The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
firtaittuf
The
allinurct31 $:
nittidts'
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
ending Sep ember 4.
ekad
The Thronirle.
Clearings at1909.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$10 00
For One Year.
0
00
05
7
For Six Months
13 00
European Subscription (including postage)
uclung
postage)
di
a
months
six
European Subscription
£2 1413.
Annual Subscription in London (including postage)
11 11 s.
Six Months Subscription in London (including postage)
50
$11
postage)
Canadian Subscription (including
Subscription includes following SupplementsSTATE AND CITY (semi-annually)
BANK AND QUOTATION (monthly)
RAILWAY AND INDUSTRIAL(quarterly) ELECTRIC RAILWAY(3 tunes yearly)
BANICEKS' CONVENTION (Yearly)
(monthly)
RAILWAY EARNINGS
Terms of Advertising-Per Inch Space
$4 20
Transient matter per inch space (14 agate lines)
22 00
(4 times)
Two Months
'29 00
Three Months (13 times)
Standing Business Cards
50 00
Six Months
(26 times)
-t. Twelve Months(52 times)
87 00
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012.
LONDON OFFICE-Edwards 85 Smith,1 Drapers' Gardens, E. C.
WILLIAM D. DANA. COMPANY, Publishers,
P.0.liox 058. Front, Pine and Depeyster Sts., New York.
--Published every Saturday morniwz by WILLIAM B. DANA COMPANY
William B. Dana,President; Jacob Seibert Jr., Vice-Pres. and Sec.; Arnold
G. Dana,Treas. Addresses of all,Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U.S.
for week end. Sept. 11 have been $2,573,387,415, against$3,042,653,039 last week and $2,200,703,449 the week last year.
1900.
Clearings-Returns by Telegraph Sept.11.
$1,195,014,061
87,487,396
82,187,649
17,800,535
191,358,174
48,785,458
9,882,630
New York
Boston
Philadelphia,
Baltimore
Chicago
St. Louis
New Orleans
1908.
%
8988,579,808
93,054,935
82,074,466
16,780,900
162,677,128
43,746,469
10,087,917
+20.9
-6.0
+0.1
+0.1
+17.6
+11.5
-2.0
Seven cities, 5 days
Other cities, 5 days
81,632,515,903
405.404,228
81,397,001,623
334,109,768
+16.9
+21.3
Total all cities, 5 days
All cities, 1 day
82,037,920.131
535,467,284
$1,731,111,391
469,592,058
+17.7
+14.0
$2,573,387,415
82,200,703,449
+16.9
Total all cities for week
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week
has to be in all cases estimated, as we go to press Friday night.
WC present below detailed figures for the week ending with
Saturday noon, Sept. 4, for four years.
Week ending September 4.
Clearings al1909.
1908.
$
$
New York
1,903,057,500 1,617.805,940
136,147,602 134,188,629
Philadelphia __
38,817,801
Pittsburgh
43,051,126
91,126,693
Baltimore
26,358,511
7,282.323
Buffalo
7,788,553
4.629,992
Washington ___
5,483,846
Albany
4,594,601
5,616,174
3,340,540
Rochester
4,424,268
Scranton
2,079,215
2,384,940
Syracuse
1,597.521
2,233,013
Reading
1,119,901
1,270,555
Wilmington
1,066,641
1,234,595
_
Wilkes-I3arre
1.075,762
1,148,335
Wheeling
1,413,203
1,454,606
Harrisburg
1,205,000
1.150,000
1,424,168
Trenton
1,243,760
808,284
788,935
York
668,340
564,179
Erie
494,816
500.000
Greensburg
435,763
440,778
Chester
636,800
_
Binghamton
307,200
351,386
:345,044
Altoona
262,500
250,000
Franklin
Inc. or
Dec.
1907.
1906.
%
$
$
+17.6 1,223,128,569 1,854,759.173
-1.6 123,423,624 125,786,450
+10.9
43,873,030
43,811,544
+24.8
27,124,677
24,332.806
+6.9
6,256,304
7,216,733
+ 18.4
4,841,303
4,344,897
+22.2
4,799,703
4,363,043
+32.4
3,221,971
3.2:30,292
+14.7
1,550,000
2,103,650
+39.8
1,419,925
2,137,851
+13.5
1,059,980
1,145,355
+16.7
1,276,013
987,666
948,719
850,304
+3.8
+2.9
1,032,711
984,618
+10.0
1,271,145
800,026
+14.5
+2.5
'756,569
596,229
562,400
+18.5
517,019
-1.0
554,298
-1.1
514,622
511,263
518,900
470,400
+.60.3
+1.8
955,035
+5.0
225,000
Total Middle_ - 2,148,000,681 1,849.029,729 +16.2 1.450,564,978 2,077,057,929
_
Total New Eng.
NO. 2306.
SATURDAY, SEPTEMBER 11 1909.
VOL. 89.
Boston
Providence
Hartford
New Haven
Portland
Springfield
Worcester
Fall River
New Bedford
Holyoke
Lowell
Electric Railway Section
State and City Section
144,941,459
5,798,800
3,358,147
2,552,577
2,086,429
1,600,000
1,545,898
783,548
1,057,448
470,009
400,941
135,483,698
5,383,700
3.029,796
2,009,070
1,886,203
1,473.611
1,323,583
599,815
587,403
472,694
370,757
+7.0
+7.7
+10.9
+27.1
+10.6
+8.6
+16.8
+30.6
+80.0
-0.6
+8.1
120,025,872
5,310,400
2,769,092
1,954,830
1,967,093
1,698,016
1,424,781
787,880
601,482
510,534
431.499
132,379,002
5,069,800
3,195,751
2,054,276
2,127,249
1,527,879
1,129,950
660,354
550,307
449,140
399.115
161,595,276
182,620,230
+7.8
137,482,388
149,542,468
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids.._ _
Dayton
Evansville
Kalamazoo
Springfield, Ill _
Fort Wayne _ _ _
Lexington
Youngstown -_
Akron
Rockford
Bloomington_ --Canton
Quincy
South Bend
Springfield, 0_ _ _
Decatur
Mansfield
Danville
Jackson
Jacksonville, Hi_
Ann Arbor
Adrian.n
1908.
I'Ileco.r
70
,..11
1907.
I
$
253,981,870
2'2,1170,350
18,226,919
13,361,050
10,736,341
; 7,455,568
5,931,200
4,324,821
2,814,469
2,269,354
2,181,467
1,824,799
1,144,572
929,375
875,074
585,337
•882,836
695,000
527,586
494,746
710,130
507,930
470,546
483,537
437,228
526,981
395.999
264,000
272,900
160,000
22,492
223,452,923
22,257,850
16,958,866
11,296,239
10,196,310
7,201,202
4,683,900
4,051,283
2,557,826
2,007,334
2,183,419
1,622,327
911,272
851,666
699,309
534,253
634,303
620,000
412,880
431,478
827,707
550,343
449,561
400,707
:376,196
355,374
319,054
240,000
234,416
131,431
20,920
+13.7
+1.8
+7.5
+18.3
+5.3
+3.5
+26.9
+6.7
+10.0
+13.1
-0.1
+9.8
+25.6
+9.1
+25.1
+9.6
+40.8
+12.1
+27.9
+14.4
-14.2
-7.7
+4.7
+20.7
+16.2
+48.3
+24.1
+10.0
+16.4
+21.7
+7.5
216,727,788
24,174,550
18,418,742
12.207,720
10,408,148
7,189,200
5.499,500
3,722,803
3,039,998
2,133,036
1,807,445
1,756.014
884,606
915,622
711,252
551,800
489,161
565,000
486,985
523,268
516,712
466,397
551,974
393,398
477.696
368,390
190,645,812
22,712,850
15,456,408
10,094,754
8,063,400
6,481,531
4,553,600
3,408,938
2,893,797
2,058,986
1,568,286
1,619,900
784,168
814,797
677,469
519,698
478,625
442,299
462,655
401,215
451,977
334,871
410,272
328,994
313,086
374,336
266,311
:341.202
110,607
20,000
(KY)
293,686
122,584
317,510,348 +12.2
315,725,326
276,983,983
sal
45,075,618
10,354,352
8,819,774
5,300,
2,191,
3,628,742
3,442,438
2,989,799
Tot.tilid.Wen.
356,164,476
San3Francisco__ _
Los Angeles
Seattle
Portland
Spokane
Salt Lake City_ _
Tacoma
Oakland
Sacramento
San Diego
Helena
Stockton
San Jose
Fargo
Fresno
Sioux Falls
Billings
North Yakima __
39,673,540
11,344,340
10,425.790
6,871,043
.4,171,245
5,776,058
5,204,004
2,154,694
1,000,000
935,000
691,110
619,048
445,000
534,867
488,188
660,000
106,882
302,951
36,523,154
8.605,164
8,209,347
6,504,749
3,077,215
4,781,785
3,961,509
1,620,455
852,906
785,000
691,110
591,070
515,173
394,266
465,786
475,000
166,040
205,942
+8.6
+33.4
+27.0
+5.6
+35.6
+20.8
+31.4
+33.0
+17.2
+19.1
-18.3
+4.7
-13.6
+35.7
+4.8
+38.9
+18.6
+47.1
38,645,461
9,618,942
9,286,786
6,403,682
2,643,877
4,748,830
4,443,780
2,630,314
Total Pacific_ _
0,141401
Kansas City _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids _ _
Colorado Springs
Pueblo
Fremont
Duluth
100,506,378
78,325,671
+28.3
Tot. oth.West.
114,730,888
St. Louis
New Orleans_ __ _
Louisville
Houston
Winston
Richmond
Fort Worth
Memphis
Savannah
Atlanta
NashvilleA
Norfolk
__
Birmingham
Knoxville
Jacksonville _ _ _
Augusta
Chattanooga _
Oklahoma
Mobile
Little Rock
Charleston
Austin
Beaumont
Macon
Vicksburg
70,665,562
13,718,240
11,688,841
11,658,070
5,667,000
5,974,661
4,945,133
3,195,894
5,191,184
.5,759,000
3,460,000
2,263,864
1,963,566
1,576,367
1.425,000
1,392,932
1,168,510
1,500.000
1,106,643
1,286,585
848,755
785,115
475.694
791,515
156,200
70,817,382
10,448,713
10.398,123
11,108,075
7,276,000
5,455,561
5,137,593
3,263,834
3,173,368
3.443,977
3,053,797
1,687,366
1,614,299
1,478,852
1,222,473
1,144,975
996,597
980,804
927,461
901,415
686,444
667,493
474,991
506,906
207,281
-2.1
+63.6
+67.0
+13.3
+34.2
+21.6
+66.0
+16.6
+21.7
+17.3
+52.9
+19.3
+42.7
+23.6
+29.2
+0.1
+58.2
-24.6
158,655,340
147,014,790
+7.9
Total[Southern
.
1
1906.11,
Val Al
811,055
600,000
543,078
430,848
464,823
398,840
490,000
431,710
81,297,253
83,668,582
33,758,197
19,717,569
10,312,058
6,791,236
7,916,313
6,204,516
3,229,002
2,126,228
1,091,599
1,203,607
1,276,356
1,257,968
620,682
652,219
469,095
401,136
23,601,270
16,489,395
8,836,508
6,808,178
5,771,638
4,564,307
2.949,688
1,832,063
1,058,489
939,663
1,152.223
781,327
552,116
756,232
374,661
299.442
95,722,208 +19.9
97,025,6341
76,766,600
-0.2
+31.4
+12.4
+5.0
-22.1
+9.5
59,164,731
11,715,293
11,839,859
9,187,232
6,904,000
4,997,006
3,194,041
3,262,176
4,121,8(10
3,805,302
3,795,623
1,936,007
1,975,348
1,595,346
1,339,792
1,137,681
1,305,000
1,028,487
1.312,144
1,106,330
810,000
54,496,995
12,776,359
471,215
457,059
350,090
558,306
136,461,592
128,986,822
36,367,409 +24.2
45,151,302
17,287,958 -0.2
17,253,307
11,035,556 +29.3
14.264,155
7,867,939 +22.6
9.649,296
7,074,470 +9.9
7,774,718
4,947,245 +12.6
5,572,962
2,681,245 +32.5'
3,553,942
2,171,840 +17.0
2,539,898
1,288,341 +109.2
2,694,684
923,538 +46.3
1,351,2213
997,735 +30.6
1,302,077
961,644 +29.5
1,245,621
847,479 +26.1
1,068,254
503,340 -19.3
406,069
436,331 +25.7
548,377
330.138 +7.5
355,000
2,493,725 Not included in total
640,881
1 8:711:agi
5,585,500
5,365,948
3,035,476
2,852,252
3,811,027
3,646,983
2,851,831
2,006,119
1,564, 62
1,417, 54
1,213,470
1,217,387
1,177,701
701,450
1,453,208
886,788
749,752
Total all
3,042,653,039 2,640,221,975 +15.2 2,218,557,217 2,792,956,284
Outside N. Y
1,139,555,539 1,022,416,036 +11.5
995,428,648
938,197,111
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. lohn
Hamilton
Calgary
London
Victoria
Edmonton
Total Canada
32,875,000
26,193,167
10,445.000
5,450,000
3,483,827
2,095,000
1,540,000
1,475,185
1,585,429
1,776,437
1,114,570
1,135,0(10
915,000
31,752,345
24,636,283
9,112,127
3,739,799
2,967,262
2,356,179
1,578,498
1,503,765
1,383,745
1,09:3,323
1,061,582
827,078
661,060
+3.5
+6.3
+14.6
+43.1
+17.4
-11.1
-2.4
-1.9
+14.6
+62.5
+5.0
+37.2
+38.4
26,196,773
19,624,653
10,543,895
3,880,370
2,516,979
1,848,798
1,770,878
1,164,571
1,664,070
1,171,378
1,232,587
862,645
1,032,985
27,873,82
18,662,915
8,832,707
2,603,999
2,462,697
1,857,128
1,934,068
1,023,832
1,454,722
980,355
1,107,516
817,751
512,442
89,983,6151
82,673.050
+8.8
73,510,572
70,123,457
*This year's clearings oonsiderably increased by out-of--town clearings department
620
TH
CHRONICLE
HISTORICAL REVIEW OF BANKING
IN CHICAGO.
The coming week the American Bankers' Association
will hold its Annual Convention at Chicago. The
different sessions will extend all through the week,
and the Convention promises to be the best attended
and the most successful in the history of the Association. Chicago is such a live and progressive city and
has made such wonderful progress in its brief history
that many bankers will be prompted to go to that
point who would not attend if the Convention were
held elsewhere.
In the week succeeding the Convention, following
our usual practice we shall issue a special number in
which we shall report in full the proceedings of the
Convention and its various subsidiary organizations
or Sections. We also intend, however, to add.a special
feature on the present occasion. In view of the fact
that Chicago ranks second only to New York in population and financial strength, we have had prepared a
historical review of banking in that city by a man
peculiarly well qualified for the task. The author is
Mr. Frederick W. Gookin, who has written a number
of treatises on banking subjects, and who for twentyfive years or more was a banker in Chicago. Mr.
Gookin possesses a pleasing literary style, and by reason of his intimate knowledge of banking affairs at
that centre, added to historical research, has been
able to produce a paper at once interesting for general
perusal and instructive and useful for reference. With
the Convention at Chicago such a review of banking
in that city is particularly opportune, and we take
this means of calling attention to it. The article will
occupy over five pages. It will not appear in the
"Chronicle" itself, but in the "Bankers' Convention
Section," which will accompany the number of our paper to be issued two weeks from to-day.
THE FINANCIAL SITUATION..
The financial markets this week have been under
the influence of the death of Mr. Edward H. Harriman. That event did not occur until Thursday afternoon and was not announced until after the close of
business on that day, but it was recognized asincreasingly imminent after the acute attack of indigestion
which he experienced last Sunday, with a resulting
relapse, at a time when his strength had already been
seriously undermined. With the knowledge of this
relapse, the stock market opened Tuesday morning,
after the Labor Day holiday, showing declines of a
number of points in the various Harriman properties
as compared with the closing prices the previous
Friday. The market continued depressed the rest
of the week, with sharp declines. Yesterday, however, with the worst known, an extensive covering
moverhent developed, leading to large and extensive
recoveries all through the list. This upward turn
makes it evident that Mr. Harriman's death had been
fu4 discounted and that in expectation of its occurrence extensive short sales had been made. Of course
the affairs of all of the Harriman properties are in
excellent shape. They all, too,possess very efficient
[VOL. Lxxxix.
organizations, so that their continued progress and
prosperity is not likely to be interfered with even by
the death of the man who has been the guiding spirit in
their affairs in recent years and whose genius brought
them up to their presentexcellent and satisfactory status.
It is proper to note, though, that there has been an
additional drawback the present week. The appearance of the monthly report of the Agricultural Department at Washington has made it clear that the
excessively high temperatures experienced during
August over portions of the West and Southwest
have served to reduce materially the prospective yield
of corn. We review this report of the Agricultural
.Department at length further below and will only note
here that the average of condition for that cereal for
the whole country on Sept. 1 is put at only 74.6, as
against 84.4 Aug. 1 and 79.4 on Sept. 1 of last year.
However, as the acreage is larger than last year, the
promise still is for a crop somewhat in excess of last
year's yield, or say 2,700,000,000 bushels. Both the
wheat crop and the oats crop will run considerably
above the 1908 production and thus there is, after all,
little ground for complaint as to this year's agricultural outturn. It must also be remembered that trade
revival is gaining force now that tariff legislation has
been completed. A further favorable happening this
week has been the settlement of the strike at the McKees Rocks plant of the Pressed Steel Car Co. and the
return of the men to work.
Complaint against the present methods of dealing
in foreign exchange, especially by traders, took definite
form, as stated last week, through a circular letter
addressed by one of the largest operators in such exchange to others in this city. Some of the bankers
who received the circular promptly replied expressing
their views regarding the matter, and while a few were
disposed qualifiedly to endorse the suggestions for
reform that were submitted, many were inclined to
the opinion that the proposed remedies were too
drastic. At a conference of the more prominent
bankers held this week,the subject was more thoroughly dscussed and a committee appointed for the
consideration of the matter. Several propositions
which were submitted and briefly discussed were
opposed by the meeting, while others were regarded
with favor. All were referred to the committee, for
modification or such other change as might seem
proper. It is intended that the committee shall be
permanent, at least for the present, and that it shall
meet monthly.
The methods of dealing in exchange that are the
cause for this complaint are clearly the result of competition in the business. A decade or more ago the
dealers were comparatively few in number and embraced chiefly houses which had long been engaged in
this field of activity; they had gathered a large clientele,
formed connections with substantial bankers abroad,
with whom .they corresponded and co-operated, and
their transactions were strictly confined to those of an
entirely legitimate character. The fact that the business yielded large and sometimes enormous profits,
even under normal conditions of the market, apparently excited the cupidity of those banks of'deposit and
discount which had correspondents in every large city
of the Union who devoted much attention to the
service of their New York corresponclentg, gathering
SEPT. 11 1909.1
THE CHRONICLE
, 621
The particularly satisfactory fact our this year's
primary forms of exchange, principally commodity
central
brings out clearly is the improved
investigations
the
of
benefit
the
for
bills, which were utilized
-manufacturing branches in the
in
gradually
cotton
situation
there
beginnings
institutions. From these
season lately closed. During
United
the
in
the
States
in
banks
of
departments
came foreign exchange
of cotton goods, as we fully
1907-08
manufacturers
institutions
local
the
of
many
principal cities and
rather poorly, but in 1908-09
fared
year
a
ago,
showed
scarcely
is
now
there
that
so
engaged in the business,
prosperous as in 1906-07 and
the
as
while
not
thorindustry,
or
less
more
not
is
that
a bank of prominence
favorably situated, both as
was
1905-06,
more
much
exchange.
in
of
business
conduct
oughly equipped for the
and volume of production.
of
margin
regards
profit
exand
in
importance,
grew
As these institutions
In
the whole, a fairly favorable
the
on
fact,
was,
season
becompetition
increased,
correspondingly
penses
for the future quite
one,
outlook
and
the
with
closed
custom.
solicit
to
invited
were
brokers
came keen and
the United States,
of
crop
promising.
The
commercial
augmented
was
solicitors
these
of
Thus the number
could
growth—which
as
actual
from
the
distinguished
was
it
by
commissions
compensated
and as they were
count—reached
at
a
only
by
be
farm-to-farm
arrived
From
large.
be
should
clientage
their
that
necessary
this body of brokers traders in exchange grew nu- 13,828,846 bales, the largest yield on record, and
merous. Practices that were not permissible under exceeded the production of the previous season by
former conditions of the business were more or less 2,247,017 bales. The crop, moreover, was marketed
freely indulged in under the new system. Instead of on a very remunerative basis of values, its high grade
requiring cash payments for exchange on delivery it adding materially to its value as well as to its spinning
became allowable to defer settlement until the steam- qualities. The producer, therefore, secured very
er's sailing day—thus exchange sold in the mid- much better financial returns from the yield than in
week for Saturday's steamer would be required to be 1907-08, or in fact, than in any year except 1906-07.
Consumption of cotton goods in the United States,
delivered on Friday, though the seller would not receive payment therefor until Saturday. If mean- North and South alike, exhibited a material increase
time the buyer should become financially embarrassed over the previous year, and in many departments mills
the seller would lose money and possibly the loss are now well under orders for some time ahead. Our
might be comparatively heavy were the tone of the export trade in cotton goods showed healthy development during the season, transactions for China exhibitmarket to undergo unfavorable change.
In some cases the reason why the practice of pay- ing a large increase over both 1906-07 or 1907-08,
ment for exchange subsequent to its delivery was with the promise excellent for future gains in business
permitted to be conducted was that the broker might with thatimportant country. The aggregate shipments
be accommodated; he might not be able to negotiate of goods to all countries for the fiscal year ended June 30
a spot bill while he could dispose of a draft that was 1909 covered a value of $31,878,566, which contrasts
payable the day after its delivery; the banker to whom with $25,177,758in 1907-08 and $32,305,412 in1906-07.
The comparatively favorable cotton-manufacturing
he offered the bill might be familiar with the standing
of the drawer and the circumstances of the case might situation in the United States, however, finds little
be such as to induce him to accept it notwithstanding reflection abroad, even though full production has
its alleged irregularity. When the fact is considered been quite well maintained. On the contrary, our
that banking houses are often dependent upon brokers special correspondent questions whether Europe has
for the floating supplies of exchange on the market, ever experienced a more disappointing season. He
it will be seen that brokers of good repute—of whom points out that spinners and manufacturers alike have
there are very many—are encouraged to secure odd had to contend with the effects of the over-production
• and perhaps somewhat irregular exchange drafts and during 1905, 1906 and 1907 which resulted from the
dispose of them as opportunity may offer. Some- inordinate increase of spindleage in the years covered.
times, even with the exercise of the greatest care, a As bearing on this point, it is worthy of note that,
banker may be involved in loss, but it is not always whereas in the last three years the number of spindles in
irreparable. It would be unjust to compel the broker Europe (Great Britain and Continent combined) has
millions, the gain in the United
to make good the contract or to discriminate against been increased
the drawer of a bill because of a solitary default. States during the same period has been only 3 millions,
The business is too narrow and the requirements of and in India, Japan, China, Sze., less than 13/2 millions.
bankers too urgent to permit any rule to be adopted The total of spindles in the world at the close of
which would divert to great combinations of exchange 1908-09 was 132,830,308, again t 128,097,376 a year
houses any portion of the floating supply of exchange. earlier, 122,691,017 in 1907 and 119,109,990 in 1906.
Our cotton crop review for the season of 1908-09,
covering the marketing, distribution and manufacture
of the staple, is given on subsequent pages to-day,and
will, we believe, be found worthy of close study and
analysis. While in these annual reviews, which have
been published continuously by us for a period of
45 years, greatest attention is paid to the production
and manufacture of cotton in the United States, other
countries in which the staple is raised or turned into
goods are not neglected. Furthermore, with the new
features incorporated from time to•time these reviews
furnish as comprehensive and complete a history of
the world's cotton crops as is possible in condensed form.
Recently supplies of South African gold which had
been received at London have been obtained, as
reported, by Vienna without competition. This week
the price of bar gold in the London bullion market
was advanced one penny per ounce,to 77 shillings 10
pence, and at the same time the price of American
eagles rose correspondingly. It seems likely that the
advance in bar gold has been due to inquiries therefor
from continental centres in addition to Vienna. Late
mail advices report that Russia has been taking some
of the metal from the British capital, and the South
African consignment of 3 million dollars this week
was absorbed by St. Petersburg. The exchange at
622
THE CHRONICLE
Paris on London has fallen, indicating the probability
of a movement of gold from London to Paris. Just
now, when there are indications of a drain of the
metal to New York, the London bullion market would
naturally be sensitive to an outward movement elsewhere. Therefore, in order to check or minimize the
volume of the withdrawals, the price of bar gold has
probably been advanced. Why the price of American
eagles should rise does not appear; it is possible that
tourists' requirements for these coins have contibuted
to absorb:the floating supply in the market,and as such
coins are almost always useful to hold, their price may
have been advanced to reinforce the market stock by
attracting them from tradesmen or other holders.
The most recent mail advices from London undertake to account for the above-noted movement of gold
to the Continent. Austria's late purchases of the
metal, if they are intended to be retained, may be in
connection with the redemption of her Treasury bonds
which she issued in the spring; Austria then entered
into obligations to pay the Turkish indemnity in gold,
and, moreover, she then required funds with which
to meet certain expenditures incident to her military
preparations against Servia. But the reason why
Austria should continue to take gold does not appear
to be clearly understood unless, indeed, it may be for
the account of Russia.
So far as Russia's requirements for the metal are
concerned, the reason appears plain. Fortunately for
Russia, her harvest this year is abundant; there seems
to be an expectation in Russia that the Continent
will take Russian wheat on a large scale. It does not
seem surprising, therefore, that Russia should take
advantage of her good crops this year to strengthen
her gold reserve. While Russia is thus making early
provision against the moving of her crops at this
period of cheap money, she will probably take no more
of the metal than London can easily spare.
This week there was a transfer of $1,500,000 gold
by the Sub-Treasury to San Francisco for.the account
of Japan, which, as has hereinbefore been noted, is
thus drawing upon her credits in London that accumulated early in the year to the extent, as then stated,
of about $15,000,000 as the result of British investnients in Japanese internal bonds. Such withdrawals
began in June and they have been almost continuous
since, $1,500,000 being transferred last week. The
total transfers, including those this week, aggregate
about $15,000,000; if this was the amount of the
available credits in London at the beginning of the
movement, it is probably at an end.
On Tuesday Speyer & Co. of this city offered for
public subscription the first yearly installment,
amountin to 53 millions 432% external gold bonds
of the Republic of Cuba, due 1949, at 95% and
accrued interest to delivery. The offering was made
simultaneously in New York, London, Paris and
Frankfort. On the following day it was announced
that the entire amount of bonds had been many times
over - subscribed, and that they were selling
at
a 'premium.
Full details of the issue
will be •found in our State and City Department
on a subsequent page.
Reinforcements of the Spanish forces in Morocco are
being effected in large numbers; this indicates a
Lxxxix.
still more vigorous prosecution of the war. Official
dispatches from Madrid state that a division of fresh
troops, numbering eleven thousand, under General
Sotomayor, Military Governor of the Province of
Alava, has been ordered to proceed to Melilla at
once; these are said to be well-trained soldiers, equipped with all modern armament. Two brigades of this
division are infantry, commanded by General Brualli.
The official explanation of this special movement is
that it was necessary to be undertaken on account
of the importance of new operations around Melilla.
Moreover, the capture of new positions in the vicinity
of La Restinga and Cabo de Agus, by the Spanish, with
troops withdrawn from Melilla, and the plan to embark
troops from that base on the Marchica side are other
reasons for reinforcing the main army.
It is generally expected, according to a Madrid
dispatch, that after the Spanish advances from La
Restinga and Cabo de Agus, and the operations in
the country around Lared, the Moors will recognize
the superiority of the Spaniards and will not risk any
demonstrations in force. The Riffs are represented as
suffering from want of food; their cattle has been
destroyed and their villages swept by Spanish artillery.
Their fields are uncultivated, making the Moors
apprehensive about the coming winter, when their
situation may become desperate. The Riffans seem
to have expected that the Spanish would attempt to
storm Mount Gurugu. They made this position almost
impregnable, awaiting the attack; their expectations
were not realized and guerilla fighting was resorted
to. When the canal into Marchica shall be finished,
the Spanish marine force will be able to make its first
forward effective movement, turning Mount Gurugu;
apparently in anticipation of such a military movement,this strategic point has been partially abandoned
and the Moors are massing at Nador and Zeman.
It is reported at Constantinople that the Minister
of Finance of the new Turkish Government is seeking,
through a representative who has been sent to America,
to make arrangements for the flotation of a Turkish
Government loan for 30 million dollars. The national
treasury was practically empty when Abdul Hamid
was deposed and it is necessary now to arrange to
secure funds for the prosecution of projected internal
improvements and to pay salaries of GOvernment
employees, soldiers and sailors.
The grain-crop report of the Department of Agri-.
culture for Sept. 1, issued on Wednesday, indicates
some deterioration in all crops during August, but,except in the case of corn, the falling off is moderate.
In that crop the decline is so decided as to remove the
prospect of a yield in excess of the previous high
record—an expectation that the Aug. 1 report had
caused to be entertained. The average of corn now
is given as only 74.6, against 84.4 on Aug. 1, 79.4 on
Sept. 1 1908 and a ten-year mean of 80.6. The
shrinkage of 9.8 points was not unexpected, private
reports having denoted that much injury had resulted
from drought and hot winds in States west of the
Mississippi, and especially in sections where those
conditions followed floods or excessive rains. The
general condition now is not only lower than at the
corresponding time in any year since 1901 (when there
was a practical crop failure, the yield reaching only
SEPT. 11 19094
THE CHRONICLE
623
Improving conditions in mercantile and industria
1,500 millions of bushels), but it is decidedly unsatis1904.
in the United States have been clearly indicated
circles
or
1905
1906,
either
with
factory as compared
and the
As against 1906, when the banner corn crop was raised, by recent statements of commercial failures,
exception
there is a decline in condition of 15.6 points, so that August result, made public last week, is no
exact, from
even allowing for the increase in acreage in the interval to the rule. For over two years, or, to be
in 1909,
(12.7%), a record yield can no longer be looked for. June 1 1907 to the close of the same' month
had
month
But as contrasted with last year,acreage and condition the liabilities of failed firms month by
as
running
considered, a moderate increase seems probable. In been above an ,average or normal plane,
below
1 millions of dollars, and never
fact, the present outlook appears to be for a crop of high as 361Y
12
1-3
And even in the earlier months of
millions.
in
millions
2,668
against
bushels,
of
millions
2,750
1909 liabilities were heavy, but from April on they
1908 and 2,927 millions in 1906.
The average condition of spring wheat at time of steadily decreased, until in July they had dropped
harvest is stated by the Department as 88.6, compared below 10 millions ($9,527,893). For August the
with 91.6 on Aug. 1, 77.6 at harvest time in 1908, exhibit is of the same generally favorable character
77.1 in 1907, 83.4 in 1906, 87.3 in 1905 and a ten-year as that for July, even though the total of, liabilities
average of 76.9. In this case, it will be observed, the as reported is slightly heavier. The aggregate indebtimpairment has been very slight and the promise edness is, in fact, the smallest of any August since
still is for a large crop—approximately 280,000,000 1906, and the comparison 'with the figures for the
bushels—larger, in fact, than in any year since 1901, corresponding month last year is, of course, decidedly
when 2893 million bushels were raised, and only satisfactory. It is to be noted that the improved
moderately less than the record yield of 293 millions. conditions are most apparent in manufacturing
Combining the probable spring-wheat product with branches, and from this the natural inference is drawn
the preliminary winter-wheat total of 432,920,000 that the industries of the country are on a sound
bushels, as announced by the Department a month basis and suffered less from the protracted tariff disago, we have an aggregate yield of this cereal of 712,- cussion than did ordinary mercantile affairs.
According to Messrs. R.G. Dun & Co.'s figures, the
920,000 bushels in 1909, which compares with 664
millions in 1908, 634 millions in 1907 and 735 millions number of failures in August was 917, with liabilities
in 1906. The record crop (in 1901) was 7483 mil- of $9,620,576, against 1,199 with indebtedness of
$23,782,378 in the like period last year and 850
lions of bushels.
Oats condition is reported only slightly lower Sept. 1 with debts of $15,197,749 in 1907. Disasters in
than a month previously, and the situation of this crop, manufacturing lines made up only $4,010,002 of the
therefore, remains very satisfactory. The condition total, as against $15,152,880 in 1908 and $11,047,249 in
when harvested is given as 83.8, against 85.5 Aug. 1 1907, and the liabilities of brokers, transporters, &c.,
this year, 69.7 Sept. 1 1908 and a ten-year average at amounted to but $1,055,579, compared with $2,761,901
harvest time of 79.8. Comparison between this year a year ago and $409,672 two years back. Traders,
and last year in States of greatest yield reveals some however, were involved to the extent of $4,554,995
decided contrasts. Thus, condition in Illinois at 90 this year, an aggregate lower, of course, than the
this year compares with 55 a year ago; Minnesota $5,867,597 of last year, but proportionately less
stands at 91, against 65; Iowa 80 against 65; Indiana favorable than in the case of the indebtedness among
83 against 56; Nebraska 74 against 69, and Wisconsin manufacturers.
The eight months' failures of 1909 total 8,853, with
89 against 83. A crop of about 1,000 millions of
bushels of oats is practically assured, which will com- aggregate liabilities of $107,425,627, which compares
pare with the previous record yield of 965 million with 11,140 and obligations of $162,379,337 in the
corresponding period of last year and 7,234 for
bushels in 1906.
in 1907. Manufacturing • mortality
$97,101,121
Crossing the border into Canada,we find no importagainst $74,430,202 in 1908 and
$45,867,534,
ant decline during August from the very encouraging reached
trading disasters involved
1907,
in
crop prospects noted at the opening of the month,and $52,181,123
and $35,288,521,
$61,038,332
against
it seems safe, therefore, to assume that the outlook is $45,637,060,
&c., were
transporters,
brokers,
of
liabilities
and
still for record production in wheat and other cereals.
$9,631,and
$26,910,803
wth
compared
$16,185,328,
Abroad, the situation is somewhat mixed, but,
477.
speaking broadly, better than a year, ago. Latest
The situation in the Dominion of Canada also conreports indicate that the wheat yield of the United
to improve. The prospective record wheat
tinues
Kingdom will be greater than in any year since 1905,
done much to stimulate trade, which is
has
crop
and moderate increases over a year ago are expected
y active in almost all branches.
comparativel
becoming
in France, Bulgaria, Spain and Italy. On the other
in number and volume of liadecreasing
are
Failures
hand, Germany, Austria-Hungary and a number of
total of 89 for $679,042 in
the
witness
as
bilities,
the smaller producing countries of Europe have poorer
124 and indebtedness of
against
year,
this
August
crops than in 1908, but important gains in Russia and
and 112 and $1,496,1908,
of
month
the
in
$1,506,657
Roumania are looked for, according to latest advices.
since Jan. 1 the
months
eight
the
For
1907.
in
379
In India, also, a much larger crop of wheat is promised
liabilities of
with
964
number
disasters
mercantile
this year, and the same is true of Australasia; but a
and
1,139
for the like
against
$110,60,714
$4,959,484,
falling off seems probable in Argentina. Summing up.
and
1907.
774
in
and
$7,304,950
1908
of
period
the situation here and abroad, the outlook seems to be
for a yield of wheat in the world greater than in 1908
The market for money was comparatively steady
or 1907 and closely approaching,if not exceeding,the
week; on Tuesday, after the holiday, there was
this
1906 aggregate.
no perceptible change in the tone,with the exception
624
THE CHRONICLE
that over-the-year maturities were firmly held. The
unfavorable bank statement appeared to have little
or no effect, though it was reported that requisition
had been made since Saturday upon banks, not only in
the East, but in the Middle West, for currency for
crop-distribution purposes. Montreal exchange on
New York was at such a large discount a to draw
funds from this centre, indicating that the movement
to the market and for export of Canadian wheat was
approaching full volume. The drain of currency
across the border was, however, to some extent offset
by offerings of European capital through loan bills.
The selling movement in the stock market, caused by
the unfavorable reports of Mr. Harriman's physical
condition, tended to restrict outside speculation, and
therefore to limit borrowing by commission houses for
their clients. Banks, as has been recently noted,
continued to re-discount notes for Southern institutions, and Eastern manufacturers directly sought
discounts through jobbers for their high-grade paper.
Money on call, representing bank and trust company
balances, loaned at the Stock Exchange during the
1 %, averaging about 24
week at 23/2% and at 24
1 %;
all lending institutions quoted 24%
1
as the minimum. Time loans on good mixed Stock Exchange
collateral were in request, chiefly for periods to and
beyond the end of the year, and rates were firm,
with little disposition to make concessions in view of
the probability of a decreased supply, at least of
domestic funds. Quotations were 3% fpr sixty and
314@33/2% for ninety days; the latter maturity was in
fair demand, for it would carry the borrower into the
new year, and foreign bankers placed some loans for
this period. For all dates from four to six months
contracts were held at 4%; some foreign loans, with
exceptionally good collateral, were reported to have
been placed at 39@3%%. Commercial paper is
accumulating and the business done is on buyers'
terms-4% for sixty to ninety-day endorsed bills
receivable, 431@43/2% for choice and 4M@5% for
good four to six months' single names.
[VOL. Lxxxix.
attract offerings of foreign loan drafts, caused the
market to open with,a heavy tone on Tuesday. The
immediate pendency of the London Stock Exchange
settlement, however, and the disclosure of a large bear
account in American securities, which would have to
be adjusted with cables, had an offsetting effect upon
the market,and it then became dull and narrow with
average recoveries of not more than 5 points. On
Wednesday London bought American stocks apparently uninfluenced by the unsettled speculation in our
market; there was at the same time drawing by
bankers in connection with stock loaning operations.
This combination of circumstances brought about a
higher range of prices, but rates later sharply declined,
in some cases from 10 to 15 points. Reports from
abroad of prospective large purchases of cotton by
English spinners, incident to a demand for cotton
goods from India and China, had a sentimental effect
upon the market. Manipulation of exchange had
much to do with the above-noted fall, deterring
operations by legitimate traders, who, under normal
conditions, would have bought for remittance. The
market closed on Wednesday with a steadier tone.
On the following day drawings of loan and security
bills contributed to lower exchange and the market
was weak.
Comparing rates for exchange on Saturday of the
previous week with those on Friday, long was 5
points lower at 4 8505@4 8510, short 5 points at
4 8645@4 8650 and cables 5 points at 4 8670@4 8680.
On Tuesday long rose 5 points to 4 8505(0 8515,
short 10 points to 4 8655(0)4 8660 and cables 5 points
to 4 8675@4 8685. On Wednesday long was 20
points lower at 4 8490@J4 8495, short 10 points at
4 8645®4 8650 and cables 10 points at 4 8670@4 8675.
On Thursday long fell 10 points to 4 8475@4 8485,
short 15 points to 4 8630@4 8635 and cables 5 points
to 4 8665@4 8670. On Friday long recovered 15
points, short fell 5 points and cables 10 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
Fri.,
Mon., Tues., Wed., Thurs., Fri.,
The Bank of England rate of discount remains unSept. 3 Sept. 6 Sept. 7 Sept. 8 Sept. 9 Sept. 10
changed at 23/2%. The cable:reports discounts of sixty Brown
160 days 4 86
86
86
86
86
Brothers
1Sight._ 4 873
87%
87%
87%
87%
160 days 4 86
86
86
86
86
to ninety-day bank bills in London 13/2(0)1%%. The Kidder,
1Sight__ 4 87%
Peabody & Co
87%
87%
87%
873
160 days 4 88
86
British
80
86
86
open market rate at Paris is 19/8% and at Berlin and Bank
1Sight__ 4 87%
87%
North America
87%
87%
87%
86
1130 days 4 86
86
86
of
86
Frankfort it is 2%%. According to our special cable Bank
HOLI87%
1Sight_ - 4 875
87%
Montreal
87%
87%
DAY.
86
86
86
160 days 4 86
Bank
86
from London, the Bank of England gained £135,509 Canadian
1Sight.... 4 8734
87%
of Commerce
87%
873
873
86
86
86
160 days 4 86
Heidelbach, Ickel86
bullion during the week and held £40,332,062 at the helmer & Co
87%
1Sight__ 4 873
87%
87%
87%
86
86
Lazard
86
160 days 4 86
86
87%
1SIght — 4 87
close of the week. Our correspondent further advises Freres
873
87%
875
86
86
Merchants Bank
86
MO days 4 86
86
87%
161Sight— 4 873
873
87%
87%
us that the gain was due almost wholly to receipts from of Canada
the interior of Great Britain. The details of the
Rates for exchange on Friday were 4 8490@4 85 for
movement into and out of the Bank were as follows:
long, 4 8625@4 8630 for short and 4 8655@4 8660 for
Imports, nil; exports, £10,000 to South America and
cables. Commercial on banks 4 8460@4 8465 and
receipts of £146,000 net from the interior of Great
5 . Cotton for
documents for payment 4 84@4 84%
Britain.
cotton
for
payment 4 84@4 84%
1,
acceptance 4 8460
@4 8465 and grain for payment 4 843@4 84%
5.
While foreign exchange was lower this week, it was
only moderately active. The speculative manipulaThe following gives the week's movement of money
tion during the previous week left the market in
to
and from the interior by the New York banks.
a feverish condition,and the prospect of a renewal of
Received by
Shipped by
such artificial operations contributed to much uncerNet Interior
N. Y. Banks. N. F. Banks.
Week ending Sept. 10 1909.
Movement.
tainty regarding the immediate future. In the Currency
$5,518,000 611,509,000 Loss $5,991,000
906,000
2,100,000 Loss
1,194,000
holiday interval large amounts of commodity bills Gold
Total gold and legal tenders
$6,424,000 $13,609,000 Loss $7,185,000
against grain and cotton had accumulated; this increased supply of primary exchange and the indications
With the Sub-Treasury operations and gold transfers
of continued firm rates for time money, which would the result is as follows.
THE CHRONICLE
SEPT. 11 1909
Week ending Sept. 10 1909.
Banks Interior movement, as above_
Sub-Treas. oper. and gold transfers_
Total gold and legal tenders
Out of
Banks.
Into
Banks.
Net Change in
Bank Holdings.
