34,680,000

United
Kingdom. Continent.
Bushels.
6,375.000
7,990.000
6,630.000
7,720,000

Total.

Bushels. Bushels.
5.865.000 12,240,000
7,055,000 15,045.000
5.780,000 12,410,000
3,480,000 11,200,000

.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Oct. 2 1909, was as follows:

THE CHRONICLE

1,000
87,000
69,000
649,000
43,000
1,000
59,000
13,000
11,000
91,000
41,000 1,531,000
122,000
454,000
4,000
16,000
1,000
716,000
108,000
458,000 3,593,000
407,000 3,010,000

Rye,
Barley,
bush.
bush,
458,000 3,593,000
47,000'
458,000 3,640,000
407,000 3,069,000
795,000 6,090,000

THE DRY GOODS TRADE.
New York, Friday Night, Oct. 8 1909.
One of the most important developments is the worldwide movement among cotton goods mills to curtail production, owing to the unusually high cost of the staple and the
unremunerative selling prices of goods. The International
Conference of Cotton Spinners, in which the United States
and Great Britain are strongly represented, met at Frankfort,
Germany, this week and took action to this end. Manchester
spinners already have an agreement to restrict the output
until Nov.8 and now propose to extend that date. Southern
mill representatives are scheduled to meet at Charlotte,
N. C., to-day to consider united action in the South, while
the Arkwright Club of Boston which represents a large
majority of New England manufacturers, is sending to mills
for signature a form of agreement to curtail; it is proposed
to curtail to the extent of 224 working hours between the
date of the agreement and Aug, 1, the plan to become effective when at least 7,000,000 spindles have been signed up.
It is reliably estimated that this will reduce the consumption
of cotton in this country alone one million bales. As not a
few mills have booked orders which will keep them well
engaged for the balance of this year, and in some instances
into January, it is not thought likely that the plan for general
curtailment will be put into operation in the immediate
future. The primary cotton goods market has ruled strong,
with an advancing tendency. Goods of print cloth yarn
construction have been decidedly firm, and as prices on some
lines are quite near a parity with the staple, some contracts
for wide cloths have been accepted from converters and
others for delivery in the first quarter of 1910; mills as a
rule, however, especially those making fine yarn goods, are
very cautious in booking orders for next year's delivery.
Demand for various cotton goods appears to have broadened
somewhat and buyers have displayed a little more confidence
in the new prices by covering near-by needs more freely, and
in some instances they have anticipated prospective requirements in prints, bleached goods and certain other staples,
but both primary and secondary markets show considerable
irregularity, and most buyers have continued conservative.
Knit goods and hosiery markets have hardened perceptibly
and urgent requests are being received for prompt deliveries;
stocks available for quick or near-by shipment are reported
as light. In silk piece goods markets specialties and some
fancies have sold steadily, but other lines have dragged, and
offerings by certain mills at concessions have caused more
or less irregularity. Conditions in the men's wear market,
although not uniformly satisfactory, have improved slightly.
Some dress goods factors appear to be doing a brisk business,
but the majority complain of a slow trade.
-The exports of cotton
DOMESTIC COTTON GOODS.
goods from this port for the week ending Oct. 2 were 4,264
packages, valued at $274,655, their destination being to the
points specified in the table below:
New York to Oct. 2Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total

Since
Week. Jan. 1.
1,441
52
808
24
155,32i
12,597
23,974
50
12,544
555
770
31,382
1,280
62
10,834
469
40,897
1,897
385
14,444
4,264

305,522

---1908---Since
Week. Jan. 1.
14
626
897
2
18,342
9,504
ltioo
697
24,289
480
7,682
911
19,355
1,248
6
11,770
75
30,250
245
15,860
723
4,953

139,823

The value of these New York exports since January 1 have
been $16,516,802 in 1909, against $8,803,032 in 1908.




Importations and Warehouse Withdrawals of Dry Goods.
1
000,r M
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00• 00
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00

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el

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c*.
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1 00 00 1 00
01.000.
0
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•
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elcr.ulcr
0001
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0000
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0000

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00

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oo"
NO

000
00
00
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m.
0000

I
I

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a,

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00
00
O.

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,
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00 00

91,385,915

3,415,000 12,996,000
2,422,000 12,016,000
3,577.000 7,792,000

47,000
59,000

127,425,507

Total Oct. 2 1909 26,936,000
Total Sept.25 1909_22,150,000
Total Oct. 3 1908_ _34,281,000

Barley,
bush.
47,000

There has been a further shortening of discounts on staple
prints, but this has not'prevented the booking of additional
business for spring at the new prices; from some sections of
the country, especially the West and South, good orders
have been received from jobbers, while local jobbing houses
report that retailers have been ordering goods for forward
delivery more freely. There has also been a more active
call for staple and dress ginghams from cutters and retailers.
Some leading sellers of percales withdrew prices during the
week, pending further developments. Ticketed bleached
cottons show an advance of 34c. and have been in good
demand; unticketed lines display a firmer tendency. Offers
to purchase colored cottons at old prices or at slight advances
have been declined by agents who are demanding full prices
on a parity with cotton. Owing to recent advances mills
have been more willing to accept orders for drills, osnaburgs,
sheetings and other gray cottons for near-by delivery, but
hesitate to accept business for next year at current levels.
Cotton linings have been in increased demand from converting
houses, who report a larger call from consumersfor immediate
and.forward delivery. Outside of moderate sales of drills to
India and of prints to Manila and miscellaneous ports,
export trade has been quiet. The print cloth market has
ruled very firm, with a moderate amount of business done;
regulars are sitll quoted at 39c., but standard wide goods
have again been advanced and are quoted at 53/b to 5%c.
-Trade in men's wear has continued
• WOOLEN GOODS.
irregular and spotty, but the call for goods has been somewhat broader during the week, which has led to expectation
of a better inquiry for both worsteds and woolens with the
advent of cool weather. Duplicate orders for light-weight
fabrics are becoming more numerous and it is noteworthy
that the demand for carded-wool goods from manufacturing
clothiers is exceeding expectations. The primary dress
goods market shows considerable irregularity in the demand
and conditions generally are not considered satisfactory.
Some manufacturers producing fabrics of high quality have
done a large business, but other mills complain of a lack of
orders. Broadcloths and worsted-warp diagonals have
continued in active request and substantial re-orders, especially on the former, have been received. The cutting-up
trade and retailers have been liberal purchasers of diagonals
and the leading producer is reported well under order.
Fancy dress goods, with some exceptions, have moved
slowly, and the development of forward business has been
below expectations.
FOREIGN DRY GOODS.
-NO particular feature has
been noted in the market for imported woolen and worsted
goods, which havec ontinued in moderate demand. Linens
have been active and very firmly held. A quiet trade is
reported in the burlap market. with the tone slightly easier;
103
-s-ounce are quoted at 4.60c. and light-weights at 3.60c.

94,005,108

Rye,
bush.

Total Oct. 2 1909.._ 7,404,000
Total Sept. 25 1909._ 5,690,000

American
Canadian

48,000
195,000
62,000
224,000
SUMMARY.
Corn,
Oats,
Wheat,
bush.
bush,
bush.
19,442,000 3,367,000 12,801,000
195,000
7,494,000
48,000

Barley,
bush.
26,000
1,000

128,990,430

Total Oct. 2 1909_ _19,442,000 3,367.000 12,801,000
Total Sept. 25 1909_ _16,460,000 2,360,000 11,792,000
CANADIAN GRAIN STOCKS.
Corn,
Oats.
Wheat,
bush.
bush,
bush.
676,000
48,000
195,000
Montreal
3,450.000
Fort William
2,337,000
Port Arthur
1,031,000
Other Canadian

Rye,
bush.
7,000

68,291,196

AMERICAN GRAIN STOCKS.
Corn,
Wheat.
Oats,
bush.
bush.
bush.
1,054,000
98,000
909,000
New York
30,000
128,000
10,000
Boston
112,000
20,000
64,000
Philadelphia
499,000
129,000
645,000
Baltimore
125,000
121,000
192,000
New Orleans
183,000
22,000
Galveston
1,085,000
308,000 1,241,000
Buffalo
943,000
50,000
422,000
Toledo
311,000
123,000
205,000
Detroit
1,470,000
Chicago
1,103,000 4,761,000
152,000
225,000
Milwaukee
91,000
Duluth
5,873.000
48,000
666,000
Minneapolis
1,629,000
24,000
868,000
St. Louis
341,000
1,596,000
98,000
Kansas City
285,000
1,744,000
90,000
Peoria
15,000
74,000 1,043,000
293,000
Indianapolis
85,000
415,000
480,000
On Lakes
755,000
1,410,000
151,000
796,000
On Canal and River

lixxxix.

454,952 103,285,744

942

I

ci

0

E
10.'41
c.482541
0

ES

943

THE CHRONICLE

OCT.9 1909.]

Mo.4uri1y.
Rale.
Page.
Name.
678_ _Cuyahoga County. Ohio
434 1910-1919
434 1910-1919
678_ _Cuyahoga County. Ohio
613_ _Cuyahoga County, Ohio
434 1910-1919
613_ _Cuyahoga County, Ohio
434 1910-1919
434 1910-1919
613_ _Cuyahoga County, Ohio
434 1910-1919
613 _ _Cuyahoga County, Ohio
434 1910-1919
738_ _Cuyahoga County. Ohio
795_ _Darke County, Ohio
434
PUBLISHED WEEKLY.
1911
5
738__Dayton, Ohio
1911-1920
4
738_ _Dayton, Ohio
Terms of Subscription-Payable in Advance
5
1914
738...Delphos, Ohio
$10 00
.
For One Year
1941
738__Denmark Sch. Dist., N. Y
434
000
For Six Months
870__Dennlson, Ohio
434 1911-1920
13 00
European Subscription (including postage)
5
41924-1949
795_ _Diamond Hill Sch. Dist., Tex
7 50
six months (including postage)
European Subscription
434
22 14s. 9 7.. _ Dimmit County,Tex
Annual Subscription in London (including pcstage)
434 1910-1939
21 us. 738_ _Dunmore, Pa
Six Months Subscription in London (including postage)
5
1929
678_ _Durant, Okla
$11 50
(including postage)
Canadian Subscription
4
1910-1921
870_ _ Easthampton, Mass
5
947_ _East Pike Run Sch. Dist., Pa
Subscription includes following. Supplements
41914-1929
871_ _Edgar, Neb
S CATE AND Criry (semi.annually)
B,NK AND QUOTATION (monthly)
434 11910-1915
738_ _Elkhart Twp.,Ind
RAILWAY AND INDUSTRIAL(quarterly) ELECTRIC RAILWAY(3 times yearly)
11916-1917
.
(monthly)
BANKES CONVILNTION (yearly)
RAILWAY EARNIAOS
1910-1919
5
871_ _Elyria, Ohio (2 issues)
1910-1918
6
947_ _England, Ark
Terms of Advertising-Per Inch Space
334 41919-1929
796_ _ Erie, Pa
$4 20 738_ _Everett, Mass
4
1910-1919
Transient matter per inch space(14 agate lines)
22 00 678_ _Fairfield County, Conn
4
( times)
Two Months
41929-1939
4
29 00 948 _ _Faulkton, So. Dak
Cards ' r l
Standing Business
50 00 738_ _ Fayette, Ohio
FI;on "8 (1(1
igl
434 1911-1920
(52 times)
Twelve Months
1914-1923
4
871_ _Fort Wayne School City, Ind
334 1914-1939
0
4012. 871_ _Framingham, Mass
-P. Bartlett,513 Monadnock Block; Tel. Harrison87 0
OFFICE
CHICAGO
1912-1914
4
739_ _Fredericktown, Ohio
-Edwards & Smith,1 Drapers' Gardens, E. C.
LONDON OFFICE
948_ _Fremont Precinct, Neb
354 41910-1920
4
1910-1917
739_ _Gardner, Mass
WILLIAM D. DANA COMPANY, Publishers,
94 __Gary, Ind
New York.
P.0. Lox 95S. Front, Pane and Depeyster Sta.,
5
1910-1949
871_ _Glendale, Cal
434
1929
739_ _Glendale, Ohio
434
1929
739_ _Gloucester City, N. J
4
871_ _Gonad County, Tex
MUNICIPAL BOND SALES IN SEPTEMBER.
6
796_ _Grand Island, Neb
5
1910-1924
During the month of September there were placed on the 739_ _Grant Township, Mich
5
1910-1938
796_ _Greene County, No. Caro
5
1929
bonds amounting to $16,112,619. Tem- 796..Gulfport, Miss
market municipal
6
796_ _Halifax County, No. Caro
6
1911-1928
porary loans were negotiated to the extent of $7,870,975. 948 __Hamburg Sch. Dist., Ark
5
1910-1919
871_ _Hancock County, Ohio
4
Debentures aggregating $1,541,028 were put out by places 871_.Harrisburg Sch. Dist., Pa
1914-1939
5
1911-1918
classes 613_ _Hart Township, Mich
located in the Dominion of Canada. These three
.1937-1950
5
796__Hawkins County, Tenn
4
1913-1928
739_
of loans we always report separately, the main total repre- 739_ _Hawley, Minn. (2 issues)
6
41919-1939
_ Henning,Tenn
41920-1949
5
senting only loans of a permanent nature made by States 796_ _Hereford, Tex
5
41919-1949
948_ _Hidalgo County, Tex

STATE AND CITY

13EfAV1

Mtn If

The Thronicle.

and municipalities in the United States. The principal sales
which occurred in the month just closed were as follows:
St. Louis, Mo., $4,700,000 4s; San Diego County, Cal.,
$1,250,000 4 2s; Kansas City, Kan.,$400,000 4s; Charleston, So. Car., $300,000 4s.
The number of municipalities emitting bonds and the
number of separate issues made during Sept. 1909 were 292
and 360 respectively. This contrasts with 249 and 339 for
August 1909 and with 246 and 351 for Sept. 1908.
For comparative purposes we add the following table,
showing the aggregates for September and the nine months
for a series of years:
1909
1908
1907
1906
1905
1904
1003
1902
1901

For the
Month of
Nine Mos.
September.
$16,112,169 $262,390,621 1900
43,241,117 1899
34,531,814
47,947,077 199,722,964 1898
153,152,345 1897
8,980,418
141,021,727 1896
9,825,200
197,921,657 1895
10,694,671
111,745,993 1894
8,762,079
117,678,855 1893
9,179,654
99,324,001 1892
14,408,056

Month of
September.
$4,033,899
7,201,593
6,173,665
9,272,691
3,693,457
11,423,212
8,249,347
3,885,137
6,242,952

For the
Nine Mos.
$97,194,441
95,026,437
83,150,559
106,387,463
56,229,416
92,253,916
90,454,836
40,974,564
63,583,834

In the following table we give a list of September loans to
the amount of $16,112,169 issued by 292 municipalities.
In the case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
SEPTEMBER BOND SALES.
Rate. Maturity.
Name.
Page.
5
1949
_Alexandria, La
868.
434 1915&1917
868„Alliance, Ohio
5
1910-1914
868_ _Alliance, Ohio
6
1910-1919
888_ _Arcola Sch. Dist., Cal
434 1910-1919
869....AshtabUla County, Ohio
434 1910-1919
County. Ohio
869__Ashtabula
1934
6
869__Atoka, Okla. (3 issues)
1920-1929
6
889..Badger Irrigation Dist., Colo
4
Y
869._Baldwinsville, N.
1919
434
869_Barnesville Sch. Dist., Minn
1939
5
945_ _ Bartow, Fla
1935-1939
5
737_ _Bellevue, Pa
434
945_Belmar Sch. Dist., N J
434 41919-1929
677_ _Billings, Mont. (4 issues)
869_ _Benton Co. S. D. No. 36, Wash_ 5,1914
1914-1919
5
869_ _Berea, Ohio
1939
5
798. _Birmingham, Ala
1919
737_ _Bismarck, No. Dak
869_13oyce, La
1929
434
946_ _Boonville, Miss
1929
4
612_ _Brewer, Me
1910
6
869_ Bristol Twp., Ohio
795..,Brown County, Tex
5
1926-1929
869_ _Bruno, Minn
6
677_ _Buffalo, N. Y
1910-1929
4
795_ _Carmen, Okla
1934
737__Central City, Neb
41914-1929
5
671k _Chardon, Ohio (2 Issues)
434
J
4
738_ _Charleston, So. Caro
1929

1

Amount. Price.
$40,000 100.254
5,000 103.09
13,500 101.896
4,000 104.875
35,000 101.945
13,000 102.50
50,000 100.10
227,000
50,000
6,000 100
50,000 100
25,000 110.8713
57,000 100
80,000 100.025
2,500
1,200 104.77
200,000 105.003
5,000
15,000
10,000 100
30,000 104.573
2,000 100.416
100.000 100
5,000 111.67
145,000 100.40
30,000
18,000 102.222
3,800 101.631
100,000 100
200,000 100.001
6,000 100

869__Charlotte, Mich
4
869__Chautauqua Un. F. S. D. No. 3,
N. Y
16,000 103.17
434 1919-1934
870__Chaves County, NeW Mex
41929-1939 125,000 103.64
5
50,000 100
738_ _Chicago, Ill.-Lincoln ParkDist. 4
1910-1919
000__Chicasha, Okla
190,000
50,000 100.03
678__Cincinnati, Ohio
4
1910
1,500
946_ _Ciallam Co. S. D. No. 2, Wash_ 5
434 1910-1929
10,600 100 -870_Clark County, Ind
6
1,300 100.756
795._Clinton County, Ohio
4
10,000 101.939
1910-1919
870_ _Clinton, Mass
8
100,000 104.50
1934
946_ _Clinton, Okla.(4 ISSileS)
1019_1929
4
100
870_ _Clyde Park S. D. No. 41, Mont_ 6
434 1910-1927
18,000 101.90'
738_ _Colegrove Sch. Dist., Cal
4,500 100.244
795_ _Columbia Spec. S.D. No. -, 0_ 4 A 1911-1929
4&4% Various
524,200 x100
947.. _Columbus, Ohio
1919
57,000 100.043
917_Counell Bluffs Sch. Dist., Iowa_ 4
30,
738_ _Crescent, Okla
947__Crookston Sch. Dist., Minn.__ 4 33 1926-1928 viC 18,000 100
•




1939
5
739_ _Holly Beach City, N J
434 1910-1924
796__Hubbard County, Minn
1929
434
679_ Hutchinson, Kane
41919-1929
4
948__Idaho (14 issues)
Various
872__Indiana (17 issues)
434 1910-1919
872__Jay County, Ind
4 A 1910-1923
948..Kalamazoo, Mich. (4 issues)
Var. Various
919..Kansas (14 issues)
1939
434
872_ _Kansas City, Kane
7
872..Kansas City, Mo
41919-1929
5
740_ _Kaysville, Utah
1910-1912
8
790..Knoxville, Tenn
1910
5
679_ _Lake County, Ohio
5
679_ _Lakewood, Ohio (3 issues)
6
1910-1929
797_ _LeakesvIlle, Miss
5
1910-1919
872_..Leavenworth, Kans
41914-1929
740_ _Lemmon Ind. S.D. No.1, So.D_ 8
1929
740_ _Lewiston Ind. S.D. No.1, Idaho 5
41914-1939
872_ _Lewisville Ind. Sch. Dist., Tex_ 5
4
1929
740_ _Lisbon, Me
5
1939
679__Lodi, N. J
4
872.,London, Ohio
740. Los Olivas Sch. Dist., Cal
4
1010-1919
872_ _Lowell, Mass
434
740_ _Lucas County, Ohio (2 issues)
4
1929
797_ _ Madison Wis
1939
4
740_ Malden, Mass
4.30 1914-1923
614_.Mamaroneck, N. Y
5
1921
797_ _Manteno, Ill
4
740__Marion County, Mo
1929
873._ Marshville GradedS.D.,No.Caro. 5
1929
797_ _Maricopa Co. S. D. No. 48. Ariz. 6
1917-1926
740_ _ Massena Un. Fr. S.D.No.1,N.Y. 4
1910-1920
5
797__Marion County, Ohio
5
41924-1949
873_ _Melissa Ind. Sch. Dist., Tex_
41929-1949
740_ _Memphis Ind. Sch. Dist., Tex__ 5
1911-1919
4
873_ _Millersburg, Ohio
873 __Minot, No. Dak
797_ _Mission Ridge Tax Dist., Tenn_ 6
5
1929-1938
949 _ _Modesto Sch. Dist., Cal
5
1910-1942
741_ _Monrovia, Cal
1920&1925
5
.Montevideo, Minn
873.
s.
1929
5
873_ _Napa, Cal
1910-1912
5
741_ _Napoleon, Ohio
1929
4
614_ _Nashua, N. H.(3 issues)
. 1929
5
741_ _Natchez, Miss. (2 issues)
434 1910-1927
741_ _National City, Cal
050. Nebraska (13 issues)
1910-1939
5
873_ Netcong, N. J
4
797_ New Canaan, Conn
4
873_ New Canaan, Conn
4
741__Newton Sch. Dist.. N. J
1013
434
741 Newton Twp., Ohio
1958
3
873 New York City (2 issues)
5
874 Niles, Ohio
1911-1920
6
050 _Norris City, Ill
41919-1929
.North Brownsville S. D., Ore__ 5
874.
1939
741 _Oakley, Ohio (4 issues)
434
1910-1919
5
741 _Oakley, Ohio (2 issues)
1915-1934
4
614 _Olean, N. Y
1929
434
679 _Omaha, Nob
950_ _Ontario, Ore
1910-1929
6
950._Osceola Sch. Dist., Ark
874 _Oskosh, Wis
5
1910-1949
874_ _Palo Alto, Cal
434 1919-1928
950_ Paulding, Ohio '
434 1919-1928
950_ Paulding, Ohio
5
1914-1921
950_ Paulding, Ohio
5
1911-1914
950_ Paxton, Ill
1910-1925
5
741__Perris Un. High S. D. Cal
6
1914-1924
874_ _Petersburg, Tenn
1910-1914
6
874_ _Pine Bluff, Ark
1929
4
614__Piqua, Ohio
434 1913-1938
741_ _Pittston, Pa
434
741_ _Plymouth County, Iowa
874 _Polk County, Minn
1913-1917
4
874_ _Polk County, Minn
4
1915-1919
874-Polk County, Minn
5
1910-1915
County, Ind
741__Porter
4
798 _Pottstown, Pa
680_ _Princeton Ind. Sch. Dist., Tex_
798_ _Rensselaer, N. Y
615-Ridgefield Twp., Ohio
680- _ Ripley, Tenn
45. __Rock Rapids, Iowa
874_ _Rock River Twp., Mich
951- _Rocky River, Ohio
874- _Rosebush, Minn
874 _Rotterdam S D No. 14, N Y
-Rye Union Fr. S. D. No.3, N.Y
741.

5
41929-1949
434 1910-1926
5
1911-1925
434
5
434
6
5
5

a1925
1910-1915
1913-1925
1919
1914-1933

Amount. Price.
13,243 102.099
45,750 101.927
12,921 101.989
45,282 102.009
22,423 101.966
62,500 101.784
23,000 101.939
18,000 101.041
4,500 100.50
20,000 100.38
17,000 103.512
16,000
3.000 101.383
20.000 101.50
15,000 100
85,000 y105.023
50,000 100
38.000 101
25,000
5,000
5,500 101.181
2,000 107
91.325 104.243
26.000
8,000 x100
50,000 101.419
145,000 101.45
15.000
13,860 101.37
225,000 100.069
40.000 100.47
1,200 100.833
70,000
8,000 100.779
10,000
40,000 103.635
14,000 106.017
75,000 100
40,000
50,000 100
7,500 103.346
30,000 102.69
50,000 101.02
40,000
20,000
18,000 104.505
56,000 100.58
8,000 101.50
40,000
16,000 100.4875
15,000 101
25,000
50,000 5434%
1 basis
52,000 100.04
40,500 100.543
66,000 101
430,250
139,560
7.600 100
63,500
29,375 100
400,000 103.875
26.556 100
25,000 100
165,000 100
30,000 100.675
25,391 102.93
7,000 100.514
4.565 101
15,000 100.666
25,000 104.613
7,000 100
74,000 104.30
80,000 105.391
7,000 100.371
3,500 103
50,000 102.197
29,230
65,000 y100
30,000 109.81
5,000 100.22
5.000 100 '
35,000 100
10,000 100
5,000 104.47
10,000 101.875
6,250 103.20
4.500
8,000 100
2,502 100
115,000
15,000
10,000 110.89
16,500 102.584
12,000 103.583
15,000 104.666
1,194 100.504*
46,000 x100
47,500 103.25
17,000 101.029
194,300 Various
35,000 101.50
95,000
45,000 100
4.000
10.000 100.15
114,421 x100
1,500 102.666
4,900
15,800 100
13,000 106.21
1,412 100
40,000 100
50,000 105.919
22,000
20,000 100
30,000
14,000 102.23
4,0001
25,000
16,500 103.236
8,000
16,000
4,000
15,000
50,000
100,000
20,000
16,000
29,900
38,300
17,000
14,000
1,000
12,000
17,017
15,000
18,000
10,000
18,500
6,500
10,000
3.000
35,000

101.362
105.075
101
100
101.798
101.531
100.75

102.976
100.25
101
98.75
101.915
105.276
100
y100
100
100
.108.62)

[VOL. Lxxxix.

THE CHRONICLE

944

Page.
Name.
Rate. Maturity. Amount. Price.
874_ _Saco, Me
3;4
15.000
97
741_ _Sagerton Ind. Sch. Dist., Tex__ 5
9,000 101.111
d1929-1949
-Litigation.
Idaho.
-The Boise "Statesman" of Sept. 28
874_ _St. Clairsville, Ohio
434
7,500
4
4.700.000 100.9512 has the following to say regarding a friendly suit brought to
741_ _St. Louis, Mo. (4 issues)
1929
874__Salamanca, N Y
4.40 1910-1929
10,000 100.11
434 1910-1949 1,250,000 101.088 test the legality of certain bond issues authorized by the
874_ _San Diego County, Cal
Legislature of 1909:
a1922
12,000 y100
951_ _Sandstone, Minn
6
25,000 101.22
742_ _Sandusky County, Ohio
434 1910-1914
"The Board of Regents of the State University yesterday Instituted a
742_ _San Jacinto H. S. Dist., Cal_ __
15,000 109.40
1910-1939
friendly suit against Governor James H. Brady, Secretary of State Lansdon.
22,500 100
951_ _Santa Anna, Tex
Attorney-General McDougal and Treasurer Hastligs t3 determine the
1922,'23&'24 11.600
681._ _Scotia, N. Y. (4 issues)
4
legality of a bond issue in the sum of $73,000 authorized by an Act of the
742_ _Scranton Sch. Dist., Pa
4
250,000 101.54
Tenth Session of the Legislature. The Constitution provi 103 that the in875Scurry County Corn. Sch. Dist.
de3tedness of the State shall at no time e weed tao sum of 1
upon its
No. 8, Tex
1,400 100
5 d1919-1949
assessed valuation. The question involve 1 13 whet or the 8333333d vaiva
798.. _Seymour, Iowa
1929
5
35,000 104.02
tionot 1909 or 190319 t3 be tri3 determiiIn bails, ail wlecher tic $73,000,
798_ _Shawano, Wis
5,000 100
43.4
If added to the indebteiness then or now,w3ull etce31 the 1 twful limit.
1929
951_ _Shoshone Sch. Dist. No.12,Ida. 5
45,000 100
The bond issues involved are for completlar the m tin or at nlilstratIon
4
618...Smith Township, Ohio
25,000 100
building, $80,000; central heating plant, $4,000; purchase of lands, $3,000;
5
d1914-1929
875_..Snyder rad. Sch. Dist., Tex
10,000 100
permanent improvements at Caldwell, $6,000.
'
5
1916-1918
6,000 103.12$
742_ _Sparta, Wis
New York City.
-Bonds Listed.
-The $38,003,000 4%
742....Spearville Sch. Dist., Kans
15,000
43.4
5
1910-1914
875__Springfield, Ohio
7,538 101.409 corporate stock due May 1959 and $2,000,033 4% assessment
5
1921
742__Strutb,ers, Ohio..
5,000 106
742__Sullivan County, Tenn
434 1929&1939 200,000 100.125 bonds due May 1919, sold on June 8 (V. 88, p. 1514), have
5
d1929-1949
50,000 104.089 been listed on the New York Stock Exchange. Quotations
951_ _Sumter. So. Caro
1910-1911
875__Superior. Wis
959
on the temporary certificates issued pending the delivery of
4
1929
125,000
. 681__Superior, Wis
4
1914-1929
95,000 100
742_ _Swanton, Vt
the bonds will be discontinued.
434
875__Syracuse, N. Y.(3 issues)
157,000 101.734
875__Thompsonville, Mich. (2 issues)
Pasadena,Cal.
-Proposed Purchase by City of Water Plants.
5,000
5
951__Toledo, Ohio (16 issues)
1910-1914
33.251
-We are advised under date of Sept. 28 that the Special
4
1919
951_ _Toledo, Ohio
55,000}z100
Water Committee is investigating the properties of the Lake
951_ _Toledo, Ohio
1918
434
20,000
.
1916-1935
952_ _Tupelo Drainage Dist., Ark_ __ 6
20,000
Vineyard Land & Water Co. and the Pasadena Land &
875__Tupper Lake, N. Y
5,0001 100.133
434 1914-1923
Water Co., with the view to calling an election for the pur875__Tuoper Lake, N. Y
434 1914-1921
4,000j
4
1910-1919
952-Utica, N. Y
chase of the same. The proposition was submitted to the
4,0001
952__Utioa, N. Y
4
1920-1929
7,850 100
voters on Sept. 24 1908, but defeated at that time. V. 87,
952__Utica, N. Y
4
1912-1915
4.400
5
1934
p. 892. It is estimated that the bond issue necessary to
105,000 100
882_ _Wagoner, Okla
5
10.000 100
d1919-1929
875__Wakeeney, Kans
of these plants will reach the sum of
6
1919
6,000 104.166 cover the purchase
952_ _Walker, Minn
$1,225,000.
434 1917-1930
55,000 100.84
799_ _Washington Sch. Dist., Pa__
4
1910-1920
11,000
875...Watertown, Wis
South Dakota.
-Constitutional Amendments.
-The 1906
4
1910-1919
10,000
875_ _Watertown. Wis
4
1911-1926
24,000
875_ _Watertown, Wis
Legislature provided for six amendments to the State Con4
1927
2,000
_Watertown, Wis
875_
stitution to be voted upon at the general election in Novem4
1017-1921
5,000 101.02
617__Waverley, Ohlo
6
1934
100,000 103.375 ber 1910. These proposals relate to school lands, salary
876.._Weatherford, Okla
5
8,500
682_ _Webb City, Mo
of Attorney-General, woman's suffrage, location of State in4
1911-1925
1,500 100
799__West Union, Ohio
5
1912-1921
10,000
742...Westwood, N. J
stitutions, debt limitation of cities, towns and school dis952...Wilbur, Wash
4,100
5
3,500 100.538 tricts and taxation. The amendment pertaining to debt
1919
742_ _Williamsport, Ohio
1910
22,000
limitation alters Section 4 of Article XIII. of the Constitution
876....Woodbury County. Iowa
0
1929
3 34
50,000 101.18
682_ _Worcester, Mass
by giving authority to independent school corporations to
1919
75,000 100.27
882_ _Worcester, Mass
334
incur an additional indebtedness (in addition to the 5% now
d1914-1929
800__Yakima Co. S. D. No.81, Wash. 5
6,000 100
1929
742__Yakims.Co. S. D. No.87, Wash. 5
6,000 100
prescribed by law) of 5% for erecting school buildin4s. We
5
d1919-1929
800__Yamhill Co. S. D. No. 28, Ore
5,000 100
5
1911-1925
6,000 105.116 give below Section 4 of Article XIII. as it now stands and
800__Yellow Springs, Ohio
5
1911-1915
164,435 104.017 indicate by means of italics the amendment above referred to:
742_ _Youngstown, Ohio (10 issues)
5
50.000 107.42
952....Yuma County, Ariz
8113 NON 4. The debt of any county, city, town, scho31 district, elvi
township or other subdivision, shall never exceed live (5) per contum upon
Total bond sales for September 1909 (292 municithe assessed valuation of the taxible property therein for the year prek$16,112,139
separate issues)
palities covering 360
ceding that in which said indebtedness is incurred.
In estimating the amount of the indebtedness which a municipality or
a Average date of maturity. d Subject to call in and after the earlier
year and mature In the later year. k Not Including $7,870,975 of tem- subdivision may incur, the amount of indebtedness contracted prior to the
porary loans reported, and which do not belong in the list. x Taken by adoption of the Constitution shall be Included:
Provided, That any county, municipal corporation, civil township, dissinking fund as an investment. y And other considerations.
trict, or other subdivision may incuran additional indebtedness not exceeding ten per centum upon the assessed valuation of the taxable property
BONDS SOLD BY CANADIAN MUNICIPALITIES.
therein for the year preceding that In which said Indebtedness Is incurred.
Rate. Maturity. Amount. Price
Name.
Page.
$7,800 102.115 for the purpose of providing water and sewerage for irrigation, domestic
1910-1924
5
953_ _ Amaranth Township, Ont
uses, sewerage and other purposes; and
3,695
1919
5
_ Amulree, Ont
742_
Provided, further, That independent school corporations may for the pur2,000
1910-1929
6
742__Anfgus School Dist., Man
pose of erecting school buildings, incur an additional indebtedness of five (5)
15,000
742.....Arcola. Sask
800
Per centum upon the assessed valuation of the taxable property therein for the
1919
534
School Dist., Alta
742_ _ Arctic
year preceding that in which said indebtedness is incurred: and
61910-1924 8,000
742_ _13alcarres, Sask
Provided, further. That In a city where the population is 8,000 or more,
5
953_ _Blenheim, Ont
1910-1929
2000
00
such city may incur an indebtedness not exceeding eight per centum upon
9
1919
1:3 101
D. No.1,980, Alta 534
743_ _Brightview S.
the assessed valuation of the taxable property therein for the year next
434
953_ _Bruee County, Ont
preceding that in which said Indebtedness Is incurred, for the purpose of
5
1910-1924
10,000
809.._ Bruce Mines, Ont
constructing street railways, electric lights or other lighting plants:
4
1910-1919
15,000
953__Brussels. Ont
Provided, further, That no county, municipal corporation, civil town1919
1,000
534
743_ _ Buffalo Creek S. D.. Alta
1939
ship, district or subdivision shall be Included within such district or sub5,000
5
800__CartiervIlle, Que
division without a majority vote In favor thereof of the electors of the
1946
25,000
4
743__Chatham, N B
county, municipal corporation, civil township, district or other subdivision
1,000
19104919
953_ _Chinebrychl Sch. Dist., Man___ 6
as the case may be, which Is proposed to 133 Included therein, and no such
3,000
877__Claresholm, Alta
debt shall ever he incurred for any of the purposes In this section provided,
10,000
..Coleman School Dist., Alta__
800..
unless authorized by a vote In favor thereof by a majority of the electors
70,000 100
1910-1929
5
953_ _Cranbrook. B. C
of such county, municipal corporation, civil township, district or subdivision
211.000 101.96
1910-1939
743_ _EdmontonSch. Dist. No.7, Alta 5
Incurring the same.
80,000 105.25
5
1949
877_ _Fraserville, Que
1,609
1910-1914
5
953_ _Gos leld North, Ont
One other, amendment which concerns this department is
2,000
801_ _Holden. Alta
5
1959
115,000 104.348 to Article XI. of the Constitution and relates to taxation
953__Hull, Quo
800
6
1910-1919
_Heiner Sch. Dist.. Man
953_
within the State. This proposal makes various changes in
800
953__La Fortune Sch. Dist., Man__ 634 1910-1919
the Constitutional provisions regarding taxation. Among
13
1929
5,000
953 _Latchford, Ont
634 1910-1919
800
other things, the Legislature is required to classify incomes
951_ _Lemberg, Sask
5
1929
2,300
877_ _Liovdminster, Sask
and arrange for a graduated or progressive tax thereon. A
554 1910-1924
6,000
743_ _Melville, Sask
similar proposal was submitted in 1908 and rejected. If
6
1910-1919
1.000
954 __Mohyla Sch. Dist.. Man
6
1919
1,000
954__Nord Sch, Dist., Man
accepted by the voters, Article XI. of the State Constitution
4
419,420 100
_Ottawa, Ont. (9 issues)
683_
will read as follows-the words in italics represent the parts
1929
6
4.000
801__Oxbow. Sask
98.629 to be added and those in brackets the portions to be omitted:
1910-1929
20,800
877_ _Peachland. B. C. (4 Issues)___ 5
1919
19134,Alta. 534
1,200
743_ _Poplar Hill S. D. No.
SECTION 1. The Legislature shall provide for an annual tax,sufficient
6
1910-1929
5,000 106
744__Powassan, Ont
to defray the estimated ordinary expenses of the State for each year, not
434 1910-1929
32,000
954_ _Preston, Ont
to exceed in any one year two mills on each dollar of the assessed valuation
1919
CentreS.D.No.2354,Sask. 6
24,980110
744__Queen
of all taxable property in the State, to be ascertained by the last assessment
1929
5
877__Revelstoke, B. C
1929
5
100,000 104.078 made for State and county purposes.
954....St. Boniface, Man
And whenever it shall appear that such ordinary expenses shall exceed
1939
55,000
801.. _St. Romuald d'Etchemin, Que.. 5
the Income of the State for such year,the Legislature shall provide for the
1916
3,000
5
954 _St. Vital, Man
levying of a tax for the ensuing year, sufficient with other sources of income
1939
47,000
434
Oat
744__Stratford,
to pay the deficiency [of the preceding year], together with the estimated ex1,500
534
877__Summit Hill S. D., Alta
penses of (such ensuing year) the year in which such levy is made. And
23,000
434 1910-1939
877__Trenton, Ont
for the purpose of paying the public debt the Legislature shall provide
1939
150,000 106.06
5
683_ _Verdun, Quo
for levying a tax annually sufficient to pay the annual Interest and the
1939
13,000 104.50
534
954__Vonda, Sask
2,500
principal of such debt within ten years from the final passage of the law
1910-1919
5
744__Waldron S. D., Sask
1910-1925
4,000
creating the debt: provided, that the annual tax for the payment of the
744__WellIngton S. D. No. 1, N. B__ 6
1,000
1910-1919
interest and principal of the public debt shall not exceed in any one year
954__Westerham Sch. Dist., Man__ 6
1,500
two mills on each dollar of the assessed valuation of all taxable property
1919
954__Whytewold Sch. Dist., Man...... 6
53,500 97.361 In the State, as ascertained by the last assessment made for [the] State
744_ _Wynyard, Sask
1.000
and county purposes.
9
1- 10-1919
954_ _Zbruch Sch. Dist., Man
6
SECTION 2. All taxes [to be raised In this State] shall be uniform on
$1,530,419
all [real and personal] property [according to Its value in money to be ascerTotal Canada
tained by such rules of appraisement and assessment as may be prescribed
We have also learned of the following additional sales for by the Legislature by general law], and shall be levied and collected for public
purposes only. The value of each subject of taxation shall be so fixed in money
previous months.
(so] that every person and corporation shall pay a tax in proportion to the
Price. value of his, her or its property. Franchises and licenses to do business in the
Name.
Rate. Maturity. Amount.
Page.
Stale, gross earnings and net incomes shall be considered in taxing corporations,
$60,000 100
947__Davenport S. D., Iowa (July).... 4
d1914-1919
and [Section 31 the power to tax [corporations and] corporate property shall
various various
247,880 100
949...Kansas (26 issues)
not be surrendered or suspended by any contract or grant to which the State
5
1929
100,000
950....0kfuskee County,Okla
shall be a party. The Legislature shall provide by general law for the assessRivers Levee
876...White & Cache
ing and levying of taxes on all [corporation] corporate property, as near as
6
1915-1929
160.000
District. Ark
may be, by the same methods as are provided for assessing and levying of
All the above sales (except as indicated) are for August. taxes on individual property.
SECTION 3 [Section Four]. The Legislature shall provide for
These additional August issues will make the total sales (not taxing all moneys, credits, investments In bonds, stocks. joint-stock
comnanles, or otherwise; and also for taxing the notes and bills discounted
including temporary loans) for that month $22,271,523. _, or purchased, moneys loaned, and all other property, effects or dues of




News Items.