$6,424,000
23,000,000
$13,609,000 Loss $7,185,000
28,000,000 Loss 5,000,000
$29,424,000
$41,609,000 Loss $12,185,000
The following table indicates the amount of bullion
in the principal European banks.
Scvt. 10 1908.
Sept. 9 1909.
Banks • of
Silver.
Gold.
Total.
Gold.
z
England_ _ 40,332,062
France — 147,323,560
Germany.. 39,817,900
_ 127,578,000
Russia
Aus. Hun_ 56,987,000
Spain _ _ _ _ 16,019,000
Italy _ _ _ 38,386,000
Nethlands 10,535,000
Nat. Belg_ 4,262,667
Sweden _ _ 4,382,000
Switzerl'd. 4,883,000
Norway _ _ 1,752,000
40,332,062 38,153,368
36,083,800 183,407,360 128,808,187
12,350,550 52,168,450 42,251,000
8,970,000 136,548,000 116,379,000
12,547,000 69,534,000 47,841,000
31,788,000 47,807,000 15,708,000
4,400,000 42,786,000 37,118,000
3,179,100 13,714,100 7,706,000
2,131,333 6,394,000 4,126,667
4,382,000 4,081,000
4,883,000 4,556,000
1,752,000 1,731,000
Silver.
Total.
38,153,368
36,022,095 164,830,282
13,343,000 55,594,000
7,907,000 124,286,000
13,149,000 60,990,000
34,229,000 49,937,000
4,500,000 41,618,000
4,060,100 11,766,100
2,063,333 6,190,000
4,081,000
4,556,000
1,731,000
Total week 492,258,189 111,449,783 603,707,972448,459,222 115,273,528 563,732,750
Prey. week 492,694,513 112,058,790 604,753,303447,841,438 116,196,176 564,037,614
MR. HARRIMAN AS A CONSTRUCTIVE FORCE.
The stock market has this week been putting its
estimate on Mr. Harriman's power and influence while
alive; and the estimate has been inevitably and deservedly a high one. Until yesterday the market all
week was in a tremulous state, tending lower and
lower as fears grew that the acute attack of indigestion
and relapse which the financier suffered last Sunday
would terminate in precisely the way it did terminate
on Thursday—in his death. In the decline which
occurred during these days dealers in securities
registered their judgment that the passing away of
this dominant character who for a score of years had
been such an active and potential force in the country's
industrial affairs was a real loss to the community-that many plans for development and possibly for
railroad aggrandizement which might have come to
fruition had he lived would not now be carried out.
And the judgment of the financial markets is the judgment of the whole public. Mr. Harriman was in many
respects an extraordinary man.
In the railroad world Mr. Harriman .was one of the
most forceful characters that has ever appeared in
this country. Nothing would be gained by attempts
to measure him up alongside of other noted constructive
forces in the railroad world and arbitrarily declaring
that he was, or was not, the equal or the superior of
this or that magnate. Rarely do the leaders in human
activity and human endeavor possess many points in
common, and rarely are their aims and purposes the
same. Each follows his own line of action and each
within his own limits occupies a separate and distinct
field. The main resemblance is that as constructive
forces they all contribute to the country's advance,
progress and prosperity.
Measured by his achievements Mr. Harriman will
always hold a high rank for the part he played in a
period of the country's industrial development distinguished above all others for material advance and
progress. The rejuvenated Union Pacific and Southern Pacific will always stand as monuments to his
genius, his capacity for planning and developing, and
his masterful command of all the details and minutiae
of railroad operations. He was not an "Empire
Builder" in the sense that James J. Hill has been,
and yet he built a great amoinit of railroad mileage.
This mileage, however', was the most of it constructed
in perfection and completion of railroad systems already
in existence rather than in the creation of entirely new
625
systems. He did not build a new transcontinental
line, as did Mr. Hill or Mr. Huntington, but he took
hold of the country's oldest transcontinental system
and brought it up to the highest stage of perfection,
both physically and financially. He did not originate
any of these roads, but he re-built them so that they
were completely transformed and were as unlike the
original creation as a child is to a full-grov a man.
Through the application of his genius, through his
capacity for work, through his intimate knowledge
of every detail connected with the operation and management of a road, he fashioned weak coMbinations of
roads into strong ones and made them equal to modernday requirements.
He united within himself faculties which are rarely
found in the same person. He could both plan and
execute, and he devoted himself to the smallest details
of management and operation. In the case of a
commanding genius like J. P. Morgan, who stands
pre-eminently in a class all by himself, this last would
be a serious handicap. Such men, of whom the world
produces very few, cannot afford to .give their time
to details. They conceive and then delegate to others
the work of execution and the plodding. In Mr. Harriman's case the task he set himself to do made the
ability and capacity to look after the small things an
indispensable requirement. Of course large powers
of perception were also his. He perceived what could
be accomplished and devoted his tremendous energies
to seeing that the results matched the possibilities.
When Mr. Harriman undertook to reorganize the
old Union Pacific Company he engaged in a Herculean
task. The Union Pacific is such a prosperous property to-day, paying 10% dividends, with its shares
selling over 200, that to many persons it will come as
a sort of surprise to hear that the organization of the
new company dates back only twelve years, namely
to July 1897. Memories are so short, too, that most
persons have forgotten what a difficult and complicated task the reorganization presented. The Union
Pacific was a Government-aided road, and the debt
owing to the Government had to be repaid and there
seemed to be no way of making the payment. The
sum owing to the United States was $33,500,000 for
principal of debt and $19,500,000 for accumulations
of interest (after allowing for the value of the sinking
fund), making $53,000,000 ahogether. Mr. Harriman and his syndicate arranged for the payment of
the 'full amount when the general fear had been that
the greater portion of the Government's investment
in the property would be lost.
.
Not alone, hoWever, did this huge debt have to be
provided for. Railroad operating conditions had
greatly changed since the road was built, and it was now
necessary to bring an out-of-date plant and equipment
up to modern standards. Mr. Harriman was equal
to the task—in fact, was pre-eminently fitted for it. He
poured millions upon millions into the property to
improve roadbed, track, bridges, &c., reduce curves
and grades and provide heavier motive power and larger
cars. The idea was to diminish the cost of transportation service per unit of work, and in this way meet
the decline in rates; through the development of traffic
and the ability to handle it cheaply and efficiently, it
was planned to add to the profits of the property and
make it a paying system. In this work Mr. Harriman's knowledge of railroad affairs and his faculty for
•
66
THE CHRONICLE
overseeing all the small details was of inestimable service. He devoted his whole soul to the undertaking
and sacrificed himself physically and mentally in the
effort. The result was that he accomplished his purpose and has made the Union Pacific Railroad one of
the strongest and most powerful and best-equipped
railroad systems in the country, as its earnings and
dividends to-day amply testify.
He later acquired the Southern Pacific on behalf of
the Union Pacific and put it through a like process of
improvement and transformation. In the same lavish
way he poured tens upon tens of millions into this
property, with equally telling results. During Mr.
Huntington's time no dividends had ever been paid
uipon Southern Pacific stock, and Mr. Harriman, too,
refused to make dividends for a considerable period
after he got control of the property. With a view to
raising this system to the same high plane as the Union
Pacific, he insisted upon putting all surplus income
into the property • in addition to providing enormous
supplies of new capital. In this way income would
be brought to a point where dividends might safely be
begun and the company become an assured dividend
earner. To-day Southern Pacific stock (we mean, of
course, the common) is getting 6% per annum and
earning a great deal more.
Mr. Harriman was not only an eminent railroad man,
but he was also an equally eminent finanicer, and under
the policy he was pursuing he was able to raise with
the utmost ease the prodigious sums of money required
in carrying out his plans and purposes. He also succeeded in devising financial plans that met with general favor, and which were invariably attended with
success. His ability to command control of large
sums of money was perhaps never more forcibly shown
than in 1901, when he sought to wrest control of Northern Pacific from the Morgan-Hill people, and with
that end in view went into the market to buy up a
majority interest in Northern Pacific shares, thereby
bringing on the famous Northern Pacific corner. This
act also showed the determined nature of the man,
which led him never to hesitate in his purpose when
he had a definite object in view. It was his view at
that time that joint control of the Chicago Burlington
& Quincy by the Great Northern and Northern Pacific
would be detrimental to the interests of the Union
Pacific and other Harriman properties, and as Mr. Hill
had refused to let him participate in the Burlington &
Quincy acquisition he went boldly into the market
and sought control of the Northern Pacific, which had
a half interest in the Burlington & Quincy purchase
and which would have given • him the hold on the
Burlington & Quincy which he thought necessary for
the protection of his lines. In this purpose he was
defeated, notwithstanding his daring, as everyone
knows. He came into clash with the all-powerful
Morgan interest, and had to yield to it the same as so
many others before and since.
It illustrates one of the strong points in the man's
career that he bowed to the inevitable on that occasion with good grace,and then, with great skill and ingenuity, turned the opportunity to his advantage in a
wholly different way. He accepted the decision that a
holding company should be formed, namely the Northern Securities Company,to have control of both Northern Pacific and Great Northern. The Securities Co.,
however, was at the instance of the General Govern-
(3
[VOL. Lxxxix.
ment declared an illegal coin' bination and had to be
dissolved. At the liquidation of its holdings, Mr.
Harriman found that, instead of getting back the
Northern Pacific shares which he had put into the combination, he was to have part Northern Pa ific stock
and part Great Northern stock. The latter he did not
care for at all, but under the Supreme Court decision
he had to take his pro rata of it the same as other
shareholders. Still undaunted, Mr. Harriman put
his holdings to a use entirely different from that originally intended. He disposed of them in the market
from time to time and with the proceeds acquired investments in other properties. All the large stock
purchases made since that time grew out of this
original Northern Pacific transaction. As fast as the
Union Pacific disposed of its holdings of Great Northern and Northern Pacific shares, new acquisitions were
made. In this way the Baltimore & Ohio shares were
acquired, the New York Central, the Illinois Central,
&c., the operation assuming a steadily widening scope.
The investments, too, proved a great pecuniary success, and large profits accrued to the Union Pacific
from the same. Out of the 10% per annum dividends
paid on Union Pacific shares, 4% comes from the income derived from the company's investments.
How far the process might have been carried had
Mr. Harriman lived is matter for conjecture. It is
quite conceivable that he sought control of New York
Central with the view to getting a complete combination of roads running from the Atlantic to the Pacific. It may be claimed, indeed, that before his
death he succeeded in getting a system of lines running
from ocean to ocean, for he recently turned over to the
Illinois Central control of the Central of Georgia, and
this latter, as is known, has its Eastern terminus at
Savannah, Ga. It is quite generally assumed that
Mr. Harriman did not become much of a railroad man
until the last ten or twelve years—that previously his
energies were devoted chiefly to the brokerage business.
This is an erroneous assumption. Fully twenty-five
years ago Mr. Harriman had an active part in Illinois
Central affairs; so much so that a prominent railroad
man, now the head of another large system, severed
his connection with the Illinois Central because he
could not agree with Mr. Harriman and would not
yield to him. When Mr. Harriman once took an interest in a matter, his active personality dominated
everything connected with the same. This, no doubt,
is the secret of his clash with Mr. Stuyvesant Fish.
By degrees Mr. Harriman dominated Illinois Central
affairs more and more, and finally differences as to the
policy to be pursued in the management of the property brought on a conflict between the two men which
eventuated in the defeat of Mr. Fish.
As is well known, in more recent years Mr. Harriman also had the hostility of the Government to contend with. And this constitutes one of the deplorable
episodes in our national history. Mr. Roosevelt and
Mr. Harriman had previously been close friends, but
now all the powers of the National Government were
employed in the endeavor to crush Mr. Harriman and
hold him up to public opprobrium. The Inter-State
Commerce Commission began to probe into the affairs
of the Harriman roads, and the legal department of
the Government also set its machinery in motion
against him. Mr. Harriman met these assaults with
the same energy that he carried into all his work,
SEPT. 11 1909.1
THE CHRONICLE
627
upper end of the earth's imaginary axis, and there
taking observations such as would contribute to
scientific knowledge. As to just how great would be
the practical value of such added knowledge, that was
a doubtful question. Perhaps it is safe to say that
the motive superseding all was that of achieving the
unachieved.
A month ago most people at all conversant with the
subject were aware that Commander Peary had been
somewhat more than a year in the Arctic regions, and
that it was nearly time for the world to hear from
him. That another explorer was engaged in the same
quest was known to very few, and it is doubtful if even
those who knew it had considered the expedition
seriously. This was one main reason why the dispatch
from the Shetland Islands on Sept. 1 to the effect
that an American, Dr. Frederick Cook, had reached
the North Pole on April 21 1908 created throughout
the world so profound a sensation. It was unexpected
news, in a way that news of Peary's having reached
the Pole could not have been. In brief, Dr. Cook's
own story is that he left New York July 4 1907, hunted
in the sub-Arctic regions during a month or two,
then, in October 1907, first definitely made up his
mind that he had a chance for what he called a "dash
to the North Pole." Equipping his expedition partly
with supplies from the ship that had brought him to
his starting point, and partly through an outfit constructed with the help of an Eskimo settlement, he left
his only white companion at Etah, Greenland, on
THE NORTH POLE.
March
3 1908, was last heard from on March 17 of the
imagined
Nothing lcss probable could have been
and a month later, having, according to
same
year,
rival
two
three weeks ago than a dispute between
his
made the unusual speed of twenty miles
narrative,
first,
Pole
explorers as to which had got to the North
the North Pole. Returning, he moved
day,
a
reached
got
actually
and as to whether one or the other had
1908, after which date, he tells us,
July
until
forward
reached
be
would
there at all. That the North Pole
of weather to take refuge in
he
was
stress
by
forced
future,
near
comparatively
by some explorer in the
an
underground
Arctic
cave, where he remained
the
to
sequel
natural
had been long assumed as a
of
18
the
until
Feb.
year, resuming then his
present
each
years,
few
last
successive expeditions during the
civilization.
towards
voyage
exploration
of
limit
pushed
the ultimate
of which had
The reception of this remarkable story was someto a degree of northern latitude never previously
probably unprecedented in the history of exthing
expedition
of
each
experience
The
approached.
The first impulse unquestionably was to
plorations.
the
more
to
Arctic
science
of
something
contributed
and with great enthusiasm.
unquestioningly,
it
accept
the
in
human
energy
conserving
transportation, of
in exploration. He had
novice
a
not
was
Cook
Dr.
supplies.
maintaining
adequate
Arctic cold, and of
expedition of 1891, had
in
Peary's
surgeon
as
served
at
continued
of
experiments
So long as this series
ill-managed,
unfortunately
and
a
curious,
equipped
the
of
reaching
the
the hands of competent explorers,
in
1894, had
Greenland
of
own
to
his
expedition
far
a
not
presumably
and
inevitable
Pole was an
in
expedition
Belgian
the
with
traveled
Antarctic
has
Pole
the
for
the
search
That
distant event.
the
ascended
in
have
and
to
1897,
1906
claimed
a
it,
put
lately
have
newspapers
the
of
been, as some
chapter of exploration ,extending over the past three supposedly unattainable summit of Mount McKinley in
hundred years, is not a strictly accurate statement. Alaska. Not until two or three days of discussion of
It is true that expeditions into the Arctic began ener- his claim for disc9very of the Pole was it recalled that
getically in the seventeenth century. At that time, Dr. Cook's achievement at Mount McKinley had been
however, they represented, not the desire of naviga- questioned by scientists and challenged by one of his
tors to reach the Pole, but continued search for "the own previous associates. At first the only form
Northwest passage," whereby trade might be carried which doubt over his polar narrative assumed was in
from Europe to the Far East—a quest which, as a cautious reservation of opinion until proofs should
Mr. John Fisk has shown in his "Discovery of America" be submitted.
One or two well-known explorers—Admiral Melville
was set on foot by the blockading of the caravan route
the United States and Admiral Nares of England—
of
which
the
Indies,
and
to
Southeastern
Europe
from
once expressed incredulity. But it was not then
at
of
for
accident
the
cause
an
indeed,
immediate
was,
Columbus's great discovery. But during the last reflected in the attitude of the public at large. Dr.
half century, at any rate, it may be said that the Cook was greeted on his arrival at Copenhagen with
governing motive among Arctic explorers has been the unbounded enthusiasm. He was received by the
ambition to achieve what no other explorer had royal family, appointed honorary professor of Copenachieved before, and to win a name in scientific and hagen University, decorated by the king, and asked
geographical history by reaching this mysterious to address the learned societies. What caused at that
but the course of the Government shattered his health,
and he did not have enough reserve force left to enable
him to regain it.
It may be said that he triumph& even against the
Government, inasmuch as the Government was unable
to bring up anything that reflected on him. An attempt was made to have it appear that in his reorganization of the Chicago & Alton he had been engaged in
some nefarious practices. In our view nothing in
any degree discreditable, either to him or the other
members of the syndicate jointly interested with him,
was uncovered in that investigation. The fact seems
to be that every one made money out of that readjustment, both insiders and outsiders, and the public
got lower rates and better service. Indeed, it may
be truthfully said with respect to Mr. Harriman that
in his whole life work—in all the various undertakings
and enterprises with which he was connected—he was
never a wrecker. He always sought to build up', never
to destroy. He devoted himself chiefly to restoring
moribund properties to life and making them fulfill
their functions. In this way he was able to acquire
much money for himself, but he also made money for
others. It has been declared that no one ever lost
anything by investing in Mr. Harriman's undertakings.
Most important of all, through his reconstructive processes he helped to advance the welfare of the whole
community.
628
THE CHRONICLE
time the slow spread of popular doubt was the failure
of Dr. Cook to produce his astronomical and topical
data in such form as would convince the scientific
world. He in fact produced nothing but his simple
affirmation and apparently some memoranda which
were not of themselves conclusive. His more important papers he declared to be in other hands on their
way to the United States—a certainly rather singular
disposition of such documents under such conditions.
Following on the increasing skepticism of at least
a part of the general public, came the astonishing
news last Monday that Commander Peary, who
had left New York on his own polar expedition July 6
1908, and who had struck out from his winter quarters
for the Pole on the 15th of last February, had himself
'reached the Pole on April 6,and,returning, had arrived
within cable communication at the beginning of the
present week. This highly sentational development
was promptry followed by a personal dispatch from
Peary, warning his friends in the scientific world "not
to take Dr. Cook too seriously," and intimating that
Peary himself had proofs at hand that Cook had
never left solid land for the Polar Sea, and that his
discovery of the Pole was purely imaginary.
In this extraordinary shape the controversy rests
at the present moment. That Peary's challenge to
the claim of Dr. Cook should have caused an overwhelming revulsion of opinion, on the part even of
those who had up to that time accepted Dr. Cook's
narrative, was inevitable. It now remains for the
authentic data of each claimant for the honor to be
examined by competent authorities. The United
States Coast and Geodetic Survey, which will of necessity inspect the records of Peary's expedition, which
was largely organized under the auspices of that
bureaus, has volunteered to do the same for Dr. Cook;
in addition, there remain such important organizations
as the Royal British Geographical Society, whose verdict would be final. In advance of such detailed
examination, it may be worth while to review exactly
what are the grounds for popular mistrust of Dr.
Cook's account, irrespective of Mr. Peary's attitude.
Briefly summed up, they are, first, the absence of
authentic records in the hands of the explorer himself;
his singular conduct in having, according to his own
story, sent these supremely important documents by
another hand from Greenland to America; the disappointing vagueness of his public speech at Copenhagen; the challenge to the authenticity of his Mount
McKinley exploit; the surprising novelty of the notion
that six months could be spent in an Arctic cave, and
the difficulty under any other theory of explaining
why, having reached the Pole in so short a time, it
should have taken a year and a half for his return to
civilization—this notwithstanding the natural eagerness of an explorer to make known to the world so
sensational a discovery. These considerations were
at least emphasized by a not wholly unreasonable
surprise and incredulity over the story—altogether
new in Arctic narratives—that Cook and his Eskimos
maintained life in the long winter quarters after their
discovery, when supplies were naturally used up,
through killing game in the frozen North with knife,
lance, lasso and bow and arrow. In the first stages
of the controversy, the remarkable fact that the
achievement had necessitated traveling at the rate
of twenty miles per day over Arctic ice had held
[VOL. Lxxxix.
an important place as an argument against the story;
but it must now be admitted that this achievement,
of itself, is far from incredible, since Peary's subsequent story of hisiuwn achievement records his passage
at a similar and even swifter pace over the same
Polar Sea.
Beyond these considerations, which we have thus
briefly summarized, it is useless now to go. Commander Peary's story of his own achievement is, for
obvious reasons—chiefly his long and well-earned
distinction as a scientist and navigator—received
without doubt or challenge. As to the possible motive
for an imaginary story of the polar disCovery, that.
can be only pictured according as each man looks at
the possibilities of the case. There have been such
things in the history of e ploration, but in no case
have they failed of eventual and usually speedy
exposure. On the other hand, it is but fair to say
that on more than one occasion stories brought home
by explorers have been challenged and ridiculed by the
scientific world, only to have the truth turn out
exactly as the explorers had declared it. Paul Du
Chaillu's gorilla, and Henry M. Stanley's African pigmies, are celebrated instances in point. Each story
was dismissed at the time as the product of a picturesque imagination; each was confirmed to the full by
discoveries of subsequent explorers. It remains to be
seen in which of these two categories Dr. Cook's
extraordinary narrative will fall.
As to whether absolute and final proofs, not open to
suspicion of having been concocted by an unscrupulous
but well-posted scientist and geographer, could be
submitted by a discoverer of the Pole, even assuming
his story to be genuine, on that question scientific
opinion seems to differ. The burying of a metal cylinder at the Pole, with the records of the trip wrapped
up in it, can contribute nothing to the verification of
Dr. Cook's narrative; for, by his own account, the
cylinder was planted in a floating and shifting sea
of ice. Much may be looked for in a comparison under
scientific eyes of the two narratives of Cook and
Peary; more, perhaps, in the extent to which the
detailed story, when it is finally given out by Dr.
Cook, will harmonize with itself and with the knowledge which science already possesses. If this is not
conclusive, it is possible that a perpetual controversy
has been opened, such as would forever divide the
scientists and the public into two opposing parties, and
which would far surpass, in energy and acrimony, even
the once famous dispute as to who was the original discoverer of the American continent.
THE CHICAGO MILWAUKEE & ST. PAUL
REPORT.
The Chicago Milwaukee & St. Paul Railway Co. is
the first of the larger Western railway systems to furnish its printed report for the fiscal year ending June 30
1909. Doubtless, too, there is more interest attaching to the results for this property than to those of
any of the other big combinations of roads in the
Western half of the country. The .building of its Pacific Coast extension means a transformation in more
senses than one. The change in a geographical sense
will be readily recognized, for with the completion of
this extension the St. Paul becomes a full-fledged
transcontinental system, extending from Chicago,
Milwaukee and upper lake points to the Pacific Coast
SEPT. 11 1909.]
THE CHRONICLE
at Seattle and Tacoma. Previously, while comprising
7,500 miles of road and gridironing some of the most
important States west of Chicago,its operations were in
great measure restricted within local territory, the farthermost point of the system from Chicago and Milwaukee being the Black Hills in Southwestern South Dakota.
In carrying the confines of the system to the Pacific Coast, by the building of an extension of about
1,500 miles from the Missouri River to Seattle, it is
obvious that not only is the contour of the system
changed, but important modifications are likely in
the character and composition of the traffic. The
,extension runs on the whole through a good territory,
and will drain and develop large areas previously more
or less remote from railroad facilities. It hence seems
likely that the new line will in course of time build up
an important traffic for itself, while adding to the
traffic of the parent system. This conclusion appears
all the more reasonable when it is considered that the
Pacific Coast extension is not intended by any means
to be all main line. Rather curiously, though the
St. Paul has been financing the Pacific extension, the
St. Paul report has never contained a very extensive
amount of information concerning the same. But the
present report does say that "about 520 miles of branch
lines are being constructed by thephicago Milwaukee &
Puget Sound Railway Co. "(the corporate name of the
company owning the Pacific lines)," of which 160 miles
are in the State of South Dakota, 120 miles in the State
of North Dakota, 70 miles in the State of Idaho and
170 miles in the State of Washington." Thus the line
is to be fed by branches intended to open up local
territory and develop the traffic of the main stem.
The report also notes that, since the date of the previous report, the corporate title of the Chicago Milwaukee & St. Paul Railway Co. of Washington has
been changed to the Chicago Milwaukee & Puget
Sound Ry., and that the last-named company,through
the acquisition of the railroad, property and franchises
of the Chicago Milwaukee & St. Paul Railway companies of South Dakota, Idaho and Montana—which
companies were constructing the line from the Missouri
River to the Washington State line—and the Montana
Railroad Co., controls the whole of the mileage embraced in the Pacific extension.
There is another aspect in which a change will be
wrought through the St. Paul's connection with the
Pacific Coast extension. In this we have reference
to the bearing which the enterprise will have
upon the company's finances and the income yield
of St. Paul's stock. We have already stated that the
St. Paul itself has completely financed the undertaking. This it did by the sale to shareholders in December 1906 of about $100,000,000 of new St. Paul stock.
The subscription paymentsfor the new stock extended
over a period covering more than two years, the final
installment not having matured until March 1909. At
the latter date the whole of the new stock became
paid for, to amount of $66,298,500 of preferred and
$32,970,300 of common, and therefore this new stock
is now outstanding, and the St. Paul will be obliged to
pay dividends on the same—in fact, the dividend this
month was on the enlarged amount of stock. This
will add (as the company is paying 7% dividends on
both classes of shares) nearly $7,000,000 to the annual
dividend requirements of the company. The report
states, as explaining what the proceeds of the new stock
629
were used for, that $99,492,800 of new stock was issued
for the acquisition of the securities of the Chicago Milwaukee & Puget Sound Ry.
It would be difficult to venture even an estimate
of what the Pacific extension can contribute to its
own support and what it can contribute to the support
of the parent company, through the return which the
latter may be able to obtain on the securities it holds
of the Pacific Coast lines. The present report is necessarily limited to the operations and results of the parent system—that is, the system as it has existed independently of the Coast extension. We are told that
track-laying on the line from the Missouri River to
Tacoma and Seattle was completed May 14 1909, and
the line was opened for the transportation of freight
July 11909. It is also stated that during August the
facilities for a local passenger traffic would be extended
to cover the entire extension. It accordingly appears
that the extension will become a revenue producer almost immediately.
The results in the report, as already stated, relate
wholly to the old system. From these we are able to
see how far the St. Paul can be depended upon to earn
a return on the new stock independent of any contribution of traffic or income from the extension. We
shall presently discuss the figures of earnings and expenses for the twelve months, but at this point wish
to note simply that over and above its fixed charges
and 7% dividends on the old amount of stock outstanding, the St. Paul, on its operations for the late
fiscal year had a surplus of $3,796,586. Assuming no
increase in 1909-10, the company on its own operations would have available this 39 million dollars
towards meeting the $7,000,000 required to pay the
7% dividends on its $100,000,000 (roughly) of new
stock. As a matter of fact, with a further development of industrial activity in the United States, and
with an exceptionally fine agricultural yield in Minnesota and the two Dakotas, the St. Paul in the current
or new fiscal year ought to have a much larger available net income than it had during the late year, entirely apart from the aid it may get from the Pacific
Coast extension.
The report shows earnings result just about as expected. By this we mean that there is improvement
over the year preceding, but that the gains fall short
of equaling the losses sustained in the previous year.
Exact comparisons with the figures prior to July 1
1907 are not possible, owing to the changes in classification of both earnings and expenses enforced by the
Inter-State Commerce Commission, but in a general
way the statement we have made is correct. As compared with the twelve months preceding, gross earnings have increased $2,964,843, while expenses have
been augmented by $1,567,870, leaving $1,396,973
gain in net. Of the addition to expenses, only $417,921 was in cost of conducting transportation, showing
due efficiency in operation in face of the increase in
traffic. The number of tons of revenue freight carried
was increased from 26,189,853 tons to 27,499,704 tons,
and the number one mile from 4,980,486,243 tons to
5,051,527,001. The number of passengers carried
rose from 14,234,127 to 15,261,551, and the number
carried one mile from 619,468,248 to 674,072,186.
Thus, the gain in traffic was very substantial.
As far as the freight traffic is concerned, the gain
did not amount to a recovery of the previous year's
630
losses, but the gain in the passenger traffic indicates a
further expansion in that branch of the company's
business, since in the previous year there had been
no loss in the passenger movement, but actually a gain.
It is to be noted, however, that there was a further
decline during the year in the average rate realized,
this average having dropped from 2.202 cents per
passenger per mile in 1906-07 to 1.918 cents in 1907-08,
and now for 1908-09 having got down to 1.895 cents.
This shrinkage in the average passenger rate must be
ascribed, we presume, to the action of the various
States in forcing lower passenger rates. In the freight
traffic there was a slight rise in the average after a big
decline in the previous year. In other words, the
average per ton per mile was 8.382 mills, against only
8.117 mills in 1907-08 and 8.557 mills in 1906-07. In
the previous year we had noted a decrease in certain
items of traffic wholly disconnected with business depression, such, for instance, as a shrinkage in the agricultural tonnage, which declined from 6,470,915 tons
to 5,640,370 tons. In the late year there was a recovery, but only to 5,868,017 tons. With better
crops this season, the 1909-10 agricultural tonnage
ought to get back again to the old figure.
The balance sheet shows some very important
changes for the twelve months. These are mainly
connected with the completion of the payments for
the new stock, common and preferred, of the St. Paul,
and the acquisition of the securities of the Chicago Milwaukee & Puget Sound Ry. with the proceeds of the
new issue. The total amount of stock issued was increased from $133,354,300 to $232,623,100. Of the
total stock issued, the company held $745,200 in its
own treasury June 30 1909, against $270,800 June 30
1908. The funded debt was increased during the year
by $19,227,000 of general mortgage bonds issued,
and was decreased $1,313,000 by underlying bonds
retired and canceled. The whole amount, however,
of the $19,227,000 of general mortgage bonds issued
was added to the amount of bonds held by the company in its own treasury, raising the total so held to
$27,828,000. The item of bonds and stocks of other
companies held was increased during the twelve months
from $20,020,423 to $105,470,166. In this change
and in the disappearance of the large item of $61,060,369 bills receivable, doubtless we see reflected the
operations connected with the acquisition of the securities of the Chicago Milwaukee & Puget Sound Ry.
On the other hand, the increase in the item of advances
to other companies from $2,554,355 to $20,232,355
would seem to indicate that the Pacific Coast undertaking is still largely indebted to the St. Paul Company.
Cash on hand has been further drawn down, and
June 30 1909 was. only $1,869,470, against $8,393,550
June 30 1908 and $18,786,945 June 30 1907. This
decrease of cash is of little consequence in view of the
large advances in connection with the Pacific Extension and the fact that the company has $27,828,000
of its own bonds in its treasury. Furthermore, since
the close of the fiscal year the St. Paul has created an
issue of 4% debentures, no mention of which is made
in the report. The credit of $1,532,055 to the renewal and improvement fund existing on June 30
1908, and represented by cash on deposit with the
United States Trust Co. of this city and the Union
Trust Co., has disappeared. On the other hand,
whereas. on June 30 1908 the accounts showed only
$1,532,055 unexpended of the Renewal and Improvement Fund, the statement for June 30 1909 shows an
unexpended balance of no less than $5,807,199. This
[VoL. Lxxxix.
THE CHRONICLE
at first sight appears inexplicable, as the only addition
to the fund has been a slight credit of interest, raising
the total of the fund from $12,522,762 to $12,528,225.
The report does not venture any explanation, but on
examination of the detailed statement it appears that
$4,650,996 previously charged against the Renewal
and Improvement Fund has now been transferred to
capital account, and three other small items, aggregating $188,849, for change of line, have also been so
transferred. Per the contrary, some other items not
previously charged to the fund have now been entered against the same. Among these may be mentioned $115,631 for additional weight of rails and
$83,446 for additional ties.
RAILROAD GROSS EARNINGS FOR AUGUST.
There are no new features in the returns of railroad
gross earnings. The character of the exhibits is much
the same as it has been through the other months of
the year. By this we mean that earnings are very
much better than at the period of intense business
depression last year, but have not yet got back to the
full figures attained two years ago. Our compilation.
to-day covers the roads which have thus far furnished
early returns for the month of August, comprising
altogether 78,484 miles of line. These roads show a
gain of $6,102,600, or 11.77%, over the small totals
for the same roads in August 1908. A year ago our
August statement covered 82,513 miles of road and
showed a decrease of $10,691,980, or 15.20%. • This
contrast furnishes a general idea of the relations between last year's losses and this year's gains.
In the present improvement the controlling feature,
of course, is the revival of trade activity, which with
the completion of tariff legislation has been gaining
new momentum. In the West there was also an advantage from a larger grain movement; but, on the
other hand, in the South the roads had to contend
with a smaller cotton movement, though it is proper
to say that the crop movement in August never reaches
very large proportions, owing to the fact that the
marketing of the old crop has been completed, while
it is t90 early to get much cotton from the new crop.
The present year the receipts of cotton at the Southern
ports for the month reached 100,747 bales, against
184,504 bales in August 1908, but as against 71,325
bales in August 1907. The shipments overland were
17,258 bales, against 25,676 bales and 20,375 bales
respectively.
As regards the Western grain movement, speaking
of it collectively, the receipts of wheat, corn and oats
were all heavier than last year, these increases, however, being offset to an extent by smaller deliveries of
barley and. rye. Altogether the receipts of the five
cereals for the four weeks ending Aug. 28 this year
were 58,638,435 bushels, against 54,010,246 bushels in
the four weeks of last year. Below we show the details of the Western grain movement in our usual
form.
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
ending
Aug. 28.
Chicago1909
1908
Milwaukee1909
1908
St. Louis1909
1908
Toledo1909
1908
Detroit1909
1908
Flour.
(bbls.)
1Vheat.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
6,025,600 12,206,450
6,027,640 7,695,103
372,000
810,500
103,500
141,145
490,500
387,400
1,134,000 1,137,200
37,000
63,000
2,632,420
2,522,075
10,400
48,100
28,063
32,774
500
48,500
79.000
728,128
672,606
6,447,268
5,190,339
215,600
198,825
770,000
1,148,000
331,900
171,000
274,810
243,785
5,019,482
2,638,877
1,083,890
1,238,545
1,110,000
704,090
219,900
278,500
1,137,800.
1,465,500
265,853
236,273
167,269
208,689
308,986
458,120
22,786
23,400
Barley.
Bye.
(bush.) (bush.)
SEPT. it 1909.1
Flour.
Cleveland(551.9.)
1909
4,310
1908
6,373
Peoria1909
165,200
1908
70,050
Duluth1909
288,500
1908
341,000
Minneapolis1909
1908
Kansas City1909
1908
THE CHRONICLE
Corn.
(bush.)
229,775
134,223
Oats.
(bush.)
1,444,741
806,151
Barley.
(bush.)
3,000
430,475
343,000
880,994
1,283,700
1,496,223
945,300
24,000
26,000
13,000
25,000
259,762
978,005
232,299
82,558
99,416
151,242
422,705
65,057
95,692
3,459,730
4,431,730
391,770
152,950
549,750
832,000
758,110 1,644,680
130,240
133,542
6,102,600
6,637,050
1,070,400
027,000
1Vheat.
(bush.)
123,658
584,82"
,
Rye.
(bush.)
Total of ail1909
1,699,334 23,988,808 11,533,797 20,911,928 1,780,542
1908
1,556,039 22,890,186 10,122,247 16,338,475 4,089,185
423,360
570,153
It is almost needless to say that prior to last year
railroad earnings had shown almost uninterrupted
gains year by year back to 1896. Proof of the fact
is furnished in the following summary of the yearly
totals.
Gross Earnings.
Mileage.
August.
Year.
1896 _ _
1897 _
1898 _ _
1899 __
1900 _
1901
1902 _
1903 _
1904 _ _ _
1905 _
1906 _ _
1907 _ _
1908 ___
1909 ___
Jan. 1 to
1896 _ _ _
1897
1898 -1899
1900
1901 _ _ _
1902 _ _
1903 _ -1904
1905 _ _ _
1906 _ _ _
1907 _
1908 _
19091_ _ _
Roads
120
118
121
112'
105
96
76
76
67
56
68
67
52
49
Aug.
116
114
121
110
105
92
76
76
67
55
66
67
51
49
InYear
Year
Given. Preced. create.
Year
Given.
Miles.
89,255
91,625
93,792
94,771
93,157
97,750
88,620
96,047
81,248
79,192
90.455
92,898
81,261
77,217
38,801,525
43,190,342
46,632,848
54,751,100
57,143,176
65,155,714
58,887,908
72,505,067
59,445,529
58,859,481
79,344,748
86,377,190
59,649,837
57,953,811
Miles.
89,991
93,108
94,185
95,798
96,376
99,951
90.102
98,126
83,160
81,055
92,788
93,683
82,513
78.484
31
88,742
92,379
94,185
95,484
96,376
96.056
90,102
98,126
83,160
80,798
92,507
93,683
82,091
78,484
0.82
1.62
0.42
1.08
3.45
2.25
1.67
2.16
2.35
2.26
2.58
0.84
1.54
1.65
EARNINGS OF SOUTHERN GROUP.
August.
562,500
454,700
Increase (-I-)
Year
Preceding.
Or
Decrease (-)•
$
40,010,144 -1,208,619 3.02
38,526,399 +4,663,943 12.62
44,446,940 +2,185,908 4.92
48,325,106 +6,425,994 13.29
53,731,004 +3,412,172 6.35
57,439,471 +7,716,243 13.43
56,213,712 +2,674,196 4.75
66,411,069 +6,093,998 9.17
57,494,231 +1,951,298 3.39
55,955,430 +2,904,051 5.19
70,099,249 +9,245,499 13.19
79,029,051 +7,348,139 9.30
70,341,817 -10,691,980 15.20
51,851,211 +6,102,600 11.77
0.83
1.62
0.42
1.08
3.45
2.34
1.67
2.16
2.35
2.26
2.59
0.84
1.48
1.65
1909.
1908.
1907.
1906.
1905.
1904
$
7303,826
$
Alabama Gt So_
7304303 7361,640
294,001
343,250
274,820
Ala N 0 & T P
NO & N E.. 7263,041 7212,044 7269,676 7235,671
191,34
199,281
Ala & lacks_ 7130,944 7113,380 7128,414 7116,907
103,061
84,52
Vicks Sh & P 7110,350 7106,268 7138,309 7120,007
71,15
108,925
Atl B'ham &Atl 7188,532 7139,101
172,431
125,735
91,759
78,815
Cent of Georgia 7857,100 7812,300 7965,871
949,512
827,82
725,992
Ches & Ohlo.._ _ 2,625,010 72,292,904 2,667,359 2,201,092 1,967,281 1,819,781
CM N 0 & T P. 7659,952 7666,688 r766,221
700,072
665.407 626,126
Louisv & Nashv 73,982,667 73,699,746 74,426,453 4,009,935 3,402,605
3,157,920
Mobile & Ohio_ 7839,566 7739,117 7921,980
852,142
699,302 671,827
Southern Ry_ _ _ 74,474,395 74,031,053 74,923,571 4,643,765 4,258.53 4,041,552
Yazoo & Miss V a715,725 a637,648
796,802
674,775
456,437 581,546
Total
15,151,108 13,754,552 16,538,727 14,972,863 13,010,172 12,389,646
a Includes some large Items of income not previously incluled in monthly returns'
r These figures are on the new basis of accounting prescribed by the Inter-State
Commerce Commission.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
August.
1909.
1908.
1907.
1906.
1905.
1904.
$
Canadian Pac_ _ 7,152,0)0 6,254,000 7,010,177 6,170,452 4,796.734 4,474.237
Chic Gt West'n* 7740,417 7779,514 7776,972 7828,389
714,3t
625,195
Dul So Sh & AU 7308,376 7234,773 7333,139
303,711
285,221
237,229
Great Nor Syst_ 5,419,302 84,460,472 5,742,628 4,999,099 3,972,540 3,637,891
Iowa Central _ _ 7254,834 7265,676
259,893
256,207
231,638 208,337
Minn & St Louis 7364,753 7340,783 7346,009
347,939
326,084
253,845
Minn StP &SSM 1,066,837
994,989 1,021,935 1,055,813
916,308 609,578
Chicago Div_
718,193
641,152
728,663
677,168
641,003 602,094
Total
16,024,712 13,971,359 16,219,416 14,638,778 11,883,892 10,648,406
* Results are based on 111 miles less road beginning with 1905.
b Actual figures of earnings are now used for comparison.
r Figures are on new basis of accounting prescribed by the Inter-State Commerce
Commission.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
August.
88,000
90,896
93,792
94,457
93.157
93,85'
88,620
96,047
81,248
78,935
90,174
92,898
80,891
77,217
631
1q09.
1908.
1907.
1906.
1905.
1904.
287,248,002 272,696,995 +14,551,007 5.33
298,238.929 291,932,827 +6,306,102 2.16
337,683,518 304,008,624 +33.674,894 11.07
378,241,765 348,511,473 +29.730,292 8.53
417,335,014 371,773,610 +45,561,404 12.25
417,198,174 376,726,858 +40,471,316 10.74
429,366,197 397,306,062 +32,060,135 8.07
536,623,682 475,299,340 +61,324,342 12.90
419,174,339 423,955,840 -4,781,501 1.12
421,764,129 393,742,645 +28,021,484 7.12
575,472,692 498,726,455 +76,746,237 15.39
336,734,664 575,891,850 +60,842,814 10.57
122,122,512 507,168,353 -85,045,841 16.78
109,593 132 367,711,841 +41,881,291 11.40
$
$
Buff Koch & P. 7835,714 7637,950 7768,646
743,622
806,567 735,216
Chic Ind & L._ 7529,890 r475,953 7556,509
557,419
560,011
510,525
GrandTr ofCanl
Gr Tr West_ 83,879,409 3,483,778 4,097,888 3,885,271 3,497,905 3,108,137
Det G H &MJ
Illinois Central_ a5.058,571 a4,662,619 a5,280,578 4,486,251 4,015,835 4,214,208
Tol Peo & West 7103.864 7102,091
105,251
105,176
115,917
121,177
Tol St L & W.-. 7330,248 7321,450
401,338
406.985
387,801
364,332
Wabash
72,593,830 72,376,980 2,602,303 2,505,541 2,251,702 2,480,785
Total
13,331,526 12,060,821 13,812,513 12,690,265 11,635,73811,534,380
Note.-Neither the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are included in this table.
a Embraces some large items of income not previously included in monthly returns.
S Includes Canada Atlantic beginning with October 1904.
r Figures are on the new basis of accounting prescribed by the Inter-State Commerce Commission.
In the case of the separate roads the record is a
strikingly favorable one, qualified, however, as in the
case of the general totals, by the circumstance that
this year's increases as a rule fall below last year's decreases. Thus the Great Northern this year has
$958,830 gain, while last year the loss (on a somewhat
different basis of comparison) was $1,383,980. The
Canadian Pacific, however, has $898,000 increase now,
as against only $756,177 decrease last year. The
Southern Railway's present gain of $443,342 compares with a loss last year of $892,518. In the following we show all changes for the separate roads for
amounts in excess of $30,000, whether increases or
decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN AUGUST.
Increases.
Increases.
$958,830 Ala New On & T P (3)- $72,643
Great Northern (2)
898,000 Chicago & Alton
Canadian Pacific
68,537
701,000 Texas & Pacific
Missouri Pacific (2)
60,578
443,342 Canadian Northern
Southern Railway
59,700
395,952 Chicago Ind & Louisville
Illinois Central
53,937
395,63 Atlanta firm & Atlantic
Grand Trunk (4)
49,431
Louisville & Nashville_ _ _ _ 332,921 Kansas City Alex & Orient_ 1/49,180
332,106 Central of Georgia
Chesapeake & Ohio
44,800
299,400 Colorado & Southern
Denver & Rio Grande
39,512
Wabash
216,850 St Louis Southwestern__
32,290
Buffalo Rochester & Pitts_ 197,764
Minneap St P & S S M (2).. 148,889
Representing 33 roads in
Mobile & Ohio
our compilation
100,449
;6.103,422
Yazoo & Mississippi Valley.. 78,077
Decrease.
Duluth South Shore ec Atl_
73,603 Chicago Great Western_ _ _ _ $39,097
Note.-Figures in parenthesis after name of road indicate number of lines
or companies for which separate returns arc given in our compilation.
y These figures arc for three weeks only.
To complete our analysis, we add the following
six-year comparisons of the earnings of leading roads
arranged in groups:
EARNINGS OF SOUTHWESTERN GROUP.
August.
1909.
1908.
1907.
1906.
I
1905.
1904.
$
3
Colo &South'n* 71,309,396 71,269,884 71,114,736 1,107,345
956,281
682,122
Deny ec Rio Gd 72,022,100 7'1,722,700 72,120,262 71,805.605 1,690,261 1,424,977
7591,000
7580,000
lot & Gt North
614,210
589,334
519,889 451,264
Mo Pac&CentBr 4,609,000 3,908,000 4,670,229 4,275,722 3,809,031 4,091,946
St Louis Southw r839,390 7807,100 7937,405 7833,804
718,876 714,130
Texas & Pacific 71,132,480 71,071,902 71,256,730 1,119,350, 811,721
898,887
--Total
10,503,366 9,359,586 10,688,696 9,756,036 8,506,059 8,263,335
i
9* For 1909, 1908, 1907, 1906 and 1905 includes all affiliated lines except Trinity
MBrazos Valley RR. For 1904 we have combined Colorado & Southern and Fort
Worth & Denver City.
r Figures are on the new basis of accounting prescribed by the Inter-State Commerce Commission.
GROSS EARNINGS AND MILEAGE IN AUGUST.
Gross Earnings.
Name of Road.
Alabama Great Southern_
Ala New Orl & Tex PacNew Orl & North East_
Alabama & Vicksburg_
VIcks Shrev & Pac_ __ Atlanta Birm'ham & Atl_
Buffalo Roch & Pittsb_ _
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western_ _
Chicago Ind ec Louisville_
Cinc New Orl & Tex Pac..
Colorado & Southern_
Denver & Rio Grande_ _ _
Detroit & Mackinac
Detroit Toledo & Ironton
Ann Arbor_
Duluth So Sh & Atl
Georgia South & Florida_
Grand Trunk of Canada
Grand Trunk Western
Det Gr Hay & Milw_ _
Canada Atlantic
Great Northern
Eastern of Minn
Montana Central
Illinois Central
International & Gt Nor__
Iowa Central
Kansas City Mex & Orient
Louisville & Nashville_ _
Mineral Range
Minn & St Louts
Minn St Paul ik S S M___ Chicago Division.
Mo Pacific & Iron Mtn_ _}
Central Branch
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern_ __ _
St Louis Southwestern__ Southern Railway
Texas Central
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & West..
Wabash
Yazoo & Miss Valley
Mileage.
Inc. (-I-) or
Dec. (-). 1909. 1908.
1909.
1908.
$
303,826
$
304,303
$
-477
309
309
263,041
130,944
110,350
188,532
835,714
807,100
7,152,000
857,100
2,625,010
1,219,513
740,417
529,890
659,952
1,309,396
2,022,100
104,929
136,601
178,683
308,376
163,713
212,044
113,380
106,268
139,101
637,950
1747,400
6,254,000
812,300
2,292,904
1,150,976
779,514
475,953
666,688
1,269,884
1,722,700
98,901
157,339
177,155
234,773
146,622
+50,997
+17,564
+4,082
+49,431
+197,764
+59,700
+898,000
+44,800
+332,106
+68,537
-39,097
+53,937
-6,736
+39.512
+299,400
+6,028
-20,738
+1,528
+73,603
+17,091
195
142
171
642
568
3,224
9,426
1,916
1,903
998
818
616
336
1,952
2,561
348
438
300
593
395
195
142
171
571
568
2,874
9,230
1,916
1,894
998
818
617
336
1,951
2,546
344
486
300
592
395
3,879,409 3,483,778
+395,631 4,528 4,528
5,419,302 4,460,472
+958,830 6,962 6,643
5,058,571 4,662,619
591,000
580,000
254,834
265,676
y106,991
y57,811
3,982,667 3.649,746
74,015
70,437
364,753
340,783
1,066,837
994,989
718,193
641,152
+395,952
+11,000
-10,842
+49,180
+332,921
+3,578
+23,970
+71,848
+77,041
4,551
1,159
558
656
4,401
129
1,027
2,394
1,064
4,541
1,159
558
543
4,365
128
1,028
2,309
1.023
4,609,000
839,566
44,623
54,044
839,390
4,474,395
1/52,887
1,132,480
103,864
330,248
2,593,830
715,725
+701,000
+100,449
+7,252
+1,473
+32,290
+443,342
-5,423
+60,578
+1,773
+8,798
+216,850
+78,077
6,487
1,097
184
180
1,470
7,050
268
1,885
247
451
2,514
1,371
6,478
1,097
164
180
1,470
7,014
268
1,885
247
451
2,514
1,371
3,908,000
739,117
37,371
52,571
807,100
4,031,053
1/58,310
1,071,902
102,091
321,450
2,376,980
637,648
57,953,811 51,851,211 +6,102,600 78,484 77.217
Total (49 roads)
Net increase (11.77%)- - Mexican Roads (Not inclu uded in to tan524,443
Interoceanlc of Mexico__ 513,916
+10,527
736
736
Mexican International__ 584,223
594,913
-10,690
918
918
Mexican Railway
y443,800 y393,600
+50,200
321
321
Mexican Southern
y70,577
y68,031
263
263
+2,546
National Railways of Mex 3,831,816 3,743,810
+88,006 5,274 5,169
1b41
Ofrhese figures are for the first three weeks only In both years.
[VOL. Lxxxix.
THE CHRONICLE
632
COTTON MOVEMENT AND CROP OF 1908-09.
Takings for ConsumptionNorth
South
1908-09.
Bales.
2,838,205
2,573,524
1907-08.
Bales.
2,007,422
2,234,395
1906-07.
13ales.
2,708,662
2,487,088
5,195,750
4,241,817
5,411,729
Our statement of the cotton crop of the United States for
Total takings for consumption
Exports8,405,228
7,479,740
8,457,693
the year ending Sept. 1 1909 will be found below. It will Total, except Canada by rail
122,000
103,338
124,385
be seen that the total crop this year reaches 13,828,846 bales, To Canada by rail
8,527,228
7,583,078
8,582,078
exports
Total
the
spinners'
and
bales
8,582,078
are
exports
the
while
540
1
41
Burnt during year
takings are 5,411,729 bales, leaving a stock on hand at the
..13,993,848 11,824,896 13,723,518
Total distributed
Deductclose of the year of 185,787 bales. The whole movement
172,758
243,067
165,002
Cotton imported, minus stock increase
for the twelve months is given in the following pages, with
11,581,829 13,550,760
13,828,846
crop
Total
such suggestions and explanations as the peculiar features
In the above are given the takings for consumption. The
of the year appear to require. The first table indicates the
consumption for the same two years has been
actual
stock at each port Sept. 1 1909 and 1908, the receipts at the
1907-08.
1908-09.
Bates.
Bales.
ports for each of the past two years and the export movement
325,669
197,603
Northern mills' stocks Sept. 1_
4,241,817
5,411,729
for the past year (1908-09) in detail, and the totals for Takings a
4,567,486
5,609,332
1907-08 and 1906-07.
Total
Consumption-North a
South
Receipts for Year
Exports for Year Ending Sept. 11909.
EndingPorts of.
Sept. 1
1909.
Sept. 1
1908.
Great
Britain. France.
Conti,
nent.
Stocks.
Sept. l'Sept. 1
Total. 1909. 1908.
Texas._ 3,974,5632,777,780 1,556,437 424,366 1,364,344 3,345,147 37,296
Louisna 2,093,232 1,995,204 928,571 268,583 760,318 1,957,472 39,571
91,227 748,1161,204,223 22,655
Georgia 1,843.5201,740.768 364,881
Alabam 393,911 340,150 93,781 130,848 82,335 306,963 2,619
82,045 56,778 189,487
50,664
Florida_ 217,189 177,277
77,244 82,969 1,019
5,725
So. Car_ 213,248 204,313
8,731 281,624 403,209
573
112,854
576,661
No.Car. 461,269
30,641 6,796
3,621
33,020
Virginia 604,111 511,151
52,624 216,659 459,197 69,471
a4,228 189,914
N. York a19,181
12,00
107,162 3,210
95,162
Boston_ a19,460 a15,831
7,537 67,683 128,474 1,702
Baltim' a102,938 a82,078 53,254
13,552 69,531
875
55,979
a9,803
a6,848
Phila
v124,385 129,555
5,170
Pti'd &c
82,528 82,528
San Fr'o
79,520 79,520
Seat.,&e
•
Totals3,545,410 1.065,9613.970.7078,582,078 185,787
This yr_ 9,949,470
41,763
26,840
21,758
4,969
490
6,439
4,545
3,174
66,271
3,662
1,733
1,143
2,498,1011
2,135,4881
2.573,52415,071,625 2,234,39514,369,883
Northern Mills' stock end of year ..bales_
537,707
197,603
a Takings and consumption include 1,012 bales American cotton returned
and 170,477 bales foreign cotton (Egyptian, Peruvian, &c.) in 1908-09 apd
150 608 bales foreign and returned American cotton In 1907-08.
Consumption in the United States and Europe.
UNITED STATES.-The Season of 1908-09 in the cottonmanufacturing industry of the United States, while not as
prosperous as 1905-06 and 1906-07, was, nevertheless,
speaking broadly, a fairly favorable one, and certainly much
more satisfactory than 1907-08, both as regards the volume
of goods produced and the margin of profit secured. The
season of 1907-08, as we stated a year ago, will long be
remembered as a period of radically divergent conditions.
It opened with machinery quite fully in operation, the output
182,787 well engaged ahead,and the outlook for the future promising,
8,435,244 2,960,746 891.4883,730,844 7,583,078
Last yr_
276,844 but within a few months the whole aspect of affairs changed.
9,735,167 3,789,643 908,392!3,829,1938,527,2281
Prey. yr
The immediate effect of the October 1907 panic was not as
at
these
receipts
the
ports
of
which
arrived
a These figures are only the portion
as in many other lines of industry, but before the
severe
to
rail
by
Canada.
Shipments
v
&c.
Tennessee,
by rail overland from
close of December lack of orders forced a resort to short
The foregoing shows that the total receipts at the Atlantic time to prevent a redundant accumulation of stock. From
and Gulf shipping ports this year have been 9,949,470 bales, that time on to the close of the season.short time or complete
against 8,435,244 bales last year and 9,735,167 bales in stoppage for more or less extended periods. was quite the
1906-07, and that the exports have been 8,582,078 bales, rule throughout the country, although at intervals price
against 7,583,078 bales last season and 8,527,228 bales the reductions stimulated demand to such an extent that strong
previous season, Great Britain getting out of this crop hopes that the tide had turned were entertained. There was
3,545,410 bales. If now we add the shipments from Ten- not, however, any noticeable improvement in trade up to
nessee and elsewhere direct to manufacturers and Southern the end of August, but the favorable crop situation at that
consumption, we have the following as the crop statement time encouraged belief in a better inquiry for goods before
for the three years:
the new season had far advanced. That view of the situation proved to be correct and the wait for its realization was
1907-08. 1906-0'i.
Year ending September 1.
not long, for while curtailment of production continued
9,949,470
bales_
8,435,244
5,167
9,73
ports
Receipts at
Shipments from Tennessee, &c., direct
during
September at leading manufacturing centres like
1,305,852
912,190 1,328,505
to mills
Fall River, October witnessed the beginning of the resump11,255,322 9,347,434 11,063,672
Total
'operations have
Manufactured South, not Included above 2,573,524 2,234,395 2,487,088 tion of full working time, and since then
thus seen that
is
It
lines.
normal
practically
been
along
13,828,846 11,581,829 13,550,760
Total Cotton Crop for the Year
the season just closed was in direct contrast with the one
The result of these figures is a total crop of 13,828,846 that preceded it.
As regards supplies of the raw material to meet consumpbales (weighing 7,115,746,869 pounds) for the year ending
tive
requirements at home and abroad during 1908-09, it is
August 31 1909, against a crop of 11,581,829 bales (weighing
to be said that at no time has there been any reason to
5,907,070,895 pounds) for the year ending August 311908.
doubt their amplitude. In fact, with the acreage the greatNORTHERN AND SOUTHERN SPINNERS' takings est on record and a fairly favorable growing season, the indiin 1908-09 have been as given below
cations have all along been for a yield sufficiently large to
bales_ 13,828,846
Total crop of the United States, as before stated
meet all consumptive demands and leave a surplus to further
1908)
1
Stock on hand commencement of year (Sept.
72,809
At Northern ports
augment
reserve supplies. But as evident as this has been
a/109,978- II:
At Southern ports
190,848 to the unbiased or cotton wise, it has not deterred those
At Northern interior markets
14,019,694 interested in the speculative markets from attempting
Total supply during the year ending Sept. 1 1909
Of this supply there has been exported
to inculcate belief in a short yield, and the reduction of
a8,457,693
to foreign ports during the year
Less foreign cotton imported and Amerito an uncomfortably low basis. The Government's
supplies
bales_ 171,489-8,286,204
can cotton returned_b
124,385
Sent to Canada direct from West
erroneous
acreage figures, which were made the basis of
41
Burnt North and South_c
Stock on hand end of year (Sept. 1 1909)crop
many
estimates, were, of course, in a measure respon75,258
At Northern ports
110,529- 185,787
for
sible
of the small crop ideas circulated. But its
some
At Southern ports
11,548- 8,607,965
At Northern interior markets
estimate of 12,920,000 bales of 500 lbs. gross weight each
Total takings by spinners In the United States for year ending
as too high in
5,411,729 promulgated in December was characterized
Sept. 1 1909
2,573,524
Taken by Southern spinners (included in above total)
some quarters and it required the final report of the Census
2,838,205 Bureau,
Total taken by Northern spinners
making the yield 13,587,306 bales of 500 lbs. gross
a Not Including Canada by rail. b Includes 1,012 bales of American each, to silence the pretended believers in an inadequate
cotton returned and 130,468 bales foreign, mainly Egyptian, equaling
170,477 bales of American weights. c Burnt includes not only what has new supply of the staple, and convince the general public that
been thus destroyed at the Northern and Southern outports, but also all
the cotton crop of 1908-09 was practically of record proporburnt on Northern railroads and in Northern factories.
These figures show that the total takings by spinners tions.
The commercial crop of the United States for 1908-09, as
North and South during 1908-09 have reached 5,411,729
bales, of which the Northern mills have taken 2,838,205 our statistics show, turns out to be 13,828,846 bales, weighing
7,115,746,869 lbs. gross. The largest crop heretofore raised
. bales and the Southern mills 2,573,524 bales.
Distribution of the above three crops has been as follows: in the country was 13,556,841 bales, or 6,996,731,233 lbs.
SEPT. 11 1909.]
THE CHRONICLE
gross, in 1904-05. It is seen, therefore, that the latest crop
is by a small margin the greatest ever raised in the country.
With a commercial crop of 13,828,846 bales, and visible
stocks of 976,982 bales American cotton carried over at the
close of August 1908, the available supply for the season
just ended is seen to have been 14,805,828 bales. Of this
aggregate consumers have absorbed 13,351,828 bales; that is
to say, that amount has gone out of sight—being the actual
consumption at home and abroad, the amount burnt or
added to mill holdings. The visible supply of American
cotton on Aug. 31 1909 was, therefore, approximately
1,454,000 bales, or, with the exception of Aug. 311905, the
greatest total ever carried forward from one season to another, and greatly exceeding most years. It is also well to
remember that mill stocks of American cotton both in this
country and abroad are moderately greater than a year
ago, the policy in the northern portion of the United States
having been to add to their reserve stock. Of cotton other
than American the combined world's visible stocks were
at the close of August less than on the corresponding date in
either of the three previous years, appreciably so as compared with 1907 and 1906. But the visible supply of all
varieties of cotton at the close of 1908-09 was, with the
exception of 1907 and 1905, the largest on record, and the
decreases from those years were, on the whole, small. It
thus happens that with another season of large consumption
—in fact, the record—passed, there has been sufficient cotton
raised to meet all requirements and leave a balance to fortify
reserves against a time of actual need for it.
And while the crop has been of record proportions, the
planter has received a remunerative price for his product.
Not so remunerative, of course, as in the two or three
years preceding, but a price that would seem to have left
him a fair margin of profit. This in itself is an encouraging
feature of the situation, for it must be remembered that
when the crop first began to come upon the market the
country, and incidentally the cotton-manufacturing industry, had only in a measure emerged from the depressed
situation into which it was plunged by the disturbances of
the fall of 1907. Not only the state of trade at the beginning
of the season militated against the value of the raw material,
but the conviction of the users of it that the crop would be
more than ample prevented any advance in prices. At no
time, however, did middling uplands sell under 9.00 cents in
the New York market, and shortly after the turn of the
year, with the manufacturing industry well employed, an
advance began that before its culmination carried quotations up to near the high values of the two preceding seasons.
But what the planter may have missed in the matter of
price for any specific grade was in part made up to him
in the actual higher grade of the crop.
All things considered, therefore, the raiser of cotton would seem to have
done well, complaints of non-cotton-growing cotton men
Certainly the claims
to the contrary notwithstanding.
that at the season's prices the growing of cotton was.unprofitable seems clearly untenable.
In the manufacturing branches of the cotton trade the
season, on the whole, has been a fairly favorable one. Not
as profitable as 1906-07 or 1905-06, but decidedly more
satisfactory than 1907-08. As the season opened, curtailment
was still in progress at Fall River and other important
manufacturing centres, but arrangements were already being
made to start up idle machinery, conditions seeming to
warrant such a course, and before October had far advanced
full time was quite general the country over. As regards
the labor situation in the mills, it can in truth be said that
never has there been less friction than in the season just
closed. Absolute freedom from trouble is hardly to be
expected, but nothing occurred in 1908-09 to which reference is warranted. Under the working of the automatic
wage scale at Fall River, a reduction of 8.44% was due to
be made in November, the regular time of adjustment, the
narrowing of the margin between cotton and cloth calling
for it. And the operatives, living up to the agreement, were
prepared to accept. But to the surprise of the Textile
Council the manufacturers decided to abrogate their rights in
the matter and continue the existing scale, stipulating,
however, that their action was not to be taken as a precedent.
Again, in the following May conditions as to margins warranted a reduction in wages, but that time to the extent
633
of only 5% of the rate then in force, but the manufacturers,
as on the former occasion, waived their privilege. This
conciliatory and magnanimous attitude toward labor cannot
be too highly commended and should have lasting effect.
As of interest in this connection we append a compilation
showing the course of wages at Fall River the past thirtythree years,omitting years in which no changes were made.
Wage.
per cut.
19.00c.
18.00c.
21.00c.
18.50c.
16.50c.
18.15c.
Wage.
Wage.
Wage.
Year.
per cut. Year.
per cut. Year.
per
C'4187
1888
19.00c. 1899 ____J18.00c. 1906 _118.00c.
1878
1892 ___119.63c.
119.80'c.
21.78c.
1880
21.78c. 1907
121.00c. 1902
21.78c1884
1893
19.80c.
18.00c. 1903
23.960.
1885
1894
17.32c. 1908
16.00c. 1904
23.96c,
1886
1895
J17.32o.
19.660.
18.00c.
1898
16.00c. 1905 _ _118.00c. 1909
19.66c.
Note.—The recognized standard length of a 28-inch, 64164, cut of print
cloth is 47M yards, woven in an ordinary 32-inch loom or less.
Year.
The current wage scale, it will be noted, while lower than
that which ruled from May 1906 to May 1908, inclusive, is
above the average compensation of earlier years.
There is little to be said about conditions in the general
cotton-goods market that is not in some way or other covered elsewhere. The situation has, of course, been much
more satisfactory than in the previous season, and, speaking
broadly, favorable on the whole. Except for a few weeks
at the beginning of the season, machinery has been quite
fully employed, and the product well distributed on fairly
satisfactory price bases, although there has not been that
margin of profit secured that the seasons of 1906-07 and
1905-06 afforded. A distinctly favorable development has
been a marked revival of trade with China, the shipments
in that dir,ction having been on a large scale. A widening
of our markets in South America and the West Indies is also
to be noted. Moreover, our replies from manufacturers
throughout the country express very hopeful views with regard to the future, a large business being anticipated the
coming year.
The printing cloth situation at Fall River (and, inferentially, at Providence) reflected in great measure the movement in other branches of the cotton-goods trade. On Sept.
1 1908 curtailment of production was still in progress, the
stock of cloths in first hands was approximately one million
pieces, and the market ruled quiet. Toward the close of
the month, however, a better demand was in evidence,
and during the first week of October trading was reported
to have been the heaviest for any similar period for many
months. Curtailment was practically a thing of the past,
additional machinery having been started as required, and a
complete return to full running time was believed to be not
far off. A more or less active demand, at hardening values,
continued through October and • November, and near the
close of the latter month a bid of 39'g cents by Mr. M. C. D.
Borden for such standards as were available on the spot or
for delivery during the period from December to March, inclusive, was a strengthening feature. Early in December
the bid was raised to 3 7-16 cents, but aside from the purchases made under that bid, the sales were rather small.
After the turn of the year trade improved somewhat, but
turned quiet later, being adversely affected by tariff discussion. Production of the season, while somewhat below the
normal in volume, was nevertheless much greater than in
1907-08, and was quite well absorbed, the stock in first
hands at the close being approximately 750,000 pieces, or
250,000 pieces less than on Sept. 1 1908. Printing cloths
ruled at 3 cents per yard for standard 64x64s at the opening
of the season, were marked up to 33i cents on Oct. 21 and
further advanced to 33( cents on Nov. 4. Coincident with
Mr. Borden's bid at that figure, the quotation rose to 3%
cents on Nov. 24 and on Rec. 2 his offering of 3 7-16 cents
became the official quotation. This last figure was the ruling
price from that time on until May 26 1909, but in the absence of active trading was largely nominal. On May 26
Mr. Borden was again in the market, bidding 33
% cents,
but the offer was largely declined, and on June 8 the quota.
tion was advanced to 3 7-16 cents, at which level the market ruled until July 15, when Mr. Borden offered 3 9-16 cents
for standards. Even at that figure manufacturers were
slow sellers, and a further advance in the bid to 3% cents
a week later brought out only, a moderate amount of goods.
At that figure the market was firmly held to the close of the
season, but the wide fluctuations in cotton were a deterrent
to active trading. Still a fair volume of business was put
through and mills are now well engaged ahead.
634
[VoL. Lxxxxx.
THE CHRONICLE
. As we have already stated, a favorable development of
the season of 1908-09 has been a notable increase in the volume of our export trade in cotton goods, the outward movement in almost all directions exhibiting increases over 190708, and closely approximating, if not ex eeding, the shipments of 1906-07. The gain, however, is largely due to a
widening of our market with China,just as our previous losses
were mainly if not wholly ascribable to the restricted outlet for our goods that country afforded. It is without doubt
a fact that the abnormally heavy imports of cotton goods
into China in 1904-05 and 1905-06 from both Europe and
America were very greatly in excess of what any near-athand demand would call for, and resulted in a vast and unwieldy accumulation of stocks. It follows, therefore, that
until those stocks had in great measure been disposed of, no
improvement in trade with that country could be expected.
This would seem to have been substantiated by the decrease
in shipments to China from Great Britain in the same years
our movement fell off. By the same method of reasoning it
would now appear that stocks have been reduced to a wieldy
basis, as witness the increase in takings this year from both
the United States and Great Britain. At the same time,
our exports are not nearly so great as in the big years, and
we could hardly wish them to be were they to produce a
like effect. China in the fiscal year 1904-05 took from us
475 million yards and in the next year 4983/b millions, both
of them totals far in excess of those for any earlier years.
In 1906-07 the aggregate fell to 86M millions and in 1907-08
dropped still further to 49% millions. For the period ended
June 30 1909, however, our shipments in that direction rose
to 139,987,013 yards, and present indications are for a steady
and increasing trade with that country. It is pleasing to
note, also, an expansion of our exports of cotton goods to
South America, shipments to that country in the fiscal year
1908-09 having reached 44,347,771 yards, against only 33,165,601 yards in 1907-08 and 51,737,034 yards in 1906-07.
The movement to the West Indies and Central America
also shows an increase, having aggregated 95,774,783 yards,
as compared with 65,871,390 yards a year ago and 79,379,953
yards in 1906-07. On the other hand, shipments to the
Philippines have been declining of recent years, and the same
is true of other Asia and Oceanica. In the aggregate for all
countries, the exports of goods reported by quantity in 190809 reached 367,631,542 yards, and in the previous season
205,994,812 yards, or an increase of 78.5%. In value,
however, owing to lower prices, the gain in the same goods is
only 52%. We append a compilation showing the value of
cotton goods exports for each of the last four years, and at
the foot of the table give the total for each six months.
further increase in the near future. At the South, also, as
for some years past, important expansion is to be found,
and there, too, the coming year promises further appreciable development of the cotton-manufacturing industry
through the starting up of new mills now being built, a number of which are almost ready to begin spinning, and through
additions to existing plants. It is hardly necessary to state
that the increased spinning power of Southern mills, as indicated below, is not fully reflected in the consumption of
that section for the season, as many of the new mills did not
start up until late in the season. Our usual statement of
spindles in the United States is as follows:
Spindles—
North_
South
Total spindles
1008-09.
1007-08.
17,000,000 16,300,000
10,780,308 10,451,919
1908-07.
10,200,000
9,924,245
1905-06.
15,600,000
9,181,207
26,751,919
28,124,245
24,781,207
27,780,308
SOUTHERN cotton mills, on the whole, did well in the
season just closed, spindles, as indicated above, having been
appreciably augmented, and consumption materially increased. On the first of September 1908, as at the North,
considerable machinery was idle or was run upon short time;
but with the improvement in demand for goods came a
gradual but rather steady resumption of full working hours
and the utilization of all spindles and looms. So that, as a
rule, before October had far advanced, production was proceeding along practically normal lines. In saying this we
have not, of course, lost sight of the fact that, as a result
of the stress of the previous fall and winter, a few mills
got into difficulties and did not start up at all during the
last season, and that a limited number of establishments
are still running less than full either as regards working
hours or amount of machinery. But making due allowance
for all qualifying circumstances, the operations of Southern
mills in 1908-09 leave no valid reason for complaint, as our
compilation further below clearly denotes. As regards
labor, it is to be said that there has been no lack of it to
tend the spindles and looms. In that respect there is a
rather marked contrast between the season just closed and
two years ago (1906-07). It will be remembered that in
1906-07 the labor problem was a vexing question at the
South; and, according to the reports we then received, it
was only on account of inability to secure more hands that
consumption did not show greater expansion. Activity in
other directions—railroad building and in lumber mills, &c.—
offered better inducements in some sections, and the defections thereto could not be made up, as labor available was
largely unskilled, being made up mainly of newly arrived
immigrants; 1907-08, of course, presented no difficulties
of that sort, for, instead of a lack of labor, there was dearth
of work to be performed. In the three seasons we see a
transition from extreme activity (1906-07) to dulness
COTTON
DOMESTIC
MANUFACTURES--FISCAL
OF
EXPORTS
YEARS.
and then a gradual return to what may be termed
(1907-08)
1907-08.
1906-07.
1908-09.
1905-06.
Exports to—
51,513,429 51,784,190 51,833,100 51,744,805 a comparatively normal situation (1908-09).
Europe
1,469,550
1,731,338
1,845,636
1,893,400
Canada
3,295,276
3,551,944
Noticeable expansion in spindleage in important cotton4,310,464
3,210,075
West Indies
2,078,011
2,166,052
2,219,216
1,840,847
Central America
centres of the South are a feature of the
manufacturing
2,454,954
2,586,880
3,542,028
America
3,342,011
South
3,390,498
5,933,678 29,770,978
8,140,900
Chinese Empire
in that section. It would be
11,315,205 10,705,279 13,494,108 11,135,917 development of the industry
AU others •
of the fall of 1907
disturbance
the
that
claim
to
untrue
531,878,566 525,177,758 332,305,412 $52,944,033
Total year
$12,459,429 $12,459,429 $18,431,779 $28,424,764 did not act as a check upon cotton-mill building, as it did
First six months
519,419,137 $12,718,329 513,873,633 524.519,269
Second six months
in about every other direction. But with improving con• Includes in each year value of exports of yarn, waste, &c., not stated
ditions projects that had been permitted to lie dormant
by countries.
As to the future of our export trade in cotton goods, it were revived and many new ones were launched. And
seems unsafe to predicate after the experience of recent what more natural, with the experience of recent years as a
years. But those in the trade appear to see in the present guide, than that the extension of cotton-manufacturing in
expansion a more healthful development than heretofore. this country should be in localities contiguous to the sources
With the raw material right at hand, there is every reason of supply of the raw material. With that fact in mind we
why the trade should steadily increase if proper means were are prepared to learn that a number of new factories began
employed to bring about that desideratum. Certain it is operations in 1908-09; that additions were made to old plants;
that Great Britain, Germany and other European countries that other new mills are nearing completion or well along in
have made much progress in the distribution of cotton goods process of construction, and that there is an imposing numin South America, but only by studying the wants of the ber of establishments intended to be built, many of which
people served and arranging credits, &c., to suit the customs have passed beyond the point where they could be regarded
of the country. By attention to these detailS, the United as mere projects. As in former years, the information furStates should be able'to greatly extend its trade in that di- nished to us by the mills covers spindles and looms working
or idle during the year,including new mills started and
rection.
The spinning capacity of the cotton mills of the United additions to old plants; also the actual consumption for
States has been appreciably added to the past year, and it is the season, stated in bales and pounds, the average count
to be noted that there has been more development in North- of yarn spun and complete details as to new mills in course
ern factories than recently witnessed. Not only has there of erection or projected beside contemplated extensions of
been a very fair addition to spindleage in New England since existing establishments. In fact, practically all the inforthe close of 1907-08, but a number of new mills are in pro- mation needed in a comprehensive review of the cottoncess of construction or organization that will furnish a still manufacturing industry of the South. The aggregate of our
SEPT. 1.1 190.1
THE CHRONICLE
detailed returns, arranged by States, is as follows-all
mills that have been idle throughout the season and are not
expected to resume operations are, according to our usual
custom, excluded from the statement:
Consumption.
Aver
Av'age
age
Net
Pounds.
Looms No. Bales.
Wei'llt
Running. Run. Yarn.
Number of •
Southern
Stales. Mills
Spindles.
Alive.
Virginia _ _
N. Carolina
So. Carolina
Georgia ___
Florida_
Alabama .._
Mississippi_
Louisiana _
Texas _ _
Arkansas:
.
Tennessee _
Missouri_ _ _
Kentucky _
Oklahoma.
16 320,024 308,024
289 ;,049,2982,896,723
145 1,842,2583,745,770
136 ,837,274 1,767,750
_
60 922,078 887,562
175,396 170,396
19
91,152 89,352
4
16 108,556 100,412
14,324
14,324
2
30 282,200 263,592
40,400 32,400
3
91,636 88,316
6
5,712
1
5,712
9,481
51,733
86,881
35,308
19
20
24
20
83,089473.03
39,303,585
778,078477.72 371,701,785
708,799476.77 337,932,659
568,167475.18 269,993,059
15,890
4,572
1,500
2,285
240
4,428
856
1,542
----
19
193
13
16
16
19
15
16
8
230,740487.67
37,085 486.77
14,113 466.49
40,755501.39
3,722490.00
67,583492.92
15,893497.31
22,613 490.28
2,887 494.00
Totals
1908-09 727 0780,30810370,333214.716
1907-08 717 10451 9109.804,198205.478
--1906-07 694 9,924,245 9,412,465 196,133
112,523,086
18,051,667
6,583,531
20,434,137
1,823,680
33,313,168
7,903,808
11,086,792
1,426,217
200 2,573,524 478.75 1,232,077,174
20
20
2,234.395 477.55 1,067.010,962
._.---2,487,088 477.52 1,187,626,357
1905-06i67 I ,181,2078,762,589 186,948
% 2,398,404 476.63 1,143,160,680
195
1904-0' 659 8,747,8108,050,879 174,324
19
2,203,406 480.24 1,058,159,131
953,774,158
1903-04 628
,963,866 7,387,358 162,345
19% 2,007,509475.11
1902-03 594
,039,6336,714,589 153,748
19% 2,049,902479.85 983,649,984
1901-02 570 1,408,964 6,179,421 142,053
19
1,942,881 470.99 915,078,408
1900-01 531 '.819,8355.473,883 122,902
19
1,687,012472.90 788,335,696
1899-00 441 4,540,515 4,270,759 105,990
18% 1,599,947468.99 750,365,237
1898-99 414 4,987,7353,832,201 95,701
18
1897-08 391 3,870,2903,574,754 91,829
183 1,227,939470.04 577,186,180
1,400,026487.44 654,435,025
Note.-Much new machinery has been put In operation within the past few
months, increasing the number of spindles appreciably without affecting consum ption to a material extent.
It will be observed that there is an important increase
in the volume of consumption as compared with 1907-08,
and contrasting the details of the above compilation with
those for the previous season it will be found that gains
have been very general. North Carolina continues the
leading cotton-manufacturing State of the South, both as
regards number of mills and the amount of raw material
turned into goods, but South Carolina is gradually drawing
up. In this connection it is to be noted that the last-named
State has much the greater spindleage but, producing a
finer count of yarn, uses less cotton. The results for the
season in the aggregate for the Southern States is an augmentation of consumption to the extent of 339,129 bales,
or 165,066,212 lbs., leaving the 1908-09 total 2,573,524
bales, the largest on record, and comparing with 2,498,101
bales at the North. Analyzing the reports at hand from
the South, we find that 17 old mills, with 31,000 spindles,
have .ceased operations permanently and 27 mills running
208,909 spindles have become active factors since Aug. 31
1908, giving a net gain of 10 mills, or 177,909 spindles for
the season. This does comprise, however the full expansion
of capacity as the equipment of old mills'
has been increased
by 150,489 spindles The total net gain for the season,
therefore, has been 328,398 spindles.
That further extension of the cotton-manufacturing
industry at the South is intended is fully demonstrated by
the information we have received bearing on that point.
The tendency was held somewhat in abeyance for a time by
the adverse developments of the season of 1907-08; but with
the coming of better times seems to be as pronounced as
ever. In the near future, therefore, considerable expansion
should be witnessed. As the situation now stands, it is
expected that 6 mills equipped with 34,428 spindles will
start up during the fall and early winter, and that by the
close of August next year 5 other mills containing 32,000
spindles will begin operations. Contemplated additions to
old mills, moreover, cover about 480,000 spindles, so that
in the aggregate the prospective augmentation in capacity
within the next twelve months will reach 546,000 spindles
or a total greater than the addition in 1908-09. Furthermore, a number of buildings are in process of erection, in
which it is said to be the intention to install cotton-spinning
machinery, but concerning which the information thus far
received is rather indefinite. And, finally, we have advices
of quite a number of projects that are yet in a formative
stage.
EUROPE.-It is doubtful whether the cotton trade of
Europe has ever experienced a more disappointing season
than the one just brought to a close, a disappointment
which was accentuated by hopes held out at its commencement of a participation in the trade revival which set in
in the United States, but which found no reflection in any
of the great'industries of Europe. Spinners and manufacturers alike have had to contend with the long drawn
out effects of over-production during 1905, 1906 and 1907,
slackness of demand throughout the season, and, notwith_
635
standing abundant supplies, a comparatively high range of
prices for the raw material; causes which led to a depression
so acute that the latter half of the season found almost the
entire spindles of Great Britain and a large proportion of
those on the Continent running on short-time with little
immediate prospect of resumption of full work. The percentage of unemployed labor, both skilled and unskilled,
has again reached formidable proportions, entailing a greatly
reduced buying power by the masses, while the growing
burden of taxation to meet both national and municipal
expenditure has told heavily upon the middle and upper
classes in all leading European countries.
While the prospect of a yield of American cotton of upwards of thirteen and a half million bales with which the
season opened was fully realized, the possibility of a comparatively low range of values was frustrated by the irresistible wave of speculation which passed over the United
States, carrying prices to an abnormally high level, and by
inducing producers to hold for higher rates maintaining
them throughout the latter half of the season.
- The unprofitable nature of the business, however, may
be attributed mainly to the reckless over-building of mills
during the period above quoted, which added approximately
ten million spindles to the European total and which, while
maintaining a full rate of consumption of the raw material,
did so at the expense of the yarn markets,which have been
kept in a constant state of over-supply, resulting in a Steady
depreciation in values and a succession of adverse balance
sheets, which have wiped out much of the profits of the
preceding seasons..
While manufacturers may not haye suffered quite to the
same extent as spinners, the year has been a very unprofitable
one,owing to the stagnation of the Eastern markets,notably
India and China, and to the marked falling off in the internal
demand throughout Europe following upon short crops and
trade depression.
The Sixth International Cotton Congress of delegated
representatives of master cotton spinners and manufacturers'
associations was opened at Milan on May 17th, when 16 out
of the 22 cotton-manufacturing countries represented on the
International Committee were personally represented at the
Congress. In addition to the subjects discussed at previous
meetings the most important items brought forward were
the international standardization of grades of
reforms in the marketing, schemes for the regulation
of the
cotton,
supply of the raw material and for dealing with temporary
over-production of manufactures, half yearly statistics of
cotton in the hands of spinners and yearly returns of the
consumption and the perfecting of national and international organization.
The Congress strongly recommended the spinners of the
world to buy American cotton by the new net weight contract formulated by the Cotton Commission of the International Federation, which is similar to the contract in use
amongst American manufacturers, and the general adoption
of which would hasten improvements in baling and compressing Atherican cotton and thereby effect enormous
savings.
As throwing some light upon the disastrous trade of the
year with Japan, we give the remarks made by the Yokohama Foreign Board of Trade in their report on the textile
ihdustry: "The year 1908 will long be remembered, more
particularly in the Far East, as one of the most disastrous
ever experienced, and the textile trade has borne its share of
the losses which have attended the year's operations. In
other parts of the world trade generally during the past 12
months has been in many cases very unsatisfactory, with
curtailed demand and continually falling prices; but in Japan
various special factors have combined to accentuate the inevitable trade reaction following a period of great activity,
and among these factors may be noted the heavier burdens
imposed upon the people after the late war, the dislocation
resulting from the wild share speculation of 1906-07, and the
reckless financial facilities granted by many importing firms
to Japanese buyers of indifferent standing, thereby encouraging them to trade far beyond the legitimate requirements
of consumers.
"The action of the Japanese banks in withdrawing credits
had a considerable influence in bringing matters to a head,
and we have to record numerous failures of textile traders
during the period under consideration. .Heavy accumulations of stocks have had to be realized, in some instances at
50% of cost, and the progress of liquidation still continues."
Great Britain.-The cotton industry has shown little, if
any, sign of recovery during 1908-09 from the extraordinary
collapse during the preceding season which followed upon
the financialicrisis in America, and that the season has been
unsatisfactory and unprofitable to the trade at large is proved
by the wiping out of credit balances, the fall in mill shares
and the lessened output from both spindles and looms as
exhibited in the Board of Trade returns. • An increase of
six million spindles in Lancashire during the past three years,
a large proportion of which was speculative and uncalled for
by the normal trade requirements, has added greatly to the
depression in the yarn markets, and with the almost entire
cessation of the exhaustive demand from Continental centres, margins not only disappeared, but spinners have been
compelled to sell their output at prices which entailed heavy
losses during almost the entire season.
636
THE CHRONICLE
VOL. Lxxxix.
That the complaints of manufacturers as to the unprofita- end of the season, however, with business showing no imble nature of the business are well founded may be gathered provement, the movement has become more universal,
though even now it is reported in some districts that new
from the following figures:
orders scarcely reach one-half of the production. The home
Price of Mid-American. Avge.price per harvest prospects of late have been much brighter, and it is
yard of expls. hoped that the outturns will be favorable and so help to
Jan. 1 to July 31.
Seven Months. bring about the ardently wished for revival in the cotton
Lowest.
2.84d.
4.93d.
6.92d.
1909
industry. The question of cotton growing in the African
3.12d.
5.16d.
6.70d.
1908
colonies is receiving attention. A large tract of land in the
3.04d.
5.79d.
7.52d.
1907
district of Mohoro in German East Africa was put under
last year. Egyptian seed was planted and a
cultivation
The mean price of American cotton, 5.93d., is the same crop of excellent
quality resulted.
for the seven months this year and last.
In Austria business has been dragging and most unprofitThe demand from the East has been much below the nor- able,
the condition of the industry going from bad to worse.
mal, the Bombay market being depressed throughout the At the start of the season, and while deliveries against sales
year by accumulated stocks and the fact that this is one of made during the boom had still to be made, the position was
the years in which Hindoo marriages are discouraged by the bearable; but later, owing to the heavy over-buying which
priests, thus greatly restricting the sale of certain classes of had previously taken place, there was an almost complete
goods. The difficulties in Turkey and Persia have also told absence
of demand from retailers, as they held large stocks,
heavily against the Eastern business.
found impossible to clear in consequence of the
they
which
In the home markets the effects of the depression in all reduced spending power
of the people due to the depression
the great industries have been added to by the exceptional in trade generally. The political disturbances in the Balkan
inclemency of the weather during the late spring and sum- States naturally helped to depress the markets, while the
mer months, the usual demand for light and fancy goods be- boycott caused enormous losses. Mills worked full time to
ing entirely wanting.