X

34

00T. 9 1909

945

THE CHRONICLE

property
every description, of all banks and of [all] bankers so that all to that
employed in banking shall always be subject to a taxation equal
imposed on the property of individuals.
legacies
SECTION 4. The Legislature may classify inheritances, devises,
and
and bequests and gifts in view of death in respect to the recipients thereof,
exemptions
may provide for a graduated or progressive tax thereon, with such prescribe.
to the surviving husband or wife, children and other relatives as it may to the reSECTION 5. The Legislature shall classify incomes in respect
with
cipients thereof, and provide for a graduated or progressive tax thereon,
such exemptions as it may prescribe.
Five]. The property of the United States and of
SECTION 6 [Section
the State, county and municipal corporations, both real and personal,
shall be exempt from taxation.
law,
SECTION 7 [Section Six]. The Legislature shall, by general hortiexempt from taxation, property used exclusively for agricultural and
for school, religious, cemetery and charitable purposes'
cultural societies,
colleges;
including church parsonages and houses of the Presidents of church hundred
and personal property to any amount not exceeding in value two
individual liable to taxation.
dollars for each
SECTION 8 [Section Seven]. All laws exempting property from taxation except as provided for in this article [other than that enumerated in
Sections 5 and 6 of this Article], shall be void.
SECTION 9[Section Eight]. No tax shall be levied except in pursuance
of a law which shall distinctly state the object of the same, to which the
tax only shall be applied.
SECTION 10 [Section Nine]. All taxes levied and collected for State
purposes shall be paid into the State Treasury. No indebtedness shall be
Incurred or money expended by the State, and no [warrant] warrants shall
be drawn upon the State Treasurer, except in pursuance of an appropriation for the specific purpose first made. The Legislature shall provide
by suitable enactment for carrying this section into effect.
SECTION 11 [Section Ten]. The Legislature may vest the corporate
[authority] authorities of cities, towns and villages with power to make
local improvements by special taxation of contiguous property or otherwise.
For all corporate purposes, all municipal corporations may be vested with
authority to assess and collect taxes; but such tax shall be uniform [In]
with respect to persons and property within the jurisdiction of the body
levying the same.
SECTION 12 [Section Eleven]. The making of profit, directly or indiusing
rectly, out of State, county, city, town or school district money, orfelony
the same for any purpose not authorized by law, shall be deemed a
and shall be [punished] punishable as provided by law.
SECTION 13 [Section Twelve]. An accurate statement of the receipts
and expenditures of the public moneys shall be published annually, in such
manner as the Legislature may provide.

The amendment relating to woman's suffrage, which, if
adopted, will be known as Section 10 of the State Constitution, allows women havino. the qualifications set forth in
the Constitution all the rights,
Section 1 of Article VII. of°
powers, &c., as qualified voters as if the A% were male persons.
Below we give the proposal in full:
SECTION 10. Any woman having the qualifications enumerated in
Section 1 of Article VII. of the Constitution of the State of South Dakota.
as to age, residence and citizenship, shall be deemed a qualified elector of
this State. and shall have all the rights, powers and privileges as a qualified
elector thereof as fully as if she were a male person.

Kentucky.—Constitutional Amendment.—At the Nov. 2
1909 election the voters of this State will have submitted to
them an amendment to the Constitution permitting State
aid to counties located therein for public roads and additional
taxation by counties for the payment of same. The proposed
amendment is given herewith:
The credit of the Commonwealth may be given, pledged or loaned to
any county of the Commonwealth for public road purposes, and any county
may be permitted to Incur an indebtedness in any amount fixed by the
county, not in excess of five per centum of the value of the taxable property
therein, for public road purposes in said county. provided said additional
Indebtedness is submitted to the voters of the county for their ratification
or rejection at a special election held for said purpose, in such manner as
may be provided by law, and when any such Indebtedness is incurred by
the tax rate allowed
any county said county may levy, in addition to amount not exceeding
under Section 157 of the Constitution of ICentucky, an
twonty cents on the one hundred dollars of the assessed valuation of said
county for the purpose of paying the interest on said Indebtedness and
providing a sinking fund for tile payment of said indebtedness.

Section 177 of the Constitution now contains the following
pertaining to the loaning by the State of its credit:
The credit of the Commonwealth shall not be given, pledged or loaned
to any individual. company, corporation or association, municipality, or
political sub-division of the State; nor shall the Commonwealth become an
owner or stockholder in, nor make donation to, any company, association
or corporation; nor shall the Commonwealth construct a railroad or other
highway.

been taken looking towards the re-offering of the three issues
of 5% coupon water and light bonds, aggregating $165,000,
offered but not awarded on Aug. 15 (V. 89, p. 485), the City
Clerk informs us that the city "has secured an unlimited
amount of water, which obviates the necessity of issuing
bonds at this time." He further states, however, that in all
probability bonds will be issued next spring for the installment of a new light plant and power-house.
Anderson School City (P. 0. Anderson),Ind.—Bonds Proposed.—The School Board is preparing an issue of $75,000
bonds to be placed on the market towards the end of the year.
Armstrong County (P. 0. Claude), Tex.—Bonds Defeated.
—The election held Sept.25 (V. 89, p. 548) resulted in the
defeat of the proposition to issue $55,000 court-house bonds.
The vote was 135 "for" to 147 "against."
Ashtabula, Ashtabula County, Ohio.—Bond Offering.—
Proposals will be received until 12 m. Oct. 30 by Frank W.
Wagner, City Auditor, for the following 5% coupon improvement bonds:
$24,300 Oak Street paving bonds. Maturity $2,700 yearly on Oct. 1 from
1910 to 1918 inclusive.
2,400 Columbus, Green, &c., streets sewer bonds. Maturity $800 yearly
on Oct. 1 from 1910 to 1912 inclusive.
3,600 Depot and Ann streets sewer bonds. Maturity $1,200 yearly on
Oct. 1 from 1910 to 1912 inclusive.
6,000 West Prospect Street sewer bonds. Maturity $1,500 yearly on
Oct. 1 from 1910 to 1913 inclusive.
Interest on April 1 and Oct. 1 at the City Treasurer's office. Certified
check (or cash) on a bank in Ashtabula for $500 is required. Purchaser to
pay accrued interest. Bids to be unconditional, prospective buyers having
satisfied themselves as to legality of bonds before presenting offers.

Aspermont Independent School District (P. 0. Aspermont), Stonewall County, Tex.—Bonds Registered.—The
$12,500 5% 10-40-year (optional) school-buildiag bonds
voted on June 12 (V. 88, p. 1634) were registered on Sept. 9
by the State Comptroller.
Athens, Henderson County, Tex.—Bonds Voted.—Reports
state that the tax-paying property owners of this city authorized the issuance of water-works bonds on Sept. 28 by a
vote of 176 to 31.
Atlanta, Ga.—Bond Election.—An ordinance has been
passed providing for an election Dec. 15 to vote on the
propositions to issue the following bonds: $1,350,000 for
sewers, $600,000 for schools, $100,000 for the Grady Hospital, $900,000 for water-works and $50,000 for a crematory.
Austin, Mower County, Minn.—Bonds Voted.—This city
recently voted to issue $20,000 water bonds. We are advised
that there will be nothing done in regard to selling the issue
until the spring.
Bartlesville School District (P. 0. Bartlesville), Washington County, Okla.—Bond Offering.—Further details are at
hand relative to the offering on Oct. 15 of the $25,000 5%
coupon bonds mentioned in V. 89, p. 869. Proposals will be
received until 7 p. m. on that day by F. E. Thurman, Clerk
Board of Education.
Authority Article 10, State Constitution, Article 9, Chapter 77, Wilson's
Revised Statutes. Denomination $1,000. Date July 1 1909. Interest
semi-annually at the Seaboard National Bank in New York City. Maturity
20 years. Certified check for $500, payable to the Board of Education
is required.

Bartow, Polk County, Fla.—Bond Sale.—An issue of
$50,000 5% sewer bonds was recently awarded to Cutter,
May & Co. of Chicago at par.
Denomination $500.

Interest semi-annual.

Maturity 30 years.

Bay City Independent School District (P. 0. Bay City),
Matagorda County, Tex.—Bonds Voted.—An election held
Sept. 25, it is reported, resulted in favor of a proposition to
Bond Calls and Redemptions.
issue $5,000 school-repair bonds. The vote was 72 "for"
Republic of Cuba.—Bond Call.—Call was made for pay- to 5 "against."
ment Oct. 1 at the office of Speyer & Co. in New York City
Bayonne, N. J.—Bond Sale.—On Oct. 5 $184,200 43%
of the following bonds: .
20-year gold Broadway re-improvement bonds were awarded
Issue of 1896—All outstanding bonds of $500, $100 and $50 each and 633
to A. B. Leach & Co. of New York City at 102.779.
bonds of $1,000 each of various numbers from 8 to 2,138.

Issue of 1897—Outstanding bonds of $10 and $5 each.

Japan.—Bonds Drawn for Redemption—On Oct. 1 20,000,000 yen of the Japanese Government Exchequer bonds
(internal loan), Second Series (Mark C), issued in 1901, were
drawn for redemption on or after Oct. 30 in Japan. A list
of the drawn bonds will be posted about Nov. 1 by the
Yokohama Specie Bank, Ltd., in New York City. The
bonds will be purchased by this bank at the current buying
rate of exchange on Japan.

Denomination $1,000.

Date Sept. 11909.

Interest Jan. and July.

Beaumont, Jefferson County, Tex.—Bonds Voted.—The
propositions to issue the $50,000 sewer system and $10,000
street-paving bonds mentioned in V. 89, p. 549, carried at
the election held Sept. 28. The vote was 167 "for" to 9
"against" the sewer bonds and 164 "for" to 12 "against"
the street bonds.
At the same election a vote of 164 "for" to 13 "against"
was cast on the question of issuing school bonds.
Beaver City, Furnas County, Neb.—Bond Offering.—This
Bond Proposals and Negotiations this week
city is offering at par and accrued interest the $7,000 5%
have btuan as follows:
10-20-year water-works-extension bonds voted (V. 89,
Aberdeen, Brown County, S. D.—Bond Offering.—Pro- p. 299) on July 19.
will be received until Nov. 8 by F. W. Raymond, City
posals
Denomination $500. Date Sept. 1 1909. Interest semi-annually at
Auditor, for $42,000 funding bonds at not exceeding 4M% the Nebraska fiscal agency in New York City.
interest.
Beaver Dam Township, Anson County, No. Caro.—Bond
Date Jan. 2 1910. Interest semi-annual. Maturity Jan. 2 1920. Certified check for $500 Is required. Purchaser to furnish blank bonds free Election.—An election will be held Oct. 12, it is reported,
of charge.
td allow the voters to determine whether or not $15,000 pubAckerman, Miss.—Bonds Voted.—This town voted on lic-road-improvement bonds shall be issued.
Sept. 30, it is stated, to issue bonds for an electric-light and
Bell County Common School District, Tex.—Bonds Regiswater-works plant.
tered.—Three issues of 5% 5
-10-year (optional) bonds, agSchool District No. 55(P.0. Adrian), gregating $1,900, were
Adrian Independent
registered on Sept. 15 by the State
County, Minn.—Bond 011ering.—Proposals will be re- Comptroller.
Nobles
Ail
ceived until 8 p. m. to-day (Oct. 9) by C. A. Sands, Clerk,
(P.-0. Belmar), Monmouth
Belmar School District for $5,000 coupon refunding bonds.
Denomination $1,000. Date July 1 1909. Interest at not exceeding County, N. J.—Bond Sale.—The $57,000 43,% coupon
5% semi-anunal. Maturity July 1 1919. Certified check, for $100, payable school-building-extension
bonds offered on Sept. 8 and
to District Treasurer, Is required. Assessed valuation for 1908, $340,543.
Altus, Okla.—Bonds Not to be Re-Offered at Present.—In described in V. 89, p. 612, were awarded to the Prudential
reply to our inquiry as to whether or not any action has yet Insurance Co. of Newark at par.




946

THE CHRONICLE

[VOL. Lxxxxx.

Benton Township School District No. 4,(P. 0.4Potter- improvement bonds2was disposed of on Sept. 6 to the Troy
vile), Eaton County, Mich.
-Bond Offering.
-Proposals National Bank of Troy at 100.20.
will be received until 4 p. m. to-day (Oct. 9) by John F.
Dencmination $500. Interest March and September. Maturity $500.
Collins, Secretary Board of Education, for $8,000 bonds. yearly on Sept. 6 from 1911 to 1915, inclusive.
ChambersCotmty (P. 0. Wallisville), Tex.
Denomination $800. Date Oct. 15 1909. Maturity from 2 to 11 years.
-Bonds Voted.
-We see it reported that this county on Sept. 11 voted to
Berlin, Green Lake County, Wis.-Bonds Voted.
-The issue $65,000 good-road
bonds.
question of issuing $20,000 school-building bonds was favorChatham, Orange County, N. J.
,
-Bonds Authorized.
-An
ably voted, it is stated, upon Sept. 28.
issue of $35,000 bonds for the building of a sewerage plant
r Bethlehem School District (P. 0. Bethlehem), Northamp- was recently authorized, according to reports.
ton County, Pa.
-Bond Election.
-An election will be held in
Cheviot, Hamilton County, Ohio.
-Bond Election.
-An
November, it is stated, to vote upon a proposition to issue
election will be held on Nov. 2 to vote upon propositions to
$12,000 school-building bonds.
issue $1,000 highway-repairing and improvement, $1,000
Blossom Independent School District (P. 0. Blossom), tire equipment and $1,500 water-service-extension bonds.
Lamar County, Tex.
-Bonds Registered.
-The $16,000 5%
Cheyenne,
-Bonds Voted
10-40-year (optional) coupon school-building bonds described Bond Offering.Roger Mills County, Okla.
-A proposition to issue $25,000 6% 25-year
in V. 89, p. 299, were registered by the State Comptroller
water-works bonds carried by a vote of 69 to 2 at an election
on Sept. 28.
held Aug. 26. Proposals for these bonds will be received at
Boerne Independent School District (P. 0. Boerne), Kim- once.
ball County, Tex.
-Bonds Registered.
-The $15,000 5% 10Cincinnati, Ohio.
-Bonds Authorized.
-The City Council
40-year (optional) school bonds mentioned in V. 89, p. 485,
recently passed ordinances providing for the issuance of
were registered by the State Comptroller on Sept. 11.
the following 4% coupon bonds:
Booneville, Prentiss County, Miss.
-Bond Sale.
-An $2,000 20-year Price Hill Branch Library improvement bonds. Date Oct. 1
of $10,000 432% school bonds was recently awarded 1909. 4,500 20-year Grandin Road improvement bonds. Date Oct. 1
ssue
1909.
to the Thos. J. Bolger Co. of Chicago at par„
31,000 20-year street-improvement bonds. Date Oct. 1 1909.

Denomination $500.
July 1 1929.

Date July 1 1909. Interest annual.

Maturity

Boston,Mass.
-Temporary Loans.
-Thefollowing amounts
were borrowed by this city during September:
• $1,000,000 notes. dated Sept. 13 1909 and due Nov. 2 1909.
$1,000,000 notes. dated Sept. 27 1909 and due Nov. 3 1909.

3,200 20-year Third Ave. improvement (city 's portion) bonds. Date
Sept. 1 1909.
3,000 20-year Woodbridge Place bonds dated Oct. 15 1909.
15,000 40-year McMillan Street improvement bonds dated Oct. 15 1909.
1,500 20-year Chapel Street straightening bonds dated Oct. 15 1909.
Denomination $500. Interest semi-annually at the City Treasurer's
office.

(Hallam County School District No. 2, Wash.
-Bond Sale.
Brainerd, Minn.
-Bond Offering.
-Proposals will be received until Oct. 18, according to local papers, for $57,500 -On Sept. 28 $1,500 bonds were disposed of to the State of
Washington as 5s.
bonds.
Authority vote of 664 "for" to 93 "against," polled at a recent election.
Denomination $1,000 and $500. Maturity $5,000 yearly on Nov. 1 from
1919 to 1928 inclusive and ;7,500 on Nov. 1 1929. Certified check on a
local bank for 5% of bid is required.

Brainard, Butler County, Neb.-Bonds Voted.
-Bond
-An election held August 24 resulted in favor of
Offering.
a proposition to issue $12,000 5% 5-20-year (optional) water
works bonds. The vote was 44 "for" to 20 "against".
Proposals for these bonds will be received until October 10.
-Bond Offering.
Branchville, Sussex County, N. J.
An issue of $30,000 43/2% gold coupon water-works bonds will
be sold at public auction at 1 p. m. October 21.
Denomination: 20 bonds of $500 each and 20 bonds of $1,000 each.
Date July 1 1909. Interest semi-annually at the First National Bank of
Branchville. Maturity July 1 1939. Bonds are exempt from taxes. No
debt at present. Assessed valuation, $318,953. Marcus L. Bond is
Borough Clerk.

Bids at par for 6s were also received from the Seattle Trust ea Title Co.
and Wm. D. Perkins & Co., both of Seattle. Denomination $300. Interest semi-annual. Maturity 20 years, but subejct to call before that time.

Clay County (P.0. Moorhead), Minn.
-Bonds Proposed.
This county has applied to the State of Minnesota for a loan
of $5,000 to improve Ditch No. 8.
-Bond Offering.
Clermont County (P.0. Batavia), Ohio.
Proposals will be received until 12 m. Oct. 18 by Chas.
Ireton, County Auditor, for the $23,000 4% coupon road
bonds mentioned in V. 89, p. 486.
Authority Sections 4875-6 and 4875-7, Bates Revised Statutes, Sixth
Edition. Denomination $1,000. Date Sept. 1 1909. Interest annual.y.
in Batavia. Maturity $1,000 yearly on Sept. 1 from 1911 to 1926
inclusive, $2,000 in each of the years 1927 and 1928 and $3,000 in 1929.
Bonds are tax-exempt. Certified check for $500 is required. Purchaser
to furnish blank bonds.

-Bond Election.
-The question of issuing
Cleveland, Ohio.
$150,000 fire-engine-house bonds will be submitted to a
vote of the people on Nov. 2. A two-thirds majority is
necessary to authorize the issue.
-Bond Offering PostCleveland, Pawnee County, Okla.
poned.
-The offering of the $15,000 20-year funding bonds
which was to have taken place Aug. 2 (V. 89, p. 300) was
postponed.
Cleveland Heights, Cuyahoga County, Ohio.
-Bond Offer-Proposals will be received until 12 m. Nov. 2 by Wm.
Denomination $1,000. Date Nov. 1 1909. Interest semi-annual. Ma- ing.
turity $7,000 yearly on Nov. 1 from 1915 to 1924 inclusive.
G. Phare, Village Clerk (P. 0. Fairmont or at his office,
-Bonds Registered.
Bryan, Brazos County, Tex.
-On Sept. No. 206 American Trust Co. Building, Cleveland), for $2,015.
25 the following bonds were registered by the State Comp- 432% coupon Warrensville Center Road sewer (assessment)
bonds.
troller:

-Bonds RegisBrown County Road District NO. 1, Tex.
tered.
-The $100,000 5% road-building bonds awarded on
Sept. 1 to Brooke, Smith & Co. of Brownwood at par (V.
89, p.795) were registered on Oct.1 by the State Comptroller.
-Bond Offering.Brown County (P.O. New Ulm), Minn.
Propsals will be received until 2 p. m. Oct. 19 by Louis G.
Vogel, County Auditor, for $70,000 5% ditch-construction
bonds.