March, but then, owing to the unsatisfactory state of the
Throughout the season more or less individual short-time industry, decided to reduce their output by 16% for the
attempt
on
abortive
the part of ensuing six
has prevailed, and after an
months. No improvement having taken place in
the Masters' Federation in March to obtain the necessary the meantime, it has been decided to extend the movement.
the
resolved
at
close Under the new arrangement each mill will be closed one day
majority of votes, it was unanimously
of June to adopt organized stoppage on each Saturday and a week for twelve weeks._
30.
Monday from July 10 to Sept.
In France, at the commencement of the season the situation
The report of the British Cotton-Growing Association was favorable but later experienced a decided setback. On
serious
the
of
consequence
drought
throughshows that, in
orders purchasers took delivery slowly and new orders
out the whole of West Africa in 1907, the first recorded for old
difficult to get even at concessions. Buyers, having
were
its
first
received
had
serious
association
setback. already
30 years, the
made
excess of their immediate requireof
parts
the
other
and
however,
Empire,
satis- ments, lost contracts inmanufacturers
In Uganda,
could only deliver
confidence,
it
as
made,
has
and
been
now
been
has
factory progress
the orders booked as they could not get particulars,
of
part
can
be
cotton
of
quantities
large
proved that
remuneratively
though some short-time was run, stocks increased, as
grown in the British Empire, all that is required is perse- and,
fresh orders were secured were below the rate of prowhat
is
It
capital.
estimated
that £100,- duction. The situation
verance and additional
was adversely affected by the crisis
hoped
is
it
but
that
year,
the
be
promise in Algeria, and by buyers with large stocks on hand yet to be
000 will required this
pioneer
work
in
will
assist
of the Government to
induce others
for selling at lower prices than those asked by the
to come forward and subscribe to the funds of the association. paid
manufacturers themselves. The outlook is better, as old
The exports of yarns and piece goods for the 11 months high-priced
contracts have been liquidated; and should any
ended July 31 (August figures not yet being available), as revival in trade generally take place buyers'stocks will need
as
was
seasons,
preceding
follows:
compared with the two
replenishing.
1907-08.
1908-09.
1906-07.
In Russia the condition of the industry has been poor.
219,733,000
188.635,000
203,100,000
Yarns, pounds
4,920.948,000 5,360,059,000 5,766,900,000 Over-production and over-buying during the previous
Piece goods, yards
from retailers;
Showing a decrease in yarns of 31,098,000 pounds,as com- seasons resulted in a greatly reduced demand
restricted in Central
pared with last year, and 14,465,000 pounds below 1906-07, the buying power of the people was
cotton crop, and in other
while piece goods show a decrease of 439,111,000 yards com- Asia by the smaller out-turn of the difficulty
experienced in
pared with last year and of 845,952,000 yards compared districts by bad harvests. The
getting buyers to take delivery of yarns and goods previously
with the year before.
It may be remarked that the figures for July showed a con- contracted for, and the lessened demand, caused large stocks
the
siderable increase, notably in the exports to Turkey, but it is to accumulate at the mills. At the close of the season
well to remember that the increase as a whole is occasioned outlook is brighter, the harvest promises to be a plentiful
by the fact that a very considerable quantity of cotton goods one, and as purchases of goods for some time past have been
had been kept back, awaiting forwarding instructions, ow- only for immediate wants, it is probable that an increased
ing to monetary and other disturbances, and that the ship- demand will be witnessed. Bank deposits are now large,
ments do not represent a recent increase of orders to manu- owing to the dulness in business which has been experienced
• for some time, and it is hoped that the banks will came to
facturers.
The season closes as it began, with the trade working at a the assistance of buyers.
Cotton cultivation is about to be started in Bessarabia.
loss and with forward orders on the books the lowest for
Government officials
many years past; both spinners and manufacturers remain Experiments have been made and the
seed and also instructors.
apathetic, even with the prospect of seriously reduced crops are encouraging it by obtaining
In Holland and Belgium the state of the industry has been
and threatened scarcity of supplies during the coming twelve
unsatisfactory. The over-production of the previous seasons
months.
had filled the markets, and buyers were extremely cautious in
The European Continent.—At the close of our article last making purchases, even though the prices asked were below
season it was noted that the trade on the Continent had the cost of production, as in consequence of the setback in
undergone a marked change for the worse, and that the trade generally they met with only a restricted demand for
prospects indicated a continuance of the period of contrac- the goods already in stock.
In Italy the depression which started at the end of last
tion. That these remarks were amply justified is borne out
by the reports which follow, and which show that the indus- season gradually increased. The Messina catastrophe and
try on the Continent has suffered severely from over- the poor crops last year were in part the cause, but the setproduction, trade depression and financial and political dis- back has been mainly due to the heavy over-buying during
turbances, and that a considerable proportion of spindles the boom of the previous season, a great deal of which was
and looms has been forced into short working in order to on speculation. These goods were thrown on the market,
relieve the pressure exerted by accumulated stocks. The rendering it almost impossible for spinners and weavers to
internal demand throughout the year has been restricted, make sales even at considerable losses. They were therefore
while exports have been largely curtailed through causes forced to work into stock. Short-time has been resorted to
and it is hoped that it will gradually improve the postiion
similar to those affecting the foreign trade of Great Britain.
In Germany the industry throughout the season has suf- of the industry.
In Spain, after an improvement at the beginning of the
fered from the after effects of the depression in trade generally and the over-production of previous seasons. De- season, conditions again relapsed, and business became slow
mand at the beginning of the season was decidedly slow, and dragging, the demand being insufficient to absorb
and, though towards the end of the year there was some production, and the end of the season has witnessed a comsmall improvement in consequence of dealers, after the plete disorganization in consequence of the grave political
annual stock-taking, replacing on a more liberal scale, the riots.
In other cotton-consuming centres of the Continent the
revival was short lived, and since then only a dragging trade
has been done. Spinners and weavers have found it almost industry has continued to suffer from the after-effects of
impossible to make sales without incurring a loss, and have over-production, orders have been difficult to obtain, and
been further handicapped by the delays experienced in these left little, if any, margin of profit. During the closing
buyers taking delivery. Owing to the fall in trade generally weeks of the season the industry in Sweden has been brought
and the lessened employment, the masses were forced to to a standstill, owing to strikes.
Summing up the reports received from all the leading
curtail their purchases, in consequence of which stocks of
yarns and goods accumulated. Each spinner was anxious Continental countries, It may be said that while the close
not to lose his customers and not to lose his operatives, and of the season witnesses almost universal depression, it is
this was given as the reason why short time did not extend hoped that the effects of short-tune may give tone to the
naore rapidly in face of the increasing stocks. Towards the markets, and that with reduced stocks in the distributing
637
THE CHRONICLE
SEPT. 11 1909.I
was not all
centres the new season may bring an increased influx of drawn from preceding remarks, the machinery
operated at full working time,and the gain, therefore, is not
business at remunerative rates.
fully reflected in the volume of consumption. The most
on the
The foregoing comprehensive and instructive review of the important increases have been in Great Britain and
States the
cotton-spinning industry of Europe in 1908-09 is furnished Continent. In the Southern part of the United
nearly double
by Messrs. Ellison & Farrie of Liverpool. This, in conjunc- total of spindles now, at 10,780,308 spindles, is world is as
tion with our remarks on the situation in the United States, what it was in 1901. Our statement for the
given further above, covers quite thoroughly the countries follows:
NUMBER OF SPINDLES IN THE WORLD.
of the world that take chief important rank in cotton manu1905.
1906.
1907.
1908.
1909.
Great Britain
facturing.
56,000,000 54,600,000 52,000,000 50,000,000 48,500,000
39,000,000 37,000,000 35,800,000 35,500,000 35,000,000
Continent
A review of the world's progress in cotton production and
Total Europe
95,000,000 91,600,000 87,800,000 85,500,000 83,500,000
however, without some United
manufacture would not be
Statescountries of lesser importance
complete,
17,000,000 16,300,000 16,000,000 15,600,000 15,325,000
North
mention of a number of other
South
' 10,780,308 10,451,919 9,924,245 9,181,207 8,747,810
as cotton spinners; but at the same time growing factors in
the industry. We say of lesser importance in that, comTotal U. S
27,780,308 26,751,919 25,924,245 24,781,207 24,072,810
5,163,486
East Indies
5,900,000 5,756,020 5,333,275 5,293,834
pared with Europe and the United States, their consump- Japan
1,387,846
1,450,949
1,700,000 1,650,000 1,483,497
019,648
625,000
650,000
tion of cotton is small; yet some of them, India and Japan China
750,000
800,000
producers
as
ahead
forging
steadily
quite
for example, are
7,170,980
7,369,783
7,466,772
Total
8,156,020
India,
dcc
8,400,000
50,000
775,000
of goods, if not of the raw material. So far as possible in the Cangda
800,000
849,437
900,000
675.000
675,000
700,000
740,000
750,000
results presented below,we use official data in giving (1)the Mexico
cotton consumption of each manufacturing country for a
1,425,000
1,500,000 1,450,000
Total other
1,650,000 1.589,437
132,830,308 128,097,376 122,691,017 119,100,990 116,168,790
period of four years and also the annual total and weekly Total world
(commercial
of
cotton
production
Ellison
Messrs.
by
world's
furnished
In the above we use estimates
average; (2) the
crops) for the same years and (3) the spindles in all manu- & Farrie for Great Britain and the Continent, revising precan
data
and
reliable
recent
which
from
countries
vious years' figures from later obtained information. The
facturing
be obtained as they stand to-day, compared with like results for the United States are, of course, our own figures,
and those for India are taken from the official reports of the
results in former years.
India is, of course, next in importance to the United Bombay Mill-owners' Association, except that the latest
States and Europe, and in that country also there is exhibited total is an approximation. Japan's aggregates are officially
an increased consumption of the raw material in 1908-09; communicated, China's figures are compiled from Consular
Japan, likewise, so far as we can gather from such early reports and for Canada and Mexico the totals are in part
information as is at hand, used more cotton in the season estimated.
just closed, its takings from India having been much greater
Great Britain's cotton goods trade with foreign countries,
than in the previous season, while the absorption of supplies as represented by the volume of exports, has suffered further
from the United States exhibits a large increase. A similar diminution during the year, mainly as a result of a restricted
showing is made by Canada, as indicated by its takings from outflow to India. Takings for Japan and North and South
this country. For Mexico and Canada we are forced to America have also been less than a year ago. On the other
adopt the imports into each country as a measure of con- hand, dealings with China have been moderately greater
sumption; in the case of the former no recent statistics than in 1907-08 and shipments to Mohammedan countries
covering home yield or mill operations have been obtainable have been somewhat in excess of the previous year. The
and Canada has no source of supply other than through net outcome of the year is a decline of about 6% in British
imports. No statistics of value can be secured from China export trade in cotton goods, whereas there has been a gain
or Brazil. "Other Countries" consequently include exports in that of the United States of approximately 20%. The
of cotton from the United States and Europe to localities statement of exports (reduced to pounds) by quarters for
other than those specifically mentioned in the table; also the the last two seasons is subjoined. These years end with
cotton burned at sea. The compilation appended therefore Sept. 30 and consequently the last two months of the fourth
embraces substantially the entire distribution or consump- quarter of the current season are estimated on the basis of
tion (expressed in bales of 500 pounds net weight each) of the July movement. Three ciphers are omitted.
the commercial cotton crops of the world, and the degree in
GREAT BRITAIN'S COTTON GOODS EXPORTS FOR TWO YEARS.
which each country has participated.
1907-08---1908-09THE WORLD'S ANNUAL COTTON CONSUMPTION.
1905-00.
1006-07.
1907-08.
1908-09.
Bales.
Bales.
Bales.
Bales.
Countries3,774,000
3,892,000
3.690,000
3,650,000
Great Britain
5,252,000
5,460,000
5.720.000
5,720,000
Continent
Total Europe
9,370,000
United States-North.. _ _ 2,448,040
South...,. 2,464,154
9,410,000
2,093,000
2,134,000
9,352,000
2,575,000
2,375,000
9,026,000
2,430,993
2,286,235
Total United States.. _ _ 4,012,194
1,600,000
East Indies
930,000
. Japan
128,450
Canada
49,157
Mexico
4,227,000
1,561.336
890,000
100,000
2,000
4,950,000
1,552,453
906,805
125,000
640
4,726,228
1,586,424
873,576
119,000
14,000
Yarns.aPteceGoods
Pounds. Yards.
000's omitted.)
1st quar.-Oct.-Dec___ 50,151 1,223,012
2d quar.-Jan.-Mch___ 60,545 1.347,674
3d guar.-April-June __ 59,813 1,314,781
4th guar -July-Sept.b 65,000 1,600,000
Yarns. aPiece Goods. Total.
Total.
Pounds.
Pounds. Pounds. Yards.
287.028 72,876 1,515,493 366,987
322,046 71,244 1,508,120 362,261
314,270 59,821 1,340,630 317,380
370.000 62,586 1,465,650 344.465
235,509 5,485,467 1,293,344 266,527 5,829,893 1,391,093
Total
a Including thread. b Estimated for the quarter on the July movement.
CountriesUnited States
East Indies.a
Egypt
Brazil, &e.d
WORLD'S PRODUCTION OF COTTON.
1908-09. 1907-08. 1906-07. 1905-06.
Bak,.
Balm
Bales.
Bales.
13,579,926 11,264,000 13,340,000 11,048,000
2,950,000 2,486,629 3,545,086 2,983,370
1,327,000 1,432,469 1,376,108 1,152,516
446,126
476,667
339,587
325,000
1004-05.
Bales.
13,420,440
2,952,720
1,244,968
325,928
Total
18,181,926 15,522,685 18,713,320 15,660,553 17,944,056
Consumption, 52 weeks....17,035,801 16,230,336 16,931,898 10,385,228 15,541,067
Surplus from year's crop 1,146,125 k707,651, 1,781,422 k724,675 2,402,389
Visible and invisible stockSept. 1 beginning year_ 5,521.729 6,229,380 4,447,958 5,172,633 2,770,244
Sept. lending year
6,067,854 5,521,729 6,229,380 4,447,058 5,172,633
a Includes India's exports to Europe, America and Japan, and mill consumption
In India increased or decreased by excess or loss of stock at Bombay.
d Receipts into Europe from Brazil, Smyrna, Peru, West Indies, &c., and Japan
and China cotton used in Japanese mills.
k Deficiency In the year's new supply.
The above statement indicates in terse form the world's
supply of cotton (not including that from Russia) in each of
the five years, the amount consumed and also the extent
to which visible and invisible stocks were augmented or
diminished. It will naturally be remarked how largely the
surplus supply has been increased of recent years. That is
the gratifying feature of the exhibit, fortifying manufacturing
interests against a time of insufficient yield.
An important addition to the spinning capacity of the
world was also a feature of the past season, but, as may be
32-Cop
Twist.
Mid. Up'd
Cotton.
The totals in pounds in the above compilation are as computed by us, but are believed to be approximately correct.
They indicate that the export movement this season has been
1,293,344,000 pounds, or 97,749,000 pounds less than
in the previous season and 186,731,000 pounds smaller
2,593,000 than in 1906-07, when the outward movement of cotton
2,384,898
2,553,336
Total India, ecc
2,707,607
40,000
45,000
40,000
46,000
Other countries, &c
goods was 1,480,075,000 pounds, or of record proportions.
17,035,801 10,230.336 16,931,898 16,385,228
Total world
To complete the year's history of the cotton goods trade in
315,101
325,613
312,122
327,612
Average weekly
Great Britain we append data as to prices, the statement
The world's total consumption for 1908-09, it will be covering the last three years.
noticed, records an appreciable increase over the total for a
year ago-805,465 bales-and is 103,903 bales more than the
1906-07.
1907-08.
1909-08.
result for 1906-07. Most of the countries share to some extent in the gain over 1907-08, the Southern section of the
g•-;
p -a
United States markedly so. The sources from which cotton Liverpool.
c.)
•t;
TZ
c'i 2
..t.•
has been drawn in each of the last four years are stated in the
t
clIm
r4r4
ula,
-63A,
following table of the world's commercial crops, in bales of
the uniform weight of 500 lbs. net each.
d.
s.
d.
d.
d.
s.
d.
d. d.
4.;
s.
d.
d.
8 1
Sept. 30.... 5.18 9 3-16 7 3 6.72 11 3-16 8 3 5.68 10
8 2
8 0 5.81 10%
Oct. 31...5.08 8 15-166 9 6.03 1134
7 10 6.19 10 9-16 83
8 8 6.191134
Nov. 30...4.98 834
Average
Sept. 1 5.08 834
6 10 8.31 11 3-16 8 0 1-3 5.89 10 5-16 8 2
Nov.
7 734 5.80 10 5-16 8
6 534 6.18 11
Dec. 31_ _ 4.99 7%
6 7 6.39 10 11-16 7 634 5.87 10 5-16 8 134
Jan. 31.._ 5.26 8
8 2
6 6 5.99 9 9-16 7 034 6.14 10%
Feb. 28__ 5.05 734
Averags
Dec. i 5.10 7 13-186 6 6.19 10 7-16 7 434 5.94 10 5-16 8 1 1-3
Feb.
8 2%
6 834 5.97 10%
Mch. 31__ 5.05 7 11-166 634 5.70 834
6 554 6.44 10 13-16 8 4%
6 834 5.30 834
April 30_.. 5.53 8
634
6 734 7.40 11%
6 10 8.46 934
May 31.5.88 834
Average
6 8% 5.82 8 13-16 8 7 6.60 10 15-16 8
MO 1 5.49 8
May.
6 11
8.47 934
6 7 7.22 11 11-16 8 7
June 30__ 6.24 8%
6 6 7.23 11 9-16 8 634
7 1 6.02 834
July 31...6.73 934
7
1345.23
834
, 36 7.46 11 11-16 8 6;4
Aug. 31-- 6.86 9%
Average'
8 6 2-3
7 0345.01 834
3 534 7.30 11%
June 6.61 034
Aug.)
034
434
We now add a brief summary by months of the course of
the Manchester goods market during the season closing with
Aug. 31 1909 and also of the Liverpool cotton market in
the same form for the same period. These summaries have
been prepared for this occasion with our usual care, and the
details will, we think, prove an interesting and serviceable
record for reference.
638
THE CHRONICLE
SEPTEMBER.—Manchester.--The most important development in the cotton-manufacturing industry in September was the strike of the card-room hands against the
reduction of 5% in wages, of which the Lancashire Federation of Cotton Spinners had given notice in August, and the
consequent putting in force of the lockout which the employers had intimated would be resorted to if the cut was not
accepted. The crisis in the situation came on the 10th,
when at a conference between the various parties the cardroom workers voted against acceptance of the reduction and
thus brought about the lockout which was instituted on
Sept. 19. Attempts to settle the difficulty had been unsuccessful up to the close of the month, and there was consequently a marked decrease in the production of goods.
As regards the goods market, the opening of the month was
characterized by some improvement in demand for cloth,
and it continued well to the close, but buyers operated
with caution, as their needs were not urgent. Inquiry for
India was rather quiet throughout, but a quite satisfactory
business was done for China. Demand for the Levant,
moreover, was better, which, with fair transactions for South
America and the home trade, encouraged belief that revival of
trade was at hand. Towards the close of the month, however, the advance in prices that followed the marking up of
yarns led to some falling off in transactions, merchants being
unwilling to pay the higher values. Exports of yarns and
goods from Great Britain (all reduced to pounds) aggregated
109,188,000 lbs., against 114,522,000 lbs. in September 1907.
Mr. Ellison estimated consumption for the month at 45,000
bales of 500 lbs. each per week in Great Britain and 110,000
bales of like weight on the Continent. Liverpool.—The
market for the raw material ruled rather quiet, trade being
comparatively light, and while fluctuations in prices were
frequent, the net change for the month was but 1 point
advance. Middling uplands opened at 5.23d. and under the
stimulus of the Government report, which made the condition
of the crop in the United States slightly lower than expected,
an advance set in that carried the price up to 5.54d. by the
18th. Thereafter the tendency was generally downward to
the close, which was at 5.26d., against 5.25d. at the end of
August.
•
OCTOBER.—Manchester.—Chief interest in the cotton
goods market in October was centred upon the lockout in the
Lancashire cotton mills. Efforts were made from time to
time to bring about a settlement of the difficulty, but without result, although near the close of the month the prospect
of arriving at some understanding was considered brighter
and hopes were entertained that before November had far
advanced the mills would again be in operation. Opportunely with the stoppage of operations in the mills demand
for both yarn and cloth was very light and as a consequence
the reduced output currently offered in conjunction with
stocks of goods accumulated before the shutdown quite
fully met buyers' requirements and prevented any important
anxiety as to supplies. On the whole the cloth business of
the month was of disappointing volume,and while it was not
unnatural that trade should in some measure be restricted
by the lockout, the neglect of goods offered at comparatively
reasonable quotations was not easily understood. But little
business was done for India, the China demand generally
continued quiet and the inquiry for other Far Eastern markets was small. Egypt's buying power was curtailed by
he financial stringency prevailing in that country and,
moreover,stocks of goods there were relatively large. Transactions for South America were of strictly moderate volume,
but with stocks apparently decreasing and confidence more
fully restored, a satisfactory trade was anticipated. A fair
distribution to the home trade was reported from some
quarters, but attempts to advance prices were generally
being resisted. Yarns were in poor demand and the higher
prices quoted at the inception of the lockout were hardly
maintained. Yarns and goods exports from Great Britain
reached 106,839,000 lbs., against 125,741,000 lbs. in October
1907. Mr. Ellison estimated the weekly rate of consumption
in Great Britain at only 30,000 bales, leaving the Continental rate unchanged. Liverpool.—The market for the
raw material was without any strongly defined tendency
during the month, but on the whole the trend of prices was
downward. the large movement of the American crop
assisting the decline. At the same time the net loss was
very slight, reaching only 17 points in middling uplands,
which opened at 5.18d., declined to 4.95d. by the 22d and
closed at 5.08d.
NOVEM ER.—Manchester.--A surprising feature of the
month was the steadiness displayed by the raw material in
the face of the unprecedentedly heavy movement of the
American crop and the unsatisfactory condition of the
goods trade in Great Britain and Continental Europe. The
settlement of the lockout at Lancashire on the 6th of the
month by the Masters agreeing to postpone until the first
day of March the putting in force of the 5% reduction in
wages was a favorable development, of course, and the free
marketing of American cotton, confirming opinion that new
supplies would be ample for all consumptive requirements,
relieved anxiety in that particular. But the status of the
goods trade generally, was disappointing. With the settlement of the lockout full time was gradually resumed in
Lancashire spinning mills, but a good many looms continued
idle. Coincident with the termination of the labor difficulty there was a large inquiry for goods, but at rates
[VoL. Lxxxix.
below those currently asked, and consequently only a very
moderate business resulted. Manufacturers therefore found
it practically impossible to maintain margins of profit.
Altogether the volume of sales for the month was much below
the normal. In fact, in most markets the stocks of goods
yet to be disposed of were seemingly large and it was felt that
any increase in business under the conditions existing could
only be on a basis of wilues below those prevailing. Little
was done for India or other Eastern markets and trade for
the Continent and South America was comparatively small.
Following the adjustment of the difficulty in Lancashire
steps were taken by the Board of Trade to devise some
scheme for avoiding such occurrences in the future. With
that end in view it was announced that early in December
a conference would be held on the proposition to formulate
a plan for the automatic regulation of wages. Shipments of
yarns and goods from Great Britain aggregated 86,949,000
lbs., compared with 125,746,000 lbs. in the month of the
previous year. Consumption was estimated at 60,000 bales
per week in Great Britain, the Continental rate remaining as
in October. Liverpool.—There was rather free buying of
the raw material during the month, but the market was
without definite trend. The tendency of prices was downward at first, but the loss was fully recovered later, the close
being at an advance of 3 points over the final October quotation. Opening at 5.08d., middling uplands was down to
4.98d. on the 9th, recovered to 5.07d. on the 10th, dropped
to 4.99d. by the 12th and advanced to 5.05d. the following
day. From that level, after almost daily fluctuations, there
was a net rise of 6 points, the close having been at 5.11d.
DECEMBER.—Manchester.—The volume of transactions
in the cotton goods market in December was of disappointing
proportions. The month opened with an unsatisfactory
demand in evidence which led to fears that concessions in
prices would be requisite to do business. Like conditions
were the feature,. in fact, throughout the month, dull trade
being the general rule, with a virtual cessation of transactions
during the holiday period. Sales to China were restricted
by the decline in silver, and offers from abroad quite generally were upon an impossible price basis. In the final days
of the month, however, the rise in silver stimulated a better
inquiry from China, and more favorable advices from India
imparted to the outlook a brighter hue. These developments were taken as indicative of a promise of an increase
in the volume of transactions after the turn of the year.
On the whole, however, the month was the least satisfactory
in some time in the goods trade and at the close there was
complaint of lack of orders from many manufacturers. In
fact only for South America and some Mediterranean localities had the dealings been anywhere near up to an average.
No definite announcement was made of any conclusive
action on the scheme for the automatic adjustment of
wages in the cotton-manufacturing industry. Exports of
yarns and goods from Great Britain reached a total of
93,240,000 lbs., against 115,500,000 lbs. in December 1907.
The average weekly rate of consumption on the Continent
continued as estimated for the previous month, but for
Great Britain Mr. Ellison advanced the rate t6 78,000 bales.
Liverpool.—The market for cotton ruled comparatively
quiet, with the volume of transactions rather light. Fluctuations in prices, while frequent, were on the whole within a
narrow range, with the net change for the month a falling
off of 12 points. Middling uplands opened at 4.99d., a
decline of 12 points from the final November quotation, but
there was an advance to 5.02d. on the 3d. Thereafter, to
the 17th, the tendency of the market was generally downward, the drop culminating at 4.80d. The subsequent
trend of prices was mainly upward, however, with the close
the same as the opening-4.99d.
JANUARY.—Manchester.--The opening of the new year
brought a brisker trade in the cotton goods market, but the
volume of transactions was yet well below normal, and as
the month progressed there was less activity to the,dealings.
This was, of course, due in considerable measure. to the
higher range of values for both yarns and cloth, which, not
unnaturally, checked inquiry. M looms got to work the
demand for yarn increased materially, but production was
not easily absorbed, and in fact a good many mills that had
not yet started up after the lockout were awaiting a favorable
opportunity to resume operations: The improvement in the
cloth trade that was manifest in the last week of 1908
continued well into January and, under the influence of the
advancing value of silver, more was done for China. The
India markets also sent better orders as a whole, although
Calcutta still maintained an indifferent attitude, there not
having been sufficient recovery from the previously existing
depression to seem to warrant any important purchases.
Trade for Japan was fair, Java bought steadily in a moderate
way,and occasional transactions for other Far Eastern localities were reported. ,• An improved dethand from Turkey
was in evidence, South America did better, and a moderate
average home trade was put through. On the whole the
position of manufacturers improved a little during the
month, but it was realized that without a continued increase
in the demand, all sections of the industry would be likely
to fare badly. Yarns and goods exports from Great Britain
aggregated 101,007,000 lbs. against 127,787,000 lbs. in
Jan. 1908. Mr. Ellison advanced his estimated weekly
rate of consumption in Great Britain to 80,000 bales.
Liverpool.—The market for the raw material was rather
SEPT. 11 1909.]
THE CHRONICLE
more active at times with the tendency of prices quite
generally towards a higher level. The opening after the
holidays was at 5.07d. for middling uplands, an advance of
8 points over the final December quotation, and with rather
unimportant recessions the rise continued until 5.34d. was
reached on the 25th. A decline of 7 points the following
day was fully recovered on the 27th, after which the market
again eased off slightly, closing at 5.26d., a loss from the
highest of 8 points, but a gain for the month of 27 points.
FEBRUARY.—Manchester.—Developments during the
month in the cotton-goods trade included no features of an
especially noteworthy description. The large Liverpool
stock and the apparent disposition on the part of holders
to sell cotton imparted an easier tone to the market for the
raw material, but while the tendency of prices was consequently downward, only a moderate decline resulted. Consumption of cotton was concededly large, but some tendency
towards contraction was noted. Short time was being discussed at some continental centres and a rather important
reduction of the output of yarns was reported from Lancashire, with a further curtailment probable. The lower
prices that ruled as a result of the insufficient demand
made it difficult to sell without loss, the new mills without
trade connections being. most seriously affected. But, notwithstanding the unsatisfactory status of affairs — a demand
inadequate to absorb the output—many more new mills
were only iftwaiting money and opportunity to begin operations. Manufacturers were able to buy yarns on very favorable terms, but with the demand for goods comparatively
small it was impossible for them to fully take advantage of
the opportunity. Many looms were reported idle and others
working at a loss. Extremely low offers made by foreign
buyers had the effect of forcing the market down to a point
where it was stated that in its relation to cotton the price
of cloth has, perhaps, never been cheaper. Under the circumstances a good many offers were refused by manufacturers. Transactions for India were in the aggregate of only
moderately fair proportions, and the improvement in the
China trade, noted in January, was not maintained. Dealings for other foreign markets were quite generally below the
average, and the home trade only fair. Manufacturers were
less favorably situated at the close than at the opening of the
month. Yarns and goods exports for the month were only
103,607,000 lbs. against 120,336,000 lbs. in Feb. 1908.
Mr. Ellison continued the estimated weekly rate of consumption as in the previous month. Liverpool.—The market for
the raw material ruled rather quiet most of the month, with
prices tending towards a lower level; but the decline was
moderate withal. Opening at 5.21d., a decline of 5 points
from the final January quotation, middling uplands eased
off gradually, but not without some temporary recovery,
until 5.07d. was reached on the 16th. From that level
there was an advance to 5.14d. the following day, succeeded
by a renewed decline that carried the quotation down to
5.02d. by the 26th. An uplift of 3 points on the 27th closed
the market at 5.05d., or 21 points, lower than the January
final.
MARCH.—Manchester.—While in some departments of
the cotton-manufacturing industry the situation as regards
volume of orders on hand was a little better at the close than
at the opening of the month, the status of affairs, speaking
generally, was far from satisfactory. On the whole the
month could not be considered as other than disappointing
in Lancashire. Consequent upon poor trade the question
of organized short time became a live topic of discussion
among the Federation of Master Cotton Spinners' Associations. As an organized affair, however, the proposition
failed of sufficient votes to receive official sanction, so resort
to short-time was left to individual initiative. A good many
spindles, especially those employed on weft, were stopped
or run short during the month, and further curtailment was
anticipated. Advices from the Continent also covered reports of reduced production at all important centres of cotton
manufacturing. Some progress was made in the matter
of devising a scheme of wage adjustment that would prevent
labor troubles and arrangements were made for meetings in
Manchester at which the details could be considered. Although more looms were in operation in March than in February the month was altogether an indifferent one in the cloth
trade. Some manufacturers did well enough in quantity
of orders booked, but few made profitable transactions. The
settlement of the Balkan troubles was looked upon as a
favorable development, holding out a promise of better
business with near Eastern markets. But for no foreign
outlets was there more than a moderate demand during
March. Exports of yarns and goods from Great Britain
reached a total of 117,362,000 lbs., against 114,138,000 lbs.
in March 1908. The average weekly rate of consumption
was maintained the same as estimated for February. Liverpool.—There was no special definite tendency to the course
of prices for the raw material during the month. On
slightly larger sales there was an upward trend to quotations
early, then an easing off to a level somewhat below the
opening, and finally a recovery to the final February price.
To be specific, middling uplands started the month at 5.03d.,
advanced to 5.14d. by the 4th, remained fairly steady for a,
few days and then declined to 4.97d. on the 19th. A recovery to 5.02d. occurred on the 20th, followed by a drop
that culminated at 4.93d. on the 23d, then an advance to
5.05d. by the 30th, and so the market closed the month.
639
APRIL.—Manchester.—Demand for cotton goods during
April was on the whole of strictly moderate proportions and
consequently not sufficient to absorb a full production. In
fact the month may be described as a period of adjustment
as, with the advance in price for the raw material, the cottonmanufacturing industry had to adapt itself to a higher basis
of values and the process was not an easy one. The Easter
holidays furnished an excuse for a rather longer stoppage
of operations than usual, and following them there was
considerable short time running. While relatively few
weaving sheds were fully shut down, many looms were
awaiting work. Yarns were still cheap, compared with the
price of cotton, and as increases in spindles had been proortionately greater than in looms the last few years, expectations were that for some little time to come the advantage
would rest with the manufacturers, and especially those who
do not spin. It is, of course, true that a gradual improvement in conditions was noted in some quarters, generally
they were not encouraging, and at the close of the month
there was talk of further stoppage of looms. Speaking
broadly of the market, it may be said that while there was a
good re-order demand for small parcels, large transactims
were only occasionally reported, and generally the more
hopeful anticipations were not realized. China did relatively well, but exports to India and other important Eastern
markets showed a falling off. South America was a steady
buyer in a moderate way. While the home trade was fairly
good in the first quarter of the year, there was a determined
resistance in April to advancing prices and a consequent
restriction of transactions. Yarns and goods exports for
the month were 105,225,000 lbs., comparing with 108,879,000
lbs. in April 1908. Estimates of consumption were unchanged. Liverpool.—A little better demand at generally
rising values characterized the market for the raw material
during the month. Opening at 4.99d. middling uplands
steadily advanced until 5.42d. was reached on t le 13th. A
slight recession on the 14th was followed by a further rise
to 5.54d. on the 16th, and by the 19th the high of the month
(5.55d.) was recorded. Thereafter fluctuations were frequent, up or
but generally within a narrow range,
an I the close was
at 5.53d., or a gain of 0.48 points over the
down,
final quotation for March.
MAY.—Manchester.—While there was probably a slight
improvement in weaving branches of the cotton goods trade
during May, the range of prices remained on a comparatively
low basis, much to the advantage of buyers. But speaking
generally the month was a period of rather limited sales, with
the return unsatisfactory to spinners and manufacturers,
and particularly to those who both spin and weave. The
further advance in the value of American cotton was of
course an unfavorable factor, as under existing conditions
manufacturers were unable to command a commensurate
advance for their product. In most of the important manufacturing towns looms were still standing idle and the intention was expressed to stop a great deal of machinery
during Whit-week in an effort to,in some measure,restore the
balance between supply and demand. With the situation
as it existed in the trade, it was being realized that the inordinate increasing of spindles (over 6,000,000 in three years)
had most effectually delayed anything approaching a profitable business, uncertainty as regards the next American crop
was the source of some anxiety, owing to cabled reports of
unfavorable conditions, but little faith was placed in any
decrease of area. The inquiry for cloth for export was disappointing, many foreign markets continuing sluggish, with
several most important ones still suffering from financial
depression. Occasional profitable orders were booked, but
generally the trade did badly. While demand from Japan
and some near Eastern markets was more promising, the
China demand was poor, India below normal and Egypt and
Persia dull. South America was a steady buyer in a moderate way and home and Colonial transactions of better
volume. Yarn margins were very poor and some accumulation of stock was reported. Exports of yarns and goods
from Great Britain aggregated 105,084,000 lbs. against
107,246,000 lbs. in May 1908. The estimated weekly rate
of consumption was maintained as in April. Liverpool.—
Mainly under the influence of reports from America, the
tendency of prices for the raw material was towards a higher
level and the advance secured was quite well maintained.
Middling uplands opened at 5.56d. and after daily fluctuations was quoted at 5.58d. on the 8th. On the 12th, however, there was a rise to 7.72d., the 18th found the quotation
5.85d. and two days the high of the month (5.95d.) was
reached. From that level there was a decline of 14 points
by the 24th, followed by a recovery of 7 points, the close
being at 5.88d., or 35 points higher than the final April
price.
JUNE.—Manchester.—On the whole trade in the cotton
goods market was a little better during June than in the preceding month, but with the trend of prices for the raw material upward, manufacturers found it difficult to commensurately mark up quotations for yarns and cloth without
checking demand. The question of short-tinie among the
spinners of American cotton at Lancashire came up for consideration early in the month and was voted upon later.
Although no public announcement of the result has been
made, it was believed that the 80% necessary to make it
operative had been received, and that mills would be closed
on Saturdays and Mondays from July 15 to Sept. 30. Fol-
_640
lowing the holidays, with which the month opened, business
was quiet, although a good many offers from Indian markets
were in hand. China bought pretty freely at times and a
fair business for Japan was in evidence occasionally. Other
Far Eastern markets were, however, generally quiet. South
America was a steady purchaser on a small scale, but reports
of drought in Argentina was a disturbing factor in the situation. The advance in cotton accentuated the difficulties
of spinners who were already unfavorably, situated. In
fact, only those who were willing to accept unprofitable
rates were able to fully dispose of their product. Shipments
of yarns and goods from Great Britain were 103,702,000 lbs.,
against 101,255,000 lbs. in June 1908. Estimates of consumption were the same as in May. Liverpool.-The advancing tendency to the raw material noticeable in April
and May was also a feature of June. At the start, however,
the trend was downward, the market opening at 5.83d., or
5 points•below the May close, and further declined to 5.75d.
by the 9th. From that level to the end of the month price
changes were, with one or two exceptions, upward, 6.01d.
being reached on the 22d and the high point of the month
(6.26d.) on the 29th. A recession of 2 points on the 30th
left middling uplands at 6.24d., or 36 points above the
May close.
JULY.-Manchester.-Transactions in the cotton goods
market in July were of disappointing volume, advancing
prices and the uncertainties of the market for the raw
material having operated to curtail dealings. The disinclination to pay the higher prices for cloth and yarns was
in fact so general that the month's trade was considerably
restricted. Some further curtailment of production was
reported as a result of the slack demand, the mills in the
Federation of Master Spinners closing on Fridays and Mondays after the middle of the month. Furthermore, the
example set by the spinners' organization was followed by
many outside establishments. No organized short-time
was entered upon by weavers, but many looms and in some
cases whole sheds were idle. Advices from the Continent,
moreover, were to the effect that the short-time movement
was widespread throughout European countries, with a consequent material reduction of output. While there were
reports of favorable rains from India, the Calcutta and
Bombay offers for cloth were too low, but the smaller markets
of Karachi and Madras were relatively more active buyers.
China very dull all the month; Japan, the Straits and other
Far Eastern markets and the Levant very quiet. South
American markets were fairly steady buyers and some improvement in the demand from Egypt was noted. The
home trade was passing through its quietest time. Manufacturers found it extremely difficult to obtain orders that
were materially better than stopping. Some profitable sales
were made from stock, though in these cases the full advance
was rarely realized. Exports Of yarns and goods from
Great Britain reached a total of 133,959,000 lbs., against
121,764,000 lbs. in July 1908. The average weekly rate of
consumption continued as estimated for the previous month
on the Continent, but on account of the short-time, Great
Britain's rate, while regularly stated at 80,000 bales, was
actually reduced to an average of 70,000 bales per week.
Liverpool.-The market for the raw material was largely,
if not wholly, under the influence of the report of the U. S.
That report issued on the
Department of Agriculture.
2d showed a considerable deterioration in the condition
from the figure set a month earlier and stimulated an important rise in values, the greater part of which was maintained.
At the opening middling uplands was quoted
at 6.28d., but by the 7th had risen to 6.72d., and after a
slight recession advanced again and by the 13th ruled at
6.92d., the high point of the month. Thereafter fluctuations
were frequent and at times wide, but generally the trend was
towards a lower level. In fact 6.44d. was the quotation on
the 27th, but from that figure there was an advance to 6.73d.
at the close.
AUGUST.-Manchester.-While in a few departments
of the cotton-manufacturing industry a better demand was
reported than had been experienced for some weeks previously, trade in general was rather quiet and the month's
turnover below normal. The market was unfavorably affected by the frequent fluctuations in raw cotton, which
made the establishing of selling prices for good quite difficult. An important development of the month was the
action taken by the spinners of ring yarns in Lancashire to
safeguard that branch of the trade by the prevention of
undercutting of prices. In response to a circular, a meeting
was held at Manchester on the 24th, the owners of two-thirds
of the 4,500,000 ring spindles in the district attending.
The result of the meeting was the formation of the "Ring
Mills Association, Ltd.," and the adoption of plans to fix
minimum prices at which yarns of the various grades might
be sold, with penalties for non-compliance with the rules of
the association. This, it is believed, will be of benefit to the
trade. Toward the close of the month a better demand from
India was in evidence, buyers for South America and Mediterranean points were inclined to operate more freely, but
there was no improvement in the China trade. The short- time in both the spinning and weaving branches noted in
July was a feature of the month, and some extension of it
was to be noted. Consumption both in Great Britain and
on the Continent proceeded at the same rate as in the previous month.-Liverpool.---The market for the raw material
[VOL. Lxxxix.
THE CHRONICLE
ruled fairly active at times, but on the whole trade was of
moderate volume, with values without definite tendency.
At the opening after the holidays (Aug. 3), middling uplands
advanced 7 points to 6.80d., but turned easier, and by the
10th there had been a dedline to 6.55d. From that level
there was a rise to 6.72d. by the 13th, followed by a drop to
6.56d. on the 16th and a recovery to 6.73d. on the 18th.
Again the quotation fell off, and on the 21st was 6.63d.,
but the loss was fully recovered by the 25th. Thereafter
fluctuations were within a narrow range and the close was
at 6.85d., against 5.25d. at the end of the previous season,
or an advance for the year of 1.60d.
We now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumption already presented, and the total of all. These figures
are not the takings of the mills, but the actual consumption,
and are in all cases expressed in bales of 500 pounds. The
figures in the table cover the years from 1884-85 to 1908-09,
inclusive, and are given in thousands of bales.
United States.
Europe.
500-lb.bales
000somitted
a
Total.