$33,000 4% 20-40-year (optional) water and light bonds.
10,000 5% 10-30-year (optional) public-improvement bonds.
8.000 5% 20-40-year (optional) refunding bonds.

-During the month of Sep-Bond Sale.
Buffalo, N. Y.
tember two issues of 4% 1-year monthly-local-work bonds,
aggregating $20,975 39, were disposed of at par to the various sinking funds. The bonds are dated Sept. 10 1909.
-Proposals will be received
-Bond Offering.
Butler, Ind.
until 7:30 p. m. Oct. 11 by F. A. Brink, City Clerk, for
$3,000 5% coupon improvement bonds:
Denomination $500. Date Oct. 11 1909. Interest annually at Knisely
Bros. dc Co. in Butler. Maturity $500 yearly on Oct. 11 from 1910 to 1915
inclusive. Bonds are tax-exempt. Bonded debt, including this issue,
$12,500. Assessed valuation, $755,105.

-Bonds Defeated.
Cabarrus County (P. 0. Concord), N. C.
-The election held Sept. 15 (V. 89,p.485) resulted in the
defeat of the proposition to issue the $135,000 funding and
jail-building bonds.
-Bond Election Proposed.
Calexico, Imperial County, Cal.
-This city is considering the advisability of holding an
election to vote on the question of issuing $37,500 municipalimprovement bonds. We are informed under date of
Sept. 13, however, that "it will probably be four months
before the election is held."
-On Sept. lithe $10,-Bonds Registered.
Cameron, Tex.
-10-year (optional) school-building bonds disposed
010 5% 5
of on July 1(V.89, p. 362) were registered by the State ComptrJller.
-Bond Sale.
-The highest
Canton, Stark County, Ohio.
bonds,
bid received on Oct. 1 for the nine issues of 4
aggregating $20,500, described in V. 89, p. 795, was one
of $20,890 (101.902) and accrued interest submitted by
Hayden, Miller & Co. of Cleveland. The other bidders were:

Authority. Sections 1530-254 and 1526-281, Revised Statutes. Denomination $500, except one bond of $15. Date, day of sale. Interest
on April 1 and Oct. 1 at the Village Treasurer's office. Maturity on Oct. 1
as follows: $15 in 1910 and $500 in each of the years 1913, 1915, 1917
and 1919. Ceettfied check for 10% of bonds bid for, paiable to the Village
Treasurer, is required. Purchaser to pay accrued interest.

Clinton, Custer County, Okla.
-Price Paid for Bonds.
We have just learned that the price paid for the four issues
of 6% 25-year coupon bonds,aggregating $100,000, awarded
on Sept. 7 to Ed. M. Semans & Co. of Oklahoma City, was
104.50, and not 107.01 as we were at first advised. See
V. 89, p. 738.
Coffeyville School District (P.O.Coffeyville), Montgomery
-Proposals were asked for
County, Kans.-Bond Offering.
until 8 p. m. yesterday (Oct. 8) for $32,000 5% 25-year
school-house bonds. The result of this offering was not
known to us at the hour of going to press. These bonds
were offered on Sept. 28 but all bids received on that day,
(the highest of which was $33,228, accrued interest and blank
bonds) were rejected.
Coleman, Coleman County, Texas.
-Bond Offering.
Proposals will be received by W. Z. Champion, Secretary,
for $30,000 5% water-works-improvement bonds.
Authority, vote of 176 to 3 at election held August 30. Date Sept. 1
1909. Interest semi-annually in Austin or in St. Louis at holders' option.
Maturity 40 years, subject to call after 15 years.

College Hill, Hamilton County, Ohio.
-Bond Offering.
Proposals will be received until 12 In. Oct. 11 by F. R.Strong,
Village Clerk, for $2,324 40 6% coupon Woodward Avenue
improvement assessment bonds.
Denomination $464 88. Interest annual. Denomination $464 88. Interest annual. Maturity $164 88 yearly on Nov. 1 from 1910 to 1914 inclusive. Purchaser to pay accrued interest.

Colorado.
-Bonds Authorized.
-The Legislature, by an
Act approved May 5 1909, authorized the issuance by the
State of $950,000 3% coupon funding (series of 1909) bonds.
The proceeds of these bonds will be used for paying the inCasstown School District(P.0.Casstown), Miami County, debte.dness incurred during the years 1899, 1903 and 1904,
-An issue of $2,500 43/2% school-house- for the purpose of suppressing insurrection and defending
-Bond Sale.
Ohio.

First Nat. Bank, Cleve___$20,814 001Barto, Scott lc Co., Col_ _$20,767 15
1Seasongood&Mayer, Cin_ _ 4 12,301 45
'
• For *12,100 bonds.




OCT.9 1909

THE CHRONICLE

947

-The $75,000
-Bond Sale.
Decatur, MaconlOounty, Ill.
yof $100 or any
the State. Bonds will be in denomination'
-improvement bonds described in
thereof. Interest payable semi-annually at the 4% coupon water-works
multiple
Harris Trust &
State Treasurer's office or at such banking house in the city V. 89, p. 239, have been bought by the
on Oct. 1
of New York as the Governor may.designate. Maturity 20 Savings Bank of Chicago. Maturity part yearly
from 1919 to 1929 inclusive.
years.
-On
-Bond Sale.
Delaware, Delaware County, Ohio.
The State in now endeavoring to exchange these bongs
for the above-mentioned outstanding warrants, but it Oct. 4 the $4,600 5% 1-10-year (serial) coupon West Winter
appears some of the holders of the warrants object to this St. and Central Ave. paving (city's portion) bonds described
plan of settlement on the ground that they should receive in V. 89, p. 870, were awarded to the Delaware Savings
in exchange a bond bearing a higher rate of interest than Bank at 104.782 and accrued interest.
60
3%,or at least one that would be likely to command a better Delaware Say. Bk., Dela_ _$4,820 00 1 Well, Roth & Co.. Cincin_ _$4,742 00
New First Nat. Bk., Colum. 4,767 25 W. R. Todd & Co., Cincin_ 4,741
market price.
Davies, Bertram & Co., Cin 4,766 00 Otis & Hough, Cleveland__ 4,715 00
Bk., Dela__ 4,706 00
-This city on Sept. 18 Hayden, Miller & Co., Cleve 4,743 50 Delaware Nat.Co., Colum_ 4,600 00
-Bonds Voted.
Columbia, Miss.
Seasongood & Mayer, Cin._ 4,742 60 Barto, Scott &
voted, it is stated, to issue $12,000 funding and water-worksDenham Springs High School District No. 2 (P. 0. Denbonds.
-Final
-Bond Sale.
La.
-The 66 issues of 4% and ham Springs), Livingston Parish,for the sale of the $7,500
-Bond Sale.
Columbus, Ohio.
Oct. 1
$526,200, described in arrangements were made onbonds described in V. 89, p. 425.
432% coupon bonds aggregating
5% coupon school-building
V. 89, p. 300, were disposed of during the quarter ending They were awarded to the Bank of Denham Springs and the
Sept. 30 to the Sinking Fund at par and accrued interest.
People's Trust & Savings Bank of Baton Rouge. Maturity
- part yearly on Feb. 1 from 1910 to 1914 inclusive.
-Bond Election.
Cooke County (P. 0. Gainesville), Tex.
A proposition to issue $125,000 4% 10-40-year (optional)
-Bond Offering.
De Sota Parish (P. 0. Mansfield), La.
court-house bonds will be submitted to a vote of the people Proposals will be received until Oct. 15 by the President of
on Oct. 16.
the Police Jury for $70,000 5% coupon road-building bonds.
Corlett (P. 0. Station D, Cleveland), Cuyahoga County,
Authority, Act No. 32, Legislature of 1902. Denomination $5,000 and
6 the three issues of 5% paving up. Interest in Jan. and July at Mansfield. Maturity part yearly in
-On Oct.
Ohio.
-Bond Sale.
Bonds are exempt
January from 1910 to 1919
described in V. 89, p. 870, debt at present. Assessed inclusive. 1909, $3,640,000. from taxes. No
bonds, aggregating $8,247 27,
We are informed
valuation
were sold to the First National Bank of Cleveland for $8,- that the bonds will probably be issued in sums of $5,000 or $7,000 as the
A bid of $8,472 27 money is needed.
705 27 (105.553) and accrued interest.
Devils Lake School District (P. 0. Devils Lake), Ramsey
was also received from Otis & Hough of Cleveland. Ma-On Sept. 3 this district
turity part of each issue biennially on Sept. 1 from 1911 to County, No. Dak.-Bonds Voted.
voted to issue $25,000 4% 20-year funding bonds. We are
1919 inclusive.
to sell these bonds to the State of
Corning School District (P. 0. Corning), Steuben County, informed that it is expected
-On Oct. 6 the $30,000 4% school bonds North Dakota.
N. Y.
-Bond Sale.
D'Hanis Independent School District (P. 0. D'Hanis),
described in V.89, p.795, were awarded to the First National
-Bonds of this
-Bonds Registered.
Bank of Corning at par and accrued interest. No other bids Medina County, Tex.
were received. Maturity $2,000 yearly on March 1 from 1911 district amounting to $8,000 were registered on Sept. 20 by
the State Comptroller. They carry 5% interest and mature
to 1925, inclusive.
- in 40 years, but are subject to call after 5 years.
-Bond Offering.
Corpus Christi, Nueces County, Tex.
-Bond Sale.
Dimmit County (P.0. Oarrizo Springs), Tex.
Proposals will be received until Oct. 14 by D. Reid, Mayor,
for the $90,000 5% water-works bonds voted (V. 88, p. -The State Permanent School Fund recently bought $15,000
432% road and bridge bonds at par and accrued interest.
1635) on June 15.
Denomination $1,000. Date Aug. 1 1909. Interest semi-annually In
-An elec-Bonds Voted.
Dodge City, Ford County, Kan.
Corpus Christi. Maturity 40 years, subject to call alter 10 years.
a proposition to issue
Council Bluffs), tion held Aug. 28 resulted insfavor of The vote was 237
Council Bluffs School District (P. 0.
432% water-work bonds.
Iowa.
-This district on Sept. 14 disposed of $100,000 36 'against."
-Bond Sale.
W. Halsey & Co. "for" to
$57,000 4% 10-year refunding bonds to N.
-Bond Sale.
Douglas County (P. 0. Alexandria), Minn.
of Chicago for $57,025
-the price thus being 100.043. Denomination $1,000. Date Sept. 1 1909. Interest semi- On Oct. 2 the $46,000 10-year Judicial Ditch No. 2 (county's
portion) bonds described in V.89, p.678, were awarded to the
annual.
$46,450
- Central Investment Co. of Fargo, N. Dak., for
Crookston School District (P. 0. Crookston), Minn.
interest for 43's.
-We are informed that the State of (100.978) and accrued
Price Paid for Bonds.
-Bond OfferDu Bois School District (P.0. Du Bois), Pa.
Minnesota paid par for the $18,000 4% bonds recently pur-Proposals will be received until Oct. 20 by J. I. Brockchased. See V. 89, p. 870. The bonds are issued to pur- ing.
chase school grounds and mature $6,000 on July 1 in each bank, Secretary School Board, for $65,000 434% coupon
high-school-building bonds.
of the years 1926, 1927 and 1928. Denomination $6,000.
payable at the TreasDenomination $500. Date
-An election urer's office. Maturity thirtyNov. 1 1909. Interestafter ten years.
-Bonds Voted.
Cuero, Dewitt County, Tex.
years, subject to call
favor of a proposition to issue
held Sept. 28 resulted in
-Bond Election.
Duval County (P.0. Jacksonville), Fla.
$17,000 water-improvement bonds. The vote is reported as An election will be held Oct. 26 to vote upon a proposition to
144 "for" to 15 "against."
issue $1,000,000 5% coupon road and bridge bonds.
-Bonds Registered.
Dallas County (P. 0. Dallas), Tex.
Date Dee. 1 1909. Interest semi-annual. Maturity 30 years.
The $175,000 bridge and the $100,000 road 4% 10-40-year
-An
Eagle River, Vilas County, Wis.-Bond Election.
were
(optional) coupon bonds described in V. 89, p. 549,
election will be held Oct. 11 to vote on the question of issuing
registered by the State Comptroller on Sept. 23.
$10,000 6% water-main bonds due in 1920.
-It is
Dalton, Whitfield County, Ga.-Bond Election.
-Bond Sale.
East Palestine, Columbiana County, Ohio.
reported that an election will be held Oct. 30 to vote upon On Oct. 4 the three issues of 5% street-improvementthe question of issuing $10,000 school-annex-building bonds. assessment bonds, aggregating $7,900, described in V. 89,
- p. 871, were awarded to the First National Bank of East
Davenport School District (P. 0. Davenport), Iowa.
-We have just been advised that $60,000 4% Palestine at 103.037 and accrued interest. The following
Bond Sate.
5-10-year(optional)school-building bonds were sold on July 1 bids were received:
to Geo. M. Bechtel & Co., Davenport, at par. Denomi- First Nat. Bk., E. Pales. _$8.140 00 I Hayden, Miller & Co..Clev_$8,007 00
Tr. Co.,Tol 8,006
8,096 00
nation $1,000. Date July 6 1909. Interest semi-annual. First Nat. Bank, Cleveland 8.008 00 Security Say. & Bk., Coium 7,972 00
50
New First Nat.
Seasongood & Mayer, Cin__
Dawson County (P.0. Lexington), Neb.-Bonds Defeated.
East Pike Run School District (P. 0. California), Pa.
-Returns indicate that the election held Oct. 1 re- Bond Sale.
-The First National Bank of California purchased
sulted in the defeat of the proposition to issue the $100,000 $25,000 5% bonds on Sept. 4.
court-house bonds mentioned in V. 89, p. 613.
Denomination $1,000. Date Aug. 2 1909. Interest semi-annual. Ma-At the general election turity $2,000 yearly beginning 1911.
-Bond Election.
Dayton, Ohio.
and
-This city is offering
next November propositions to issue $450,000 levee
Eau Claire, Wis.-Bond Offering.
$170,000 Stewart Street bridge bonds will be submitted to a for sale the $45,000 4% 20-year coupon refunding bonds,
vote of the people.
bids for which were rejected (V. 89. p. 795) on Sept. 15.
-Pro-The Union
-Bond Sale.
Dayton, Sheridan County, Wyo.-Bond Offering.
El Dorado, Union County, Ark.
posals will be received until 7:30 p. in. Oct. 16 by the Mayor Trust Co. of Little Rock was the successful bidder on Oct. 2
for the $30,000 6% Sewer District No. 1 bonds described in
and Town Council for $16,000 5% water-system bonds.
89, p. 550. The price paid by them was 100.75 and
Denomination $500. Date Oct. 13 1909. Interest annually on Jan. 1 V.
at the Chemical National Bank In New York City. Maturity 30 years, accrued interest. There were twelve bids submitted. Masubject to call after 15 years. H. A. Gerber is Town Clerk.
turity $500 in the first year, $1,000 yearly for the next four
The official notice of this bond offering will be found among years, $1,500 yedrly for the next six years, $2,000 yearly for
the next five years and $2,500 yearly thereafter.
the advertisements elsewhere in this Department.
-Bond Sale.Elmwood Place, Hamilton County, Ohio.
Dayton Independent School District (P. 0. Dayton),
lat
& Mayer of
County, Tex.
-Proposals will be It)is stated that on October 6 Seasongood
-Bond Offering.
Liberty
4% 30-year refunding
received until Oct. 15 by J. B. Sterling, President Board of Cincinnati were awarded the $5,000
Trustees, for the $10,000 5% coupon school-building bonds bonds described in V. 89, p. 871.
-The City Council is said
-Bond Election.
El Paso, Tex.
registered (V. 89, p. 870) on Sept. 10.
a proposiP#Authority Sections 149-152, Chapter 124, 29th Legislature. Denomina- to have ordered an election for Nov. 8 to vote on
tionk$1,000. Date Aug. 15 1909. Interest annually in Dayton, Austin or tion jtolissue $110,000 40-year street-opening bonds.
Chicago. Maturity 40 years, subject to call after 10 years. Certified
check for $250, payable to the President of the Board of Trustees, is re- PlitEngland Improvement District (P. 0. England), Lonoke
quired. The district has no debt at present. Assessed valuation 1908; County,Ark.-Bond Sale.-Improvement16%,bonds to the
$328,360.




948

THE CHRONICLE

[VOL. Lxxxix.

amount of $26,000 have been bought by the Wm. R. Comp- delphia and D. R. Imbrie. Maturity $4,000 on Oct. 1 in
ton Co: of St. Louis.
each of the years 1919, 1925 and 1929.
Denomination $1,000. Date July 1 1909. Interest annually at the St.
Greenwood School District No. 1 (P. 0. Greenwood),
Louis Union Trust Co. In St. Louis. Maturity $2,000 on July 1 1910 and
$3,000 yearly on July 1 from 1911 to 1918 inclusive. Total debt, this Jackson County, Mo.-Bond Offering.
-W. B. Hunt, Secreissue. Assessed valuation, $264,000. Real value (estimated), $1,000,000. tary Board of Education, is
offering at private sale $7,500
Etowah County (P. 0. Gadsden), Ala.
-Bonds Defeated.
- coupon school-house bonds at not exceeding 5% interest.
An election held Sept. 27 resulted in a vote of 428 'for" to
Authority Section 9752, Chapter 154, Revised Statutes of 1899. Denomination $500. Maturity 10 years, subject to call after 5 years. Total
486 "against" a proposition to issue $20,000 prison bonds.
debt, this issue. Assessed valuation for 1908, $187,850.
Euclid School District (P. 0. Euclid), Cuyahoga County,
Groveton Independent School District (P. 0. Groveton),
Ohio.
-Bonds Defeated.
-An election held Aug. 17 resulted Trinity County, Tex.
-Bonds Registered.
-The State Compin the defeat of a proposition to issue $50,000 building bonds. troller registered $25,000 5% 10-40-year (optional)
bonds
Eustace Independent School District (P. 0. Eustace), on Aug. 24.
Henderson County, Tex.
-An issue of
-Bonds Registered.
Gustine Independent School District (P. 0. Gustine),
$4,000 5% 15-40-year (optional) bonds was registered by Comanche County,Tex.
-Bonds Not Sold-Bond Offering.
the State Comptroller on Sept. 20.
Up to Sept. 27 no award had yet been made of the $8,000 5%
Fairbury, Livingston County, Ill.-Bond Election.
-An 10-40-year (optional) coupon school bonds proposals for
election will be held Oct. 14, it is stated, to vote upon a which were asked until Sept. 1. Bids, accompanied by a
proposition to issue $2,000 sidewalk bonds.
certified check for $500, will be received at any time. The
Faulkton, So. Dak.-Bond Sale.
-An issue of $15,000 bonds were registered by the State Comptroller on Aug. 11.
water bonds has been disposed of to State School ,Funds.
-The City Council has
Guthrie, Okla.
-Bond Election.
Fort Wayne School City(P.O.Fort Wayne) Allen County, decided to call an election to vote on propositions to issue the
,
Ind.
-Bids.
--The following bids were received on Sept. 30 following bonds: $50,000 for water-works equipment and
for the $225,000 4% coupon school-improvement bonds extensions; $30,000 to improve the fire department, and
awarded, as stated in V. 89, p. 871, to the Fletcher National $20,000 for storm sewers.
Bank of Indianapolis and Breed & Harrison of Cincinnati
Hamburg School District (P. 0. Hamburg), Ashley
at 100.069 and accrued interest.
-The William R. Compton Co.
-Bond Sale.
County, Ark.
Fletcher National Bank,)
G. L. Payne & Co
$225,100 00 of St. Louis has purchased $20,000 6% school bonds.
Indianap., and Breed }$225,156 50 C. C. Wedding & Co.,Ind. 225,075 00
& Harrison, Cinelnn_j
Meyer & Kiser Bk., Ind_ 225,000 00
All bidders offered accrued interest in addition to their bids.

Denomination $500. Date Aug. 1 1909. Interest semi-annually at the
St. Louis Union Trust Co. of St. Louis. Maturity on Aug. 1 as follows:
$1,000 yearly from 1911 to 1928 inclusive and $2,000 in 1929. Total debt,
this issue. Assessed valuation for 1908, $561,638. Actual value (estimated), $1,500,000.

Fort Worth Improvement District No. 1 (P. 0. Fort
Worth), Tarrant County, Tex.
-Bonds Voted.
-This district
Hamilton, Butler County, Ohio.
-The two
-Bond Sale.
has voted to issue $250,000 5% 10-40-year (optional) coupon
issues of 4% bonds described in V. 89, p. 871, attracted the
levee bonds.
Interest will be payable at the County Treasurer's office in Fort Worth. following bids on Oct. 4:
The district has no debt at present. Assessed valuation for 1909, $1,031,700. Actual value (estimated), $2,500,000.

Fremont Precinct (P.0.Fremont), Dodge County, Neb.Bond Sale.
-An issue of $70,000 3
railroad-aid bonds
was sold on Sept. 1 to the State of Nebraska.
Denomination $1,000. Interest March and September.
subject to call after 1010.

Maturity 1920,

Gardner, Worcester County, Mass.
-Bond. Sale.
-The
$45,000 4% 1-30-year (serial) coupon water bonds described
in V.89, p. 871, were awarded on Oct. 5 to Crocker & Fisher
of Boston at 105.183 and accrued interest-a basis of about
3.563%. Following are the bids:
Crocker & Fisher, Boston_ _ _105.183
Blodget, Merritt & Co., Bos_105.09
N. W. Harris ec Co., Boston_105.021
Adams & Co., Boston
105.02
Merrill. Oldham &Co.. Bostonl04.835

Estabrook & Co., Boston_ _ _ A04.81
R.L. Day & Co., Boston_ __ _104.799
Kountze Bros., New York_ _ _104.73
E. H.Rollins & Sons, Boston 104.666
Amer. Banking Co., Boston_101.549

Garfield Borough Special School District (P. 0. Garfield),
Bergen County, N. J.
-Proposals will be
-Bond Offering.
received until 8 p. m. October 15 by E. C. Kornhoff, District
Clerk, for $54,050 5% school-building bonds.
Denomination $2,000, except one bond of $4,050. Date July 1 1909.
Interest semi-annually at the First National Bank of Garfield. Maturity
$4,050 on July 1 1915 and $2,000 yearly from 1916 to 1940 inclusive.
Certified check for 5%, payable to the Board of Education, is required.

$7,300
$15,000
bonds.
bonds.
Seasongood & Mayer, Cincinnati
$7,310 00
Western-German Bank, Cincinnati
7,301 11
Breed & Harrison, Cincinnati (for both issues) _ _ _ _
22,311 00

Hamlin Independent School District(P.0. Hamlin) Jones
,
-Bonds Registered.
-On Aug. 31 the State
County, Tex.
registered the $20,000 20-40-year (optional)
Comptroller
and $5,000 10-20-year (optional) 5% school bonds voted on
June 22. V. 89, p. 60.
Hammonton School District (P.0. Hammonton), Atlantic
County, N. J.
-Bonds Not Sold.
-No sale was made on Oct. 5
of the $15,000 4% coupon school-house bonds described in
V. 89, p. 739.
Havelock, Lancaster County, Neb.-Bond Election. Proposed.
-A letter received by us on Sept. 24 states that this
city will probably hold an election within the next 60 or 90'
days to vote on the question of issuing $20,000 water bonds.
-Bonds Awarded
Hidalgo County (P. 0. Hidalgo), Tex.
in Part.
-Of the $100,000 5% 10-40-year (optional) road
and bridge bonds described in V. 89, p. 796, $50,000 were
sold on Sept. 30 to the State Permanent School Fund on a
4% basis. The entire issue was registered by the State
Comptroller on Oct. 1.
-Bonds Defeated.
Hill County (P. 0. Hillsboro), Tex.
The voters of this county on Sept. 18 defeated the proposition to issue the $250,000 4% road bonds mentioned in
V. 89, p. 679. The vote is reported as being 191 "for" to
676 "against."
-Bonds
Hopkins County Common School District, Tex.
Registered.
-An issue of $1,000 5% 5-20-year (optional)
bonds was registered by the State Comptroller on Sept. 16.
-Bond Sale.
Idaho.
-This State has disposed of fourteen
issues of 4% 10-20-year (optional) bonds aggregating $430,250, proposals for which were asked until April 25.

Gary, Ind.
-Bond Sale.
-This town has sold $10,000 firestation and equipment bonds.
Girard, Kan.
-Bonds Defeated.
-An election held Aug. 17
resulted in the defeat of the proposition to issue the $40,000
electric-light and water-works-plant bonds mentioned in
V. 89, p. 302.
-No Bond Sale.
Glendora, Los Angeles County, Cal.
We are advised that the reports stating that Barroll & Co.
of Los Angeles had purchased $40,000 bonds (V. 89, p. 796)
are erroneous.
Grand Rapids School District (P. 0. Grand Rapids),
Mich.
-Bonds Not to Be Re-Offered at Present.
-We are adIssued for the following purposes: $52,000 for the3UniThe
vised that the $100,000 436% coupon high-school bonds, bids versity bonds are $60,000 for a capitol building, $36,000 for the Academy
,
of Idaho,
for which were rejected on June 18 (V. 89, p. 302),"will of Idaho, $55,000 for an industrial training school, $25,000 for a deaf,
the
Idaho
probably not be re-offered until the latter part of December. dumb and blind asylum, $35,000 forfor a Northern home, Insane Asylum,
soldiers'
$18,000 for Abe
$20,000 for a penitentiary, $18,500
$36,000 for the Albion State Normal School, $9,000
Bonners Ferry
Greenburgh, Westchester County, N. Y.
-Bond Offering. for the Salmon Bridge,Bridge, $3,000 for the Paris-Franklin Road, $10,000
River
-Proposals will be received until 8 p. m. Oct. 15 by Chas. for the Snake River Bridge and $52,750 for the Lewiston Normal School.
Interest semi-annual.
D. Millard, Town Supervisor,(P. 0. Tarrytown) for $92,000
-Bond OfferJefferson County (P. 0. Steubenville), Ohio.
Elmsford drainage bonds at not exceeding 6% interest.
-Proposals will be received until 12 m. Oct. 15 at the
ing.
Denomination $1,000. Date Oct. 6 1909. Maturity on Oct. 6 as follows. County Auditor's office for $35,000 4%% coupon Bloomfield
$24,000 in 1910, $3,000 yearly from 1911 to 1929 inclusive, $5,000 in 1930 and Smithfield Free Turnpike bonds.
and $6,000 in 1931. Certified check on an incorporated bank or trust
company for $2,000, payable to the Town Supervisor, is required. Bonds
to be dellvered Oct. 29.

The official notice of this bond offering will be found among
the advertisements elsewhere in. this Department.
Greene County (P. 0. Xenia), Ohio.-Bond Election.
-The
question of issuing $25,000 bonds for a children's home will
be submitted to a vote of the people, it is stated, on Nov. 2.
Greensville County (P. 0. Emporia), Va.-Bond Offering.
-Proposals will be received until 12 m. Oct. 18 by W. R.
Cato, agent, care E. Peyton Turner, Clerk Board of Supervisors, for the $80,000 43% permanent improvement road
bonds mentioned in V. 89, p. 60.
Greentree (Borough), Allegheny County, Pa.
-Bond Sale.
-On Oct. 5 the $12,000 5% coupon improvement bonds
described in V. 89, p. 871, were awarded to E. S. Wheeler of
Pittsburgh. Bids were also received from the Washington
Investment of Pittsburgh, J. S. & W. S. Kuhn of Phila-




AuthoritV, Section 4808, Revised Statutes. Denomination $500.I11)ate
,
Sept. 1 1909. Interest semi-annuallk at the County Treasurer's office.
Maturity $500 each six months from Sept. 1 1910 to March 1 1916, inclu$1,000 Sept. 1 1916, $500 on March 1 and $1,000 on Sept. 1 each year
sive,
from 1917 to 1930, inclusive, and $1,000 each six months from March 1
1931 to March 1 1934, inclusive. Certified check for 5% of bid, payable
to the Road Commissioners, is required.

Johnstown, Cambria County, Pa.
-Pro-Bond Offering.
posals will be received until 12 m. Nov. 1 by Chas. if. Wehn,
City Treasurer, for the $30,000 4% coupon overhead bridge
bonds that were offered but not sold(V.89, p. 796)on Sept..f2.
Denomination $500. Date March 1 1905. Interest semi-annually at
the City Treasurer's office. Maturity March 1 1935, subject to call after
March 1 1915. Bonds are exempt from State tax. Purchaser to_way
accrued interest.

-Local
-Bonds Voted.
Jones County (P. 0. Hamlin), Tex.
papers state that an election held Oct. 2 resulted in favor
of a proposition to issue court-house-building bonds. .The
4
vote was 108 "for" to 59 "against." I,
Mt/Kalamazoo, Kalamazoo ACounty, iMich.-Bond
o
The following 43V tbonds have beenlsold: .;•"_

00T. 9 1909.i

949

THE CHRONICLE

$15,000 city-improvement bonds, due part yearly on Sept. 2 from 1910 to
1919 inclusive.
26,500 street-improvement bonds, due part yearly on Sept. 2 from 1910
to 1919 inclusive.
7,000 anitary-sewer bonds, due part yearly on Sept. 2 from 1910 to 1914
inclusive.
15,000 fire-station bonds, due part yearly on Sept. 2 from 1914 to 1923
inclusive.
Interest March and September.

Peterson, Village Recorder, for $4,500 6% water-workstower and tank bonds.
Denomination $500.
Inclusive,

Maturity $500 yearly on May 1 from 1912 to 1920

Lexington Township (P. 0. Lexington), Davidson
-The question of issuing
-Bond Election.
County, N. C.
$100,000 road bonds will be submitted to a vote on Oct. 12.
-Bonds Purchased by State Funds During August
Kansas.
-On
-Bond Sale.
Licking County (P. 0. Newark), Ohio.
-The following bonds aggregating $296,- Oct.6 the $36,000 43% coupon bridge building and repairing
and September.
were sold during the months of August and September bonds described in V. 89, p. 872, were awarded on that day
755 46
to State Funds at par:
to the First National Bank of Cleveland for $36,509 (101.414)
August Sales Aggregating $267,380 46.
and accrued interest. Following are the bids:
School District No. 5.-$12,000 4 M% school-house bonds,
Barber County
Barto, Scott & Co., Colum$36,477 50
First Nat. Bank, Cleve__ _$36,509 00i
dated Aug. 7 1909 and due 1924.

Co., Newark.. 36.400 00
20
Barber County School District No. 37.-$4,000 5% school-house bonds, First Nat. Bank, Newark_ 36,493 80 Newark Tr. & Co., Cin_ _ _ 36,381 60
New First Nat. Bk., Colum 36,478
Well, Roth
dated Aug. 19 1909 and due from 1919 to 1922.
-$14,800 5% Hayden, Miller & Co.,Clev 36,478 00 Davies-Bertram Co., in_ 36,375 00
County.
Bonner Springs School District No. 27, Wyandotte
1924.
Maturity $12,000 on Sept. I In each of the years 1912, 1913 and 1914.
school-house bonds, dated Aug. 19 1909 and due from 1911 tobonds, dated
-$8,000 5% warrant refunding
Caney Board of Education.
Livingston School District (P. 0. Livingston), Polk
Aug. 12 1909 and due 1929.
-Local papers state that an
-Bonds Voted.
Crawford County School District No. 128.-$2,400 5% school-house County, Tex.
due from 1911 to 1915.
bonds, dated Aug. 11 1909 and
election held Sept. 25 resulted in favor of a proposition to,
Crawford School District No. 129.-$3,700 5% school-house bonds, dated
issue $25,000 high-school-building bonds. The vote was
Aug. 14 1909 and due from 1912 to 1915.
Dickinson County School District No. 74.-$800 5% school-house bonds, 72 "for" to 25 "against."
dated Aug. 6 1909 and due from 1910 to 1914 inclusive.
-Bonds Not
Logan County (P. 0. Bellefontaine), Ohio.
Elk School District No. 15.-$3,400 5% school-house bonds, dated
Aug. 14 1909 and due from 1910 to 1923.
-No award was made on Oct. 5 of
Ellsworth County School District No. 9.-$600 5% school-house bonds, Sold-Bond Offering.
the $35,000 4% ditch bonds described in V. 89, p. 872.
dated Aug. 6 1909 and due from 1910 to 1915.
Ford County School District No. 3.-$13,300 5% school-house bonds, Proposals are again asked for until Nov. 5, this time for
dated Aug. 19 1909 and due from 1911 to 1923.
-$23,000 5% drainage 4% bonds.
Kaw River Drainage District, Shawnee County.
bonds, dated Aug. 19 1909 and due 1929.
Lubbock Independent School District (P. 0. Lubbock),
-$68,760 46 5% warrant refunding bonds, dated Aug. 3
Kearny County.
1909 and due 1939.
-Bonds aggre-Bonds Registered.
Lubbock County, Tex.
-$6,500 5% warrant-refunding bonds, dated Aug. 6 1909 and
La Crosse.
gating $25,000 were registered on Sept. 9 by the State Compdue 1929.
38.-$10,000 4% school- troller. They carry 5% interest and mature in 40 years,
Leavenworth County School District No.
building bonds, dated Aug. 4 1909 and due from 1914 to 1924.
-$18,000 5% school-house bonds, dated Aug. 20 but are subject to call in 20 years.
Liberal, Seward County.
1909 and due 1924.
-Bond Offering PostLudlow, Hampden County, Mass.
Logan County School District No. 4.-$4,000 5% school-house bonds,
poned.
-The offering of $40,000 coupon or registered schooldated Aug. 24 1909 and due from 1911 to 1920.
Lyon County School District No. 104.-$7,000 5% school-house bonds, house bonds, which was to have taken place Oct. 4, was
dated Aug. 10 1909 and due from 1910 to 1923.
-$15,000 5% school-house bonds, dated Aug. 24 1909 and postponed for two or three weeks in order that the maturity
Mankato.
due 1923.
of the issue might be changed.
Meade County School District No. 62.-$1,000 8% school-house bonds,
-The propositions to issue
dated Aug. 11 1909 and due from 1910 to 1920.
Macon, Ga.-Bond Election.
Osborne County School District No. 93.-$1,000 5% school-house bonds
$100,000 paving and $100,000 sewer 4% gold coupon bonds,
dated Aug. 11 1909 and due from 1914 to 1923.
1909 defeated on June 26 (V. 89, p. 242), will again be submitted
Pittsburgh-$8,320 5% general-improvement bonds, dated Aug. 4
and due $832 yearly for 10 years.
to the voters on Dec. 8.
-$19,500 4% water-works bonds, dated Aug. 24 1909
• Plainville.
and due 1939.
-Bond Offering.
Mankato, Blue Earth County, Minn.
County School District No. 3.-$1,000 5% school-house bonds,
Rooks
Proposals will be received until 7:30 p. m. Oct. 15 by A. H.
dated Aug. 11 1909 and due from 1910 to 1914.
Rooks County School District No. 11.-$4,300 5% school-house bonds, Scherer, City Recorder, for $40,000 4% refunding water
dated Aug. 4 1909 and due from 1912 to 1920.
Sheridan County School District No, 19.-$10,000 5% school-house bonds.
bonds, dated Aug. 19 1909 and due from 1911 to 1920.
Authority Section 3,Sub-Chapter V. of Chapter 47, Special Laws of 1891.
Thomas County School District No. 33.-52,500 5% school-house bonds, Denomination $1,000. Date Nov. 1 1909. Interest annually in Mankato.
dated Aug. 23 1909 and due from 1919 to 1939.
Maturity 20 years. Certified check for 3% of bid is required.
Wilson County School District No. 25.-$5,000 5% school-house bonds,
-The fol-Bids Rejected.
Marion, Marion County, Ohio.
dated Aug. 6 1909 and due from 1910 to 1919.

both of which were rejected, were received on

lowing bids,
• This sale has already been reported in the "Chronicle," but is reprinted
Oct. 5 for the $6,800 4% coupon refunding bonds described
above in order that our record may be kept complete.
in V. 89, p. 873:
September Sales Aggregating $29,375.
Cloud County School District No. 59.-$600 5% school-house bonds, Seasangood & Mayer. Cincinnati, par, less $75 for attorneys' fees.
Breed & Harris3a, Cacti= tti, par, less $85 for printing.
dated Sept. 1 1909 and due from July 1 1911 to July 1 1916.
Dickinson County School District No. 24.-$1,000 5% school-house
We are advised the city will try and dispose of the issue
bonds, dated Sept. 1 1909 and due from July 1 1911 to July 1 1921 inclusive.
Elk and Greenwood Counties Joint School District No. 54.-$7,000 5 at private sale.
school-house bonds, dated Aug. 2 1909 and due from July 1 1910 to July 1
-Warrant
Marshall County (P. 0. Guntersville), Ala.
1923 inclusive.
Franklin County School District No. 22.-$1,200 5% school-house bonds, Offerinig.-Further details are at hand relative to the offering
from July 1 1910 to July 1 1915.
dated Sept. 1 1909 and due
Greenwood County School District No. 66.-$600 5% school-house of the $14,000 5% registered jail-building warrants mentioned
bonds, dated Sept, 1 1909 and due from July 1 1911 to July 1 1916.
in V. 89, p. .740. Proposals will be received until 12 m.
Klowa School District No. 20.-$375 5% school-house bonds, dated
Oct. 14 by J. H. Carter, Judge of Probate.
Sept. 1 1909 and due from Jan. 1 1917 to Jan. 1 1919.
Lindsborg, McPherson County.
-$8,000 5% refunding bonds, dated
Denomination $1,400. Interest on Jan. 1 at place designated by purJuly 1 1909 and due July 1 1929.
chaser. Maturity $1,400 yearly on Jan. 1 from 1911 to 1920 inclusive.
Mitchell County School District No. 82.-$1,000 5% school-house bonds, The issue is non-taxable. Certified check for $500, payable to the Judgedated Sept. 1 1909 and due from July 1 1911 to July 1 1913.
of Probate, is required. The county has no debt at present. Assessed
Mitchell County School District No. 101.-$500 6% school-house bonds, valuation 1909, $3,460,119.
dated Aug. 25 1909 and due from Jan. 1 1910 to Jan. 1 1912.
-An
-Bond Election.
Marshall, Harrison County, Tex.
Rush County School District No. 47.-51,500 8% school-house bonds,
dated Sept. 15 1909 and due from Jan. 1 1910 to Jan. 1 1914 inclusive.
election will be held Oct. 20 to vote upon a proposition to
Stafford County School District No. 68.-$800 5% school-house bonds,
issue $50,000 5% high-school bonds. Maturity July 1 1949,
dated Sept. 1 1900 and due from Jan. 1 1911 to Jan. 1 1918.
Trcgo School District No. 48.-$800 5% school-house bonds date d subject to call after 10 years.
Sept. 1 1909 and due from Jan. 1 1912 to Jan. 1 1919.
It is reported that the question of issuing $35,000 5%
Washington County School District No. 19.-$2,000 5% school-house
bonds, dated July 1 1909 and due from Jan. 1 1921 to Jan. 1 1924.
water-works bonds will also be decided on the same day
-$4,000 5% refunding bonds, dated
Township, Elk County.
Wild Cat
(Oct. 20).
Sept. 1 1909 and due Sept. 1 1917.
The above bonds are all subject to call at any time.
-Up to
-Bonds Not Sold.
Kent, King County, Wash.
Sept. 27 no sale had yet been made of the $70,000 5% waterworks-extension bonds described in V. 89, p. 488.
Kleburg School District (P. 0. K(eburg), Dallas County,
-We are informed under date
--Bonds Not Yet Issued.
Tex.
of Oct. 4 that the 5% 20-year school-building bonds voted
on Aug. 14 (V. 89, p. 488) have not yet been issued.
Krum Independent School District (P. 0. Krum), Denton County, Tex.
-No satisfactory bids
-Bonds Not Sold.
were received on Sept. 15 for the $10,000 5% 5-20-year
(optional) school bonds described in V. 89, p. 679.
Lake View, Sac County, Iowa.
-Bonds Voted-Bond
-A proposition to issue $2,500 432% 5-20-year
Offering.
(optional) water tank and tower bonds carried by a vote of
74 to 3 at an election held Sept. 20. Proposals for these
bonds will be received at once.
-The
Lathrop, Clinton County, Mo.-Bonds Defeated.
voters of this city recently defeated a proposition to issue
$7,500 bonds.
-Bonds Defeated.
Lenore County (P. 0. Poteau), Okla.
The election held Sept. 11 (V. 89, p. 364) resulted in the
defeat of the proposition to issue $150,000 5% 25-year
bridge bonds. The vote was 667 "for" to 1,235 'against."
-Bond Offering.
Lester Prairie, McLeod County, Minn.
Proposals will be received until 8:30 p. in. Oct. 16 by N. A.