A
1890-91 _ _
1891-92
1892-93 _ _ _
1893-94 _ _
1894-95 __ _
1805-96 _
3,384
3,181
2,866
3,233
3,250
3,276
3,631
3,619
3,661
3,827
4,030
4,160
7,015
6,800
6,527
7,060
7,280
7,436
1,ATO
1,944
557
632
679
671
803
861
1,872
1,593
1,040
1,711
924
2,367
914
2,576
918
2,551
959
2,264
2,743 1,074
2,572 1,105
99
150
200
192
286
363
106 10,511
125 10,565
195 10,291
105 10,580
160 11,543
129 11,605
083
215
120 10,849
2,738 1,004
2,962 1,141
3,553 1,314
3,856 1,139
3,727 1,060
4,037 1,384
-2,089 1,389 3,478 1,174
414
534
703
711
632
726
132 11,880
191 12,888
142 14,015
157 13,773
152 13,416
179 14,415
620
159 13,398
1,364
1,368
1,474
.1,586
1,552
1,561
567
693
755
874
907
890
199 14,478
176 14,310
23515,542
173 16,385
171 16,932
142 16,230
Av.6 y'rs 3,529 5,313 8,842 2,225 2,131 4,356 1,484
781
183 15.646
1908-09* _ _ 3,650 5,720 0,370 2,448 g2,464 4,912 1,600
030
224117,036
Av.6 y'rs 3,198 3,821 7,010 1,812
1896-97 _ _ _
1897-98 _ _ _
1898-99 _
1899-00 _ _
1900-01 _
1901-02 _ _
3,224
3,432
3,519
3,334
3,269
3,253
i902-03._ _
1903-04 __ _
1904-05 _
1905-06 _
1906-07 _
1907-08* __
3,185
3,017
3,620
3,774
3.892
3,690
4,368 7,592
4,628 8,060
4,784 8,303
4,576 7,910
4,576 7,845
4,836 8,089
-Av.6 y'rs 3,339 4,628 7,967
5,148
5,148
5,148
5,252
5,460
5,720
8,333
8,165
8,768
9,026
9,352
9,410
700 2,512
1,776
1,808
2,244
2,355
2,150
2,207
962
1,154
1,309
1,501
1,577
1,830
2,048
2,001
2,194
2,440
2,575
2,093
1,967
1,907
2,116
2,286
2,375
2,134
4,015
3,008
4,310
4,726
4,950
4,227
*Figures of European consumption for 1997-08 and 1908-03 „will probably be
changed slightly by Mr. Ellison in his October Annual.
Another general table which we have compiled of late years
is needed in connection with the foregoing to furnish a comprehensive idea of the extent and the expansion of this
industry. It discloses the world's cotton supply and the
sources of it. The special points we have sought to illustrate by the statements are, first, the relative contribution
to the world's raw material by the United States and by
other sources, and, second, to follow its distribution. Beginning with 1896-97, the figures of visible supply include
•
Alexandria and Bombay stocks.
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
500-lb.
bales.
Visible
and
Invisible
Supply
Beginning of
Year.
Balance of Supply.
End of Year.
Crops.
United
States.
All
Others.
Total.
7,237,000
8,218,000
8,537,000
8,709,000
9,095,000
9,753,000
Total
Actual.
Cons-amp
lion.
InVisible. I visible.
7,444,000
8,120,000 •
8,505,000
8,891,000
9,267,000
9,795,000
984,000'
068,000
999,000
772,000
682,000
840,000
1884-85.. _
1885-85._ _
1886-87_ _ _
1887-88 _ _
1888-89_ _
1889-90 _ _
Average
6 years_
1,550,000
1,343,000
1,441,000
1,473,000
1,291,000
1,119,000
5,136,000 2,101,000
5,984,000 2,234,000
5,960.0002.577,000
6,400,000 2,309,000
6,463,000 2,632,000
6,820,000 2,933,000
1890-91_ _
1891-92_
1892-93_
1893-94_ _
1894-95_ _
1895-96_
Average
6 years
1,077,000i
1,742,000!
2,818,000,
2,258,000
2,128,000
3,203,000
8,137,0003,030.000 11,176,000 10,511,000 1,315,000 427,000
8,640,000 3,001,000 11,641,000 10,565,000 2,310,000 508,000
6,435,0003,296,000 9,731,000 10,291,000 1,903,000 355,000
7,136,000 3,314,000 10,450,000 10,580,000 1,792,000 336,000
9,640,000 2,978,001 12,618,000 11,543,0002,185,000 1,018,000
6.912,0003.421,000 10,333,000 11,605,000 1,231,000 700,000
1896-97 _ _
1897-98_ _
1898-99_
1899-00 _
1900-01_
1901-02_ _
Average
6 years
14,931,000 8,435.8683,438,000 11,873,868 11,880,332 1,295,636 628,000
4,923,636 10,890,000 3,316,290 14,206,290 12,888,768 1,905,158 1,336.000
13,241,158 11,078,000 3,694,934 14,772,934 14,014,7282,371,364 1,628,000
13,999,364 9,137.0003,092,807 12,229,897 13,772,772 1,071,489 1,385,000
12,456,489 10,218,000 3,414,454 13,632,454 13,415,916 1,549,027 1,124,000
2,673,027 10,380,38014,033,569 14,413,949 14,414,908 1,306,068 1,366,000
10,023,207!3,498,358 13,521,565 13,397,911
6,127,000 2,464,000 8,591,000 8,670,000
359,000
473,000
474,000
519,000
437,000
231,000
-
7,817,0003,175,000 10,992,000 10,849,000
1902-03_ 2,672,068 10,511,02014,215,667 14,726,687 14,477,094 1,177,677 1,743,384
1903-04 _ _ g,921,061 9,841,67114,317,670 14,159,341 14,310,158 1,085,237 1,735,007
1904-05_ _ 2,770,244 13,420,056'4,624,000 7,944,056 15,541,667 2,501,4892,871.16-i
1905-06_ _ _ 6,172,633 11,048.000 4,612,553 5,660,553 16,385,228 1,702,485 2,745,473
1906-07._ 4,447,958 13.346,000 5,367,320 i 8,713,320 16.931,898 2,215,497 4.013,883
1907-08 _ 6,229,380 11,264,000 4,258,085 15,522,685 10,230,336 1,600,104 3,921,625
Average
11.571.791 4,549,316 6,121,107 15.646.164
6 years_
1908-09 _ _ _ 5.521.729 13.579.926 4.602.000 18,181.226 17.035.801 1.875.140 4.792.714
To illustrate the preceding, take the last season, 1908-90. and the results would
be as follows:
bales.. 5,521,729
Supply-Visble and invisible stock beginning of year
18.181,926
Total crop during year
Total supply-bales of 500 lbs
Distribution-Total consumption, &c
Leaving visible stock
Leaving invisible stock
Total vLsble and invisible stock at esd of year
23,703,655
17.035,801
1,875,140
4,702,714
6.667,854
SEPT. 11 1909.1
THE CHRONICLE
Overland and Crop Movement.
OVERLAND.-The season of 1908-09 witnessed a rather
important gain in the movement of cotton by the overland
rail routes. With the crop showing a considerable augmentation, it is only natural that there should occur a gain in the
amount carried by the overland routes. But the increase
this year has been proportionately much greater than the
advance in yield. That is to say, the increase over the preceding season's overland is 448,456 bales, or over 38%, as
against a gain in the crop of 2,247,017 bales, or only about
2037. Stated in another way, the volume of cotton moved
to Norther mills nor to ports outside of the cotton belt this
season by the all-rail routes reaches 11.8% of the aggregate
crop, against a percentage of only 10.17 in 1907-08. The
increased movement overland ,moreover, has been shared
in quite generally this year, but through Cincinnati and
Rock Island there has been a small loss in cotton traffic.
A very noticeable gain is recorded in the movement via St.
Louis, the excess of 1908-09 over 1907-08 being almost 43%,
and an important augmentation (46%) in traffic is to be
noted at Louisville, The movement via Virginia points
(Alexandria, Basic, &e.) has about doubled, the Chesapeake
Sr Ohio RR. being the conspicuous gainer. Increased exports to Japan from Pacific ports are reflected in the excess
movement this year via "Other Routes." To indicate the
relation the gross overland movement bears to the total yield
in each of the last twenty years, we append the following:
Crop of-
Total Yield.
Gross
Overland.
Increase or Decrease.
Of Overland.
Of Crop.
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
Bales.
Bales.
13,828,846
11,581,329
13.550,760
11,319,860
13,556,841
10,125,176
10,758,326
10,701,453
10,425,141
9,430,550
11,235,383
11,180,960
8,714,011
7,162,473
9,892,766
7,527,211
8,717,142
9,038,707
8,655,518
7,313,728
1,626,387
1,177,931
1,705,152
1,234,641
1,560,870
1,120,993
1,438,268
1,675,042
1,757,646
1,790,238
2,057,024
1,896,011
1,282,211
1,190,299
1,867,104
1,253,856
1,290,512
1,800,482
1,666,145
1,429,192
Per Cent.
Per Cent.
Increase
Decrease
Increase
Decrease
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Increase
Increase
19.40
14.53
20.41
16.51
33.89
6.07
0.53
2.64
10.44
15.99
0.48
28.31
21.66
27.60
31.43
12.06
25.68
4.43
18.35
5.46
Change from season of '89-'09 to '0-8'09_ Increase 89.08
Increase
Decrease
Increase
Decrease
Increase
Decrease
Decrease
Decrease
Decrease
Decrease
Increase
Increase
Increase
Decrease
Increase
Decrease
Decrease
Increase
Increase
Decrease
38.07
30.06
38.11
21.35
40.07
22.06
14.19
5.49
1.28
12.98
7.83
47.90
7.72
36.25
48.64
2.84
28.32
8.06
16.58
2.12
Increase 13.79
In determining this year the portion of the crop forwarded
by each of the different overland routes, we have followed
our usual methodsFirst-Of counting each bale of cotton at the Southern
outport where it first appears.
Second-Of deducting from gross overland all cotton
shipped by rail from Southern outports to the -North.
Titird-Of deducting also from overland any amounts
taken from Southern outports for Southern consumption.
Fourth-Of deducting likewise arrivals by railroads at
New York, Boston, Baltimore and Philadelphia, all of
which have been counted in the receipts from week to week
during the year.
With these explanations, nothing further is needed to
make plain the following statement of the movement overland for the year ending Aug. 31 1909.
1908-09. 1907-08. 1908-07.
-Amount sh4ppedVla St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes
bales..
686,465
307,305
30,693
85,817
50,227
194,525
271,355
480,160
232,657
$7,356
58,519
53,976
100,322
205,941
825,254
218,618
85,230
90,995
55,867
121,037
308,151
Total gross overland
1,026,387 1,177,931 1,705,152
De dut shipments-Overland to New York, Boston, &c
148,427 111,940 168,868
Between interior towns, &c
105,634
68,880 104,322
Galveston,Inland and local mills
3
709
New Orleans, Inland and local mills
31,185
29,907
51,087
Mobile,inland and local mills
7,586
8,221
14,957
Savannah,inland and local mills
10,590
10,317
25,419
Charleston, inland and local mIlls
5,225
11,263
10,636
North Carolina ports,Inland and local mills
1,613
4,317
2,491
Virginia ports, inland and local mills
10,275
10,807
8,244
611
LOUISIANA.
1908-09- -1907-08
Exported from New Orleans:
To foreign ports
1,870,709
1,957,472
To coastwise ports
119,579
106,527
To Southern ports, &c., by
river and rail •
13,914
16,270
Manufactured •
17,271
13,637
Burnt
41
Stock at close of year
26,840-2,047,035
39.571-2,134,796
DeductReceived from Mobile
14,384
14,631
Received from New York_ _ _ _
286
4,217
Received from Liverpool, &c_
54
1,018
Stock begitining of year
26.840-- 41,564
31,964-51,831
Total movement for year
2,093,232
1,995,204
• In overland we have deducted these two items.
ALABAMA.
'-----1908 091907 08
Exported from Mobile:•
To foreign ports
306,963
259,597
To coastwise ports
78,858
89,302
Burnt
Stock at close of year
2,619-- 398,884
4,969-- 343,422
DeductReceipts from New Orleans, &c.
4
$95
Stock beginning of year
4,969-2,877-4,973
3,272
Total movement for year
393,911
340,150
• Under the head of coastwise shipments from Mobile are included 1,663
bales shipped inland by rail for consumption, &c., which, with consumption,
are deducted in the overland movement.
GEORGIA.
1908-09
1907 08
Exported from Savannah:
To foreign ports-Upland _ _ _ 913,474
874,677
To foreign ports-Sea Island_
7,723
17,404
To coastwise portsUpland •
594,197
552,502
Sea Island •
36,681
45,099
Exported from Brunswick, &c.:
To foreign ports
175,915
283,026
To coastwise ports
41,701
32,216
Stock at close of yearUpland
20,765
20,852
Sea Island
1,890-1,856,180
906-1,752,848
DeductReceived from Charleston,&c.
3,099
902
Stock beginning of yearUpland
8,319
20,852
Sea Island
906- 22,660
662- 12,080
Total movement for year
1,843,520
1,740,768
• The amounts shipped inland and taken for consumption are deducted In
overland.
There were no receipts at Savannah by water from the Florida outports
this season: but 25,000 bales from the interior of Florida were received at
Savannah by rail.
SOUTH CAROLINA.
1908 09-- -----190708Exported from Charleston:
To foreign ports-Upland ___
82,969
44,518
To foreign ports-Sea Island
To coastwise portsUpland •
115,880
, 149,433
Sea Island
17,145
6,419
Exported coastwiseFrom Georgetown, &c
2,674
822
Stock at close of yearUpland
4,122
675
Sea Island
2,317-- 207,631
344-- 219,687
DeductReceived from Savannah, &c.:
Upland
Sea Island
Stozk beginning of yearUpland
4.122
3,265
Sea Island
2,3176,439
3,318
53Total movement for year.
213,248
204,313
Included in this item arc 5,225 bales, the amount taken by local mUls
and shipped to interior, all of which is deducted in overland.
NORTH CAROLINA
-----1908 091907-08
Exported from Wilmington:
403,209
492,830
To foreign ports
9,148
5,433
To coastwise ports •
72,000
Coastwise from Washington, &c. 51,554
Manufactured
1,330
2,405
Stock at close of year
4,545- 577,214
573-- 465,814
Deduct4,5454,545
Stock beginning of year
553553
Total movement for year
461,269
576,661
• Of these shipments, 283 bales went inland by rail from Wilmington
and with local consumption are deducted in overland.
FLORIDA, &C.
1907-08---1908-09
Exported from Pensacola, &c.: •
To foreign ports
189,487
173,213
To coastwise ports
8,933
30,443
Stock at close of year
490- 182,636
- 219,9,10
DeductReceived from Mobile
1,450
2,251
Stock beginning of year
2,741
3,9094905,359
Total movement for year
217,189
177,277
Note.-Gulfport, Miss., included above.
• These figures represent this year, as heretofore, only the shipments
Total to be deducted
320,535 265,741 376,647 from the Florida outports. Florida cotton has also gone inland to Savannah
he., but we have followed our usual custom of counting that cotton at the
1,305,852 912,190 1,328,505 outports where ft first appears.
Leaving total net overiand_a
VIRGINIA.
a This total includes shipments to Canada by rail, which during 1008-09
-----1908-09---------1907 08
amounted to 124,385 bales, and are deducted in the statement of consumpExported from Norfolk:
tion
To foreign ports
36,641
40,535
To coastwise ports •
596,771
537,175
CROP DETAILS.-We now proceed to give the details Exp.
from Newport News, &C.:
the entire crop for two years.
To foreign ports.
1,636
To coastwise ports_10,883
6,782
TEXAS.
Taken for manufacture.------ _
6,000
8,473
----1908-09----Stock end of year, Norfolk
1907-08
6,796-- 659,"61
3;171-- 1595,30Z
DeductExported from Galveston, &c.:
To foreign ports (except MexReceived from Wilmington.&c
863
725
ico)
3,303,069
2,407,470
Received from North Carolina
To Mexico from Galveston,
ports.
51,554
72,000
Corpus Christi, &c
42,078
4,392
Received at Newport News,
To coastwise ports
633,883
362,792
&c., from Norfolk, &c_
1,636
Stock at close of year
41,763-9,816,417
37.296-4,016'32
Stock beginning of year
9,652- 84,15t
3,174- 55,453
Deduct6
Received from New York, &c
511,151
Total movement for year
604,111
41,763- 41,763 38,637
Stock beginning of year
38,637
• Includes 1,802 bales shipped to the interior, which, with 8,473 bale&
Total movement for year
2,777,780 taken for manufacture, are deducted in overland.
3,974,563
THE CHRONICLE
642
TENNESSEE. &C.
1908-09
ShipmentsTo manufacturers direct-net
1,305,852
overland
To New York, Boston. &c., by
148,427
rail
Total marketed from Tennessee,
&c •
New Crop ana Its Marketing.
1907-08
912,190
111,940
1,454,279
1,024,130
• Except 25,916 bales deducted in overland, previously counted.
Total pronuct detailed in the foregoing by States for the year
ending September 1 1909
Bales 11,255,322
Consumed in the South, not included
, 2,573,524
Total crop of the U. S. for year ending Sept. 1 1909.. _ _ _ bales_13,828,846
Below we give the total crop each year since 1878:
Years.
Bales. Years.
1908-09
13,828,84011897-98
1907-08
11,581,829 1896-97
1906-07
13,550,760 1895-96
1905-06
11,319,860 1894-95
1904-05
13,556,841 1893-94
1903-04____ .10,123,
1892-93
1902-03
10,758,326 1891-92
1901-02
10,701,453 1890-91
1900-01
10,425,141 1889-90
1899-00
9,439,559 1888-89
1898-99
11,235,38311887-88
Bales. Years.
11,180,96011886-87
8,714,011 1885-86
7,162,473 1884-85
9,892,766 1883-84
7,527,211 1882-83
6,717,142 1881-82 _
9,038,707 1880-81
8,655,518 1879-80
7,313,726 1878-79._
6,935,082 1877-78
7,017,707
Bales
6,513,623
6,550,215
5,669,021
5,714,052
6,992,234
5,435 845
6,589,329
5,757,397
5,073,531
4,811,265
Weight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and give last
year for comparison.
Year ending September 1 1909.
Movement
ThroughTexas
Louisiana
Alabama
Georgia a
South Carolina
Virginia
North Carolina
Tennessee, &c_
Total crop
Number
01 Bales.
Weight in
Pounds.
Year ending September 1 1908.
Aver. Number
Wght. 01 Bales.
3,974,563 2,112,440,489 531.49
2,093,232 1,088,124,761 519.83
393,911 205,491,651 521.67
2,060,709 1,038,514,908 503.96
213,248 105,557,760 495.00
004,111 296,618,501 491.00
461,269 228,554,177 495.49
4,027,803 2,040,444,722 506.59
Weight in
Pounds.
Aver.
Wght.
2,777,780 1,463,612,282 526.90
1,995,204 1,030,463,010 516.47
340,150 177,197,741 520.94
1,918,045 959,252,665 500.12
204,313 100,822,336 493.47
511,151 250,463,990 490.00
576,661 283,809,488 492.16
3,258,525 1,641,449,383 503.74
13,828,846 7,115,746,869 514.56 11,581,829 5,907,070,895 510.03
a Including Florida.
According to the foregoing,the average gross weight per bale
this season was 514.56 lbs., against 510.03 lbs. in 1907-08,
or 4.53 lbs. more than last year.. Had, therefore, only as
many pounds been put into each bale as during the previous
season, the crop would have aggregated only 13,951,679
bales. The relation of the gross weights this year to previous years may be seen from the following comparison.
Crop.
Season of1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
1887-88
1886-87
1885-86
1884-85
1883-84
1882-83
1881-82
1880-81
1879-80
1878-79
1877-78
No. of Bales.
Weight, Pounds.
13,828,846
11,681,829
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
11,180,960
8,714,011
7,162,473
9,892,766
7,527,211
6,717,142
9,038,707
8,655,518
7,313,726
6,935,082
7,017,707
6,513,623
6,550,215
5,669,021
5,714,052
6,992,234
5,435,845
6,589,329
5,757,397
5,073,531
4,811,2(15
7,115,746,869
5,907,070,895
6,984,842,670
5,788,728,073
6,996,731,233
5,141,417,938
5,471,143,917
5,403,210,514
5,319,314,434
4,754,629,038
5,765,320,339
5,667,372,051
4,383,819,971
3,595,775,534
5,019,439,687
3,748,422,352
3,357,588,631
4,508,324,405
4,326,400,045
3,628,520,834
3,437,408,499
3,406,068,167
3,165,745,081
3,179,456,091
2,727,967,317
2,759,047,941
3,430,546,794
2,585,686,378
3,201,546,730
2,772,448,480
2,400,205,525
2,309,908,907
Average
Weight,
per bale.
514.56
510.03
515.46
511.37
516.10
507.86
508.55
504.90
.510.25
503.69
513.14
506.88
503.08
502.03
507.38
497.98
499.85
498.78
499.84
496.13
495.66
485.35
486.02
485.40
481.21
482.86
490.60
475.62
485.88
481.55
473.08
480.15
Export Movement of Cotton Goods from United States.
We give below a table compiled from the returns of exports
of cotton goods from the United States as reported by the
Bureau of Statistics. These figures are for the last three
fiscal years and are presented in a form which enables the
reader to see at a glance the variations from year to year in
the volume of goods sent to the various quarters of the
globe. It will be observed that the 1909 total, reaching
$31,878,566, is greater than that for 1908 by $6,700,808,
but is $426,846 smaller than in 1907.
EXPORTS OF COTTON MANUFACTURES.
Years end1909fog Tune 30.
Total value.a
ToYards.
Europe__.. 5,342,233 1,513,429
Canada _ 7,788,617 1,845,636
Cent.Amer. 31,515,082 2,166,052
IV.Indies_ 64,259,701 4,310,464
So. Amer_ 44,347,771 2,586,880
China _139,987,013 8,140,900
•
Oth.Asia&
Oceanica 34,856,816 2,607,946
Africa_ _ 9,902,186
655,548
All others_ 29,632,123 d8,051,711
1908
Total value.a
Yards.
$
4,235,894 1,784,190
6,618,127 1,469,550
23,334,109 2,078,011
42,537,281 3,295,276
33,165,601 2,454,954
49,876,671 3,390,498
1907-------Total value.a
Yards.
4,331,784 1,833,100
8,530,059 1,731,338
30,233,138 2,219,216
49,146,815 3,551,944
61,737,034 3,542,028
86,454,028 5,933,678
42.468,987 3,228,438 83,273,512 5,466,359
9,827,674
389,026
696,993
3,000,715
2,806,385 d7,340,756
1,757,427 d7,087,815
Total _367,631,542 31,878,566 205,994,812 25,177,758 326.340,3291.32,305,412
a Includes values of manufactures not, stated in yards.
d Includes values of exports of yarn, waste, &c.
[VOL. Lxxxix.
As regards the cotton crop now maturing, and of which
a limited quantity has already been marketed, there is but
little of a positive nature as to the extent of the yield that
can as yet be said. A remark of this character applies, of
course, to every season to a greater or less extent, but never
was it more applicable than in the current year, when the
ultimate result depends very largely upon future conditions
of weather. On one point there seems to be no reason to
have any doubt this season, and that is that a larger area was
planted in cotton last spring than in the preceding year, and
that an acreage greater than ever before is now under
the cultivation of the staple. Such is the conclusion we
reached as the results of our investigations, and so stated
in our June acreage report, and nothing has occurred since
to alter it. There was every reason why area should be further increased, and not one that had to do with economic
conditions to really induce a curtailment of cotton planting.
We pointed out in June that in Louisiana there had been an
important reduction in area, but explained that it had been
brought about by fear of boll-weevils. But in the cotton
belt of the country as a whole an addition of a little more
than 1% was made. ' Advice to reduce generally and largely
was well circulated, but. was conspicuously ineffective, and
naturally so. A prospective large consumption called for a
full planting, so that reserves might not be seriously
encroached upon. Still, the most potent influence with the
planter was the matter of price, and.with that very satisfactory he could not see the wisdom of turning from cotton to
other presumably less profitable crops.
The growing crop, however, is what may be termed a late
one. Going back to June 1, in point of maturity it was not
as well advanced as that •Of 1908 at the same date, but the
plant was in better condition, in that respect comparing
very favorably with the average of earlier seasons. It
suffered more than the usual setback during June and July,
however, according to the official reports, the Department
of Agriculture stating the average condition on July 25 at
71.9, the lowest figure on record for the date covered. Deterioration had been general according to reliable reports, but
apparently from different causes. East of the Mississippi
River excessive rain had been complained of, but west and
southwest drought was operative. That there had been
deterioration during that period we do not question, but that
it was so extensive as reported is doubtful. It is always well
to remember that during the growing season there is a
strongly-defined tendency, not necessarily intentional, to
exaggerate adverse developments, and the careful observer
of things is inclined to make allowance therefor, or, in other
words, to take the reports cum grano salis. Observation
of crop conditions for a long series of years has induced us to
follow that course, and it has been often instrumental in
saving us from arriving at erroneous conclusions.
That the outlook at the close of July was hardly up to the
average it is safe to assert, but that the general condition of
the plant was as low as officially made to appear is much to
be doubted. From drought and high temperature there
was damage in Texas, Oklahoma and some sections elsewhere, but since the first of August good rains have furnished
relief, and the outlook is now less pessimistically regarded.
A favorable development in Texas was the practical extermination of the boll-weevil by the extreme heat. Elsewhere at the South, with less rain, reports of improvement
in condition have been quite general. August, in fact, was
on the whole a favorable month over much the greater part
of the cotton belt, but the full measure of the improvement
it is yet to early to measure. At the same time the promise
even now is hardly up to the average of recent years. But
the plant is still growing, and will continue quite generally
to make fruit until killed by frost; so that the yield this year
depends very much upon the time of frost. Should it
be early, estimates of a materially curtailed yield that have
already been promulgated would possibly be substantiated; and even if it occurs at an average date, the yield
per acre is likely to be below the average. But with frost
delayed and normally favorable weather continued, there
is yet a possibility of a pretty full crop in most sections.
It is an undisputed fact that an uncertain or disappointing
promise at this date has often been largely improved by
favorable fall conditions and late frost; and, on the other
hand, an excellent early outlook has, as the result of adverse
weather after Sept. 1, been turned into a season of poor
yield. Such being the experience of former years, the folly
of an early crop estimate this year becomes apparent. Yet
such estimates or guesses, more properly speaking, have
been the feature of the season, and some were made as soon
as the extent of the planting had been ascertained. That
they are usually wide•of the mark goes without saying. We,
however, merely atteinpt to state the situation as such information we gather leads us to believe exists, leaving to the
future the working out of the final results.
The data given below, considered in conjunction with the
remarks above, should enable each reader to formulate for
himself some idea as to the crop promise, making due allowance as the season progresses for developments as they may
occur. The subjoined compilation shows at a glance for a
series of years the area, aggregate yield and product per acre,
as made up by us, and the condition percentages August 25
as reported by the Department of Agriculture:_Atig .14
..4
THE CHRONICLE
SEPT. 11 1909.1
Product
per acre. Condition
Pounds.
Aug.25.
63-7
76.1
ia.
72.7
170
77.3
211
192
72.1
207
84.1
81.2
170
64.0
192
71.4
186
68.2
193
88.5
189
240
79.8
237
78.3
Yield,
Area,
Bales.
Acres.
33,862,406
13..I2-8-iiii
33,512,112 ,
33,079,425
11,581,829
13,550,760
31,557,242
28,808,415
11,319,860
32,363,690
13,556,841
28,995,784
10,123,686
10,758,326
27,300,371
27,874,105
10,701 453
26,534.00010,425,141
24,175,000
9.439,559
23,175,000
11,235,383
23,029,000
11,180.960
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
As bearing upon the comparative maturity of the plant,
we now give our usual statement of the dates of arrival of
first bales. This year the earliest receipt was at Houston,
Texas, on June 27. Last year the first bale came from
Starr County, in the same State, on June 19, and in 1907
Starr County, Texas, furnished the earliest bale on July 3.
In fact, for a number of years past, and quite naturally so,
the first bales have invariably been of Texas growth.
Date of Receipt of First Bale.
1903.
1904.
1905.
1909.
1906.
1908.
1907.
.. ,
Virginia.
Norfolk
Aug. 27
Aug. 30 Aug.,30 Aug. 7 Aug. 17
Nor. Car.Charlotte _ _ Aug. 28 Aug.-Aug. 18 Aug. 28 Aug. 30 Aug. 15 Aug. 28
So. Car.Charleston
_ Aug. 21 Aug. 15 Aug. 5 Aug. 16 Aug. 23 Aug. 8 Aug. 9
Greenwood_ _ _ Aug. 31 Aug. 27 Aug. 17 Aug. 27 Aug. 28 Aug. 19 Aug. 31
GeorgiaAug. 13 Aug. 3 July 31 Aug. 7 Aug. 2 Aug.- Aug. 11
Augusta
SavannahFrom Ga_ _ _ Aug. 4 July 23 July 21 Aug. 2 July 23 July 18 July 27
From Fla _ _ Aug. 26 July 27 Aug. 8 Aug. 18 Aug. 19 Aug. 1 Aug. 7
Aug. 3 July 22 July 20
Albany
July 18 . -Columbus__
Aug. 28 Aug. 23 Aug. 3
Aug. i
AlabamaMontgomery _ Aug. 24 July 24 Aug. 3 Aug. 6 Aug. 21 Aug. 3 Aug. 7
Mobile
Aug.- 24 Aug. 14 Aug. 3 Aug. 16 Aug. 21 Aug. 3 Aug. it
Selma _ _ _ _ _ Aug. 28 Aug. 12 Aug. 7 Aug. 9 Aug. 20 Aug. 11 Aug. 12
Eufaula
Aug. 14 Aug. 15 July 29 Aug. 15 Aug. 21 Aug. 20
LouisianaNewOricansFrom M.Val Aug.- Aug. 13 Aug. 20 Aug. 9
Aug. 1
Shreveport .__ Aug. 18 Aug. 9 Aug. 17
Aug. 12 Aug. 7 Aug. 12
MississippiVicksburg
Aug. 25 Aug. 22 Aug. 25 Aug. 28 Aug. 22 Aug. 11I
Columbus_
Aug.- Aug. 25 Aug. 15 Aug. 28 Aug. 24 Aug. 24
Greenville _ _ _ Sept. 3 Aug. 26 Aug. 24 Aug. 16 Aug. 28 Aug. 21 Aug. lE
ArkansasLittle Rock_ _ Aug. 28 Aug. 31 Aug. 30 Aug. 27 Aug. 28 Aug. 19 Aug. 1E
Helena
Sept. 1 Aug. 27 Aug. 29 Aug. 28 Aug. 27 Aug. 19 Aug. 24
TennesseeMemphis
_ Aug. 29 Aug. 25 Aug. 24 Aug. 18 Aug. 22 Aug. 14 Aug. V
TexasGalveston._ _ _ July 18 June 16 June 27 July 5 July 3 June 19 June 2E
Houston ___ _ Aug. 7 July 20 July 1 July 6 June 21 June 21 June 21
Oklahoma,
Aug. 26 Aug. 17 Aug. 28 Aug. 31
Ard more
June 21 Aug. 14
R,nt
a
Al., 2R
S,-,.t
9
Guthrie
AllA,,,?21
643
FLORIDA.
-----1908-09
Receipts at Savannah__ _bales_14,791
Receipts at New York, &c____27,335
1907-08
34,428
7,435
Total Sea Island crop of Florida
41,863
42,126
SOUTH CAROLINA.
-1908-09------- -----1907-08----Receipts at Charleston
15,172
12,738
Receipts at Beaufort. &c
-12,738
-15,172
DeductReceipts from Savannah
Total Sea Island crop of S. C_--
15,172
Total Sea Island crop of U. S.-
96,251
12,738
-81,60a
The distribution of the crop has been as follows:
How
Of which
Distributed. Exported to- Total
For'gn
Stock
Stock .Learo'g
EzSept. 1 Net Total Sept. 1 for &is Great Havre, ports.
1908. crop. supply 1909. trib'n. Brit'n.
Supply yearTending
Sept. 1 1909.
Ports of-
South Carolina __
Georgia
Florida
New York
Boston
Baltimore, &c
Total
2,317 15,17217,489
450 17,039
906 38,95339,859 1,890 37,969 4,883 2,840 7,723
42,12642,126
42,126
8,900 2,550 11,450
702
702
3,756 2,177 5,933
3,223 96,25199,474 2,340 97,134 18,241 7,567 25,808
From the foregoing we see that the total growth of Sea
Island this year is 96,251 bales, and with the stock at the
beginning of the year (2,223 bales) we have the following
as the total supply and distribution:
This year's crop
Stock September 1 1908
bales_96,251
3,225
Total year's supply
Distributed as followsExported to foreign ports
Stock end of year
bales_99,474
bales_25,808
2,340-28,148-
Leaving for:consumption in United States
bales_71,326-
We thus reach the conclusion that our spinners have taken.
of Sea Island cotton this year 71,326 bales, or 24,608 bales
less than in the previous year.
The following useful table shows the crops and movement
of Sea Island for the seasons 1895-96 to 1908-09 in detail,
and the total crops since the Civil War.
Crop.
.Season.
1908-09_
1907-08.
1906-07_
1905-06.
1904-05_
1903-01.
1902-03_
1901-02.
1900-01_
1899.00.
1898-99.
1897_98.
1896-97_
1895-96.
South
Flor- !Georgia Caro.
Una.
42,126
41,863
23,411
30,378
37,873
28,005
27,686
21,323
24,793
29,376
21,275
24,488
25,927
21,664
38,953
27,008
24,653
72,872
49,69
39,345
62,451
48,588
52,953
60,369
40,306
41,440
64,906
60,522
Foreign Exports.
exas, Total.
&c.
Great Conti/114M nent,
Total
Hzports.
American
Consumpnon. a
15,172
96,251 18,241 7,567
12,738
81,609 22,748 9,635
8,044
56,108 15,200 5,289
13,712
116,962 30,034 9,228
12,094
99,663 30,832 7,570
9,359
76,709 24,188 7,132
12,497
102,634 44,354 9,728
8,760
78,621 25,423 6,450
8,369
86,115 26,453 5,535
7,810
97,555 38,279 8,007
5,623
67,204 26,451 9,015
10.211
76,119 33,303 8,827
11,039 1,644 103,516 47,758 10,673
10,010 991 93.187 42,391 7,672
25,808
32,383
20,489
39,262
38,402
31,321
54,08
31,873
31,988
46,286
35,466
42,130
58,431
50,063
1110.
Low.
3.62
5.25
5.25
3.81
3.50
4.12
3.37
3.25
3.25
3.50
2.75
3.06
3.
3.38
3.37
2.62
3.00
3.00
2.37
2.37
2.75
1.94
MO. Low.
C13.
C13.
2.62
1.94
2.62
2.44
3.06
2.44
2.88
2.50
3.00
2.61
4.06
2.87
3.50
2.75
3.31
2.88
3.75
3.25
4.06
3.75
71.326
46,718
36,101
78,923
62,556
43.578
50,524
43,650
55,422
49,543
38,654
34,140
40,670
40,530
But first bales are in no sense a conclusive indicator of
maturity, as has frequently been demonstrated in the past.
The aggregate arrivals of new cotton to September 1st, however, do furnish a pretty reliable basis from which to judge
of the forwardness or backwardness of the crop as compared
with other years. We have said above that this year the
crop is less well advanced in maturity now than at this date
Total_ 865,455981,497405,324 6,690 ,258,966i028134 175,70311,203,837 052895
last year, and the statement finds substantiation in the figures
11
of the movement thus far at leading ports and interior towns.
a The column of "American Consumption" In this table includes burnt
in the
The heaviest movement of new cotton this year has been, as United States.
is usual, to Galveston (45,425 bales), and Savannah has rePrices of Cotton and Cotton Goods.
ceived 23,792 bales. The total receipts at the points included
To complete the record, we subjoin compilations covering
in the subjoined compilation were 74,975 bales; against 110,928 bales in 1908, 31,421 bales in 1907, 112,143 bales in 1906. the prices of printing cloth and raw cotton for a series of
The high record movement to Sept. 1 was in 1896-194,777 years. The first statement shows the highest and lowest
quotations for 64 squares 28-inch printing cloth, the standard
bales.
in that description of goods, at Fall River in each of the last
ARRIVALS OF NEW COTTON TO SEPTEMBER 1.
twenty-one seasons-1888-89 to 1908-09, inclusive. Data
1903. 1904. 1905. 1906. 1907. 1908, 1909.
for earlier years will be found in previous issues of this report:
--320
Charlotte, N C
1
1
1
3
' 468
3
Wilmington, N. 0...._
1
428
1
700
38
Charleston, S. C
125
25
415
22
__ x325
Columbia. S.0
ale
X2
40
a50
5
Augusta. Ga
142 1:165 12,766 1,282 a200 a1,000 3,036
Savannah, Ga
305 17,691 24,483 3,912 1,741 14,174 23,702
800 2,206
Columbus, Ga
a300
32
a50
a200
355
Montgomery, Ala
1,434
29 1 456 3,975
60 2,250
270
934
406
Mobile, Ala
604
46 1 '
36
773
98
Selma, Ala
840
975
a50 a400
40 1,139
400
Eufaula, Ala
841 2,000
458
37
333
a200
300
New Orleans, La
596
2,083
2,886
a400
a500 1,443
320
Shreveport. La
62
243
360
2
1
150
al00
Vicksburg, Miss
4
8
30
5
Columbus, Miss
5
5
_
dl
1
20
2
Little Rock, Ark_ _ _
1
2
2
1
2
2
10
Memphis, Tenn
7
5
1
13
5
30
13
Galveston, Texas__
594 64,090 47.882 99,887 28,501 89,441 45,425
---Total all ports to
September 1-- 1,773 89,347 97,256 112,143 31,421 110,928 74,975
a Estimated; no returns received. S Newberry, S. C. c Meridian.
Natchez.
x Greenwood. S. C.
d
Sea Island Crop and Consumption.
We have continued throughout the season 1908-09 the
-compilation of a weekly record of the Sea Island crop, but
on account of the pressure of other matters upon our columns
have been able to. publish the statement only rarely. The
results as now given below agree substantially, however,
with our running count. It will be noticed that the crop of
1908-09 shows an increase over that of 1907-08.
GEORGIA.
-----1008 09
Receipts at Savannah___bales_53,806
Receipts at Brunswick, &c_
-53,806
DeductReceipts from Florida
14,791
Receipts from Charleston. &c62-14.853
Total Sea Island crop of Georgia
1907-08-54,904
7,648-62,552
34,428
1,116--35,544
38,953
27,008
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1002-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
It will be noted that printing cloths ruled at a much lower
level in 1908-09 than in either 1907-08 or 1906-07, but with
earlier years the Comparison is not unfavorable. The year's
operations, as regards thb margin of profit, have not, of
course, been as satisfactory as in 1906-07, which the relation
between the prices of cotton and cloth quite clearly demonstrates. But the willingness of the manufacturers to abrogate their right to a reduced wage rate under the automatic
operation of the sliding scale would seem to indicate that,
while profits were naturally reduced, they were not entirely
eliminated.
The raw material opened the season on a much lower plane
of value than at the beginning of the previous year, and ruled
so during the active marketing season. The reason for this
is to be found mainly in the fact that a strong conviction
prevailed, and later developments confirmed it, that the
crop was a large one-large enough to meet all consumptive
requirements and leave an important surplus to go to increase reserve supplies. At the same time, prices all through
the season were above the average of years prior to 1903-04,
and in any event profitable to the producer. Cotton, like
all other commodities, is worth all that can be obtained for it
under the laws of supply and demand, and we believe that
planters as a whole recognize that fact,and are willing to abide
by it. But of late years it seems to hay e become the fashion
with the leaders of various organizations to characterize
prices, no matter how high, as too low and unprofitable,
and advise reductions in acreage. Success is yet to come to
them, but they persist. The opening quotation for middling
uplands in the New York market was 9.30 cents, and during
September there were no important changes, as the month
so closed. October likewise witnessed no marked variation,
the final price having been 9.35 cents. FluctUations in
November also were without definite tendency, and the
same is true of December, the quotation for middling uplands at the end of the month standing the same as at the
opening of the season. The year 1909 started off with middling uplands ruling at 9.35 cents,from which level there was
an advance to 10 cents, followed by a recession to 9.85 cents
at the close of January. During February the range was
between 9.65 and 10 cents, with the final quotation 9.65
cents, and in March the extremes were 9.60 and 9.85 cents,
with the close at the higher figure. An upward movement
in April carried the price to 10.90c,at which the month closed,
and there was a further and quite well maintained advance
in May, based upon predicted acreage reduction, middling
uplands rising to 11.80 cents and closing the month at 11.40
cents. During June unfavorable crop advices were the controlling factors, and under their influence the market further advanced. The Agricultural Department's report of
July 2, reporting the condition lower than generally anticipated, stimulated the upward trend, which was assisted by
advices from Texas indicating droughty conditions and
boll-weevil damage. The rise thus scored was quite important, middling uplands being quoted at 13.15 cents on July
13, or but 4-10 cents below the high price of the previous
season. From that level, however, there was an immediate
and important decline to 12.20 cents, the report of the Government entomologist showing less damage from boll-weevils
this year than last year in Texas. being the prime factor.
The market quickly recovered, however, and the month
closed at 12.80 cents. The Department of Agriculture report of Aug. 2, showing condition of the crop on July 25,
to have been only 71.9, or the lowest on record for the date,
covered, brought about an advance to 13.10 cents on that
day, but it was not maintained, the price dropping to 12.40
cents by the 9th. Thereafter the tendency was quite generally upward to the end of the season. The market
closed on Aug. 31 at 12.80 cents, the extremes for the
season having been 9.00 cents (Oct. 9) and 13.15 cents
(July 13), with the average 10.42 cents, or 0.86 cents below that for 1907-08, 1.06 cents lower than in 1906-07, but
higher than in any year from 1890-91 to 1902-03, inclusive.
To indicate how the prices for 1908-09 compare with those
for earlier years, we have compiled from our records the following, which shows the highest, lowest and average prices
of middling uplands in the New York market for each season
since 1877-78.
Low.
High.
C.
C.
9.00
1908-09-13.15
9.50
1907-08._ 13.55
9.60
1906-07..13.55
9.85
1905-06...12.60
6.85
1004-05...11.50
9.50
1903-04..17.25
8.30
1902-03_13.50
7 13-16
1901-02- 93.
8
1900-01._ 12
1899-00 _10 X
63,1
1898-99__ 631
5 5-16
1897-98.... 7 13-16 531
7 1-16
1898-97._ 8%
1805-96.... 931
7 1-16
1894-95_ 8 3-16
5 9-16
1893-94_ 8 9-16
31
High.
Average
C.
C.
11892-93_10
10.42
11.28
1891-92_ 8 13-16
1890-91_11
11.48
11.20
1889-90_12 X
9.13
1888-89_113
12.58
1887-88_ _11%
1886-87..11 7-16
10.26
9 3-16 1885-86__103.1
93
1884-85_113.