-Proposals
-Bond Offering.
Marshfield, Coos County, Ore.
will be received until 8 p. m. Oct. 26 by John W. Butler,
City Recorder,for $54,000 5% warrant-funding bonds.
Denomination $100 to $1,000,to suit buyer. Date Dec. 1 1909. Interest.
semi-annually, payable where purchaser desires. Maturity 20 years. Certified check for $2,500, payable to the City Treasurer, is required. Purchaser to furnish blank bonds free of charge.

(r. 0.

-Bonds DeBay City), Tex.
Matagorda County
feated.
-Early returns indicate that an election held Sept. 11
resulted in the defeat of a proposition to issue $20,000 jailconstruction bonds.
-Reports state that on
-Bond Sale.
Memphis, Tenn.
Oct. 5 $581,000 6% 1-5-year (serial) street-assessment bonds
were bought by the Bank of Commerce & Trust Co. of Memphis at 100.388.
-An
Middlebourne, Tyler County, W. Va.-Bonds Voted.
election held here recently resulted in favor of a proposition
-year bonds.
to issue $7,000 6% 10
-An elecMilford, Dickinson County, Ia.-Bond Election.
tion will be held Oct. 11 to vote upon a proposition to issue
$12,000 water-works bonds.
-Price
Modesto School District, Stanislaus County, Cal.
-We are advised that the price paid'for the
Paid for Bonds.
awarded ?,on
$10,000 5% 20-29-year (serial) school bonds
Sept. 14 to Barroll & Co. of Los Angeles (V. 89, p. 797) was
110.89 and accrued interest. This is on an interest basis of
about 4.279%. Denomination $1,000. 1Date Sept.!14 1909
Interest annual.

950

THE CHRONICLE

[VOL.lax=

Monroe County (P. 0. Carthage), No. Car.
-Bond OfferNiles, Trumbull County, Ohio.
-We see
-Bond Election.
ing.
-Proposals will be received until 2 p. m. Nov. 1 by the it reported that a proposition to issue $5,000 police-forceCommissioners for $20,000 5% coupon bridge- maintenance bonds will be submitted to a vote of the people
County
building and refunding bonds.
on Nov. 2.
Denomination $1,000. Date July 1 1909. Interest on Jan. 1 at the
Norris City School District No. 28 (P. 0. Norris City),
County Treasurer's office. Maturity 31,000 yearly on Jan. 1 from 1914
White County, 111.
-Bond Sale.
-An issue of $4,900 6%
to 1933 inclusive. Certified check for $800 is required.
Morgantown, Monongalia County, W. Va.-Bonds De- school-building bonds has been purchased by the Wm. R.
feated.
-The election held Oct.2(V.89, p.797) resulted in the Compton Co. of St. Louis.
Denomination $500, except one bond of $400. Date Aug. 1 1909.
defeat of the propositions to issue the $20,000 city-hall and
Interest annually at Norris City. Maturity $400 on Aug. 1 1911 and $500
$15,000 sewer bonds.
yearly on Aug. 1 from 1912 to 1920 inclusive. Total debt, this issue.
Morristown, St. Lawrence County, N. Y.
-Bond Offering. Assessed valuation, $493,435.
North Platte, Neb.-No Action Yet Taken.
-Up to Oct. 2
-Proposals will be received until 2 p. m. Oct. 15 by Frank
L. Scott, Village Clerk, for $15,000 coupon water bonds at no action had yet been taken looking toward the issuance of
$100,000 4% water-works-construction bonds voted on
the
not exceeding 5% interest.
Authority, election held July 311909. Denomination $500. Date Oct. Aug. 24. See V. 89, p. 614.
15 1909. Maturity $500 yearly from 1910 to 1939, inclusive. Certified
-Bond Sale.
-Reports
Norwood, Hamilton County, Ohio.
check for 2% of amount bid, payable to Arthur W. Gregory, Village Treasurer, is required. Village has no debt at present. Assessed valuation state that the $18,695 04 VA% 1-10-year (serial) Cleneay
1909, $207,219.
Avenue improvement-assessment bonds offered on Oct. 4
Mount Kisco, Westchester County, N. Y.
-Bond Sale.
- and described in V. 89, p. 614, were awarded to Weil, Roth
The $10,000 registered road bonds described in V. 89, p. 873, & Co. of Cincinnati at 101.65.
were awarded on Oct. 4 to Geo. M. Hahn & Co. of New York
-Bond Sale.
-We
Okfuskee County (P.0. Okemah), Okla.
at 100.13 for 43's. Purchaser also agrees to furnish blank are advised that the $100,000 5% bridge bonds voted recently
bonds. Bids were also received from Ferris & White, W. N. (V. 89, p. 365) were awarded on April 6 to Ulen, Sutherlin &
Coler & Co. and R. M. Grant & Co., all of New York City. Co. of Kansas City.
Maturity $500 yearly on Nov. 1 from 1914 to 1933 inclusive.
Denomination $1,000. Date July 1 1909. Interest semi-annual. MaMt. Vernon, Westchester County, N. Y.
-Bond Offering. turity 20 years.
-Bonds to be Offered Shortly.
-Proposals will be received until 8 p. m. Oct. 19 by the
Oklahoma City, Oklahoma.
-year storm-sewer
Mayor and Common Council for the following 432% bonds: We are informed that the $185,000 5% 25
$25,000 highway repaving bonds. Maturity Oet. 1 1929.
bonds which were to have been offered last month (V. 89, p.
40,000 sewerage loan bonds. Maturity $10,000 yearly on Oct. 1 from 797), will not be placed on the market before the 25th of
1936 to 1939 Inclusive.
Denomination $1,000. Date Oct. 1 1909. Interest semi-annually at this month.
the City Treasurer's office or by mail in New York exchange. Bonds are
-On Oct. 1
-Bond Sale.
Olean, Cattaraugus County, N. Y.
exempt from taxes. Certified check for $1,000 is required. Bids to be
made on blank forms furnished by city. Bonds will be certified as to the Exchange National Bank of Olean was awarded $25,000
genuineness by the U. S. Mortgage & Trust Co. of New York and their
legality approved by Caldwell & Reed of New York, a copy of whose opinion 4% 10-19-year (serial) fire-department bonds at par. Dewill be delivered to buyer. Bonds to be delivered on or before Oct. 28. nomination $2,500. Interest April and October.
Purchaser to pay accrued interest.
Ontario, Malheur County,
-Bond Sale.
-An issue of
Nebraska.
-Bonds Purchased by the State Permanent School $22,000 Snake River bridge Ore.
bonds was recently awarded, it is
Fund during September.
-The following bonds, aggregating stated, to the First National Bank of Ontario.
$202,300, were disposed of last month to the State PermanOsceola School District (P. 0. Osceola), Mississippi
ent School Fund:
-On Sept. 30 $20,000 6% 1-20-Bond Sale.
• Belden-$7,500 5% 5
-20-year (optional) water bonds sold on a basis County, Ark.
of 434%. Date Aug. 2 1909. Interest annually at the State Fiscal year (serial) school-building bonds were purchased by Jas.
Agency in New York City.
Gould of Pine Bluff at par.
Boyd County School
51-$700

District No.
434% 5-year bonds sold at
par. Date Sept. 11 1909. Interest semi-annually at the State Treasurer's
office in Lincoln.
Douglas County-$50,000 4% court-house bonds sold at par. Date
Oct. 1 1908. Interest semi-annually at the State Fiscal Agency in New
York City. Maturity Oct. 1 1918.
Elgin-$15,000 5% 5
-20-year (optional) water bonds sold on a basis of
434%. Date March 2 1909. Interest .Tan. 1 and July 1 at the State
Fiscal Agency in New York City.
Fairfield-$5,000 434% 5
-20-year (optional) water bonds sold at par.
Date Aug. 2 1909. Interest annually at the State Fiscal Agency in New
York.
Fremont School District
-$27.000 434% 5-10-year (optional) bonds sold
at par. Date Aug. 1 1909. Interest annually at the State Fiscal Agency
In New York.
Furnas County School District No. 21-$20,000 6% 10-20-year (optional)
bonds sold on a basis of 434%. Date June 1 1909. Interest annually at
the State Fiscal Agency in New York City.
• Garfield County-$10,000 434% 10-20-year (optional) funding bonds
sold at par. Date Sept. 1 1909. Interest semi-annually at the County
Treasurer's office.
Greeley and Boone Counties School Districts Nos. 62 and 86-$700 434%
bond sold at par. Date Sept. 1 1909. Interest Nov. 1 in Greeley. Maturity Nov. 1 1919.
Knox County School District No. 96-$12,000 454% bonds sold at par.
Date June 10 1909. Interest May 4 at the First National Bank in Lincoln.
Maturity one bond on May 4 in each of the years 1914, 1919 and 1924.
* Neligh-$8,000 434% 5-20-year (optional) water bonds sold at par.
Date Sept. 1 1909. Interest annually at the State Treasurer's office in
Lincoln.
• North Platte School District-540,000 5% 10-20-year (optional) bonds
sold on a basis of 434%. Date Aug. 2 1909. Interest semi-annually at the
State Fiscal Agency In New York City.
Red Willow. County School District No. 33-$400 434% 5-year bonds
sold at par. Date Aug. 22 1909. Interest annually at the State Treasurer's office in Lincoln.
Stewart-$6,000 5% 5
-20-year (optional) water bonds sold on a basis of
4 M %. Date Sept. 1 1909. Interest annually at the State Fiscal Agency
in New York City.

Denomination $1,000. Date Oct. 1 1909. Interest annual. These
securities were offered without success on Sept. 15 as straight 20-year bonds.

• Park City (P. 0. Knoxville), Knox County, Tenn.
-Bond
Offering.-Proposals will be received until 1 p. m. Oct. 11
by W. R. Johnson, Mayor, for $14,000 funding and $6,000
sewer extension 5% bonds.
Authority Senate Bill No. 478, Chapter 353, page 1285, Acts of 1909.
Date July 1 1909. Interest semi-annually at the Hanover National Bank
in New York City. Maturity 20 years.

Paulding, Paulding County, Ohio.
-Price Paid for Bonds.
-The Village Clerk informs us that the price paid for the
three issues of bonds, aggregating $45,500, disposed of on
Sept. 23 to Weil, Roth & Co. of Cincinnati, was $46,972 50
(103.236), and not $46,912 50 (103.104), as reported in V.
89, p. 797. The bonds answer the following description:
$25,000 434% Cherry Street improvement bonds dated Sept. 11909. Maturity part yearly on Sept. 1 from 1919 to 1928 inclusive.
16,500 434% Perry Street improvement bonds dated Sept. 1 1909. Maturity on Sept. 1 as follows: $1,500 yearly from 1919 to
1927 inclusive and $3,000 in 1928.
4,000 5% funding bonds dated May 1 1909. Maturity $500 yearly on
May 1 from 1914 to 1921 inclusive.
Denomination $500. Interest semi-annual.

Paxton, Ford County, m.
-Description of Bonds.
-We
are informed that the $8,000 5% 2
-5-year (serial) sewer bonds
awarded on Sept. 20 to Farson, Son & Co. of Chicago at
101.362 and accrued interest (V. 89, p. 874) are in denomination of $500 each. Date Sept. 1 1909. Interest annually
in July.
Paxton Township (P. 0. Bainbridge), Ross County, Ohio.
• These sales have already been reported in the "Chronicle," but are
re-printed above in order that our record might be complete.
-Bond Offering.-Proposals will be received until 12 m.
Newbem, Craven County, No, Caro.
-Bond Election.
- October 18 by Ralph K. Jones, Township Clerk, for $2,500
According to local reports a $50,000 street-paving bond 5% coupon town-hall bonds.
Authority. Section 2835, Revised Statutes. Denomination $500. Date
election will be held Oct. 12.
Oct. 18 1909. Interest semi-annual. Maturity ;500 yearly from 1917 to
taxes. Certified check for 2y,,
Newberry County (P. 0. Newberry), So. Caro.
-Bonds 1921 inclusive. Bonds are exempt fromTreasurer, is required. Purchasci5 b7 0. for, payable to
7bld
Defeatrd.-An election held Aug. 31 resulted in a vote of $I 88 4pay accrued interest.the Township $12,000. Assessed valuation.
er to
Bonded debt,
110 "for" to 1,236 "against" a proposition to issue $300,000
road bonds.
-Bond Sale.
-On Oct. 1
Penfield, Monroe County, N. Y.
New Haven, Conn.
-Bonds Voted.
-An election held Oct. 4 the $13,000 gold coupon or registered water-system bonds
resulted in favor of a proposition to issue $200,000 4% described in V. 89, p. 797, were awarded to John J. Hart of
Albany for $13,004 70 (100.036) and accrued interest for
garbage-plant bonds.
43-s. Following are the bids:
New Rochelle, Westchester County, N. Y.
-Bond Sale.
- John J. Hart, Albany (for 4 As)
$13,004 70
The following bids were received on Oct. 5 for the $12,500 Edmund Seymour & Co., New York (for 434s)
•13,000 00
Isaac W. Sherrill, Poughkeepsie (for 4 Us)
13,017 00
43/2% registered school bonds described in V. 89, p. 873:

Adams ec
New York_;13,187 50 Ferris & White, N. Y___ _$13,085 00
N.W.Harris & Co., N. Y. 13,164 00 Geo. M.Hahn, New York_ 13,016 25
Co.,
Kountze Bros., N. Y____ 13,142 50 R. M. Grant & Co., N. Y. 13,021 25
Yonkers Sav.
Yonkers 13 140 75 W. N. Coier & Co., N. Y__ 12,968 75
k,Maturity on May 1 as follows: $5,000 in each of the years 1929 and 1930
and $2,500 in 1931.

Niagara Falls, Niagara County, N. Y.
-On
-Bond Sale.
Oct. 6 W. C. Langley & Co. of New York City purchased
the $45,500 4%% gold registered (series "C") sewer bonds
described in V. 89, p. 873, at 105.559 and accrued interest.
The other bidders were:
N. W. Halsey & Co., N. Y...105.079 Farson, Son & Co., N. Y_ _104.168
O'Connor & Kahler, N. Y _ _104.93 A. B. Leach & Co. N. Y_ _ _103.97
I. W.Sherrill, Poughkeepsie_104.67 Wadsworth & Wright, N. Y _103.125
104,611 m
Ferris & White, N Y
Maturity Jan. 1 1929.




*Also furnish bonds.
Maturity $866 66 yearly on Feb. 1 from 1914 to 1928 inclusive.

Phelps County (P. 0. Holdrege), Neb.-Bond Election.
An election will be held Nov. 2 to vote upon a proposition
to issue $100,000 court-house bonds.
Pittsburgh, Pa.
-We are informed that
-Bond Election.
the proceeds of $6,775,000 bonds, to be voted upon Nov. 2
(V. 89, p. 797), will be used, if the issue is authorized, for
the following purposes: $3,000,000 for extending the watersystem, $1,500,000 for improving the streets, $75,000 for a
bridge for Southern Avenue, $300,000 for free bridges and
sewer extensions, $700,000 to improve the parks and playgrounds, $250,000 for altuberculosis hospitall$100,0001f0r

OCT. 9 1909.1

THE CHRONICLE

the disposal or incineration of rubbish and garbage and $850,000 to repair and construct bridges.
Plainfield, Union County, N. J.
-An
-Bonds Authorized.
ordinance has been passed by the Common Council providing
for the issuance of $43,000 4% sanitary sewer (city's portion)
bonds.
Denomination $1,000. Date Nov. 1 1909. Maturity on Nov. 1 as
follows: $6,000 yearly from 1936 to 1941 inclusive and $7,000 in 1942.
Interest semi-annual.

Pontiac, Mich.
-The $6,000
-Bonds Not Yet Issued.
armory bonds, bids for which were rejected on June 7(V.89,
p. 428), have not yet been issued.
Portage, Columbia County, Wis.-Bonds Voted.
-An election held Sept. 28 is reported to have resulted in favor of a
proposition to issue sewer bonds. The vote is given as 822
"for" to 308 "against."
Port of Coos Bay, Coos County, Ore.
-Bond Offering.
Proposals will be received until 12 m. Nov. 9 by J. C. Gray,
Treasurer Board of Commissioners, at the First National
Bank in North Bend, for $500,000 5% harbor improvement
Series "A" bonds.
Denomination $1,000. Date, "day of delivery." Interest Jan. 1 and
July 1 at the United States National Bank of Portland or at the Hanover
National Bank of New York City. Maturity $25,000 yearly from 1929 to
1948 inclusive. Certified check for $5,000 is required. No debt at present.
Assessed valuation $6,984,909.

951

Shamrock Independent School District (P. 0. Shamrock),.
Wheeler County, Tex.
-Bonds Registered.
-The State Comptroller registered an issue of $17,000 5% 5-40-year (optional)
bonds on Sept. 17.
Sherburne County (P. 0. Elk River), Minn.
-Bond Offering.
-Proposals will be received until 10 a. m. Oct. 14 by
Chas. E. Swanson, County Auditor, for $8,000 5% ditchconstruction bonds.
Date Nov. 1 1909. Interest annual or semi-annual. Maturity $1,000.
yearly on Nov. 1 from 1911 to 1918 inclusive. Certified check for $500,
payable to the County Auditor, is required.

Shoshone School District No. 12 (P. 0. Shoshone) Lincoln County, Idaho.
-Bond Sale.
-On Sept. 30 the $45,00G
5% building bonds offered on Aug. 13 (V. 89, p. 244) were
awarded to the State of Idaho at par.
Denomination $2,250. Date Sept. 1 1909.
July. Maturity 20 years.

Interest in January and

Shreveport, Caddo Parish, La.
-Bond Election.
-It is
stated that the City Council has ordered an election to vote
on propositions to issue $167,000 funding and $250,000
paving and sewerage bonds.
South Greensburg (P. 0. Greensburg), Westmoreland
County, Pa.
-Bonds Authorized.
-An ordinance was passed
Sept. 16 providing for the issuance of $25,000 5% coupon
street-improvement bonds voted at an election held Aug. 27.
Denomination $500. Interest semi-annually at

the Borough Treasurer'
Portsmouth, Scioto County, Ohio.
-Bond 011ering.-Pro- office. Maturity 30 years, subject to call after 15 years. Bonds arc 0Y
posals will be received until 12 m. Oct. 18 by Filmore empt from all State tax.
South Norwalk, Fairfield County, Conn.
-Bonds Defeated.
Musser, City Auditor, for $12,000 4% coupon sewer-con-An election held Oct. 4 resulted in the defeat of a,proposistruction bonds.
Denomination $500. Date Oct. 1 1909. Interest semi-annually at the tion to issue $50,000 bonds.
City Treasurer's office. Maturity $4,000 on Oct. 1 in each of the years
Springfield, Clark County, Ohio.
-Bond Sale.
-The four
1914, 1915 and 1921. Certified check for 2% of bonds bid for, payable to
issues of street-improvement bonds ,aggregating $32,935 25,
the City Auditor, is required.
Pryor Creek, Mayes County, Okla.
-An described in V. 89, p. 798, were awarded on October 6 as
-Bonds Voted.
election held recently resulted, it is stated, in favor of the follows:
$1,159 30 5% Clark Street sewer assessment bonds to the First National
issuance of $90,000 water and sewer-system bonds.
Bank of Springfield.
Quanah Independent School District (P. 0. Quanah), 6,840 35 5% sewer assessment bonds to the Citizens' National Bank of
Springfield.
Hardeman County, Tex.
-Bonds Registered.
-On Sept. 28 2,354 18 4 X% street-improvement (city's portion) bonds to Seasongood
& Mayer of Cincinnati.
an issue of $10,000 5% 10-20-year (optional) bonds was
22,581 43 4 X% street-improvement (city's portion) bonds to Seasongood
registered by the State Comptroller.
& Mayer of Cincinnati.
Ravenna Township (P. 0. Ravenna), Muskegon County,
Stout Independent School District (P. 0. Stout), Grundy
Mich.
-Bond Election.
-An election will be held Oct. 12 to County, Iowa.
-Bond Ofiering.-Proposals will be received
vote upon a proposition to issue $35,000 road-improvement at any time by Peter De Beer, President Board of Education,
bonds.
for $3,000 5% school-building and site-purchase bonds. DeRock Rapids, Lyon County, Iowa.
-Bond Sale.
-The nomination $200. Interest is payable in Stout. Maturity
Security Trust Co. of St. Paul was the successful bidder on 15 years.
Sept. 21 for $10,000 4% 153 -year (average) water-works
Streator, La Salle County, Ill.-Bonds Defeated.
-The
bonds. They paid par, accrued interest and cost of bonds. election held Sept. 18 resulted in the defeat of the proposiDenomination $1,000. Date Sept. 1 1909. Interest semi- tion to issue the $40,000 5% coupon bridge bonds described
annual.
in V.89, p. 681. The vote was 269 "for" to 547 "against."
Rocky River, Cuyahoga County, Ohio.
-Bond Sale.
Sumter, Sumter County, So. Can-Bond Sale.
-The
-The $50,following bids were received on Sept. 28 for the $6,500 419
% 000 5% 20-40-year (optional) coupon sewer bonds described
coupon road-improvement bonds described in V. 89, p. 798: in V. 89, p. 798, were awarded on Sept. 30 to N. W. Harris
Hayden, Miller 00 Co., Clev.$6,672 00 New First National Bank,
dr Co.. of New York City at 104.089 and accrued interest.
Dennison & Co., Cleve__ _ 6,663 85
Columbus
$6,657 95 The bids were as follows:
First Nat. Bank, Cleo_ _ 6,661 00 Otis & Hough, Cleveland
6,640 00
All bidders offered accrued interest in addition to their bids. Maturity N. W. Harris & Co., N.Y. $52,044 50 Security Tr. Co., Spartanb'g_$50,935
J. B. McCreary &Co., Atian.51,971 00 Seasongood & Mayer, Cinc__ 50,100$500 yearly on April 1 from 1913 to 1925 inclusive.
J. W. Dickey, Augusta_.. 51,563 00 Well, Roth & Co., Cincinnati 50,010
Russell, Russell County, Kan.
-No Action Yet Taken.
- West.-German Bk., Cinc_ 51,316 75
Up to Sept. 17 the $65,000 water and light bonds voted on
Sutton, Clay County,Neb.-Bonds Defeated.
-Propositions
July 26 (V. 89, p. 366) had not yet been offered for sale.
to issue water and refunding bonds to the amount of $20,000
St. Petersburg, Hillsboro County, Fla.
were defeated at an election held Sept. 8.
-Bond Award
Rescinded.
-The award of the $30,000 school and the $45,000
Sycamore Special School District (P. 0. Sycamore), Wyimprovement 5% 30-year bonds to the New First National andot County, Ohio.
-Bond Offering.
-Proposals will be re
Bank of Columbus (V. 89, p. 874) has been rescinded, owing ceived until 2 p. m. Oct. 11 by the Board of Education for
to the discovery of some irregularities.
$16,500 434% school-building bonds.
Authority,
Salida School District No. 7 (P. 0. Salida), Chaffee election held Section 3992, Revised Statutes; also vote of 135 to 123 at
May 18 1909. Denomination *500. Date
County, Col.
-Bonds Authorized.
-This district recently Interest semi-annually at the People's Bank of Sycamore. Oct. 11 1909.
Maturity $500
authorized the issuance of $34,000 5% coupon high-school- each six months from March 4 1911 to March 4 1927 inclusive. Certified
check (or cash) for $300, payable to L. A. Disher, Clerk of the Board, is
building bonds.
required.
Interest semi-annually at the County Treasurer's office and in New York
Tallahatchie Drainage District (P. 0. Olarksdale), OoaCity. ' Maturity 20 years, subject to call after 10 years. Bonds are exempt
from taxation. Bonded debt at present, $14,000. No floating debt. homa County, Miss.
-Bonds Authorized.
-Reports state that
Assmsed valuation 1908. $1,003,966.
the Drainage Commission has authorized the issuance or
Sandstone, Pine County, Minn.
$500,000 bonds to construct main trunk drainage canals.
-Description of Bonds.
The $12,000 12M-year(average) bonds awarded on Sept. 15
Teague, Tex.
-Description of Bonds.
-We are informed
to the Security Trust Co. of St. Paul (V. 89, p. 798) bear that the $7,500 5% 5-40-year (optional) water-works bonds
6% interest.
registered by the State Comptroller on Aug. 11 (V.89, p. 491).
Denomination $1.000. Date Aug. 1 1909. Interest semi-annually. are in denominations
of $500 and are dated July 1 1909.
The purchaser pays par and interest and furnishes blank bonds.
Interest annual. Date of offering not yet determined.
San Francisco, Cal.
-Bond Offering.
-Proposals will be
Toledo, Ohio.
-Bond Sales for the Third Quarter.
-The
received until Oct. 25, it is stated, for $360,000 water-supply
bonds. These securities are part of the issue of $600,000 following bonds, aggregating $108,251 45,were disposed of
to the Sinking Fund at par and accrued interest during the
bonds, $240,000 of which were sold on May 17. See V. 89,
quarter ending Sept. 30:
p. 120.
$626 19 5% Sewer No. 1065 bonds. Date June 15 1909. Maturity 1910
Santa Anna, Coleman County, Tex.
and 1911.
-An
-Bond Sale.
Sewer No.
issue of $22,500 water-works bonds was recently awarded 1,064 91 5% and 1911. 1074 bonds. Date June 6 1909. Maturity 1910
to the State Permanent School Fund at par and accrued inter- 3,183 14 5% Sewer No. 1050 bonds. Date Aug. 15 1909. Maturity 1910
and 1911.
est.
918 31 5% Sewer No. 1073 bonds. Date Oct. 12 1909. Maturity 1910
and 1911.
Santa Anna Independent School District (P. 0. Santa
1,262 81 5% Sewer No. 1075 bonds. Date Aug. 21 1909. Maturity 1910
Anna), Tex.
-Bonds Registered.
-Bonds of this district
and 1911.
548 58 5% Sewer No. 1080 bonds. Date Oct. 17 1909. Maturity 1910
amounting to $6,500 were registered on Sept. 30 by the
State Comptroller. They carry 5% interest and mature in 5,626 36 5% and 1911. Avenue No.7 bonds. Date Sept. 5 1009. MaCollingwood
10 years, but are subject to call after 5 years.
turity 1910 to 1914 inclusive.
55,000 00 4% general street-improvement bonds. Date Aug. 1 1909. Maturity Aug. 1 1919.
Saranac Lake, Franklin County, N. Y.
-Bond .Sale.
-On
street-improvement bends. Date June 1 1908.
Oct. 4 the two issues of improvement bonds aggregating 20,000 00 4 X% general June 1 1918.
Maturity
$18,000, described in V. 89, p. 875, were awarded to Geo. M. 1,167 14 5% Sewer No. 1061 bonds. Date July 20 1009. Maturity one
bond each 6 mos.from March 2 1910 to Sept. 2 1911 inclusive.
Hahn of New York City at 100.12 and accrued interest for
331 02 5% Sewer No. 1051 bonds. Date July 2 1909. Maturity one
454s. A bid of $18,005 and accrued intesest for 43s was
bond each 6 mos.from March 2 1910 to Sept. 2 1911 inclusive.
546 78 5% Sewer No. 1056 bonds. Date July 22 1909. Maturity one
also received from Edmund Seymour & Co. of New York.
bond each 6 mos.from Mch. 22 1910 to Sept. 22 1911 inclusive




952

[VOL. Lxxxxx

THE CHRONICLE

Denomination $1,320,
13,084 07 5% Chase St. No. 2 improvement bonds
except one bond of $1,204 07. Date April 4 1909. Maturity one bond each 6 mos. from Mch. 4 1910 to Sept. 4 1914
inclusive.
333 97 5% Sewer No. 1072 construction bonds. Denomination $90, except one bond of $63 97. Date Aug. 3 1909. Maturity one
bond each 6 mos.from Mch. 3 1910 to Sept. 3 1911 inclusive.
1,011 86 5% bonds to pave the alley west of North Fourteenth St. Denomination $105, except one bond of $66,86. Date Aug. 15
1909. Maturity one bond each 6 mos. from Mch. 15 1910
to Sept. 15 1914 inclusive.
1,002 56 5% Sewer No. 1070 construction bonds. Denomination $175,
except one bond of $127 56. Date Aug. 26 1909. Maturity
one bond each 6 mos. from Mch. 26 1910 to Sept..26 1912
Inclusive.
1,438 83 5% Sewer No. 1077 construction bonds. Denomination $370,
except one bond of $328 83. Date Sept. 3 1909. Maturity
one bond each 6 mos. from Mch. 3 1910 to Sept. 3 1911
inclusive.
1,106 02 5% Sewer No. 1068 construction bonds. Denomination $290,
except one bond of $236 02. Date Aug. 28 1909. Maturity
one bond each 6 mos. from Mch. 28 1910 to Sept. 28 1911
inclusive.

-An elecWaycross,• Ware County, Ga.-Bond Election.
tion will be held on Oct. 15 to vote upon a proposition to issue
$45,000 5% gold electric-light and power-plant bonds.
Denomination $1,000.

Interest semi-annual.

Maturity 30 years.

West Norriton Township, Montgomery County, Pa.
Bond Offering.-Proposals will be received until 2 p:
Oct. 16 by W. H. Reed, Secretary of Township Supervisors
(P. 0. Jeffersonville), for $8,000 4% bonds.
Denomination $100.

Maturity 20 years.

Bonds are exempt from taxes.

.-Bond Offering
West Unity, Williams County, Ohio.
Proposals will be received until 12 m. Oct. 22 by M. F. Ely,
Village Clerk, for $1,800 43i% street-improvement bonds.
Authority Section 2835, Revised Statutes. Denomination $300. Date
July 1 1909. Interest semi-annual. Maturity $300 yearly on July 1 from
1916 to 1921 inclusive. Certified check for 10% of bonds bid for, payable
to the Village Treasurer, is required. Total debt, Including this issue,
$3,600. Assessed valuation, $194,000.

-Bonds
Wharton County Common School District, Texas.
-An ordinance was passed by the Registered.
Bonds Authorized.
-On Sept. 16 $12,000 5% 10-20-year (optional)
City Council on Sept. 7 providing for the issuance of bonds were registered by the State Comptroller.
$300,000 4% Cherry Street bridge bonds.
-Bond Offering.
White Plains, Westchester County, N. Y.
Denomination $1.000. Date Aug. 1 1909. Interest semi-annually at
the United States Mortgage & Trust Co. in New York City. Maturity -Proposals will be received until 8 p. m. October 20 by the
3150.000 on Aug. 1 in each of the years 1940 and 1942.
President,
-The Common Council Board of Village Trustees, Frederic S. Barnum,
-Bonds Authorized.
Troy, N. Y.
on Sept. 16 passed an ordinance providing for the issuance and Earl P. Hite, Clerk, for $25,000 fire-department bonds
of $7,625 bonds to improve Rensselaer Street by extending at not exceeding 5% interest. Certified check on a State
the same and erecting a concrete dock at the foot of it.
or national bank or 'trust company for 5% of bonds bid for
-An issue is required.
-Bond Sale.
Tupelo Drainage District, Ark.
of.$20,000 6% drainage bonds was recently awarded to
The official notice of this bond offering will be found among
A. G. Edwards & Sons of St. Louis.
the advertisements elsewhere in this Department.
Denomination $500. Date July 1 1909. Interest annual. Maturity
-Description of
Wichita Falls, Wichita County, Tex.
31,000 yearly on July 1 from 1916 to 1935 inclusive.
-We are advised that the $17,500 43.% 10-40-year
-The City Council has Bonds.
-Bond Election.
Tuscaloosa, Ala.
adopted an ordinance providing for an election to vote on (optional) street-improvement bonds registered by the State
the issuance of $25,000 bonds for an additional sewerage Comptroller on July 30 (V. 89, p. 367) are in denominations
of $500 and are dated June 1 1909. Interest annually in
system.
Tye Independent School District (P. 0. Tye), Taylor April.
-The State
-Bond Sale.
Wilbur, Lincoln County, Wash.
-The $5,000 5% 15-20-Description of Bonds.
County, Tex.
year (optional) bonds registered by the State Comptroller of Washington has purchased the $4,100 water-main-puron Aug. 2 (V. 89, p. 429) will be issued for the purpose of chase bonds offered but not awarded (V.89, p. 493) on Aug.7.
building a school.
Willcox School District (P. 0. Willcox), Cochise County,
-This district expects to be on the
-Bonds Proposed.
Authority, vote of 24 to 6 at an election held June 1 1909. Denominatio
Ariz.
31.000. Date Aug. 1 1909. Interest annually on April 10 in Austin or at market this fall with from $7,500 to $10,000 6% high-schoolNational Bank of Abilene. at option of the holder.
the Farmers & Merchants'
Total debt, this issue. Assessed valuation for 1908, $224,000. Real building bonds.
valuation (estimated). $475,000.
-Bond
Williamson County (P. 0. Georgetown), Texas.
Union Township School District (P. 0. Mt. Cory), Han- Election.
-An election will be held Dec. 14 to vote upon the
-Litigation preNot Awarded.
-Bonds
cock County, Ohio.
question of issuing $100,000 46% 40-year court-housevented any award on Oct. 1 of the $14,000 4% high-school building bonds.
89, p. 799.
bonds described in V.
-A proposition to issue
-Bonds Voted.
Winnfield, La.
Upper Sandusky, Wyandot County, Ohio.-Bond Offerin7. $15,500 additional-water-works bonds carried, it is stated,
-Proposals will be received until 12 m. Oct. 20 by A. H. by a vote of 38 to 4 at an election held Sept. 14.
Stutz, Village Clerk, for $5,000 5% North Fifth Street sewer-Pro-Bond Offering.
Winthrop, Suffolk County, Mass.
construction bonds.
posals will be received until 5 p. m. Oct. 15 by Harry W.
Authority, Section 2835, Revised Statutes. Denomination 5500. Date
coupon municipal
Oct. 1 1900. Interest semi-annually at the Fourth Nat onal Bank In New Aiken, Town Treasurer, for $40,000 4%
York C ty. Maturity 8 years. Certified check for 10% of bonds old for, bonds.
at
payable to the Village Treasurer, is required. Purchaser to pay accrued
interest.

,
-The followinc 4% registered
-Bond Sale.
Utica, N. Y.
improvement bonds, a description of which was given in
V. 89, p. 799, were disposed of at par on Sept. 24:
34,000 1-10-year (serial) Seneca Street bridge bonds awarded to the Police
Pension Fund.
7,850 11-20-year (se.lal) additional school-land bonds awarded to the
Police Pension Fund.
4,400 3-6-year (serial) additional school-land bonds sold to the Fire
Department Pension Fund.

-Ordinances have been passed providing
Bonds Authorized.
for the issuance of the following 432% bonds: $700 for an
intercepting sewer, $20,000 to re-model the Miller Street
School, $80,000 to build a school in the Second Ward and
$18,000 to construct storm-water sewers. The last three
issues of bonds were offered as 4s on Sept. 24(V. 89, p. 799);
but no bids were received on that day.
-Bonds
Vallejo High School District (P. 0. Vallejo), Cal.
-On Aug. 31 the voters of this district defeated the
Defeated.
proposition to issue the $60,000 high-school bonds mentioned
in V. 89, p. 244.
-Bond
Vanderburgh County (P. 0. Evansville), Ind.
-Proposals will be received until 12 m. Oct. 28
Offering.
by Harry Stinson, County Auditor, for $80,000 332% coupon
refunding bonds.

Authority. Sections 5949, 5057 to 5959, Burns Revised Statutes of 1908.
Denomination $1,000. Date Jan. 1 1910. Interest semi-annually at the
Farmers' Loan & Trust Co. In New York City. Maturity 15 years. Certified check on a bank in Vanderburgh County for 3% of the bonds bid for,
payable to the Board of Commissioners, is required. Bonds will be delivered to the purchaser on Dec. 28 1909. Bids must be made upon blanks
furnished by the county.

-Bond Sale.
-Reports
Waco, McLennan County, Tex.
state that the following bonds were sold on Oct. 2: $75,000
for streets and permanent bridges, $25,000 for fire stations
and equipment, $100,000 for funding floating debt and
$12,500 for other funding purposes.
-On Sept. 28
-Bond Sale.
Walker, Cass County, Minn.
the $6,000 6% 10-year coupon refunding water bonds described in V. 89, p. 799, were awarded to the Thos. J. Bolger
Co. of Chicago, at 104.166 and accrued interest. The following bids were received:
.
36 061
Thos. J. Bolger Co.. Chicago_ _$6,250 1 C. H. Coffin, Chicago
N. W. Halsey & Co., Chicago.. 6,197 Commercial Investment Co.. 6.000
Duluth
John Nuveen & Co., Chicago_ 6,078

-Bond Election.
-It is
Waxahatchie, Ellis County, Tex.
stated that propositions to issue $17,000 water and $3,000
school-building 'ponds will be voted upon Oct. 12.



Denomination $1,000. Date Oct. 1 1909. Interest semi-annually
the City Trust Co. in Boston. Maturity part yearly on Oct. 1 from 1910
to 1919 inclusive. Bonds will be certified as to genuineness by the City
Trust Co. of Boston, who will further certify that the legality of the issue
has been approved by Ropes, Gray and Gorham of Boston. Bonds are
tax-free and will be ready for delivery about Oct. 15.

-Bond Sale.
Wood County (P.0. Bowling Green), Ohio.
On Oct. 4 the $50,000 5% coupon highway-improvementfund bonds described in V. 89, p. 876, were awarded to the
Security Savings Bank & Trust Co. of Toledo at 102.052.
A list of the bids received follows:
New First National Bank,
Security Savings Bank &
*50,810 00
$51,026 00
Columbus
Trust Co., Toledo
50,805
First Nat. Bank, Cleveland 51,004 00 Well, Roth & Co., Cinc_ _ _ 50,780 00
00
Cummings,Tol. 50,077 50 Fifth-Third Nat. Bk.. Ctn.
Hoehler do
75
Davies-Bertram Co., Clue. 50,027 00 OhloSav.Bk.&Tr.Co.,Tol. 50,735 00
50,705
Hayden, Miller & Co., Clev.50,883 50 Otis do Hough, Cleveland_ 50,701 60
-German Bk.. Cinc_
Seasongood do Mayer, Cin. 50,835 75 West.
Maturity 35.000 each six months from March 1 1910 to Sept. 1 1914,
inclusive.

-On Oct.2
Woodsfield,Monroe County,Ohio.-Bond Sale.
the two issues of 5% coupon street-improvement assessment bonds, aggregating $4,085, described in V. 89, p. 799,
were awarded to the Security Savings Bank & Trust Co. of
Toledo at 101.015, accrued interest and blank bonds. The
bids were as follows:
$4,126 50
Toledo

Security Savings Bank & Trust Co.,
4,146 50
New First National Bank, Columbus
4,08500
First National Bank, Woodsneld
All bidders offered accrued interest In addition to their bids. Maturity
one-twentieth of each issue payable every six months from March 1 1910 to
Sept. 1 1919, inclusive.