1883-84_11 15-16
93.
6 1-16 1882-83-123.i
6 3-16 1881-82-.13 1-16
7 11-16 1880-81-13
1879-80_13 7-16
831
6 7-16 1878-70__1331
7 11-16
Low.
C.
7 1-16
6 11-16
7 15-16
103.
93
9 7-18
9g
8 13-16
9 31
10g
10
11%
10 7-16
1031
8 13-16
Average.
c.
8 7-18
73
9g
11 5-16
10 7-16
10 5-16
10
9%
10 11-16
11
10%
12 1-18
1i3
12 1-16
1013-16
Movement of Cotton at Interior Ports.
Below we give the total receipts and shipments of cotton
at the interior ports and the stock on the first of September
of each year:
Year ending Sept. 1 1909.
el
[VOL. Lxxxix
THE CHRONICLE
644
Year ending Sept. 1 1908.
Towns.
Receipts. Shipm'ts. Stock. Receipts. Shipnets. Stock,
22,356
Eufaula, Ala _ _
23,392
Montgomery, Ala. 168,235 170,669
Selma, Ala
112,990 113,113
Helena, Ark
95,652
95,016
Little Rock, Ark_ 271,756 271,658
28,717
28,330
Albany, Ga
124,736 125,013
Athens, Ga
144,909 145,330
Atlanta, Ga
Augusta, Ga _ _ 359,842 363,882
64,413
61.955
Columbus, Ga__ _
68,060
67,104
Macon, Ga
57,487
57,519
'Rome, Ga
10,185
10,280
Loulsv., Ky., net.
91,880
Shreveport, La..
94,441
59,981
Columbus, Miss_ _
59,787
75,130
Greenville, Miss..
74,516
Greenwood, Miss_ 118,677 118,877
Meridian, Miss... 107,775 107,718
54,013
Natchez, Miss
53,859
71,246
67,252
Vicksburg, Miss_ _
62,812
60,162
Yazoo City, Miss..
St. Louis, Mo._ _ _ 687,327 686,465
16,696
16,649
Raleigh, N.0.....
Cincinnati, Ohio_ 165,565 162,078
29,848
Greenwood, S. C.
28,063
Memphis, Tenn.. 984,370 991,734
23,067
Nashville, Tenn.._
23,055
10,884
Brenham, Texas..
9,754
25,293
25,195
Clarksville, Texas
99,850 100,300
Dallas, Texas_ _ _ _
17,808
18,641
HoneyGrove,Tex.
Houston, Tex
_ 2,617,456 2,625,176
Paris, Texas
87,650
87,041
-Total, 33 towns 6,922,664 6,954,696
25,594
24,482 1,356
320
370 174,069 172,503 2,804
599
96,376
96,834
476
68,128
66,124
2,528
2,492
2,171 177,517 179,725 2,073
866
22,477
23,314
468
325 105,751 107,399
602
100 144,590 145,683
521
4,312 358,649 355,660 8,352
47,596 2,920
49,993
462
65,287 1,166
66,123
112
42,527 1,215
40,918
1,267
6,895
110 • 6,850
15
88,743
83,311
2,663
102
41,617
40,559
97
291
74,722 1,435
75,070
821
84,658
913
84,699
1,113
90,321
566
89,552
509
65,428 2,291
2,137
67,534
3,573
78,884
85,784
7,567
59,219 4,231
1,581
63,198
10,632 485,818 480,160 9,770
17,564
17,414
3
50
11,548 144,123 142,525 8,061
20,371 4,227
442
24,573
7,113 753,512 757,969 14,477
485
7,305
9,246
477
865
5,524
7,160
1,995
37
27,193
27,058
135
43,063
-___
43,513
450
11,831
755
12
11,643
25,316 1,841,086 1,837,014 33,036
615
57,808
57,814
6
83,183 5,360,089 5,328,179 115,195
In the following we present a statement of the ye ar's exports from each port, showing direction shipments have
taken. Similar statements have been given in all previous
reviews, and a comparison as to the extent of the total movement t each port can be made with back years.
New
Orleans.
Liverpool _
Manchester
Hull_
London ___
Belfast....
Glasgow
Havre.
Dunkirk _ _
Marseilles _
Bremen __
Hamburg _
Warberg _
Rotterdam
Antwerp..
Ghent
Copenh'gen
Christiania
Stockholm
Malmo_
Stavanger_
Norrkoping
Nykoping
Gefie
Goth'nburg
Oxelsund
Bergen
Narva _
Reval
Riga
St. Peters'g
Abo
Uddevalle_
Oporto ___
Barcelona.
Malaga ___
Pasages
Corunna _
Santander_
Savona
Genoa
Naples_.___
Leghorn
Venice Mestre
Smyrna
Trieste____
Flume
Piraeus
Syra
Philippines
Colon
Ch'mperico
Buenos Ays
Cartagena_
Mexico __
WestIndies
China
Japan
India
Cape Town
Canada
Oakeston. a
Savanwit- Nornah. mington folk.
New
York.
Other
parts.
Total.
314,6703,052,760
816,2761,313,205 314,751 112,85432,502148,44
44,450 239,424 50,129
43,864 411,510
33,84
1,750
1,75
2,248
13,753
493 5,12
1,400 23,017
500
50,058
50,558
5,790
1,000
4,034
3 76
57 220,230 1,044,312
256,788 418,969 90,827 8,731 ____ 48:5
400
11,543
5,397
200 21,097
252
552
83,0
3°
75 253,6692,120,386
260,821 758,831 508,066275,924
2,846 2,37
74,693 65,415
52,259
23,015 220,602
3,350
3,350
80
6,072
91
10,696
6,06:
5,217
29,768
4,658
14,371
61,032
54,708
6,776 141,550
5,700
600
6,300
1,070
1,070
200
5,836
6,236
200
600
600
1,400
1,400
172
172
4,700
4,700
700
700
1,000
1,000
9,250
10,550
200
1,100
200
200
300
300
4,875
4,875
1,601
51,804
32,549
17,655
11,401
7,901
3,500
8,841
6,926
1,915
600
600
900
900
23,800
23,800
700 295,378
19,82
105,792 83,572 85,893
2,000
2,000
375
375
200
200
100
100
550
550
38,1111
11,592
13,044 444,854
158,644 222,658
28,473
200
400
9,095
18,77
100
100
3,900
3,32
16,441
500 55,658
31,490
1,400
550
850
12
125
5,72
9,500
100 88,779
36,924 36,533
5,287
5,750
17,679
4,367
2,275
35
375
25
17
425
250
1,605
1,605
300
300
64
640
1,501
1,500
9
95
500
48,478
5,900 42,078
4
5
1
1,62
1,625
37,14
180,423 198,172
800
30
825
525
5
5
129,906 129,906
Total-1,957,4723,345,147 1,204,223403,20938,641 459,1971,176,1898,582,078
a Includes from Port Arthur to Liverpool, 66,257 bales; to Bremen, 86,502 bales,
and to Hamburg 475 bales. From Texas City to Mexico, 31,645 bales. From Corpus Christi, &c., to Mexico, 42,078 bales.
d Includes from Brunswick to Liverpool, 163,214 bales; to Manchester, 30,442
bales; to Bremen, 89,370 bales.
k "Other ports" include from Gulfport, Miss., to Liverpool, 4,132 bales, and to
Havre 16,089 bales. From Pensacola to Liverpool, 44,831 bales; to Manchester,
1,701 bales; to Havre, 65,756 bales; to Dunkirk, 200 bales; to Bremen, 54,317 bales;
to Hamburg, 986 bales; to Barcelona, 700 bales; to Genoa, 175 bales; to Venice,
500 bales; and to Trieste, 100 bales. From Charleston to Liverpool, 5,725 bales,
and to Bremen 77,244 bales. From Mobile to Liverpool, 81,137 bales; to Manchester, 12,643 bales; to Havre, 130,848 bales; to Bremen, 64,881 bales; to Hamburg,
17,149 bales, and to Genoa, 325 bales. From Boston to Liverpool, 88.000 bales;
to Manchester,7,162 bales; to Hamburg,29 bales; to Copenhagen,20 bales; to Genoa,
6,450 bales, and to Yarmouth, St. John, &e., 5,501 bales. From Baltimore to
Liverpool, 53,054 bales; to London, 200 bales; to IIavre, 7,537 bales; to Bremen,
57,247 bales; to Hamburg, 3,410 bales; to Rotterdam, 600 bales; to Antwerp, 5,476
bales; to Copenhagen, 950 bales; From Philadelphia to Liverpool, 32.821 bales;
to Manchester, 22,158 bales; to London, 1,200 bales; to Hamburg, 1,441 bales; to
Rotterdam, 4,617 bales; to Antwerp, 1,300 bales; to Copenhagen, 100 bales, and to
Genoa, 6,094 bales. From Portland, Me., to Liverpool, 796 bales. From Detroit
(via Canada) to Liverpool, 4,374 bales. From San Francisco to Japan,81,423 bales,
and to Manila, 1,105 bales. From Seattle to Japan, 68,184 bales; to Manila, 360
bales, and to Canada, 20 bales. From Tacoma to Japan, 10,416 bales, and to Manila, 140 bales. From Portland, Ore., to J tpan, 300 bales. From Pemibna to
Japan, 100 bales. From Detroit, Port Huron, &c., to Canada, 124,385 bales.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
-The public sales of bank stocks this week aggregate
176 shares, of whic h 100 shares were sold at auction and
76 shares at the Stock Exchange. The transactions in trust
company stocks reach a total of 14 shares. A lot of 100
shares of Mercantile National Bank stock was sold at auction
at.180, an advance of 40 points over the price paid for a small
lot last week.
Shares. BANKS-New York, Low. High. Close.
395
389
395
•72 City Bank, National
229
229
229
*4 Fourth Nat. Bank
180
180
180
100 Mercantile Nat. Bank
TRUST COMPANIES-New York,
4 N. Y. Life Ins. & Tr. Co.....1111 1116 1116
10 Title Guarantee & Tr. Co_ - - 501 % 501 31 501%
Last previous sale.
Aug. 1909- 390
Feb. 1909- 2153,1
Sept. 1909- 140
June 1909- 1120
April 1909- 510
• Sold at the Stock Exchange.
-The interest of the banking fraternity will next week
center in Chicago, where on Monday the American Bankers'
Association will open its thirty-fifth annual convention. At
the business sessions of the association proper, as mentioned
in earlier issues of our paper, the speakers will include,
Lawrence 0. Murray, Comptroller of the Currency, who
will discuss "Some Problems of the Comptroller's Office;"
James J. Hill, whose remarks will deal with "National
SEPT. 11 1909.1
THE CHRONICLE
Wealth and the Farm;" James B. Forgan, President of the
First National Bank of Chicago, whose subject is "The
Efficacy and the Limitations of Bank Supervision by
Examination and the Responsible Source of Bank Management;" and Joseph G. Cannon, Speaker of the House of
Representatives. The addresses of welcome will be delivered
by Governor Deneen of Illinois and Joseph T. Talbert,
Vice-President of the Commercial National Bank of Chicago,
the response being made by Col. Lowry of Atlanta. The
features of the program of the Trust Company Section are
the addresses of Edward T. Perine, President of the Audit
Company of New York, and Daniel S. Remsen, of the New
York Bar. The addresses before the Savings Bank Section
will be delivered by R. M. Welch, Secretary of the California
Bankers' Association; William R. Creer, Secretary of the
Cleveland Savings & Loan Co. of Cleveland; H. M. Zimmerman, Commissioner of Banking, Detroit; Robert M. Rother,
President Hopkins Place Savings Bank, Baltimore; Edward
B. Carney, Treasurer Lowell (Mass.) Institution for Savings;
and Edward L. Robinson, Vice-President Eutaw Savings
Bank of Baltimore. The Clearing-House Section, which
convenes on Wednesday, has also provided an interesting
program. The social features which will govern throughout
the week are of varied and entertaining character, and
altogether the event is expected to eclipse in every way
the preceding gatherings of the Association. The New York
Bankers' Special, provided by the New York Central R.R.
leaves to-day (Saturday) at 3.30 p. m. as a section of the
Twentieth Century Limited.
The visiting bankers to the convention will find Chicago's
financial institutions generally housed in palatial and
commodious quarters. A majority of the principal banks
own the buildings in which they do business, such as the
First National, the Corn Exchange National, the Illinois
Trust & Savings, the Northern Trust, the Central Trust,
the American Trust & Savings and the Chicago Savings &
Trust Company. Those of the Northern Trust Co. and
the Illinois Trust & Savings Bank are monumental,
and devoted exclusively to their own banking uses; the
building of the Central Trust Co. (formerly the home of the
Chicago National Bank) is nearly so. The First National,
Commercial National, Corn Exchange National, Merchants
Loan & Trust Co., Chicago Savings and Chicago Title &
Trust occupy portions of their own "skyscrapers"—all
tremendous buildings (otherwise filled with office tenants),
which have proved most profitable investments. The
National Bank of the Republic, in the New York Life
building, has just completed extensive improvements and
enlargements of its quarters, which give it one of the finest
banking rooms in the city. Its floor-space measures over
15,000 square feet and its furnishings are all new and elegant.
The harmonious blending of marble and mahogany, satinwood and ebony, bronze and verd-antique in the interior
construction of this beautiful banking room is noteworthy.
The Continental National, by reason of its recent merger
with the American Trust & Savings, has removed to the
beautiful quarters of the latter institution (occupying 4
floors), and the large space has been so skilfully apportioned
to each that every department has abundant room. The
Monroe National, one of the newest of the Chicago banks,
has just taken possession of larger and better quarters on
the corner of La Salle and Madison Streets. The Western
Trust & Savings (in the Rookery), the Colonial Trust &
Savings (in the Home Insurance building), the Hamilton
National (in N. Y. Life building), the Fort Dearborn National
(in Ft. Dearborn building) and the State Bank of Chicago
(in Chamber of Commerce)—all have spacious, convenient
and beautiful quarters, which can not fail to impress the
banker-visitors with their evidences of thrift, welcome and
prosperity.
—Reforms affecting foreign exchange trading were the
subject of discussion by representatives of the principal
local banking institutions which operate foreign exchange
departments at a meeting held on Thursday at the instance
of John E. Gardin, Vice-President and Manager of the
Foreign Exchange Department of the National City Bank.
The most important matter under consideration concerned
the placing of all foreign exchange operations on a cash
basis, i. e., requiring payment upon delivery of the exchange, in lieu of the present method, whereby payments
645
may be made a day or two after delivery. No agreement in
the matter was reached, it having been decided to refer the
question for consideration to a committee, which is also to
report on other propositions, including -the advisability of
forming a permanent organization of foreign exchange
dealers. The committee appointed consists of John E.
Gardin, Chairman; James M. Donald, Vice-President of the
Hanover National Bank; Edward F. Whitney, of J. P.
Morgan & Co.; Max May, Vice-President of the Guaranty
Trust Co.; Stephen H. Voorhees, Agent of the Royal Bank
of Canada, and Mr. Scott, of the International Banking
Corporation. Clifford P. Hunt, Assistant Cashier of the
Bank of New York, N. B. A., was named as Secretary of the
committee.
—The principal discussion at this week's annual convention
of the Pennsylvania Bankers' Association, held at Bedford
Springs, was that of Congressman Edward IL Vreeland,
who entertained his hearers with a subject with which he is
especially conversant—"Banking and Currency." Referring
to the need for radical changes in the present currency system, Mr. Vreeland advanced the opinion that the greatest
single defect in our banking. methods is in the treatment of
reserves. In part he said:
There are those who think that the trouble during the panic of 1907 and
preceding panics might have been averted if the banks were compelled to
keep their cash reserves in their own vaults. This would be true to the
extent that the bankers of the country would not then become frightened
and all attempt at the time to withdraw their balances from New York in
cash. This is what forced the suspension of cash payment by the New York
banks in 1907. But the thought of those who advocate this change is that
banks with the full cash reserve in their vaults would be fortified against
panic. This is not to any considerable extent true. We need greater
further centralization rather than a further scattering of reserves.
I do not agree with Andrew Carnegie in believing that we have the worst
monetary system in the United States. In many respects I believe our
national banking system is the best that could be devised for the United
States. We have nearly 22,000 banks scattered throughout the country.
We have a free banking system. That is, no legislative action is required
to obtain a charter for a national bank. I believe that system has been
one of the great factors in the marvelous development of this country.
The only trouble with it is, it falls apart in time of trouble. It lacks a head,
it lacks cohesion. What we need to do is to add to this system that cohesive strength, that unification, that leadership, which will enable it to
stand together in time of stress and storm and trouble.
I am opposed to the branch bank system. The branch bank system will
drive any other system with which it competes out of existence. The
establishment of the branch bank system in the United States would, in
time, mean the extermination of the small independent bank. This has
invariably been its history wherever put in operation. . . .
I would have a distinctively American institution; I would have an institution which would round out and complete our banking system. — hich
would be the keynote of the arch and not one which would enter the field
as the rival and competitor of the banks which we have. I would have it
dividends limited to a small amount, say 4%, and the balance of Its earnings go into the National Treasury for the security of Its note circulation.
the paying off of the greenbacks, or similar purposes for the general good.
The result would be that its management would direct its policy in relation
to note circulation, reserves and rates of interest, for the general welfare
and not with the hope of making increased profits for the bank.
John 0. Sheatz, Treasurer of the State of Pennsylvania,
another speaker at the meeting, devoted his remarks to the
question of "Taxation," and Fred. I. Kent, Vice-President
of the Bankers Trust Co. of New York, spoke on "Travelers
Checks." The newly-elected officers of the association are
President, Robert E. James, President of the Easton Trust
Co. of Easton; Vice-President, William A. Law, Vice-President of the Merchants' National Bank of Philadelphia; and
Treasurer, Robert J. Stoney Jr. of Pittsburgh.
—Edward If. Harriman, whose death occurred on Thursday, and concerning whom more extended mention is made
on another page of this issue, besides his numerous railroad
connections, was a director of the Guaranty Trust Co., the
International Banking Corporation, the National City
Bank, the Night and Day Bank, the Equitable Trust Co. and
the Wells-Fargo-Nevada National Bank of San Francisco.
—The right of the New York Stock Exchange to enforce its
resolution which forbids business intercourse between its
members and those of the Consolidated Exchange is upheld in
a decision rendered by Supreme Court Justice Frederick
E. Crane of Brooklyn on the 4th inst. The ruling of the
Exchange was adopted on May 19, and Justice Crane's
opinion was given in the action brought by Marcus Heim,
of the Consolidated Exchange, who sought an injunction
which would restrain the Stock Exchange from enforcing its
resolution prohibiting its members from dealing with member
of the Consolidated Exchange. His action was based on the
refusal of Albert Loeb &Co.,members of the Stock Exchange
to deal with him. Mr. Heim,through his attorneys; obta
646
THE CHRONICLE
a temporary injunction from Supreme Court Justice Kelly,
and Justice Crane's decision was on the motion to continue
the injunction on the ground that the resolution constituted
an illegal combination in restraint of trade. Justice Crane, in
deciding in favor of the Stock Exchange, holds its action to
be neither illegal nor in restraint of trade, and he contends
that where injury follows as an incident from action sought
to protect, increase and strengthen the business of associates, it is as legitimate as other forms of combination
which the law leaves parties and combinations free to indulge
in. In part the opinion says:
"Any one of the members could refuse to do business with the plaintiff
and no law would interfere; all of the members individually could refuse to
buy or sell for the plaintiff and It would simply be a business misfortune.
The question is, Can the members unite and agree not to do business with
the plaintiff while he is. a member of a rival association? I think they
can. It would be illegal for them to agree not to transact any business
with him at all for no other reason than they did not like him or his business,
and it would be illegal for them to combine not to buy or sell for him, while
he was a member of any particular club, church or political organization,for
this would be a clear interference with his liberty and a direct attack upon
him; but can they base their non-intercourse resolve upon the ground that
the plaintiff belongs to and is actually engaged in building up and strengthening a rival to their detriment? I think they can. The distinction which
the decided cases make is,that if the combination not to do business with
the plaintiff is for the purpose of injuring and destroying him,it is illegal
but if injury to him follows as an incident from action sought to protect,
Increase and strengthen the business of the associates, then it is as legitimate
as other forms of competition which the law leaves parties and combinations
free to indulge in.
"The plaintiff is not driven out of the stock and bond business; he
simply cannot enjoy one privilege openly and the other secretly. He can
buy and sell freely of the Stock Exchange members upon ceasing active
work for its rival, or he can confine his activities to the Consolidated
Exchange, of which he is a member.
"The only condition which the above resolution of the Stock Exchange
places upon him is that he shall not continue indirectly to injure their
business. It is a case of give and take."
•
•
"But supposing for the moment that the resolution of the Stock Exchange
in
restraint
of
as
trade,
as claimed by the plaintiff, yet the
illegal,
is
plaintiff, a non-member, could not enjoin its enforcement. The members
might disregard it and continue doing business with the plaintiff and if any.
action was attempted to suspend or expel them, then they might seek
equitable relief, but strangers have not this right, but must seek damages
at law.
"It may be that the plaintiff and his associates will suffer some financial
loss from this action of the Stock Exchange, but business is made up of gains
and losses; competition means selection, not inclusion, and while there is
always a wide opportunity for fairness and magnanimity, the courts interfere
only when competition becomes combined force seeking another's injury
or ruin. Legislation in some of the States pertaining to combination or
association for trade or business is much broader than here, but I do not
consider our law, which was Chapter 690 of the Laws of 1899, applicable to
this case. For the reasons expressed I shall deny an injunction.
It is stated that the case will be carried to the Appellate
•
Court.
—The investigation of the Windsor Trust Company's connection with the Joyce loan transaction, which was made the
subject of inquisition by a specially appointed committee,
has resulted in the adoption of a resolution by the directors
absolving the officers from any actual wrong-doing in the
proceedings, although it is conceded that the transaction
"should not have been entertained by the company on any
basis." The finding of the committee, which consisted of
Theodore P. Shonts and August Heckscher, was presented
to the board at a meeting on the 3d inst., and at the conclusion of the conference the following statement was given
out:
After hearing and considering the report of the special committee, con_
sisting of Messrs. Shonts and Heckscher, at a meeting of the board of directors of the Windsor Trust Co. held this afternoon, it was unanimously
Resolved, That from the report and testimony submitted the evidence
is wholly convincing that there was no actual wrongdoing on the part of
any officer or employee of the trust company unless it were the acceptance
by Mr. Birmingham of the sum of $250 in connection with the transaction.
It was, however, the conclusion of the board that the Joyce transaction,
so-called, should not have been entertained by the company on any basis.
The particulars in the case, which concerned a loan obtained by M. M. Joyce, a broker of this city, on copper stock
collateral, which was offered in the market several days
after the negotiations for the loan were concluded, were
referred to in our issue of Aug. 21. Mr. Joyce, who contended that the loan had been made by the trust company,
sought to hold it responsible in the matter. The company,
on its part, claimed to have acted only as clearing agent,
and one of the developments was the discharge from its emriloy of Sterling Birmingham, manager of its loan department, who has been charged with having accepted a corn..
mission of $250 in conneCtion with the proceedings. Several
indictments have also grown out of the transaction. While
there is no censure of the officials of-the company in the reso-
iVoL. Lxxxix.
lution of the board, it has been rumored that there is a possibility of a change being made in the executive staff.
—The Coal & Iron National Bank of this city declared this
week a quarterly dividend'of 1M%,payable Oct. 1 to holders
of record Sept. 8. Previous dividends were 2% at each
quarterly period,or 10% per annum,but this was on a capitalization of $500,000. The institution in July last raised its
capital to $1,000,000, a cash dividend of 100% being declared
out of surplus to apply as payment toward the new stock.
The dividend just declared is in reality an increase, being
at the rate of 6% on the enlarged capital, and equivalent to
12% on the old stock. The new statement for Sept. 1st
shows that deposits have increased to $6,199,167. Aggregate resources are reported at $7,909,837.
—The annual meeting of the Illinois Bankers' Association
is scheduled for October 12 and 13. The Convention will
be held at Decatur. Franklin MacVeagh, Secretary of the
Treasury will ad dress the bankers, and George T. Buckinham of Chicago is also to be one of the speakers. Charles
H. Ravell, for the past three years manager of the Department of Publicity of the Merchants' Loan & Trust Company of Chicago, has announced himself as a candidate for
the office of Secretary of the Association, as "successor
to R. L. Rinaman, who has recently identified himself
with a St. Louis institution, and has therefore become
ineligible for membership in the Illinois organization. Mr.
Ravel!, although yet a young man, has had a varied newspaper experience (both in editorial and advertising work)
with such leading papers as the Minneapolis "Tribune" and
the Chicago "Evening Post and Record-Herald." He is the
author of a history of "Fifty Years Banking in Chicago"; and
he took an active part last year in collating facts and arguments relating to guaranteed bank deposits, for banking and
political use. Oscar Foreman, Vice-President of the Foreman Brothers' Banking Co. of Chicago, is in line for the
presidency of the Illinois Bankers' Association, being now its
Vice-President.
—Charles S. Brintnall has resigned as Cashier and director
of the Drovers' Trust & Savings Bank of Chicago. William
C. Cummings, heretofore Assistant Cashier of the institution,
has been elected Vice-President, Cashier and director.
Murray M. Otstott has become Assistant Cashier.
—H. F. Jahn, ex-President of the failed First National
Bank of Ironwood, Mich., who was to have been tried this
week on charges growing out of the failure of the institution,
shot and killed himself on the 4th inst. The bank closed its
doors on June 21 last, and the President, Cashier Larson and
Assistant Cashier Beddow were arrested in July on charges
alleging fraud and conspiracy. President Jahn was under
$25,000 bail.
—The proposal to increase the capital of the Third National Bank of Louisville, Ky., from $200,000 to $300,000
was endorsed by the stockholders at a meeting held on
Aug. 28. Two new directors were also added to the board
at the meeting, namely, John R. Downing and H. B. Carter,
both of whom, it is stated, will take over a considerable part
of the new issue. The additional stock will be disposed of
at $120 per $100 share, the premium being carried to the
surplus fund. Mr. Downing, one of the new directors, is
Cashier of the Georgetown National Bank of Georgetown,
Ky., and President of the Kentucky Bankers' Association.
—The absorption of the Continental National Bank of
Louisville by the Commercial Bank & Trust Co., which occurred the latter part of July, was ratified by the stockholders
of the Continental on Aug. 26. The arrangements involved
the purchase by the Commercial of certain assets of the Continental and the liquidation of the latter's other assets by its
directors for the benefit of its stockholders. Dr. W. H.
Netherland, V. J. Blow and William Tafel will undertake
the liquidation of the assets not taken over by the Commercial Bank & Trust Co.
—E. D. Walter; owing to his contemplated removal to
Florida, has retired as Cashier of the National Bank of
Brunswick at Brunswick, Ga., and has also tendered his
resignation as President of the Georgia Bankers' Association,
effective on the 31st ult. A. P. Coles, Cashier of the Central
Bank & Trust Corporation of Atlanta, who is First VicePresident of the Georgia Bankers' Association, will discharge
the duties of President of the association.
.
SEPT. 11 1909.1
THE CHRONICLE
WouttargiT,ounnercialXitglislx1tetuil
•
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
647
--Flour
Week
Exports for week and Sept. 4.
since July1 to-bbls.
United Kingdom._ _104,088
Continent
36,705
So. & Cent. Amer
19,500
West Indies
31,767
Brit. No. Am. Cols_ 2,825
Other Countries_
11Theat
Since
Since
July 1
Week
July1
1909. Sept. 4.
1909.
bbls.
bush.
bush.
642,422 1,265,289 7,291,520
133,339 912,143 4,703,654
575
124,202
115,581
206,065
15,013
21,328
Corn--Since
July 1
1909.
bush.
292,167
54,575
372,078
4,684
44,128
52,570
406,823
5,314
5,084
Week
Sept. 4.
bush.
London,
Wed. Thurs.
Fri.
Mon. Tues.
Week ending Sept. 10.
Sat.
23 11-16 233%
23 13-16
Silver, per os
d 23 13-16 23 13-16 23%
Total
194,885 1,142,369 2,178,007 12,110,755 111,829 1,125,594
83 11-16 Total 1908
833%
Consols, new,2% per cents__ 83 15-16 84 1-16 S3%
833%
254,945 1,627,775 3,672,967 24,200,644
53.705
510,207
83 13-16 83 13-16 83-13-16 823%
For account
84
843%
98.37% 98.40
98.40
98.45
French Routes (in Paris)_fr_ 98,42% 98.40
The
world's
shipments
wheat
and
of
corn
for
the
week
85%
843%
86%
843%
Amalgamated Coppei• Co_ _ _ _ 86%
853%
ending Sept. 1909 and since July 1 1909 and 1908 are
b Anaconda Mining Co
04
9%
9%
9%
9%
9%
1223%
121
122
121
Atch, Topeka & Santa Fe_ _ _123%
1233%
shown in the following:
107
1073%
107
Preferred
1073%
1073%
1073%
119%
119%
1193%
Baltimore & Ohio
1193%
1213%
1213%
96
96
96
96
96
Preferred
Wheat.
• Corn.
189
189%
189%
187
Canadian Pacific
191
191
. Exports.
83%
84%
83
Chesapeake & Ohio
.84
833%
1909.
c833%
1908.
1908.
1909.
160
159
162%
160
Chicago Milw. & St. Paul_ __162%
159%
49
49%
473%
Denver & Rio Grande...... ____
Week
483%
453%
Since
Since
Since
Since
Week
883%
88
883%
Preferred
89
893%
Sept.
4.
July 1.
893%
July 1.
Sept. 4.
July 1.
July 1,
5
363
%
363%
Erie
35%
35%
363%
353%
55
533%
55
First preferred
533%
Bushels. Bushels.
533%
523%
Bushels. Bushels. Bushels.
Bushels,
443% , 443%
45
43%
Second preferred
45
433%
North Amer.3,688,000 19,524,000 32,238,700
97,000 1,091,000
620,400
157
157
159%
Illinois Central
156
Russian _ _ 5,432,000 24,096,000 7,136,000 130,000 4,795,000 3,788,500
154
1593%
155
1563%
Louisville & Nashville
155
Danubian _ _ 1,192,000 6,248,000 5,736,000 138,000 5,898,000 4,053,500
154%
157
154
443%
43%
Missouri Kansas & Texas... 443%
42%
43
Argentine
_ _ 288,000 10,648,000 16,806,000 2,487,000 32,489,000 19,339,500
413%
77
773%
Australian_ _ 280,000 1,340,000 1,536,000
Preferred
77%
77
77
55%
56
Nat. RR.of Mexico, 1st pref. __-_
56
563%
Indian
55%
152,000 17,936,000 3,752,000
23
233%
233%
Second preferred
0th. countr's 312,000 1,704,000
233%
23%
142%
140
N. Y. Central & ilud. My_ _143
139%
137%
136%
49%
49
N. Y. Ontario Sr Western_ __ 49%
49%
48%
48%
Total __-- 11344000 81,496,000 67,204,700 2,852,000 44,273,000 28,701,900
96%
97
96
Norfolk & Western
96
95%
95
94
91
94
94
Preferred,.
94
94
160%
1593%
Northern Pacific
159
158
The quantity of wheat and corn afloat for Europe on dates
1583%
73
72%
72%
a Pennsylvania
72
72
72
mentioned was as follows:
82%
82%
a Reading Co
833%
82
82
813%
preferred
a First
48
48
48
483%
48
a Second preferred.......
51%
51
51
51
51
Wheat.
Corn.
413%
Rock Island
41
40
383%
393%
133%
Southern Pacific
130%
1333%
130
128% c127%.
United
United
32
Southern Railway
313%
31
313%
313%
31
Kingdom.
Total.
Kingdom. Continent. Total.
Preferred
73
72
723%
73
713%
723%
Union Pacific
207%
2073
2033%
2033
2013% c200%
%
%
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
Preferred
110%
109
107%
108
107 • 107
Sept. 4 1909_ 15,672,000 13,432,000 29,104,000 7,337,000 11,570,000 18,907,000
U. S. Steel Corporation
82 7-16 81
823%
803%
803%
803%
Aug. 28 1909.. 15,560,000 10,160,000 26,720,000 7,735,000 10,370,000 18,105,000
Preferred
131%
131%
130%
129%
129
128%
Sept. 5 1908.. 15,040,000 14,160,000 29,200,000 6,460,000 4,250,000 10,710,000
Wabash
21%
21
21
21
203%
213%
Sept.
7 1907.. 15,520,000 10,440,000 25,960,000 5,800,000 4,920,000 10,720,000
Preferred
55
543%
55
533%
523%
493%
Extended 4s
78
77%
773%
77
77
4
1
a Price per share.
b £ sterling. c Ex-dividend.
Trtinuurcial and Vaisceitanzonsgalls
Breadstuffs Figures Brought from Page 676.-The statements 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 atChicago _ _ _ _
Milwaukee_
Duluth
Minneapolis_
Toledo
Detroit*
'Cleveland _ _
5t. Louis__ _
Peoria
Kansas City*
Tot.wk.'09
Same wk.'08
Same wk.'07
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. 624.56 lbs.
188,025
683,200 2,221,250 2,445,300
21,000
265,500
67,900
156,200
32,000
108,900
334,100
138,000
117,500
426,455
221,711
23,104
33,721
25,060
1,914,250
743,880
71,980
74,260
369,370
159,000
65,200
14,000
301,500
1,782
77,676
32,965
115,314
1,671
7,800
65,524
491,005
62,805
572,221
273,305
3,036
372,800
38,800
41,000
602,994
130,500
7,000
7,000
89,100
1,017,400
85,500
479,083
400,581
318,096
5,055,202
5,058,927
4,525,490
3,567,219
2,773,144
3,416,580
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
currency, Treasury Department.
APPLICATIONS TO CONVERT INTO NATIONAL BANKS
APPROVED.
The Bank of Maysville, Ky., into "The Bank of Maysville National
Banking Association." Capital, 4100,000.
NATIONAL BANKS ORGANIZED.
August 27 to September 2.
9,521-The Farmers' National Bank of Eilendale, North Dakota. Capital.
$25,000. Fred. L. Walker, Pres.; George T. Webb, Vicc-Pres.;
A. S. French, Cashier.
9,522-The First National Bank of Fennimore, Wis. Capital, $25,000.
Chas. P. Hinn, Pres.; Worden Stephens and Geo. W. Blanchard.
Vice-Presidents.
9,523-The Alderson National Bank, Alderson, W. Va. Capital, $25,000.
'r. H. Jarrett, Pres.; John Hinchman, Vice-Pres.; 10. D. Massey,
Cashier; W. W. Stevens, Assistant Cashier.
9,524-The First National Bank of Drake, N. Dak. Capital, $25,000.
Albert H. Buelow, Pres.; Otto Buelow, Vice-Pres.; Mary C. Buelow,
Cashier.
9,525-The First National Bank of Odin, Ill. Capital, $25,000. C. H.
Morrison, Pres.; Chas. F. Krodell, Vice-Pres.; W. H. Farthing,
Cashier.
9,526-The Farmers' National Bank of McAllisterville, Pa. Capital. $25,000. J. A. Yarkers, Pres.: A. G. Haldeman, Wm, M. Lauver and
Sylvester Arnold, Vice-Presidents; A. S. Benner, Cashier.
9,527-The First National Bank of Noble, Ill. Capital, $25,000. J. D.
Nichols, Pres.; Jno. S. C. Nichols, Vice-Pres.; Clark R. Noe, Cashier.
0,528-The First National Bank of Laporte, Pa. Capital, $25,000. Thos.
J. Ingham, Pres.; A. H. Buschhausen, Vice-Pres.; J. L. Christian,
Vice-Pres.; Edward Ladley, Cashier.
4,474,349 1,572,191
4,871,560 2,949,681
0,355,545 1,228,778
172,120
248,552
364,598
Since Aug. 1
2,178,417 29,044,010 15,100,996 25,386,277 3,352,733
1909
1,956,620 27,949,113 12,895,391 21,210,044 7,038,866
1908
19071,988,970 33.499.958 16.943.316 29.325 760 2 MR fino
* For five days only.
595,480
818,705
ifia.030
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Total receipts of flour and grain at tile seaboard ports for
the week ending Sept. 4 1909 follow:
Stocks.
Stocks.
4 N. Y. Life Ins. & Tr. Co.,
400 Multiphone Operating Co., $10
each
1111 to 1116
$10 lot
10 Title Guar. & Trust Co
5015% 400 Kokomo Mtn, Mining Co., $5
100 Mercantile Nat. Bank
each
180
$10 lot
182 Beck Flaming Lamp Co
80
$100 50 State Investing Co
250 N. Y. Beck Lamp Co
$50
Receipts atNew York *
Boston
Philadelphia *.._ _
Baltimore
Richmond
New Orleans.a*.._
Newport News_ _ _ _
Galveston*
Mobile
Montreal
Flour,
bbls.
140,682
:35,166
84,486
46,895
5,901
14,314
13,990
Wheat,
bush,
174,700
14,776
127,501
160,903
30,356
302,900
Corn,
bush,
48,700
5,990
17,000
41,103
40,362
79,500
Oats,
bush.
651,175
107,709
212,645
223,334
71,868
65,000
Barley,
bush.
6,375
Rye.
bush.
1,940
4,143
4,698
1,855
3,000
357,000
32,000
6,406
400
173,655
33,201
963,019
3,756
-- ---Total week
268,055 1,505,386
381,041 2,131,155
12,077
10,696
Week 1908
346,419 2,853,460
202,860
999,923
41,339 100,257
Since Jan. 1 1909_ 9,910,129 49,673,335 30,118,115 31,335,769 4243,216 657,305
Since Jan. 1 1908_11,098,717 65,316,133 27,340,902 29,370,927 3129,331 1335,395
a Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading. * For five days only.
The exports from the several seaboard ports for the week
ending Sept. 4 1909 are shown in the annexed statement:
Wheat,
bush,
Exports from157,490
New York
105,/25
Boston
208,000
Philadelphia ..__
234,726
Baltimore
New Orleans ___ 200,000
Newport News_
Galveston
432,800
Mobile
Montreal
839,266
i,-,--Total week__ .. _2,178,007
Week 1908
3/672,967
Corn, Flour,
Oats,
Rye, Barley,
bush.
bbls.
bush.
bush.
bush.
35,409 56,426 1 4,200 14,216 ,
12,346 5 1,196
1,156 60,773
1,500 11,198 •'
..
16,064 12,979
2,550 ,i
13,990 'i
,
25,200
617 •)1
32,000 6,406 ,"
(
500 20,150 ' 1,600 I
1
Peas,
bush.
183
200
I
111,82 194,88511. 9,546 it 4,216
53,705 254,945
61,053 f
52,506
183
3,039
The destination of these exports for the week and since
July 11009 is as below:
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Ashland Coal & Iron RY
•
50c. Sept. 25
Beech Creek, guaranteed (guar.)
Oct.
1
1 Holders of rec. Sept.23
_
Bessemer & Lake Erie, common_ _ _
1% Oct.
1 Holders of rec. Sept. 15
Boston & Albany (quar.)
Sept. 30 Holders of rec. Aug. 31
2
Canadian Pacific, common
Sept. 30 Sept. 2
to
3
Oct.6
Common (extra)
to
% Sept. 30 Sept. 2
Oct.6
Preferred
1 5 pt. 2
Oct
2
to
Oct. 6
Sept. 30 Holders ot rec.Sept. Ila
1
Chesapeake & Ohio (quar.)
2
1 Sept 26 to Oct. 3
Oct.
Chicago Burlington & Quincy (quar.)_ _
Oct.
2
1 Holders of rec. Sept. 17
Chicago & North Western, pref. (guar.)._
Pacific (guar.)
1% Oct.
1 Holders of rec. Sept. 20
Chic. Rock Isla d
2
Colorado & Southern,first and second pref
Oct.
1 Sept. 19 to Oct. 1
Delaware & Hudson Company (guar.)... 234 Sept. 20 Holders of rec. Aug. 30
Fonda Johnstown & Glov., pref. (guar.). 13% Sept. 15 Holders of ree.Sept. 10a
$1 Sept. 15 Sept. 2 to Sept. 15
Great Northern Iron Ore Properties
Interborough Rapid Transit (guar.).
234 Oct.
1 Holders of rec. Sept. 18
1% Sept. 15 Sept. 7 to Sept. 15
Louisiana & Arkansas
1% Oct.
Manhattan Ry.(guar.)(No. 102)
1 Holders of rec. Sept. 15
Minn. St. Paul & S.S.M., corn.(No. 13)_ _ 3
Oct. 16 Holders of ree. Oct. 1
Preferred (No. 13)
334 Oct. 16 Holders of rec. Oct. 1
2
Oct.
Leased line certificates
1 Holders of rec. Sept. 20
3
Oct.
Newark & Bloomfield, guaranteed
1 Sept. 23 to Oct. 1
N.Y.Lackawanna & West., guar. ((mar.) 134 Oct.
1 Sept. 16 to Oct. 1
2
N. V. New Haven & Hartford (guar.)._ _
Sept. 30 Holders of rec. Sept. 15
Pitts. Ft. W. & Chicago, spec.guar.(qu.) 14 Oct.
1 Sept. 16 to Oct. 1
Regular, guaranteed (quar.)
1% Oct. 5 Sept. 12 to Oct. 5
Pittsb. Youngstown & As/U., corn. & pre/. 334 Sept. 25 Holders of rec. Sept. 15
.Vame of Comnapy.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)—Continued.
Sept. 15 Sept. 11 to Sept 15
St. Joseph South Bend & South„ com_ _
31 Sept. 15 Sept. 11 to Sept. 15
Common (extra)
231 Sept. 15 Sept. 11 to Sept. 15
Preferred
St. Louis & San Francisco—
1 Sept. 17 to Oct. 1
Chic. & East. Ill. pf. stk. tr. ctfs. (qu.) 134 Oct.
1 Holders of rec. Sept. 16
Oct.
K.C. Ft. S. & M. pf. stk. tr. ctfs.(qu.) 1
1
131 Oct.
Southern Pacific, corn.(quar.)(No. I2)_ _
2
Oct. •15 Holders of rec. Sept. 30
Toledo StLouis dc Western, preferred__
1 Sept. 14 to Oct. 17
231 Oct.
Union Pacific, common (quar.)
1 Sept. 14 to Oct. 17
2
Oct.
Preferred
331 Oct. 15 Oct. 6 to Oct. 15
Warren,guaranteed
1 Holders of rec. Sept. 15
Oct.
231
Seashore
&
West Jersey
Street & Electric Railways.
131 Sept. 15 Aug. 28 to Sept. 2
American Railways (.quar.)
Sept. 15 Holders of rec. Sept. 7
Brockton & Plymouth St. Ry. pt.(No. 1) 3
1 Holders of rec. Sept. 9
Oct.
1
Brooklyn Rapid Transit (quar.)
Columbus (0.) Railway & Light (guar.).31 Oct. 1 Holders of rec, Sept. 15
1 Holders of rec. Sept. 15
Oct.
Duluth-Superior Traction, corn. (No. 1)
Galveston-Houston Elec. Co., com.(No.1) 131 Sept. 15 Holders of rec. Sept. 4
Holders of rec. Sept. 4
15
Sept.
3
Preferred (No. 5)
1 Holders of rec. Sept. 18
Oct.
2
Houghton County Traction, common
1 Holders of rec. Sept. 18
3
Oct.
Preferred (No. 3)
1 Sept. 11 to Oct. 1
Oct.
Louisville Traction, common (guar.)
1 Holders of rec. Sept.20
Oct.
Manila Elec.RR.& Lt. Corp„corn.(guar.) 1
1 Oct. 18 Oct. 9 to Oct. 18
Northwestern Elevated (Chicago), pref.1 Sept. 9 to Sept. 30
$2 Oct.
Philadelphia Traction
1 Holders of rec. Sept. 15
Portland Ry.,Lt. ct Pow., pl (gu.)(No.13) 131 Oct.
15
Sept.
1
common
Power,
&
Quebec Railway, Light
10 Sept. 15 Holders of rec. Aug. 31
Railways Company General (No. 1)
1 Holders of rec. Sept. 15
St. Joseph Ry., L., H.& Pow., pf. (qu.) 13( Oct.
Oct. 15 Holders of rec. Oct. 1
cOmmon
Seattle Electric Co.,
1 Holders of me. Sept. 10
Oct.
3
Preferred (No. 18)
1
Syracuse Rapid Transit, preferred (guar.). 131 Oct.
1 Holders of rec. 'ePt. 15
Oct.
Toronto Railway (guar.)
1 Holders of rec. S:pt. 15
Oct.
Twin City Rap. Ti., Minneapolis, p1.(qu.)
1 Sept. 26 to Oct. 1
Union Traction of Indiana, preferred—. 231 Oct.
1 Sept. 15' to Oct. 1
United Traction & Elec.,Providence(qua?.) 13,4 Oct.
1 Sept.23 to Oct. 1
West End Street fly., Boston, common. _ $1.75 Oct.
flanks
134 Oct.
1 Holders of rec. Sept. 8
Coal & Iron National (guar.)
2
1 Sept. 19 to Sept.30
Oct.
Metropolitan (quar.)
Trust Companies.
2
Sept. 30 Sept.26 to Sept.30
Columbia (guar.)
3
Sept. 30 Holders of rec. Sept. 29
Fifth Avenue (quar.)
3
Oct.
1 Sept. 16 to Oct. 1
Lawyers' Title Ins. & Trust (qu.)(No.44)
6
Sept. 30 Sept. 18 to Sept.30
Metropolitan (guar.)(No. 51)
Miscellaneous.
1 Holders of rec. Sept.22
Amer. Beet n'ugar, pref. (guar.)(No. 41). 131 Oct.
131 Oct.
1 Holders of ree.Sept.16a
American Can, preferred (quar.)
31 Oct. 1 Holders of ree.Sept. 10a
Amer. Car & Fdy., corn.(quar.)(No. 28)
1 Holders of rec.Sept.10a
Oct.
Preferred (quar.)(No. 42)
1 Holders of rec. Aug. :31
Oct.
American Express(quar.)
Aug. 1
July 21 to
div)
30
10
(s(k
corn.
Sept.
Traction.
&
Lt.
Amer.
1X Oct. 21 Sept. 22 to Oct. 21
American Locomotive, pref. (quar.)....
1 Holders of rec. Sept. 15
2
Oct.
Am. Pipe & Construction (guar.)
131 Sept. 30 Sept. 22 to Sept.30
American Radiator, common (quar.)__ _
Oct. 15 Sept. 29 to Oct. 4
Amer. Smelt. & Rfg. ,com,(qu.)(No.24) 1
1 Sept. 15 to Sept. 23
Oct.
..
Preferred (quar.)(No. 41)
1 Holders of rec. Sept. 15
Oct.
American Snuff, common (quar.)
1 Holders of rec. Sept. 15
131 Oct.
Preferred (quar.)
2 Holders of rec. Sept. la
Amer. Sugar Ref. corn. & pref.(quar.).. 1% Oct.
2
Sept. 30 Sept. 17 to Sept. JO
American Surety (quar.)(No. 81)
1 Holders of rec. Sept. 15
Oct.
American Tobacco, preferred (quar.)._.. 1
1 Holders of rec. Sept. 15
1
Oct.
American Writing Paper, pref
131 Sept. 15 Sept. 5 to Sept. 15
Borden's Condensed Milk, pref. (auar.)- _
1 Sept. 10 to Sept.30
3
Oct.
Brooklyn Union Gas (No. 35)
1 Holders of rec. Sept. 15
Butte Elec. & Pow., com.(quar.)(No.20) 131 Oct.
131 Nov. 1 Holders of rec. Oct. 15
Preferred (quar.) (No. :33)
$8 Sent. 29 Holders of roe. Sept. 3
Calumet & Hecla Mining (guar.)
1 Holders of ree. Sept. 15
2
Oct.
Cambria Iron
1 Sept.15 to Sept.30
Oct.
Canadian General Elec., Ltd., coin. (Var.)
I Sept. 15 to Sept.30
Oct.
331
Preferred
1 Holders of roe. Aug. 31
131 Oct.
Carolina Pow. dc Lt., pref. (qu.)(No. 2)
1 Holders of rec. Sept. 14
131 Oct.
Celluloid Company (quar.)
1
Sept. 4 to Oct. 1
131
Oct.
(guar.)
Central Leather, preferred
1 Holders of rec. Sept.13
Oct.
Chic.Junes Rys.& U.Stk. Yds.,com.(gu.) 2
1 Holders of rec. Sept. 13
131 Oct.
Preferred (guar.)
2
Sept. 30 Sept. 26 to Sept. 30
Chicago Telephone (quar.)
1 Holders of ree. Sept. 15
13( Oct.
Columbus (0.)Gas & Fuel, preferred
1
Sept. 15 Holders of rec. Aug. 18
Consolidated Gas, N. Y.(quar.)
1 Holders of rec. Sept. 15
Oct.
Cumberland Tel. & Tel. (guar.)(No. 104) 2
2e
1 Holders of rec. Sept. 15
Oct.
Extra
2
Holders of rec. Aug. 31
15
Sept.
(quar.)
Match
Diamond
1 Sept. 18 to Sept. 30
1
Oct.
Dominion Coal, Ltd., common (quar.)_ _ _
1 Holders of roe. Sept. 15
331 Oct.
Dominion Iron & Steel, Ltd., pref
1 Holders of rec. Sept. 15
330 Oct.
Preferred (extra)
Sept. 15 Sept. 5 to Sept. 15
duPont(E.I.)deNemours Powd.,com.(qu) 2
13( Oct. 25 Oct. 16 to Oct. 25
Preferred (quar.)
1 Holders of rec. Aug. 31
231 Oct.
Eastman Kodak, common (quar.)
1 Holders of rec. Aug. 31
Oct.
Preferred (quar.)
Sept. 15 Holders of rec. Aug. 27
'Federal Mining & Smelting, pref. (quar.)
1 Holders of rec. Sept. 20
131
Oct.
General Chemical, pref. (quar.)
2
Oct. 15 Holders of rec. Sept. 4a
General Electric (guar.)
1 Sept. 18 to Oct. 1
231
Oct.
27)
(No.
(quar.)
Exploration
Guggenheim
1 Sept. 18 to Oct. 1
Oct.
International Silver, pref.(quar.)
Sept. 15 Sept. 9 to Sept. 15
Laclede Gas Light, common (quar.)
1 Holders of me. Sept.11a
Oct.
Mackay Companies, corn.(quar.)(No. 17)
1 Holders of rec. Sept.1 la
Oct.
Preferred (guar.) (No. 23)
Nov. 1
1 Oct. 19 to
Nov.
(quar.).
pref.
Telephone,
State
Michigan
Sept 30 Sept. 11 to Sept. 30
Nat. Enamel & Stamping, pref.
1 Sept. 11 to Sept. 14
23) 13 Oct.
(quar.)Ntionl
Lead, Common (quar,)(No.
Sept. 15 Aug. 21 to Aug. 24
Preferred (quar.) (No. 71)
134 Sept. 20 Sept. 12 to Sept. 20
Niles-Bement-Pond, common (quar.)__ _ _
1 Holders of rec.Sept. 15a
13( Oct.
North American Co.(quar.)
131 Sept. 15 Sept. 7 to Sept. 15
Oklahoma Gas & Elec., corn. (quar.)___ _
234 Sept. 30 Holders of rec.Sept.23a
Phelps Dodge & Co., Inc. (guar.)
134 Sept. 15 Holders of rec. Aug. 20
Philadelphia Electric (quar.)
131 Oct. 15 Holders of rec. Oct. 4
Quaker Oats, common (quar.)
Oct. 15 Holders of rec. Oct. 4
Common (extra)
Sept. 20 Aug. 22 to Aug. 25
Quincy Mining (quar.)
Sept. 20 Sept. 8 to Sept. 20
Railway Steel Spring, pref. (quar.)
1 Holders of rec. Sept. 23
Oct.
Republic Iron & Steel, pref.(quar.)(No.30)
Holders of rec. July 31
Oct.
Preferred
Sept. 30 Holders of rec. Sept. 15
Royal Baking Powder, common (quar.)...
Sept. 30 Holders of me. Sept. 15
Preferred (guar.)
Sept. 15 Holders of rec. Sept. 13
(guar.)(No. 42)_
Rubber Goods M
1 Holders of rec. Sept. 15
Oct.
Safety Car Heating & Lighting (guar.).
Sept. 15 Sept. 7 to Sept. 15
San Diego Cons. Gas & El. ,com.(quar.)_
1 Holders of rec.Sept.15a
Oct.
Sears, Roebuck & Co., pref. (quar.)
Sept. 15 Holders of rec. Aug. 20
Standard Oil (guar.)
Holders of rec. Sept. 11
4
Oct.
92)
(quar.)
(No.
Co.
Swift &
Oct. 15 Holders of roe. Sept.30
Union Bag de Paper, pref.(guar.)(No.42)
1 Sept. 16 to Oct. 1
131 Oct.
United Bank Note Corp.,pref. (quar.)-2
Oct. 15 Holders of rec. Sept.27
untied Fruit (guar.) (No. 41)
2
Oct. 15 Holders of rec. Sept.30
United Gas Improvement (guar.)
Oct.
5 Holders of me. Sept. 14
Untied Shoe Machinery, common (guar.). 2
134 Oct.
5 Holders of rec. Sept. 14
Preferred (guar.)
1 Sept. 4 to Oct. 1
131 Oct.
United States Leather, pref. (quar.)Oct. 15 Holders of rec. Sept.30
U. S. Smelt. Re/in. & Mtn., corn. (guar.) 1
Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
31 Sept. 30 Sept. 10 to Sept. 30
U. S. Steel Corp., corn. (quar.) (No. 23)
50c. Sept. 30 Sept. 18 to Sept. 30
Utah Copper Co.(quar.)(No,5)
31 Oct. 15 Sept.21 to Oct. 13
'Western Union Teleg. (guar.)(No. 162)—
1 Holders of rec. Sept. 15
Oct.
1
Wilkes-Barre Gas & Electric (quar.)_
131, Sept. 15 Holders of roe. Sept. 7
Woman's Hotel (guar.)(No. 3)
10c. Sept. 30 Sept. 18 to Sept.30
Yukon Gold (No. 1)
In
131
131
131
trt
134
131,1
13,4
131
131
po a Transfer books not closed. b Declared 631%, being accumulated dividends in
full, payable % Oct. 1 1909 and 1% each Oct. 1 from 1910 to 1915, inclusive.
it On account of accumulated diva. e Payable in stock of the Amer.Tel. & Tel. Co.
[VOL. Lxxxix.
THE CHRONICLE
648
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 Sept. 4.
The figures• for the sqparate 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.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Loans,
Average.
Specie. Legals. Deposits. ReAverage. Average. Average. s've.
2,000,0 3,452,5 20,273,0 3,471,0 1,466,0 18,596,0 26.3
Bank of N. Y__
2,050,0 3,567,7 37,250,0 10,215,0 1,620,0 44,900,0 25.4
Manhattan Co_
2,000,0 1,692,7 21,843,0 3,942,0 1,935,0 23,148,0 25.3
Merchants' _ _
_
3,000,0 3,701,3 30,696,0 9,438,0 1,153,0 34,718,0 25.7
Mechanics'
1,500,0 5,178,4 29,106,0 7,109,9 2,327,7 32,985,7 26.4
America
487,0
8,3:39,0 1,459,0
7,737,0 26.1
680,3
1,000,0
Phenix
25,000,0 27.811,3 200,461,2 46,073.8 7,128,0 200,565,7 28.2
City
4,935,6
25.7
28,224,3
26,873,0
1,995,0
5,958,3
3,000,0
Chemical
632,7
7,358,1 24.2
6,888,0 1,416,7
554,5
600,0
Merchants' Ex_
839,3
9,370,2 1,055,3
7,278,6 25.7
1,000,0 2,419,0
Gallatin
80,4
325,9
2,171,4
1,919,8 21.5
157,6
300,0
Butch. & Drov_
200,0
8,138,5 25.0
7,288,2 1,804,4
755,1
500,0
Greenwich
5,000,0 5,051,3 32,287,2 6,116,6 2,144,4 27,648,1 26.3
Amer. Exch_ _
25,000,0 15,722,1 173,794,9 31,960,5 9,741,3 160,775,1 26.5
Commerce
3,000,0 2,495,7 14,871,9 1,787,3 1,294,7 11,759,5 25.6
Mercantile
545,6
495,6
4,142,2
3,936.3 30.8
864,8
500,0
Pacific
8,127,9 26 0
7,520,2 1,045,6 1,051,9
450,0 1,024,4
Chatham
132,8
463,1
2,398,0 28.9
2,070,7
470,5
200,0
People's
25.8
7,054,2
80,764,8
14,419,6
67,875,9
3,000,0 10,747,6
Hanover
278,3 22,774,3 25.0
Citizens' Cent.. 2,550,0 1,484,5 22,880,9 5,521,5
6,589,9 25.0
984,9
583,1
6,025,8
435,8
500,0
Nassau
8,275,7 28.0
8,256,1 1,105,0 1,087,0
1,000,0 1,674,0
Market & Fult'n
172,6 11,817,5 26.0
2,000,0 1,309,7 11,819,9 2,816,6
Metropolitan _
25.8
51,013,0
5,935,0
7,498,0
5,372,3
42,763,0
3,000,0
Exchange
Corn
Imp.& Traders' 1,500,0 7,554,5 26,323,0 3,940,0 1,960,0 23,942,0 25.0
3,000,0 9,792,8 91,165,0 24,750,0 1,638,0 104,219,0 26.1
Park
1,464,4 20.
125,6
179,1
1,395,6
104,3
250,0
East River
3,000,0 3,399,6 25,434,0 4,615,0 2,366,0 26,790,0 26.4
Fourth
163,0 11,834,0 25.7
1,000,0 1,868,6 11,831,0 2,673,0
Second
10,000,0 18,968,1 116,857,5 28,249,9 1,448,8 112,894,0 27.2
First
Irving Exch... 2,000,0 1,450,4 20,213,7 3,666,6 1,764,4 21,202,5 25.7
3,475,0 25.1
59,0
798,0
3,424,0
789,7
250,0
Bowery.*...8,007,3 24.0
632,9
7,956,0 1,266,0
500,0 1,631,2
N. Y. County..
4,055,5 26.0
212,8
812,8
4,204,8
656,2
750,0
German-Amer.
25.0
91,324,0
18,014,0
4,750,0
82,602,0
6,655,1
5,000,0
Chase
100,0 2,178,6 13,002,3 2,595,8 1,134,8 14,656,7 25.6
Fifth Avenue..
3,400,2 22.2
360,1
375,0
3,640,0
857,6
200,0
German Exch..
5,503,1 25.5
763,2
573,7
4,851,8
200,0 1,020,9
Germania
1,000,0 1,312,4 16,218,0 3,438,2 1,195,0 17,817,6 25.5
Lincoln
8,052,7 28.2
196,1
7,880,8 1,863,5
1,000,0 1,160,8
Garfield
3,460,7 26.3
252,1
649,2
3,247,6
475,4
250,0
Fifth
829,6 1,763,9 10,287,1 25.2
1,000,0 2,020,2 10,537,0
Metropolis _ _
5,027,0 25.8
231,0
4,512,0 1,062,0
200,0 1,087,3
West Side
Seaboard
1,000,0 1,782,1 19,529,0 4,115,0 1,671,0 22,539,0 27.6
773,9 17,781,9 26.2
1,000,0 2,610,4 17,899,2 3,759,5
Liberty
9,286,2 26.2
357,0
7,722,8 2,108,6
687,2
N. Y.Prod. Ex. 1,000,0
263,0 15,683,0 25.0
810,3 12,883,0 3,669,0
1,000,0
State
5,825,3 25.0
438,5
998,2
5,450,5
1,000,0
320,1
14th Street_
632,9 30,137,0 25.0
2,000,0 2,675,0 28,196,5 6,982,1
Copper
5,598,0 25.9
475,0
992,0
5,589,0
303,9
Coal & Iron.... 1,000,0
Totals, Average 127,350,0 174,754,0 1348,875,1 288,223,4 75,725,3 1394,441,7 26.1
Actual figures Sept. 4
1350,179,1 285,201,0 72,558,2 1390,045,5 25.7
On the basis of averages, circulation amounted to $51,583,400 and United States
deposits (included in deposits) to $1,634,500: actual figures Sept. 4, circulation,
$51,830,300; United States deposits, $1,669,900.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
STATE BANKS AND TRUST COMPANIES.
Week ended Sept. 4.
Capital as of April 28_ _ __
Surplus as of April 28_ ___
Loans and Investments__
Change from last week_
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
$
8,598,000
$
7,725,000
$
25,975,000
$
59,675,000
37,306,000
173,921,500
10,316,230
9,786,676
301,975,400 1,133,303,100
+510,600 —72,082,400
86,200,200
+217,000
131,365,300
+43,2
Specie
Change from last week_
51,016,100
+783,000
120,024,300
—738,100
Legal tenders & bk. notes
Change from last week_
26,058,400
+256,600
14,100,000
135,000
Deposits
Change from last week_
353,859,300 1,274,060,100
+2,152,600 —9,347,700
91,571,900
+961,000
140,817,900
+111,200
Reserve on deposits
Change from last week_
99,865,800
+1,997,000
148,418,200
—721,300
19,890,100
+480,600
20,064,000
—402,900
P.C. reserve to deposits_
Percentage last week
28.7%
I 28.2%
16.4%
10.5%
22.4%
21.9%
14.8%
15.2%
+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" Includes, for both trsut companies and State banks, not only cash items, but amounts
are required by
due from reserve agents. Trust companies in New York Statevarying
according
law to keep a reserve proportionate to their deposits, the ratio
is computed on
to location as shown below. The percentage of reserve required
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repro
sented by certificates, an also exclusive of deposits secured by abonds of the Stat
reserve varying
of New York. The State banks are likewis erequired to keep
according to location, but in this case the reserve is computed on the whole amount
of deposits, exclusive of deposits secured by bonds of the State of New York.
—Stale Banks—
—Trust Cos.—
Reserve Required for Trust Companies
Total
01
Of
Total
and State Banks.
which Reserve
.which
Reserve
in
Required.
Cash
in
Cash.Required.
Location—
25%
15%
15%
15%
Manhattan Borough
10%
20%
10%
Brooklyn Borough(without branches in Manhat.)-15%
15%
10%
734%
Other Boroughs(without branches in Manhattan) 15%
15%
15%
15%
25%
Any Borough with branches in Manhattan
6%
15%
5%
10%
Elsewhere In State.,
649
THE CHRONICLE
SEPT. 11 1909.0
Boston and Philadelphia Banks.-Below is a summary of
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York not in the Clearing and Philadelphia.
We onnr two ciphers (00) in all these figures
House.-These figures are shown in the table below, as are
Capital
also the results-both actual and average) for the ClearingBanks.
Legals. Depostts. a Circu- Clearings.
and
Specie
Loans.
House banks. In addition, we have combined each correlation.
Surplus.
aggrean
sponding item in the two statements,thus affording
Boston,
14.. 40,300,0 216,846,0 23,599,0 4,735,0 269,971,0 7,555,0 149,210,0
gate for the whole of the banks and trust companies in the Aug.
Aug.21_ _ 40,300,0 216,648,0 24,203,0 4,578,0 266,017,0 7,569,0 147,155,3
Aug.
_ 40,300,0 216,290,0 23,858,0 4,313,0 260,992,0 7,585,0 121,906,3
28_
Greater New York.
Sept. 4_ 40,300,0
23,179,0 4,683,0 260,667,0 7,607,0 144,941,5
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear:House Clear.-House State Banks & Total of all
Banks.
Trust Cos. not Banks& Trust
Banks.
Average. in C.-H. Aver. Cos. Average.
ActualFigures
Week ended Sept. 4.
(Nat. Banks
Capital 1 June 23.
'State Banks
Surplusll April 28..
3
127,350,000
127,350,000
69,700,000
107,050,000
174,754,000
174,754,000
182,845,100
357,599,100
Loansand investments 1,350,179,100 1,348,875,100 1,224,516,100 2,573,391,200
-2,324,200 -6,846,600
Change from last week -1,870,900 -4,522,400
1,390,045,500 1,394,441,700 a1,205,612,800 2,600,054,500
Deposits
-4,608,100 -14,207,700
Change from last week -11,913,400 -9,599,600
285,201,000 288,223,400
132.021,400 420,244,800
Specie
-1,010,200 -5,122,400
Change from last week -5,273,600 -4,112,200
72,558,200
Legal-tenders
Change from last week -5,409,700
75,725,300
-1,309,000
822,812,900
-138,800
98,538,200
-1,447,800
Aggr'te money holdings 357,759,200
Change front last week -10,683,300
Money on depositwith
0th. bks. 8, trust cos.
Change from last week
363,948,700
-5,421,200
c154,834,300
-1,149,000
518,783,000
-6,570,200
27,948,700
+825,600
27,948,700
+825,600
357,759,200
Change from last week -10,683,300
Percentage to deposits
requiring reserve_ _ _
25.76%
Percentage last week
26.31%
363,948,700
-5,421,200
182,783,000
-323,400
546,731,700
-5,744,600
26.12%
26.33%
18.0%
18.1%
L. Total reserve
Surplus reserve
Phila.
Aug. 14.._
Aug. 21__
Aug. 28...
Sept. 4....
213,138,0
56,315,0
56.315,0
56,315,0
56,315,0
275,418,0
275,384,0
274,910,0
276,773,0
121,515,6
145,645,0
115,813.9
136,147,6
326,196.0 16,490,0
326,231,0 16,467,0
323,584,0 16,457,0
324,038,0 16,505.0
78,856,0
77,887,0
78,135,0
76,650,0
a Including Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $2,016,000 on Sept. 4, against $2,013,000 on
Aug. 28.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept. 4; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.
Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
Total 35 weeks
1909.
1908.
$3,296,354
11,041,944
I
82,465,7651
10,045,530i
1906.
1907.
$3,162,555
9,016,453
$3,584,736
10,365,939
$14,338,298 $12,511,2951 $13,950,675 $12,179,008
$115,275,785 $80,588,944 $120,061,337 $168,708,294
461,026,797 332,983,5081 473,468,908 398,524,698
$576,302,582 $413.572.452$602.530.246 8507,232,992
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Sept. 4 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
15,338,275
10,247,825
1909.
+ Increase over last week. -Decrease from last week. •
a These are the deposits after eliminating the item "Due from reserve depositaries
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $1.388,637,200, a decrease of $9,633,500 from last week. In
the case of the Clearing-House banks, the deposits are "net" both for the average
and the actual figures. 8 Includes bank notes. c Of this amount State banks
held $14,710,000 and trust companies $140,124,300.
I
1906.
1907.
1908.
For the week
Previously reported
$8,858,052 $7,025,028 $7,520,631 $10,607,504
404,747,221 425,541,239 417,754,459 394,048,655
Total 35 weeks
$413,605,273 $432,566,267 $425,275,090 $404,656,159
The following tab e shows the exports and imports of
at the Port of New York for the week ending Sept. 4
specie
York
banks
Clearing-House
New
the
of
averages
The
combined with those for the State banks and trust companies and since Jan. 1 1909, and for the corresponding periods in
in Greater New York outside of the Clearing House compare 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
as follows for a series of weeks past:
Gold.
July 10_
July 17July 24_
July 31_
Aug. 7Aug. 14_
Aug. 21._
Aug. 28...
Sept. 4_
Loans and
Investments. Deposits.
$
2,528,727,9
2,523,184,8
2,535,951.3
2,551,022,4
2,563,916,2
2,567,635,5
2,570,714,7
2,580,237,8
2,573,391,2
$
2,585,868,5
2,581,866,5
2,594,113,3
2,604,154,9
2,610,185,2
2,617,930,8
2,611,409,4
2,614,262,2
2,600,054,5
Tot. Money Entire Res.
Holdings. on Deposits
Specie.
Legals.
$
439,321,7
437,970,9
437,311,3
437,042,8
434,345,5
432,116,1
428,500,3
425,367.2
420,244,8
$
101,716,9
104,503,7
104,681,2
104,904,6
101.907,0
101,089,2
98,753,7
99,986,0
98,538,2
$
541,038,6
542,474,6
541,992,5
541,947,4
536,252,5
533,205,3
527,254,0
525,353.2
518,783,0
$
572,772,6
572,739,3
570,710.3
569,955,0
564,823,3
561,422,0
554,242,3
552,476,3
546,731,7
Week.
$13,958,120
13,881,232
2,051,195
5,000
42,233,330
4,030,195
$1,320
$199,428
5,246 , 2,143,122
10,055
561,104
382,881
6,144
25,063 1,716,892
102,859 1,601,792
$76,159,072
$400 47,141,800
155,000 34,382,015
$140,632 $6,615,274
305,049 13,134,825
319,104 7,558,845
Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Sept. 4, based on average daily results.
We omit two ciphers (00) in all these figures.
Banks.
Capital.
Surplus.
.Loans.
Disc'm
and
Investmerits.
N. Y. City.
Boroughs of
Man.de Brx.
Wash. Irts 100,0
228,2 1,268,0
Century _ _ 200,0
149,6 1,633,0
Colonial
400,0
249,4 4,533,1
Columbia
300,0
439,7 5,478,0
Fidelity _ _ 200,0
001,6
182,7
Jefferson_
500,0
684,2 3,391,6
Mt. Morris_ 250,0
284,2 2,610,6
Mutual _ _ 200,0
318,7 3,884,2
100,0
402,2 4,035,0
Plaza
93,8 1,829,8
23d Ward_ 200,0
960,4 8,148,9
Un.Ex.Nat. 1,000,0
100,0
439,9 4,074,5
Yorkville _
241,5 1,999,0
New Neth_ _ 200,0
142,0 1,184,6
Bat.Pk.Nat. 200,0
314,2 2,030,8
Aetna Nat. 300,0
Borough of
Brooklyn.
524,3 3,020,9
Broadway _ 200,0
787,0 6,058,8
Mtrs.' Nat_ 252,0
933,9 11,283,9
Mechanics'_ 1,000,0
954,5 6,149,0
Nassau Nat. 750,0
598,5 4,256,0
Nat. City_ _ 300,0
141,8 1,659,7
North Side_ 200,0
Jersey City.
First Nat.. 400,0 1,230,6 4,465,8
720,5 2,967,4
Hud.Co.Nat 250,0
372,9 1,876,5
Third Nat_ 200,0
Hoboken,
626,1 2,441,6
First Nat... 220,0
244,3 2,372,2
Second Nat. 125,0
Specie.
Legal
Tender
and
Bank
Notes.
63,0
133,0
29,1 229,9
582,4 399,1
533,0 507,0
60,6
84,6
7,5 397,3
40,6
494,3
28,2 635,5
319,0 440,0
46,7
138,8
787,5 1,275,0
49,8 773,3
77,0
233,0
36,1
250,9
29,3
450,1
Deposit withClearing,
Agent.
Other
Net
Banks, Deposits
etc.
$
296,0
79,3
631,0
571,0
119,9
211,1
436,6
547,0
607,0
259,0
65,0
316,8
257,0
66,0
185,9
1,301,1
149,9 1,839,7
777,7 6,328,7
6,517,0
908,9
123,8 3,238,4
68,6 3,460,4
6,2 4,629,6
4,909,0
2,106,3
8,197,9
251,6 5,314,6
25,0 2,107,0
1,118,9
33,8 1,947,1
431,9
21,0 461,0
782,8
681,0 101,0
302,7 1,381,1 1,258,9
239,0 507,0 1,465,0
648,0
122,0 621,0
353,9
64,5
136,1
448,7 4,014,7
131,7 6,645,0
274,0 14,447,1
6,517,0
163,0 5,460,0
281,0 2,245,7
385,8 2,093,4
108,6
32,0
393,6
115,4
416,0 6,051,1
283,2 2,806,1
34,0 2,195,9
107,9
80,9
58,3 1,850,2
298,9 2,756,2
318,7
161,7
54,2
101,1
82,3
9,6
80,9
Tot. Sept. 4 8,147,0 12,266,0 03,554,5 6,347,0 8,775,7 12,463,5 3,824,4 108973,5
Tot. Aug.28 8,147,0 12,266,0 93,041,2 6,508,9 8,881,5 11,568,5 3,516,6 108519,9
Tot. Aug.21 8,147,0 12,266,0 93,287,8 6,304,4 8,771,1 12,237,5 3,005,2 109291,8
INI
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1909
Total 1908
Total 1907
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$995,925 $28,321,947
52,100 3,043,850
11,090
1,443
106,956
1,338
39,000
44,226
28,029
$1,089,806 $31,556,098
801,785 29,301,863
1,557,847 33,618,421
Total 1909
Total 1908
Total 1907
SinceJan.l.
StnceJan.l.
Week.
We omit two ciphers (00) in all these figures.
Week
Ended.
Imports.
Exports.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
•
89,382
28
2,594
301
28,834
1,383
78.984
$216,175
6,345
59,960
100,018
1,596,636
708,026
813,375
$121,506 83,500,536
62,046 2,497,762
64,853 1,842,487
Of the above imports for the week in 1909, $
were American gold coin and $2,895 American silver coin.
Of the exports during the same time, $ _____ were American
gold coin and $39,000 were American silver coin.
F4aniting and Winanciail.
We shall be pleased to furnish to institutions and investors copies
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange
Spencer frask & Co.
NEW YORK
WILLIAM AND PINE STS.,
Branch offices: Chicago, Ill., and Albany, N. Y.
MOFFAT & WHITE
BANKERS
Members New York Stock Exchange
THE ROOKERY
5 NASSAU STREET,
CHICAGO
NEW YORK
Banking and Exchange of every
description in connection with
IMPORTS AND EXPORTS
International Banking Corporation
NO. 60 WALL STREET. NEW YORK
Special facilities for Travelers
Capital & Surplus. 66.500.000
In all parts of the World.
and Abroad.
Home
Branches at
[VoL. Lxxxix.
TILE CHRONICLE
650
•
Vaulters' Ciazztte.
Wall Street, Friday Night, Sept. 10 1909.
The Money Market and Financial Situation.-Up to the
close of business on Thursday the security markets were influenced chiefly by news in regard to the physical condition
of Mr. E. H. Harriman. Early in the week reports were
again circulated setting forth the seriousness of his case, and
prices yielded rapidly.
The lowest quotations were reached on Thursday, when,
as noted below, Union Pacific shares sold nearly 26 points
lower than the high figures reached last month, and the
entire railway list was substantially lower.
The announcement of Mr. Harriman's demise after the
close of business on Thursday caused very little surprise, and
the course of the market to-day, which has been steadily
upward, shows that the event had been fully discounted.
The Government report as to the condition of corn Sept. 1
indicates that the high temperatures in August caused a
considerable shrinkage in that crop; but the figures given out
foreshadow a better than the average yield for a series of
years past, with all the attendant benefits to farmers and
railroads. The money market shows a firmer tendency on
an increased demand for funds from the interior, and the
transfer of $1,500,000 gold to San Francisco for shipment
to Japan; but there are no present indications of anything
but a relatively easy market to the end of the year.
The iron and steel companies report increasing orders
booked,which, with the steadily augmenting railway traffic,
is logical enough in view of the agricultural and financial
situation as outlined above.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 234 to 23%. To-day's rates on call were 23%@2'/2%.
Commercial paper quoted at 4% for 60 to 90 day endorsements,414@4%% for prime and 4 to 6 months'single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £135,509 and the percentage
of reserve to liabilities was 52.68, against 52.25 last week.
The rate of discount remains unchanged at 23-%, as fixed
April 1. The Bank of France shows a decrease of 6,225,000
francs gold and an increase of 225,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
Sept. 4.
Differences
from
previous week.
127,350,000
Capital
174,754,000
Surplus
Loans and discounts__ _ 1,348,875,100 Dec.
51,583,400 Inc.
Circulation
1,394,441,700 Dec.
Net deposits
1,034,500 Inc.
U. S. dep. (Incl. above)
288,223,400 Dec.
Specie
75,725,300 Dec.
Legal tenders
1908.
Averages for
week ending
Sept. 5.
1907.
Averages for
week ending
Sept. 7.
126,350,000 129,400,000
161,127,100 164,098,300
4,522,400 1,300,731,400 1,088,597,200
54,723,400
305,500
50,477,000
9,599,600 1,402,641,400 1,04 5,485,000
9,246,910
800
29,127,000
4,112,200 329,086,500 230,317,400
81,218,800
1,309,000
68,676,200
363,948,700 Dee. r,421,200
348,610,425 Dec. 2,309,900
410,305,300
330,660,350
• Surplus reserve
15,338,275 Dec. 3,021,300
59,644,950
7,372,350
Surplus excl. U.'S. dep.
15,746,900 Dec. 3,021,100
61,956,675
14,654,100
Reserve held
25% of deposits
268,993,600
261,621,250
Note.-The Clearing House now issues a statement weekly showing the total
of the actual flgures 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 tone was more or less unsettled
this week by manipulation. The legitimate factors were an
increased volume of commodity bills and firm rates for money.
There was an offsetting influence in the demand for remittance incident to the London settlement.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86 for sixty-day and 4 87% for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 8490@
4 85 for long, 4 8625@4 8630 for short and 4 8655@4 8660
for cables. Commercial on banks 4 8460()4 8465 and documents for payment 4 84(34 84%. Cotton for payment
4 84()4 843%, cotton for acceptance 4 8460@4 8465 and
grain for payment 4 84%()4 845%.
To-day's (Friday's) actual rates for Paris bankers' francs
ga@5 16%d for
/
4@5 183/ga for long and 5 167
were 5 183
short. Germany bankers' marks were 94%@,94 16-16 for
long and 9514c/@9534 for short. Amsterdam bankers'
guilders were 40.21@40.23 for short.
Exchange at Paris on London 25fr. 15c.; week's range
25fr. 153/3c. high and 25fr. 15c. low.
The week's range for exchange rates follows:
premium. Charleston, selling, $1 per $1,000 premium.
New Orleans, bank, 75c. per $1,000 discount; commercial,
$1 per $1,000 discount. Chicago, 50c. per $1,000 discount.
St. Louis, 15c. per $1,000 discount. San Francisco, 300.
per $1,000 premium. Montreal, 933%c. per $1,000 discount.
State and Railroad Bonds.-No sales of State bonds have
been reported at the Board this week.
The market for railway and industrial bonds has been dull
and weak. The daily transactions have averaged less than
$3,000,000 par value, and only two active issues, for special
reasons, show a net gain. Union Pacific cony. 4s, which
closed at 115 last week, sold down to 1103%, but recovered
more than the loss mentioned in to-day's upward movement.
Western Union cony. 4s, series A, have been in request and
are nearly 2 points higher than last week.
On the other hand, Atchison convertibles and Rock Island
4s have declined over a point, and the entire list, with the
exceptions noted, is lower.
United States Bonds.-No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third
page following.
1 Interest Sept.
4
;Periods
2s, 1930
registered'Q-Jan
couponQ-Jan
2s, 1930
registere04-Feb
Is. 1908-18
coupon.Q-Feb
3s, 1908-18
3s, 1908-18-_small coupon Q-Feb
registered,Q-Feb
4s, 1925
couponQ-Feb
45, 1925
2s, 1936_Panama Canal regisp-Feb
25, 1938..Panama Canal regis,Q-Nov
I
H
0
L
I
D
A
Y
Sept.
7
Sept.
6
H
0
L
I
D
A
Y
Sept.
Sept.
Sj
Sept.
10
*1003
3
4 *10034 *10034 *100%
3
*1003
% *100%
% *10034 *1003
*1013.,*10134 *1013 *10134
*101%,*101% *10134 *10134
*116
*11734
*10034
*10034
*116
*11734
*10034
*10034
*116
*11734
*10034
*10034
*116
*11734
*10034
*10034
* This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.-As noted above,
'the stock market was continuously weak until to-day, a
decline of 5 to 8 points having been recorded in many cases,
and there was practically no exception to the general trend
of the market.
This movement was, of course, most conspicuous in the
so-called Harriman stocks, and Union Pacific sold on Thurs4 points lower than last month, Southern Pacific and
day 253
New York Central 17 points and other stocks from 5 to 10
points lower. To-day's market has been buoyant practically throughout the entire session, and closing prices are
generally from 3 to 13 points higher than last night-the
latter figure applying to Union Pacific. U. P. preferred
advanced 7 points to-day and So. Pacific and Reading 5.
Industrial issues have generally followed the lead of the
railway list, although the range covered has been much
narrower. United States Steel common has been the most
active stock traded in and a relatively strong feature, closing
1 lower than last week. Pittsburgh Coal
ex-dividend only .4
shows a fractional net gain.
For daily volume of business see pa7e 660.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Sept. 10.
Alice Mining
Amer Teleg de Cable_ _
Chicago Gt West, com_ _
Cleveland de Pittsburgh_
Col Fuel clk Iron, pre_ _
Homestake Mining
New York Dock, pref.... _
Peoria cle Eastern
Vulcan Detinning
Preferred
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
100 $234 Sept 10 $ui Sept 10 $2
100 8334 Sept 7 83% Sept 7 75
%
300 334 Sept 8 4 Sept 8
10175 Sept 9 175 Sept 9 175
1003j Sept 9 10034 Sept 9 67
91 Sept 7 87
100 91 Sept
16 82 Sept 10 82 Sept 10 75
100 25 Sept 8 25 Sept 8 23%
150 17 Sept 7 17 Sept 7 6
100 71 Sept 10 71 Sept 10 45
Highest.
Fe $2%
Feb 83%
July 11%
Feb 175
Mch 100%
Jan 94%
Ja 82%
Feb 27
Feb 20
Ja 73%
May
Sept
Jan
Feb
Aug
Apr
Aug
June
June
June
Outside Market.-Continued weakness was displayed in
"curb" securities this week, and on light business the general
run of issues suffered declines. Boston Consolidated
2. Butte Coalition sold down front
dropped from 15 to 143/
from 65
% to 53/3 and
253% to 243/3. Davis-Daly declined
5s. First National was off
was traded in subsequently at 5/
front 63% to 53
4. Greene-Cananea, after an advance from
93% to 932, declined to 9 and closed to-day at 93%. Nevada
4,sank to 233
4,
Consolidated, after going up from 243/3 to 243
the final quotation to-day being 24%. United Copper comto
dropped
97%, the4 to 103% and
mon advanced from 103
4
close to-day being at 10. Giroux sold down from 93/3 to 83
from
declined
53% to.
Gold
and closed to-day at 9. Yukon
initial
the
of
dividend
of
534, rose to 53% on the declaration
2% and reacted to 5 7-16. The close to-day was at 53/3.
cont.
Steel
&
Iron
"w. i.,” adAmong industrials Southern
vanced from n 19 to 19% and weakened to 19k. The pre--Cables
Long
543%
to
off
and sold up
866014
eased
8675
4
4 8,85 ferred,"w.i.," opened at 543%,
4 8505 0
4 851514 8655
High
4 8660
4 863014 8655 0
4 8475 0
4 848514 8625 @
Low
to 55. It closed to-day at 543%. Standard Oil lost 4 points
Paris.Bankers' Francs5 18%a 0
High
5 18%15 16%
to 699. United Cigar common, after weakening slightly
g Iglidl
5 18% 0
5 18%1 , 16%a ::
Low
4, ran up to 79, moving down again to 783%.
78 to 773
from
Germany Bankers' Marks95%1
Chicago Great Western com.,"w. i.," lost a point to 28 and
®
0 94 15-1619,%
04%
High
3
05.14
944
0 94 13-16195%d
0
Low
finished to-day at 283/3. The preferred,. "w. i.," dropped
Amsterdam Bankers' Guilder:
%. but
40...31
from 58 to 57. Chicago Subway sank from 18 to 157
0
40.21
High
40. 11
0
140.20
Low
4. In bonds the new Cuban 43/3s appeared for
rallied to 173
to
953%
967%. Jones &
the first time and sold up from
Less:. a 1-16 ot 1%. d 1-32 61 1%. h 3-32 of 1%.
Plus: k 1-16 of 1% x 1-32 o . 1%. g 3-32 of 1%.
Laughlin 5s were traded in down from 1027% to 1023%.
983
4
to
and back to 98,
1115iThe following were the rates for domestic exchange on Western Pacific 5s sold up from 983%
New York at the under-mentioned cities to-day: Savannah, closing to-day at 983/3.
page
found_on
660.
Outside quotations will be
buying, 50c. per $1,000 discount; selling, 75c. per $1,000
New York Stock. Excham-Stock Record, Daily, Weekly nd Yearly
1141(711PN iNt;
STOCKS-HIGHEsT A V D LOWEST
Saturday
Sept. 4
Monday
Sept. 6
Wcdne day
Sept. 8.
Tuesday
scpr, 7.
ALE PRIcES
Thursday
Sept. 9.