-Bonds Voted.
Woodward, Woodward County, Okla.
It is stated that a proposition to issue water-extension bonds
carried by a vote of 127 to 19 at an election held Oct. 1.
Worland School District No. 34 (P. 0. Worland), Big
Horn County, Wyo.-Bond 011ering.-Proposals will be
received until 10:30 a. m. Oct. 25 by Mrs. Maud S. Buffman,
District Clerk, for $10,000 6% school bonds. Maturity
$1,000 yearly on Oct. 25 from 1914 to 1923 inclusive.
-On
-Bond Sale.
Yuma County (P. 0. Yuma), Ariz.
Sept. 30 the $50,000 5% gold coupon court-house and jail
Provibonds described in V. 89, p. 800, were awarded. to the
dent Savings Bank & Trust Co. of Cincinnati .at 107.42
and interest. The following bids were received.

Prov.Sav.Bk.doTr.Co., Cin.$53.710 00 C. H. Coffin Chica o- -$52,251 00
Uncln.. 52,016 25
Thos. J. Bolger Co., Chic_ 53,562 50 Well, Roth & Co..
Co., Chicago__ 51,800 00
Ulen, Sutherlin do Co., Chl 53,175 00 McCoy doHarrison. Cin__ _ 51,750 00
&
Seasongood &Mayer,Cin__ 53,140 00 Breed
00
Commerce Trust Co., K.C. 53,000 00 First Nat. 13k., Cleveland_ 51,257 00
Den 50,730
Otis & Hough, Cleveland.. 52,320 001E. H. Rollins & Sons, Los Angeles.
An offer of $51,015 without signature was received from
Maturity 35 years, subject to call $5,000 yearly after 1928.

Oar. 9 1909.1

THE CHRONICLE

953

Guelph, Ont.—Debenture Offering.—Proposals will be
Canada,its Provinces and Municipalities. received
until 3 p. m. Oct. 11 by T. J. Moore, City Clerk,

Amaranth Township, Ont.—Bond Sale.—On Sept. 25 for the following debentures:
the $7800 5% coupon bridge-building debentures recently $20,000 4 M% sewerage debentures. Maturity 20 years.
10,000 4
authorized (V.89, p. 555) were sold to the Bank of Hamilton 25,000 4 U% Winter Fair Building debentures. Maturity 20 years.
3i% public-school debentures. Mautrity 30 years.
at 102.115. The following bids were received:
Interest, on June 30 and Dec. 31.
Bank of Hamilton, Hamilton_$7,965 Ontario Secur. Corp., Tor_ __ _$7,887
i
Brent, Noxon & Co., Toronto_ 7,959 Wood, Gundy & Co., Toronto_ 7,850
Hochelaga School District, Que.—Debenture Offering.—
Steiner & Dunlop, Toronto__ 7,956 Dominion Secur. Corp., Tor__ 7,827
Proposals will be received until 5 p. m. Oct. 12 for $55,000
Maturity part yearly on Dec. 28 or 15 years.
4 Y% coupon school-building debentures.
Battleford, Sask.—Debenture Election.—On Oct. 15 the
Denomination $1,000. Interest June 2 and Dec. 2 in Montreal. Ma9% turity part
rate-payers will vote on a by-law to issue $18,000 53/
yearly for 40 years. Debentures are exempt from taxation.
20-year debentures for the purchase of the plant of the Total debt, including this issue, $215,000.
Battleford Milling & Elevator Co.
Hull, Que.—Debenture Sale.—The $115,000 5% 50-year
Blenheim, Ont.—Debenture Sale.—Debentures for local improvement debentures voted on Aug. 30 (V. 89, p. 618)
improvements to the amount of $1,593 were recently dis- have been bought by the Provincial Bank for $120,000—the
posed of to Brent, Noxon & Co. of Toronto. The securities price thus being 104.348—a basis of about 4.772%.
carry 5% interest and mature part yearly for 20 years.
Jerome School District No. 1506 (P. 0. St. Elisabeth),
Brandon, Man.—Debenture Election.—It is reported that
an election will be held in this city to vote on a by-law pro- Man.—Debenture Offering.—Proposals will be received up
to
viding for the issuance of $13,000 5% 30-year debentures ityand including Oct. 25 for $1,000 5% debentures. Maturpart yearly for 10 years. Maurice Duprey is Secretaryto extend the Winter Fair Building.
Treasurer.
Bruce County (P. 0. Walkerton), Ont.—Debenture Sale.—
Kelner School District, Man.—Debenture Sale.—During
Brent, Noxon & Co. of Toronto have been awarded $20,000
the month of September J. G. Mackintosh of Winnipeg was
43.% bridge debentures.
awarded $800 6% school
Brussels, Ont.—Debenture Sale.—An issue of $15,000 1909. Interest annual. -building debentures dated Aug. 30
Maturity part yearly for ten years.
4M% municipal-telephone-construction debentures was sold
Kingston, Ont.—Debenture Offering.—Proposals were
last month to G. A. Stimson & Co. of Toronto. Maturity
asked for until 3 p. in. yesterday (Oct. 8) by F. C. Ireland,
part yearly for ten years.
Chinebrychi School District, Man.—Debenture Sale.— City Treasurer, for $33,400 4% local-improvement debenJ, G. Mackintosh of Winnipeg purchased $1,000 6% school- tures. Interest semi-annual. Maturity part yearly on
building debentures during September. Date Aug. 2 1909. (July 1 front 1910 to 1922 inclusive. The result of this offering was not known to us at the hour of going to press.
Interest annual. Maturity part yearly for ten years.
La Fortune School District, Man.—Debenture Sale.—
Oranbrook, B. 0.—Debenture Sale.—The $70,000 5%
debentures proposals for which were asked until Aug. 30 An issue of $800 63% school-building debentures dated
(V. 89, p. 493) have been disposed of at private sale at par. Aug. 3 1909 was sold last month. J. G. Mackintosh of
Winnipeg was the successful bidder. Interest annual.
Maturity part yearly for 20 years.
Gosfield North, Ont.—Debenture Sale.—During September Maturity part yearly for ten years.
$1,609 5% school-building debentures were disposed of to
Latchford,v,Ont.—Debenture Sale.—Brent, Noxon & Co. of
G. A. Stimsrmi SE Co. of Toronto. Maturity part yearly for Toronto were reoently awarded $5,000 6% 20-year school
5 years.
debentures.

NEW LOANS.

NEW LOANS.

NEW LOANS

$92,000

$25,000

$16000
TOWN OF DAYTON,

TOWN OF GREENBURGH
Weschester County, N, Y.
•

BONDS

The Supervisor, of the Town of Greenburgh.
will at his office, Music Hall Building, Main Street,
in the Village of Tarrytown. In said Town of
Greenburgh,Westchester County. New York on the
FIFTEENTH DAY OF OcTOBER. 1909,
at 8 o'clock p. m. receive sealed proposals for the
purchase of ninety-two bonds of said town of
Greenburgh to be denominated, Elmsford Drainage Bond of the Town of Greenburgh. New York,
numbered consecutively one to ninety-two, both
inclusive, of the denomination of $1.000 each.
These are series of bonds which the Supervisor
is directed to issue under and pursuant to a
peremptory writ of mandamus. issued by the
New York Supreme Court, dated March 9. 1909,
under the provisions of Chapter 888 of the Laws
of 1869 as amended by Chapter 523 of the Laws
of 1901 and the Drainage Law.
These bonds will be dated October 6, 1909,
and will bear interest from that date and payable
as follows: $24,000, October 6. 1910. and $3,000
on the sixth day of October each year thereafter,
to and including October 6, 1929; $5,000 on
October 6, 1930, and $6,000 on October 6, 1931.
The Supervisor will sell said bonds under the
proposals received to the person who will take
them at the lowest rate of interest, not exceeding
6 per cent per annum. Each bid must be accompanied by a certified check on an incorporated
bank or trust company for $2,000, payable to the
order of the Town Supervisor as security for the
Performance of the bid.
Bonds will be delivered to the purchaser on the
29th day of October. 1909, at the office of the
Supervisor in the Village of farrytown. New York.
By statute, bonds cannot be sold for less than
par and accrued interest.
CHARLES D. MILLARD,
Supervisor.
DATED OCTOBER 1. 1909.

Village of White Plains, N.Y.
FIRE BONDS
NOTICE IS HEREBY GIVEN, pursuant to
provisions of the Village Law, that the Village
of White Plains will on the 20th day of October,
1909, at the Corporation Rooms in White Plains,
Westchester County, New York, at 8 p. m., sell
Its fire department bonds amounting in the aggregate to $25,000, at not less than their par value.
to the person or persons who will take them at the
lowest rate of interest,not to exceed 5 per centum
per annum. Said bonds will be sold on sealed
proposals which will be opened at said time and
place. Each proposal must be accompanied by
a certified check upon a State or National Bank
or Trust Company for 5 per cent of the par value
of the bonds for which proposal is submitted.
In case such proposal is accepted, such check
shall be retained by the Village until completion
of the sale and delivery of the bonds, and In case
the proposal is rejected, such check shall forthwith
be returned to the bidder.
For additional information, address, E.P. Hite,
Clerk of the Village of White Plains.
Dated, White Plains, N. Y., October 6th, 1909.
EARLE P. HITE, FREDERIC S. BARNUM,
Clerk.
President.

Sheridan Co., Wyoming
WATER BONDS
Notice is hereby given that up to 7:30 o'clock
p. m. on OCTOBER 16TH, 1909, the Town of
Dayton, Sheridan County, Wyoming, will receive bids for the sale of 15-30-year $16,000
bonds to build and construct a water-system for
said town. The bonds to be dated October 15th,
1909; to be sold for not less than par; each bond
is in the sum of $500; interest is five per cent,
payable January 1st of each year: principal and
Interest payable at the Chemical National Bank
New York City. The said bids will be opened
at said time, to-wit. October 16th, 1909. at 7:30
o'clock p. m., by the Mayor and Council of the
said town, and will be awarded to the best bidder.
E. A. GERBER,
Town Clerk.

Blodget, Merritt & Co.
BANKERS

HUNT, SALTONSTALL & CO.,
Members New York Stook Exchange

STATE, CITY
AND

RAILROAD BONDS

Investment Securities
64) STATE STREET
BOSTON

6o State Street, - Boston
30 Pine Street, - New York

Perry, Coffin & Burr,

INVESTMENT BONDS
60 State Street,
BOSTON.

EiTABLI811 E

MUNICIPAL/4%
RAILROAD
to
OORPORATION 6%

1885

H.,C. Speer & Sons Co.

BONDS

First Nat. Bank tildg., Chicago
CITY, COUNTY
AND SCHOOL

BONDS

Selected for Conservative Investors.

CD 1-1,

F:°-49C Az CC).
-1
BANKERS

Municipal and Seasoned
Corporation Bonds

Lists Mailed Upon Application.

Charles M. Smith & Co.

Lawrence Barnum & Co.

CORPORATION AND
MUNICIPAL BONDS

BANKERS.

27-29 PINE STREET. NEW YORK
FREE OF TAX
411 CHESTNUT ST.,
PHILADELPHIA, PA. Philadelphia
Washington
Pittsburgh




FIRST NATIONAL BANK BUILDING
CHICAGO

••

THE CHRONICLE

.954

Lemberg, Sask.—Debenture Sale.—During September
$800 63/2% school-building debentures were bought by J. G.
Mackintosh of Winnipeg. Date Aug. 2 1909. Interest
annual. Maturity part yearly for ten years.
London, Ont.—Debenture Sale.—On Oct. 1 the $30,500 4%
public-school, the $5,000 4% hospital-laundry and the $5,000
4% consumptive-hospital 30-year debentures, described
41
in V. 89, p. 801, were awarded to the Bank of Toronto at
97.561 and accrued interest. Following is a list of the bidders:
Bank of Toronto
$39,512 50 Bk. Brit. No. Am., Tor_ 488,776 00
Brouse,Mitchell&Co., Tor. 39,506 00 Dom.Sec.Corp.,Ltd., Tor.. 38,535 75
39,402 00 G. A. Stimson & Co., Tor.. 38,480 00
Wood, Gundy&Co., Tor
W. A. MacKenzie&Co.,Tor.39,168 00 Ontario Securities CO.,Tor. 38,207 00
39,000 00 Aemilius Jarvis&Co., Tor.. 37,920 60
C. H. Burgess & Co
Brent, Noxon ,S: Co., Tor_ 38,931 00 Steiner,Dunlop&Co., Tor_ 37,810 00
38,805 45 H. O'Hara & Co., Toronto 37,215 00
Hanson Bros., Montreal
All bidders offered accrued interest in addition to their bids.

Bonds Withdrawn from the Market.—The two issues of 4%
30-year water-works debentures, aggregating $130,700,
which were also to have been sold on Oct. 1 (V. 89, p. 801),
were withdrawn from the market, as the improvements for
which they were to have been issued will not be completed
until next year.
Mohyla School District, Man.—Debenture Sale.—An issuo
of $1,000 6% school-building debentures was sold last month
to J. G. Mackintosh of Winnipeg. Maturity part yearly for
10 years. Date Aug. 2 1909. Interest annual.
Newmarket, Ont.—Bids Rejected.—All bids received on
Sept. 29 for $20,000 4% permanent improvement debentures
offered on that day were rejected. Maturity part yearly for
20 years.
Nord School District, Man.—Debenture Sale.—J. G.
Mackintosh of Winnipe* bought $1,000 6% 10-year schoolbuilding debentures during September. Date Oct. 11909.
Preston, Waterloo County, Ont.—Debenture Sale.—The
$32,000 43'% water-works-extension debentures, proposals
for which were rejected on Sept. 10(V.89, p. 877), have been
sold to Wood, Gundy & Co. of Toronto. Maturity part
yearly for twenty years.
Red Deer, Alta.—Debentures Voted.—The proposition to
issue the $4,000 5% 20-year water-works debentures mentioned in V. 89, p. 744, carried at the election held Sept. 27

[VOL. Lxxxxx.

by a vote of 13 "for" to 2 "against". We are advised that
the issue will possibly be offered in January.
St.. Boniface, Man.—Price Paid for Debentures.—We are
-year couadvised that the price paid for the $100,000 5% 20
pon bridge debentures awarded on Sept. 24 to W. A. MacKenzie & Co. of Toronto (V.89, p. 877) was 104.078. This is
on an interest basis of about 4.684%.
St. Vital, Man.—Debenture Sale.—We are advised that
$3,000 5% 7-year sidewalk debentures were awarded last
month to J. G. Mackintosh of Winnipeg. Date July 2 1909.
Vonda, Sask.—Debenture Sale.—On Aug. 13 an issue of
$13,000 53'% 30-year school-building debentures was
awarded to Nay & James of Regina at 104.50. Interest
annually in December.
Westerham School District, Man.—Debenture Sale.—
School-building 6% debentures, amounting to $1,000, were
awarded during September to J. G. Mackintosh of Winnipeg.
Date Aug. 2 1909. Interest annual. Maturity part yearly
for ten years.
Weston, Ont.—Debenture Offering.—Proposals will be received until Oct. 12 by Higgins & Douglas, 140 Yonge St.,
Toronto, for $57,000 432% debentures. Interest annual.
Maturity part yearly for 30 years.
Wetaskiwin Public School District No. 264, Alberta.—
Debenture Offering.—Proposals will be received up to Oct.
30 for $30,000 5% 30-year debentures.
Whytewold School District, Man.—Debenture Sale.—
An issue of $1,500 6% 10-year school-building debentures
was disposed of last month to J. G. Mackintosh of Winnipeg.
Date Oct. 1 1909.
Winnipeg School District No. 1, Man.—Debentures Voted.
—The election held Sept. 30(V. 89, p. 801) resulted in favor
of the proposition to issue $600,000 4% new school debentures. The vote was 600 "for" to 73 "against." We are
advised that the issue will be offered in June 1910.
Zbruch School District, Man.—Debenture Sale.—This
district disposed of $1,000 6% school-building debentures last
month to J. G. Mackintosh of Winnipeg. They are dated
Aug. 2 1909 and mature part yearly for ten years. Interest
annual.

NEW LOANS.

BOND CALL.

$33 000

ACCOUNTANTS.

City of Danville, Kentucky.

Village of White Plains, N. Y.
TAX DEFICIENCY BONDS
PUBLIC NOTICE IS HEREBY GIVEN
that sealed proposals will be received by the
Board of Trustees of the Village of White Plains
on the 12th day of October, 1909, at the Corporation Rooms, Grand Street, in said village,
at eight o'clock p. m., for the following bonds:
Thirty-three (33) $1,000 Tax Deficiency bonds
to bear date of October 1st, 1909, and to become
payable October 1st, 1917. Interest at four and
one-half per cent per annum, payable semiannually on the first days of April and October.
Each proposal must be accompanied by a certified check upon a State or National Bank or
Trust Company for live per cent of such proposal. Checks of unsuccessful bidders will be
returned to them.
The Board of Trustees reserve the right to
reject any and all proposals.
Dated at White Plains, N. Y., September 27th,
1909.
By order of the Board of Trustees.
FREDERIC S. BARNUM,
President.
EARL P. HITE,
Clerk.

BOND CALL
Holders of any of the twenty Water-Works
Bonds, Nos. 31 to 51, 1894 issue, of the City
of Danville, Ky., which matured July 1, 1909,
when interest ceased, who have not presented
them for payment, are notified to present them,
at once, to THE NATIONAL BANK OF COM.MERCE, NEW YORK CITY, where they are
payable.
J. M. WALLACE,
Mayor, City of Danville, Ky.

W. A. MACKENZIE

&
TORONTO, CANADA

CO.,

MUNICIPAL AND RAILROAD

MUNICIPAL BONDS
Write for Particulars

ULE

&MERLIN &

617 First Nat. Bank Bldg,CHICAGO,ILL

NEW YORK
- .
Telephone 2240 Rector
3'26 Walnut St., Cincinnati

37 BROADWAY

Bank and Trust Co. Stocks

McCOY MacDonald, McCoy e. Co.
& COMPANY
Formerly

Municipal and
Corporation Bonds
SEAN N GOO D AL MAYER, 181
La Salle Street, - Chicago
Mercantile Library Building
CINCINNATI

8c Co.
JOHN H. WATKINS BLACKSTAFF
RAILROAD BONDS
No. 2 WALL SAKEET



NEW YORK

(Pennsylvania)
Land Title Building'
PHILADELPHIA.
City Investing Bldg., 165 Broadway
NEW VOIlE.
Union Bank Building
PITTSBURGH.

JAMES PARK & CO,
CERTIFIED PUBLIC ACCOUNTANTS

BONDS.

AND

LYBRAND,
ROSS GROS &
MONTOOMERY
Certified Public Accountemtz

LIST ON APPLICATION

MUNICIPAL

(ILLINOIS)
New York, 30 Plue Street
Milwaukee. 6:1:3 lAr elle Bldg
Chicago, 1315 Monadnock Block
Kansas CIO', 1106 commerce Bldg.

Tax Exempt Anywhere In the United States

Bunkers

MUNICIPAL BONDS

Certified Public Accountants

WE OWN AND OFFER

P. J. GOODHART & CO.,

CANADIAN

Arthur Young & Co.

New York,Chicago, Cincinnati and
London, England.
AUDITORS FOR FINANCIAL INSTITU•
TIONS, INDUSTRIAL AND
MINING COMPANIES
Investigations, Financial Statements.
Periodical Audits and Amounting.

ALFRED ROSE & CO.,
CERTIFIED PUBLIC ACCOUNTANTS
56 Pine Street, - NEW YORK
Telephone 4201 John.

INVESTMENTS

LOOMIS, CONANT & CO.

1332 Walnut Street
PHILADELPHIA

CERTIFIED PUBLIC ACCOUNTANTS

LIST OF SPECIALTIES ON REQUEST

30 Broad Street, New York
Tel. 4955 Broad.