Friday
Sept. 10
Sales of
the
Week
Shares
to
PAGE:.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since Jan. t 19,1:1
On basis of l00-hare oft
Highest
Lowest
Railroads
( 11714 1185 11578 11778 11738 110 128,6'9 A tch Topeka & SantaFe 9778 Jan 13 12118 Aug 12
11'13 1191
5th' EA. Do pref
10412 10412 10412 10413 104 10418 10412 10434
10014 Jan 20 10634 J'n..2 •
13212 13::
LOW Atlantic Coast Line RR
133 135
13412 13413 133 133
10712 Jan 14 14312 Aug 12
11614 11/38 116 11658 11434 11018 11534 11678 13,71::) paitimore & Ohio
10312 Feb 23 12214 J'ly 29
*93
*93
94
*93
95
200 5'Do pref
94
94
94
92 Feb
96 Apr 12
7812 7914 7814 7878 x7518 7712 7612 771. 10,150 Brooklyn Rapid Transit_ 67 Jan 9 8273 J'ne 7
180 18112 180 181
180 181
181 1821 10,800 f1anadin n Pacific
r165 Mch 3 18914 Aug 2
*6813 70
*6912 70
*6812 72
vianada Southern
*6312 72
6014 Jan 11 379
534 A
muie
g25
1
*305 315 *305 315 *305 315 *305 315
215 Feb 23
I Central of New Jersey
80/3 813.1 8012 8113 7918 81
27912 80:,I 36.750 Chesapeake & Ohio
5553 Jan 6 8378 Aug 12
6458 6458 6412 65
800 Chicago & Alton RR
6278 6312 64
6434
5778 Feb 24
743.1 Apr 1
73
73
73
Do pref
71 Feb A
73
781?
7
1c3, 1134 1012 1112 1013 11
5,850 Chic G Wes ctfs dep 1st pd
1014 11
8 Aug 20 1234 Aug30
04
*59
*58
64
Do 4% deben ctfs dep..
*61
*34
3514 ;53- 1514 3412 3412 ---105
3514 *34
Do pref "A" ctfs dep. 27 Aug16 3534 Aug30
1553 1614 1512 1534 1514 1514 1518 1518 1,500
1314 Aug23 1678 A11ir3()
Do pref "B"ctfslst pd_
15458 156
15534 157
15312 155
15412 15712 36.920 Chicago Milw & St Paul_ 141 Feb 'V 16312 Aug 10
17612 17612 176 176
175 171-14 17512 17612 1,850
Do pref
15812 Mchi5 181 Aug 6
193 193
19334 194
2,615 Chicago & North Western 11318 Feb 24 19812 Ace:ls
190 19110 192 194
222 222 :.220' 230 *22112 230 79
Do prof
z208 Mchlo c230 Aug 7
234
16012
.460 165 *160 165 *160 161, :
451112
3 1860
7.0
100 Chic St P Minn .53 Omaha 148 Apr 22 167 Aug 1:1
7
2
12
*170 180 *170 180 *170 180
16612 Jan 30 1180 J'ly 27
Do pref
*512 61, *514 6
612 512
100 Chic Un Trac ctfs stmpd
7 Jan 4
4 J'ly 6
*1212 15
*1212 15
*13
/3
Do pref ctfs stmpd
15
12 J'ly 12 1814 Jan 27
15
7414 7414 *73
7312 7212 7318 7212 7313 1,400 Cleve Cm n Chic & St L
08 Jan 29 7912 Feb 16
*105 109
105 105 .5105 10612 •:•105 10613
200
Do pref
100 Jan 4 105 M eh 2'2
5212 *52
52
53
350 Colorado & Southern
5178 5178
*5112 63
5178 Sep 10 6814 Jan 8
*81
82
81
81
81
../0
81
§82
Do 1st preferred
82
7612 Jan 2 86 May 1
80
8018 *7912 8012 80
25
Do 2d preferred
§8012 8012
80
7314 Jan 2 8412 Jan 7
19018 191
190 192
18978 19112 4,100 nelaware & Hudson
189 190
16734 Feb 24 200 may14
,
i 550 5115 *550 570
21,0 I Iclaware Lack & West_ 535 Feb 6 680 Apr 22
550 550
550 650
4634 4714 4612 47
43
3758 Jan 6 54 Apr 20
4614 4458 4612 8,053 Denver & Rio Grande
8614 8612 86
86
7912 Jan 6 90 Feb 10
8512 8558 8518 8618 1,608
Do pref
*68
75 *67
75
*65
*67
Detroit United
75
Jan 3!
75
3
7134 Aug 13
16
16
200 Duluth So Shore & Atian 56
1534 153,
321513
8
6 Aug30 21 Jan 16
Do pref
3612 Jan 15
"5:ii8 /IT -5.41.2 Wig 3358 3434 -55E8 "351-2 77-4,ifio iorle
39 J'ne 7
2258 Nich 11
5234 5112 5234 60
52
5.950 &II Do 1st pref
5634 Aug 9
5078 52
52
4234 4313 4258 4234 42
4238 04118 4234 1,500
Do 2d pref
2812 Mchll
46 Aug 2
15112 15212 150 152
15214 153
22,200 Great Northern prof
15113 153
13658 Feb 24 15778 Aug 12
80
8114 82
8134 7914 8038 80
Iron Ore properties... 6518Mch12
8178 11,850
b812Aug 12
*1514
1538 15112 *1514 „- *1514
20 Green Bay & W,deb ctfB 14 Feb 26 17 Jan 4
75
*74 75
*7514 ---- *74
Ele
Electric
39 Feb 1 74 Sep 3
,IN:1
*84
90
90
8318 Feb 6 89 40012
*3312 90
*8312 90 *75Do prof
122 122 *118 125 *118 122 *118 125
190 Hock Val JP & M Co rcts 97 May 3 126 Aug14
*92
93
492
*92
*92
93
93
93
88 Apr 27
Hocking Va'ley pref
15214 15234 15012 15214 14712 151
92
137 Feb 27 16
412
8j
A'u
ng
e 121
15012 15212 4,745 I Ilinois Central
14
14
1412 1418 1414
1414 5,175 1-nterboro-Metropolitan_
1153 Mch23 19 Jan 5
4
14
35
4512 4612 4514 46
38
4 4
16
11,800
3634 Mch23 6238 J'ne 28
46
Do pref
4114
4 45
2934 2978 2918 2938 1,109 Iowa Central
80 *2912 30
30
27 Feb 24 36 Apr 15
52
6312 3.130
56
*54
62
48
56
Do prof
*55
48 Sep 9 62 Apr 15
81
81
81
81114 8114
400IV' -0 Ft S & M tr cfs, pref 7434 Feb 2 8114 Sep 10
*80 -_- 81
4634 4778 45
4678 4618 4714 8,350 manses City Southern
47114 48
37 Feb 23 6014 Aug 18
975
Do pref
25
4 7512 Aug 18
77e
28 F b 2
6
121
7338 7338 *7234 7334 *7234 7314 7318 7314
*22
200 I ake Erie & Western....
647
27
2514 2514 25
Feb
25
Au
ng
*21
2912 j
ei4
2
27
62
*53
*58
62
*55
Li Do prof
61
62 *55
an 23
48
*65
*65
70
Long Island
69
*66
69
70 *65
59 Jan 4 7118 May24
149 15012 151 152
2,800 Louisville & Nashville
151 15112 150 150
z121 Jan 29 16212 Aug 12
*141 14312 :.141 14312 §142 142
142 142
150 NI anhattan Elevated
14014 Aug 20 15312 Jan 4
*20
24
*20
*20
24
200 iTketropolltan Street
20
24
18 J'ly 2 42 Jan 5
20
*52
54
65
54
5312 5334 5312 5378 1,200 Minneapolis & St Louis
52 Mei) 6 65 Jan 8
*83
88
*83. 88
Do pref
200
81 Mch10 90 Jan 8
86
88
8614 *84
144 14478 144 14458 141 14312 14312 14414 2,066 Minn St P & S S Marie- 13212 Jan 2 3491., Jan S
*158 165 *157 165 *157 165 *156 165
147 Apr 13 16412 Aug 9
Do °ref
*91
91
9158 91
*9012 9112 1,500
91
91
75
13
13
4 A1
Do leas d line Ws.- 89 J'ly 22 9
u1:9
2
14
4134 4214 4138 42
4018 4138 4078 4178 20,835 Mo Kansas & Texas
3512 Feb 23 4418 Ja.. 22
Feb
400
7438
7534 Z74
Do pref
7534 7534 7514 7514 *74
7258 7258 7018 7218 67
7712 Aug 5
24
7012 6813 71
12,060 Missouri Pacific
65
71 Feb 23
*130 135 *130 135 *125 135
130 133
300 M ash Chatt & St Lols_ 12212 Jan 5 13912 Aug 12
5414 5414 5414 5434 55
42
55
412 A u
pg
65
r 16
5 5512 Sep 10
5512 1,200 11 at Rys of Mex 1st pref 2
2238 2278 2234 23
23
2212 23
Do 2d prof
2314 10,537
1 78
2
M.61a1gey2
59 JA
13512 137
134 13638 13012 13438 13112 136 133,725 N Y Central & Hudson_ 12012 Feb 24 14
26
734
58
57
57
*5512 57
*51
*54
4812 Mch15
400 N Y Chic & St Louis
56
5612
*100 105 *100 105 *100 105 *100 105
100 Feb 20
Do 1st pref
Feb
*87
88
*85
88
*85
88
*87
7614 Apr 6
Do 2d prof
88
Ag
u 1
27
9
*16813 172
170 170
200 N Y N H & Hartford
15718 Feb 24 17434 J 1101124
16858 16858
4738 48
4712 48
47
47
46
48
3,100 N Y Ontario & Western_ 8
Feb
6 55.58 J ne
b 24
44
214 J
9212 9334 0234 94
9234 9258 9334 6,500 Norfolk & Western
92
965s Aug 7
9112 9112 *9012 92
0112 92
*91
Do adjustment pref
9212
700
851s Mch26 92,2 J'ly 28
15412 15534 15334 155
15112 15378 153 15473 42,161 Northern Pacific
4 15912 Aug I
17
36
314 Feb 23
*102 104
*99 104
*00 104
10312 104
300 Pacific Coast Co
104 Sep 10
*192 108 *101) 106 *100 106 *100 106
L
Do 1st prof
27 105 Aug 21
10
88
0 1.
Ntic
eh
b 3()
*10212 108 *100 106 *100 106 *100 10512
I)o 2d pref
10012 Sep 3
1403 14156 13953 14118 13853 14038 13934 14112 74,620 Pennsylvania
12618 Feb 33 14378 Aug 12
92
9112 02
*90
9012 9012 91
540 Pittsb Chi Chle&
_- -St-L.
91
8612 Jan 5 9478 Aug 3
*110 115 *100 115 *100 115 *100 115
Do pref
1(14 Feb 10 116 Aug 3
159 16078 15918 161
15618 16012 15778 16234 643,640 i)eading
118 Feb 23 166 Aug12
*9312 94
*93
*9314 94
IA. 1st prof
*9314 94
94
89 Atch22 96 Aug23
99
99
500
*9712 100
*97
*9712 100
2d pref
9812
90 Feb 1 10434 Mayi3
3878 3958 3838 3914 36
71,025 Rock Island Company
3812 3714 39
2078 Feb 24 4238 Aug 12
7512 7634 7514 7614 5
12,600
75
Do prof
7338 7514
21
1: 5
76
5:
1
57b8 Feb 24 8038 Aug 16
70
7014 7018 7034 *70
71
72
900 Gat L & San Fr, 1st prof_
6514 Mch29 73 J'ly it
7134
5812 57
58
56
5814
36 Feb 23 5912 Sep 3
5712 7,375 10 Do 2d pref
2612 2634 2558 263s 2414 2512 2434 2512 3,100 St Louis Southwestern
4
27j
012
2 Feb
a:)
11 25 2812 J'ne 2
6558 6618 65
651_2 6338 65
64
Do pref
6512 3,900
7112 J'ne 2
12512 12738 12458 12678 12212 12534 12413 12838 266,980 Southern Pacific Co
11458 Feb 24 13918 Aug If.
3018 31
3014 3034 2912 3018 30
9,200 Southern v tr cfs stmpd_
22 Feb 24 34 Aug 11
31
7114 7114 7014 7012 6812 6912 69
1)o prof
do
1,100
69
60 Jan 5 75 Aug 12
3714 3734 3658 3758 3412 3131.1 3518 3638 19.425 '13exas & Pacific
30 Feb 29 4012 Aug23
22
22
2112 22
2118 2112 2112 23
2,900 I bird Avenue (N Y)
16 J'ly '2 4211 Jan 18
834 9
0,34 10
*812 10
200 Toledo Railways & Light
*814 10
7 May12 1538 Jan 2
5112 5112 5112 5113 49:1 51
43 Feb 26 5434 Apr 19
5034 5134 2,800 Toledo St L & Western.._
70
• 704 6912 7038 7014 7078 2,600
7014 71
Do lira
6434 Feb 24 7414 Jan 4
10812 10812 10718 108
109 109
108 10812
600 Twin City Rapid Transit 97 Jan 2 11014 Aug 16
10638 19878 19514 19814 19314 19678 19614 20714 743,845 I triton Pacific
17212 Feb 24 219 Aug 16
U
10518 10534 10414 10512 10318 109
10
5
00
00 LI
1)o prof
8
10512 112
2i9
434
z94 Mch 1 11812 Aug 10
421., 4134 43
41
41
41
*4012 42
Unit Ilys Inv't of San Fr 30 Feb 25 43 Sep 10
64
62
6118 62
66
Do pref
6712
5014 Feb 25 6712 Sep 10
34 2012 1912 20
2012 2012 2038 2012
8,800 IV abash
15 Feb 23 2458 4'0015
51
5134 • 5278 5078 5214 46
4712 4958 35'o
15
YDo pref
41 Feb 23 6134 J
514
*458
412 5
7
40
50 Western Maryland
5
312 J'ly 30 2838 May 7
5
*414 5
32812 10
2153211
*9
1012 19
600 Wheeling & Lake Erie
1012 *9
1012 1012
5 J'ly 13 1278 Jan 4
*19
21
*18
*18
21
Do 1st pref
21
JJ ily
: y 13 2578 Jan 8
1651542
*10
*912 12
12
*9
12
1518 Jan 8
Do 2d pref
51
2 *5212 56
54
55
54
1.100 Wisconsin Central
3573 Jan 6 6378 Apr 2u
*90
9312 *90
9312 *90 _ _ _ *90
Do ore! Trim Co Ws 8614 ,rch31 91'. M./Iv:11
9312
Havana
>4
171
0
E.
93
93
0
93
93
181
IN
AN
Range for l'reviouz
Year (1908).
u
Feb
K338 Feb
5912 Mch
7612 Feb
80 Jan
3714 Feb
141) Feb
16
50
4 F
iVieebh
2512 Feb
to Feb
47 Mch
318 Feb
3312 Mel.
1512 Feb
5 Feb
10312 Jan
138 Jan
13512.pin
4185 Jan
114 Feb
14012Jan
58 Apr
4 Apr
4712 J'ne
8518 Feb
21 Feb
5038 Jan
3934 Feb
14112 Feb
420 Jan
1414 Feb
3914 ?deli
3212 Apr
6 Feb
1134 Feb
12 Mch
2438 Mch
10 Mel)
14
18
33
12
4 Feb
Jan
8 Jan
20 Mch
170 Jan
1i2 Feb
12
69
212 1
Ffeebb
634 Jan
1718 Feb
10 Feb
'2712 Feb
57 Aug
18 Feb
96 Feb
3
14
2 l
iay
Jan
30 Feb
8714 Feb
120 Jan
15 Feb
20 Mch
61 Feb
7914 Jan
12312 Feb
10114 Dec
104 Dec
11112 Dec
1178 Dec
94 Dec
6934 Dec
18018 Nov
68 Nov
229 Dec
5938 Dec
6878 Dec
79 ,Dec
1458 Nov
5814 Aug
/3 Dec
1718 Nov
1521. Dec
1644 Dec
18512 Dec
224 Dec
160 Dec
174 Deo
718 Dec
18 Dec
7012 Dec
1973 Dec
59 Dec
79 Dec
70 Dec
181381Deo
575 Nov
901, Dec
83ki Dec
bti Nov
:874 Nov
3334 Nov
16 Nov
5133 Dec
41 Dec
14814 Dec
7518 Nov
1712 Dec
40 Dec
84 Dec
104I2Dec
*1 Dec
14934 Nov
20 Dec
4912 Dec
3212 Dec
57 Dec
7512 Dec
4238 Dec
721g Dec
26 Dec
68 Dec
5638 Dec
12534 Dec
15434 Dec
4412 Dec
5612 Dec
90 Dec
135 Nov
35112 Dec
4312 Dec
7512 Dec
J
Fla
:;
11
1
26
7'2'
6712 Dec
812Feb
9734 n 122 Nov
16 Dec
5712 Dec
105 Nov
85 Dec
60Feb9
128
218
38 J
Faenb 161 Nov
4778 Dec
58 Feb _8614 Nov
74 Mch
)38 Dec
116/8 Jan 15734 Nov
65 Sep
1312 Jan
90 May
90 May
97 Jan
79 Mch
10834 Jan 13214 Dec
8812 Dec
59 Jan
8118 Mch 10834 Nov
9218 Feb 14314 Dec
92 Dec
78 Jan
1,9 Dec
76 Jan
2514 Deo
1012 Feb
6258 Dec
2034 Feb
42 J'ne
69 Dec
4214 Dec
1914 Feb
24 Dec
10 Mch
6878 Deo
2412 Feb
9614 Feb 12212spec
2714 Dec
918 Jan
2512 Mel) 631, Dec
3714 Dec
1234 Feb
47 Aug
1512 Mch
1512 Dec
612 Oct
12 Feb
Dec14)
7312 Dec
13 Feb
9638 Dec
7814 Feb
11012 Mch 18478 Nov
2914 Apr
98 Nov
40 Dec
15 Jan
5912 Dec
'2712 Jan
2058 Dec
634 Mch
13 Mch
5234 Dec
24 Dec
6' Mch
13 Dec
412 Mch
1218 Apr
i614 Dec
0 Feb
153, Nov
1312 Feb
3814 Dec
-9018Jan
2412 Jan
Jan
AN!) Tau sT COAPASI ES- i ROK EttS" QUOTATIONS
Ask
Ask
BanksInd
Bid
'
Agk
Banks
Ask
Itia
dankMa
Banks
Ask
Bid
Ranks
Banks
,;4... Fifth
Ch.lseaEx 11 200
300 350 Jefferson 1 •
____ Prod Exch I,
. Nassau II... 215
New Yore
445 First .
Chemical
New Neth'd '200
210
180-gi30
Liberty-- 530
820 840
Reserve_ _
Aetna
180
.... Citizens' CU 15712 16212 14th St11
155
1/5 Lincoln _ - 420
435
New YorkCe 750
. Seaboard..
America 11-. 576
535 City
t22:1
1389 f395 Fourth
345
.. 1fanhattanll 335
New York r, 32712 33712
Second ____
-A.n1Jr Exch. 250
150 Gallatin
255 Coal & Iron 140
340 350
.N'ht &Day1, 220
Sherman 250
263
Mark't&Ful 258
Battety Plc 13t1
___ Colonial 11_ 300
„. Garfield __, 294 300
Ward____
9th
Mechanics'_ 252 260
410
State 1-1--,..
Bowery 11 .._. 375
____ Columbla1l. 375 3-8.5 Germ Am 11 140
..Northern _ 105
.
-- Mercantil.: _.. t180
115 12th Ward_
BronxBorl 31)0
.... Commerce . 181
190 Germ'n EMI 450
__ \Tern Each 160
____ Pacific 11--- 230
241) 33(1 Ward V
Bryant Pk , 1(55
.
165 Copper .... 285
__. Germania 11
_ Aerchants'. 101
455
_____ Park
465' Onion Exe _
Butt:11 & Dr 140
150 Corn Ex 11_ 335 840 Greenwich 11 550--265
280
Metropolis 1, 375
People's IL - 280
405
•J95
Arash 11!t5 l'i
Century Ii... 170
55,1
Hanover
__ \letr000l'n1 1871 195 Phenix
135
175
East River. 125
.Vest Side V
175
181
300
Chase
,___ psidelity 11- 165
Trad
Imp
&
56)
_175
MO
Mt Morris11_ 250
- Plaxa 1i..
Yorkville 11
614
625
Chatham
305
Irvine N Es 195
-_ 811th Ave 40(1)
111. • 1*
,
9I
S10---1 Bid and asizeu prices: no *ales were made on this day. 2 ,':.x-rtgats. I 1,044 coal t
1.1.503.
11 State usa.ts. .41.A-dividend autl rights. 0
* Sate at Stock Exchai go or al auction this week. ;1 First installment paid. n Sold at private sale W.; this price.
-.430
llighest
Lowest
kiwi
17212
135
355
375
135
300
_
10018712
270
500
425
Ask
18211
14211
375
-_-.
180.
....
195
-..
--.......
New stook.
New York Stock Record-Conciuded-Page 2
652
S7'OCKS-HIGIIES7' AND LOWEST SALE PRICES
Tuesday
Sept. 7.
Monday
Sept. 6.
LABOR DAY----------------------------------------------------------------------------------------------
Saturday
Sept. 4
Wednesday
Sept. 8.
Thursday
83p1. 9.
Friday
Sept. 10.
3(711,
3 01
She
IVeek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Ranye sa.7z.2 Jan. 1 1909
ba.so 131 104-share sot.;
Lowest
Iltyhest
Ranye tot l'rettous
Year (190:9
II
Lowest
Industrial&Miscellaneous
*226
- *226
*226 ---------- Adams Express
*228
190 Jan 20 3225 Ang20 164 Jan
•
15
15
*15
15_38 1434 -1-4-31234 Feb 24
1878 Aug 3
4 1458 1 14 -----Ills-Chalmers
6 !deli
*50
5212 *5112 5212 5018 52
5134 5214 1,300
Do pref
38 Feb 24 5738 Aug 3
14 !itch
83
8313 82
0338 8038 8212 8114 8318 97,000 Amalgamated Copper
65 Feb 26 8918 Aug 12
4518 Feb
4614 4813 47
4714 45
23312 Jan 5 50 Anal',
4614 4512 4714 2,300 Amer Agricultural Chem_
13 J an
*10212110212 10212 *102 10212 *101 Ion
56
Do pre(
7s1 Jan
9512 Jan 13 103 Aug ;
45 -4513 46
4518 4113 4412 43
4414 9,100 American Beet Sugar
2014 Jan 13 4912 Aug 2
912 Feb
*95 971)0 pref
9612 *95
9613 *95
*95
97
82 Jan 7 9718 J ne 11
65 Jan
1214 1234 1214 1238 12
1213 12
1213 8,000 American Can
712 Feb 23 144 May21
4 Feb
8314 8334 8234 8.338 8212 8212 8213 83
2,,
.'.00
Do pref
7112 Feb 23 86 J'ne 4
44 Jan
x66
6734 6778 67
6818 0513 67
6734 13,800 American Car & Foundry 4414 Feb 24 7073 Aug 4
'1512 Feb
*119 121 *119 121
11918 11914 x118 118
Do pret
300
10712 Feb 23 12434 Aug 3
7212 74
7212 7314 7134 7314 7212 7314 3.700 American Cotton Oil
4218 Jan 6 7712 Aug 9
213
)4'
1Aleebh
102 103 *102 103 1103 103 *102 103
15
Do pref
93 Jan 7 10614 Mayll 180 Jan
Express31021
4-222 240 *228 250
230 230 *226 240
2 pg1 170 Feb
100 American
b 22
1206
514 FebF b
914 914
578 9
933 934
9
9
Sep
4.075 American Hide & Leather
Feb
234 Feb
,19
491. 49
4958 4734 4878 484 49
Do pref
6,350
84 Feb 21 6178 Aug 3
1212 Mch
.2
2612 2978 2558 2778 12,530 American Ice Securities
3234 3018 32
1878 Jan 8 4214 Apr 13
1212 Feb
17
1738 1738 17
1612 1613 1612 17
900 American Linseed
0 !deli
12 Feb 23 20 J'ne14
424 43
*43
*4212 4412 41
45
43
Do pref
700
17 Niel.
29 Jan 12 4734 J'ne 14
58
6872 57
5712 69
3138 Feb
58
5812 59
7,025 American Locomotive_ _
49 Feb 23 6914 Aug 4
11418 11418 *114 117
115 115
115 115
Do pref
455
3512 Jan
10914 Feb 24 122 Aug 4
,
.812 9
*812 9
813 812
813 812
300 Arnerlean Malt Com
: Alch
J'ly
.,
g
5312 5312 53
531, 5212 5318 5212 5213
21 Jan
9112 913.4 *91
9138 92
92
llile
:2i
118
22 Au
reetl-tei7,1eC pr.4 B
peor SFm
70 Jan
4 03
.in 1'
f',113.
914 9114 .1,11S Am
i 9838 9914 974 9834 9458 9734 9614 9838 63,350 Amer Smelting,.% icenning 7734 Feb 24 10478 Aug12
5513 Feb
1134 11312 113 11338 11318 11378 2,100
11358 114
Do pret
8734 Feb
301 Jan 2 11634 Aug 0
*250 300 *250 300
_ *250
American Snuff
225 Mch 0 280 Aug 5 130 Aug
*101 1041- *99 102 *250*10018 102
-- *10018
__
Do pref
95 Mch 1 105 May22 .80 Mch
5878 587.; 5612 5712 5612 58
5714 5714 --1,585 Amer Steel Found (new). 3478 Feb 24 6314 Aug 7
28 Sep
130 130
12r14 130
128 12818 128 12958 1,700 American Sugar Refining 121 J'ne 17 136 Apr b
9834 Jan
*124 12612 *125 127 *123 126 *124 127
Do pref
120 J'ne 16 181 Apr 8 105 Feb
141 14112 14012 14133 13914 14078 140 14118 20,219 American Telepli & Teleg 125 Feb 1 14333 Aug 2 101 Jan
10112 10131 10138 1014 10134 10214 2,000 American Tobac (new),pt 9012 Feb 6 104 Ma1'10
10112 102
7212 Jan
831.2 381. 3734 38
39
39
3778 3773 1,100 American Woolen
26 Feb 4 4012 Aug 27
1512 Feb
10312 1051., 10514 10332 10458 105
105 10518 1,500
Do pref
9334 Jan 0 10734 J'nel4
7814 Feb
474 484 4714 4712 4653 4714 4634 484 6,050 dAnaconnaCopper Par$25 53734 Feb 26 $52 May 8 $2713 Feb
*109 -___ *109 ---- *109 ___ *309 ---- ______ A,isoc March 1st pref
26
J'ne
105 Apr 2 119
40713
*10712 .--_ *10712
Do 2d pret
10112 Feb 17 10412 Feb 19
*10713
*458 -5
453 43,
412 112 ;412 ---412 ---77io dBatopilas Milling Par$20 $278 Jan 29 $612 J'ne 30
3213 Jan
3313 3413 32
3334 35
34
3258 3412 0,000 Bethlehem Steel
1834 Mch 9 3512 Sep 3
12 Jan
06
68
*63
0712 *64
6812 6734 6912 1,400 11, Do pret
47 Feb 24 6912 Sep 3
35 Apr
*149 150
15034 15034 *149 152 *148 150
100 Brooklyn Union Gas
318 Jan 23 15112 Sep 1 r85 Feb
1,53 1758 *17
181. 1718 1718 17
1734
SOO Brunswick Dock & C Imp 13 Jan 13 2034 J '11012
6 Jan
*3014 82 *3014 3214 *3014 3214 3012 3012
160 Butterick Co
237 Jan 2 3478 May17 110 Feb
4353 424 4333 4218 4338 4213 4414 39,650 t lentral Leather
43
2512 Mch 2 4413 Sep 2
1512 Feb
10914 10912 *10812 1091. *10812 10912 *10812 10912
2
pret
Sep
9934 Apr 3 111
200 k) Do
7534 Jan
434 4478 4312 4337/ 4134 4378 43
29 Feb 23 4833 Aug
4412 13,300 Colorado Fuel & Iron__ _
1558 Feb
74
75
754 7533 744 7514 75
754 2,750 Col & Hock Coal & 1,oil. 2133 Feb 23 7512 Sep 2
1434 /rich
Comstock Tunnel_Par $2 21e Apr 24 30e Jan 21
20e Mch
iii- fir 14412 fig.- 14212 14412 14414 14512 8.100 Consolidated Gas (8 Y)- 11412 Feb 9 16514 0an 4 Wti Jan
23
2312 2314 2312 2213 2318 2212 2313 10.993 Corn Products Refining__
2612 J'ne 2
1613 Feb 24
1034 Feb
8814 6878 5,3
6813 87
88
Do pret
8658 8718 3,800
56 Jan
7314 Feb 24 0312 J'ne 1
*55
61
*55
60
*55
60
*55
62
Crex Carpet
4712 Oct
45 • Jan 5 61 May25
3812 3878 3713 3812 37
3738 3758 3758 • 2,600 Distillers' Securities Corp 321. Feb 23 4112 Jan 25
2714 Feb
8912 *77
012 *77
8912 *77
*J1
8912
Federal Mining & Smeit'g 55" Mch 2 0613 iwayll
7212 Nov
82
*90
*90
92
89
89
Do pref
300
59 Feb
*3812 91
30 Feb 24 94 Aug 11
Federal Sugar Ref of N Y 145 Mch20 151 J'ly 12
65 • J'ly
Do pret
7313 Feb
190 Jan 25 95 Aug 3
104 16618 16412 16578 10334 164 161 fol- _:Ciao General Electric
15018 Feb 23 17234 Aug 12 111 Jan
*100 104
*95 105
*95 105
*oo 100
Granby Cons M S & P
91 Mchi2 110 Jan 9
7834 Jan
*88
b8
88
12
*84
13312 *84
8812
8812
200 I nt Harvester stk tr ctts 62 Jan 80 8978 Aug
52 J'no
11912 12014 *11912 12012 *11912 12014 11958 120
Do pret stk tr a
600 k
89 J'ne
10914 Jan 16 128 Incrs Pne 3
*6
7
*64 7
*612 7
*614 7
Int Mer Marine stk tr etts
1.1 Jan 2
533 J'iy 9
6 Oct
*2034 22
*2014 22
2
21
*20
22
Do pret
22
1834 J'ly 9 2758 Jar.
16 Feb
1812 173i 18
18
1714 1814 1734 1838 5,300 International Paper
1914 Aug29
Apr
013 Mehla
6812 6c,12 6A313 6612 6712 *6612 6712 1,000
68
Do pre(
47 Oct
4734 Mehl/1 6934 Alig 3
4712 473, 4678 4734 4558 47
4614 49
8,300 Internat Steam Pump_
3312 Feb 25 ill)
) .%),
13 Jan
8814 8814 8875 8878 1,100
89
8818 0834 89
Do pret
8212 Jan 30
65 Jan
*8234 84
8314 8314 8112 83
8434 Aug24
x8034 81
800 Mackay Companies
52 Feb
70 Jan 21
Do pret
*7434 7514 *7412 754 7434 7434 x74
6912 Jan 9 7518 J'ne IU
300
7438
5978 Feb
*10512 108
108 108
10512 10513 *105 10778
200 National Biscuit
9612 Jan 2 10858 Jal P , 68 Jan
*12412 126 42414 12714 *12412 12714 *12214 12714
4
Aug
127
Do pret
11812 Jan 11
102 Jan
19
1953 19
19
18
1814 1834 1,900 Nat Enamel'g & Stamp'g , 1258 Feb 24 20 Sep 2
18
712 Feb
*97
991. 4-97 100
*95 100
*94
Do pref
99
82 Jan 5 9912 Sep 2
70 Feb
0034 911.-t 9038 92
13
894 91
Aug
94
Z8834 90
9,700 National Lead
7114 Feb 25
36 Feb
41112 113 *
112 *110 112 *110 11034
Do pret
10234 Apr 21 11334 Aug 12
8712 Jan
1.34 -----88
87
8712
80 Feb 23 97 Aug 10
500 New York Air Brake..__ _
50 Jan
439 143 4'135 14-2 *135 143 *135 143
N Y & N J Telephone__ 1113 Jan 7 14212 Aug 3
90
Feb
1114 8314 83
83
8214 8212 *82
84
500 North American Co, new 72 Jan 13 8712 J'ne19
4218 Mch
. ,• z
• 14 3212 3212 3312 3158 33
3214 3371 5.600 Pacific Mail
2918 Feb 24 3634 Jan 14
24 Apr
1104 115,3 115 11538 11312 11514 114 11538 8.100 L eople's G L & C (Chic) 10112Jan 13 '20 Aug 16
80 Jan
2112 2278 2158 2258 20,8 2233 2134 2314 20.060 Pittsburgh Coal Co
10 Apr 21 2412 Aug 21
512 Mch
*59
62
62 *59
61
62
6112 6178 1,000
Do pret
40 Feb 25 63 Aug 27
3612 Feb
5018 5071 4934 6058 47
49
4818 4978 5,970 Pressed Steel Car
2 Feb 23 56 Aug 0
301
Feb
3714
10778 108
107 101
10712 10712 10712
Do pref
1,630
98 Feb 26 11134 Augll
69 Jan
19412 19412 *192 195 192 19212 191 10712
193
700 Pullman Company
169 Jan 31) 200 Aug 0 147 Jan
*114 614 *L14 614
518 514
518 518
700 Quicksilver Mining
158 Jan 4
938 J'ly 6
1. Apr
*6
612 *6
612
*44 634
6
200
6.:
Do pref
1
3 Mch29 10 May13
112 Jan
4938 5038 49
49
4734 4834
48
4812
900 Railway Steel Spring_ _
3212 Mch 8 5412 Aug 4
2334 Feb
*10414 109 *105 109 *105 109 *106 109
Do pret
'9778 Feb 24 109 Augll
75 Jan
13,170 Republic Iron & Steel-- 1658 Feb 23 :3978 Aug 7
383s 394 3712 3812 37
38; 3818 39
1434 Feb
10514 1014 105 10612 10312 104
10538 10512 1,700
Do pref
6718 Feb 24 11014 J'ly 28
63 J'ne
85
8378 18434 8434 8334 8414
8412 85
1,1324.2lo51-Shettleld Steel & Jr 68 Feb 23 8818 Aug 7
36
Jan
11034 1193! *119 11034 *119 11934 11934 11934
380 Li Do pret
10738 Feb 20 120 Sep 1
8712 Jan
.1'1'3614 3812 3612 37
700 dTennesseeCopper Par$25 33434 Feb 26 649 Jan 4 $2513 Feb
3534 3614 3612 3612
*8812 91
*8812 91
*8812 91
300 Texas Pacific Land Trust 8013 Feb 23 9378 J'ly 10
8812 8812
45 Feb
1378 1373 1312 14
13
1334 1414 1,200 union Bag & Paper
1638 J'ne 18
914 Feb 29
1314
4 Feb
*74
78
75
75
*72
78
200 %•-, Do pref
*70
68 Jan 8 8114 J'ne29
78
4475 Jan
10912 10912 *1084 10912 109 109 *108 10912
200 United Dry Goods pt ctts x109 Sep 1 11134 Aug 6
32
32
*32
34
3118 32
COO U S Cast I Pipe & Foundr 2433 Feb 24 3512 J ne b
*31
34
1712 Feb
0 Mch 2 8713 Aug 18
8812 84
8434 *8314 841: 84 847
Do pret
*84
200
13655 Jan
*89
95
*89
95
90
90
*86
82 Feb 10 199 Apr :a)
100 United States Express
95
70 Feb
*81
83
*80
82
81
81
*80
82
100 U S Realty & Improvem't 64 Feb 23 8513 May/7
3614 Feb
*14
16
*14
16
*1353 16
Mch12
1713 inc17
U S Reduction & Refin'g 10
*1358 16
4 Feb
*32
38
*32
38
*32
38
Do pret
*32
24 Feb 24 3912 Aug 12
38
16 Feb
52
5234 5078 5178 50
511,
51
27 Feb 24 5753 Aug19
5214 10,500 United States Rubber._
1734 Feb
11913 11934 11834 11912 11812 1185, 120 120
Do 1st pret
98 Jan 21) 12312 Aug24
1,250
76 Feb
8712 8758 6618 8618 8614 88
8712 8713 1.500
6712 Feb 25 S1/12 Aug• 3
Do 2d pret
42 Feb
7858 7913 7758 704 x7634 773
7714 804 782,348 United States Steel
4114 Feb 23 804 Sep 10
'2534 Jan
126 12678 12558 12614 12358 1251 12434 12634 15,100
Do pret
107 Feb 23 12t33 Aug 4
41712 Jan
4958 49,8 49
4938 47
49
4912 5034 3,900 dUtah Copper_ _Par $10 $3918 Feb 26 $5412 Aug 12 ,20 Jan
4714 4714 47
4714 46
473
464 4738 3.300 Virginia-Carolina
- Chem
404 Feb 29 5614 Joe 14
16 Feb
12134 12134 12134 12134 *120 12134 12134 12134
300
Do pret
114 Jan 19 12318 Aug23 x87 Jan
6734 69
*67
6834 *67
68
ivinia Iron Coal & Coke 57 Feb 23 69 Sep 7
68
*66
600 Vlt
43 Jan
*315_ *315
--- *310
*310
I ells Fargo & Co
__ _
300 Jan 5 330 May26 1250 Feb
7512 7578
7214 1412 7412 78
- 7414 75
111,5215 7 estern Union Teleg
41 Feb
64 Feb 241 7812 May 7
8614 85
85
8518 844 85
8458 8514 4,000 Westingb'seE16361fg assen 74 Feb 241 93 Aug 7
38 Mch
*130 140 *130 140 *130 140 *130 140Do 1st pret
53 Itch
110 Nab 14 130 Aug12
_
lg
I
BANKS AND TRUST COMPANIES-BANKERS
Iitzlitezt
1200 Aug
1638 Dec
6234 Dec
8838 Nov
35 Nov
96 Nov
...1/8 Apr
,434 Dec
1014 ,\0V
7.:7R Nov
5034 Dec
109 Dec
4434 Nov
177 Nov
3224 May
81. Dec
274 Dec
3173 Aug
171,, Dec
36I:i Deo
59,
3 Aug
113 Dec
b7.: Sep
5 Is Sep
844 Aug
107 Aug
11038 Aug
200 Apr
9712 Sep
41 Nov
13734 Aug
131 Nov
13258 Nov
9712 J'ly
3238 Dec
97 Nov
5312 Nov
35 Mcii
2714 Nov
57 Nov
15214 Nov
17 Nov
125 Jan
33 Dec
102 Dec
42 Dec
2712 Dec
44c Apr
167 Dec
2012 Aug
80 Aug
4514 Oct
2834 Dec
94 Aug
89 Nov
6312 J'ne
100 J'ly
16234 Dec
10912 J'ly
6758 Nov
11014 Nov
May
2678 Dec
1314 Nov
05 Jan
3978 Dec
8414 Dec
78 Nov
7134 Nos'
97 Dec
12012 Dec
1514 Dec
18214 Dec
92 Aug
10614 Nov
93 Nov
122 Nov
78 Nov
4014 Dec
10612 Dec
1458 Deo
50 Dec
45 Dec
10214 Dee
174 Nov
134 Dee
312 Dec
4914 Dee
103 Dec
29 Nov
3912 Nov
8134 Nov
11014 Dec
$5214 Nov
8412 Dec
958 Nov
6634 Nov
au% Dec
7873 Aug
90 Jan
64 Nov
1514 Aug
39 Aug
3712 Aug
108 Dec
7513 Nov
6834 Nov
1144 Nov
$5234 Nov
4534 Dec
115 Nov
08 Nov
325 Nov
7134 Nov
94 Nov
125 Nov
QUOTATIONS.
Ask
Bid
Banks
Bid
Ash
Banks
Trust Co's But
Ask
Ask
Trust Co's Bid
Ask
Trust Co's I BUI
I rust Co's lilt: Ask
Brooklyn
Brooklyn
N Y Ctly
Guar'ty Tr_ 690 710
Brooklyn
NY Life&Tr 9111 *1116
Borough II- 00 105
North Side, 150
--__ Carnegie - 175
185 Guardian To 160
_. N Y Trust_ 625
__ Brooklyn Tr 410
420
Broadway Ii 375 425 Peoples-. 155
__-Central Tr- 1000 1025
Hudson _-- 175
___. Standard Tr
-.. Citizens' -.138
145
Brooklyn I,145 Prosp'etPkii 160
160 Columbia_.. 290 300
KnIckerb'kr 335 350 TitieGu & Tr t:0158 _-- Flatblish -- 200 226
280
___ yet-mina 11.. __ 130 Commercial 140
First
1471, Law 'I' I &Tr 29712 25212 Or Co of Am 355
Franklin _ 210 220
370
HIllsideli
110
130
Union'-___ 100
105 Com'wealth -. 160 Lincoln Tr_ 165
1300
170
Hamilton - 265
Union Trust 1275
276
Home Bk II_ 110
125
Empire ___ 300
310
Manhattan, 370 390
Home
960
US Mtg &Tr 945
108
_
Romesteadl, 100
125
Trust Co's
Equit'ble Tr 475
Mercantile - 725 750
490
__ Kings Co... 6.10
Unit States_ 1230
Manufae'rs 410
430
N I' CUM
Farsi Lo&T 1625
...... MetropolItn 590 555
1. Is! L & Tr 310 316
Van Norden 240 '260
Mechanicsi 240
260
Astor
Fidelity _ 203
330 345
207
410
Morton Tr_ 500
..... Washington 375
Nassau __ 150
170
MOntauk - 145
___. Bankers' Tr
Fifth Av Tr 400
155
420
Mutual - - .... 120
127
People's ...... 285 600
Westchester 145
Nassau -___ 240
270
B'way Tr.._ 875..."
145
155 Fulton -__ 270
195 Queens Co- 120 130
..... Mut All'nec 110
133
Windsor _ 135
Nit Citv___ 200 310
Williamsb'g 80
100
1510 and asked prices; n3 sales on this day. Less than 100 shares. .Ex-r gins. o Nir.: stock.
c Ex-illy. and rights. a Now (Plated dollars per sbrxe.
1 Sale 83 Stack Exchange or at auction this week. 3 Trust co. certificates.
Banks
marked
are
Stat.:
banks.
with a partgranii 11,
I
-
New York Stock Exchange—Bond Record, Friday, Weekly and. Yearly
Jan. 1 1909, the Exchange method of quoting bonds was changed, and nrices are now a',14—"aa•2 interest"—qxmpt for income and aelaz17,1e2 bonds.
e
BON D8+
N.Y.STOCK EXCHANGE
WEEK ENDING SEPT 10
4a,
Price
Friday
Sept 10
Week's .
Range or
Last Sale
Range
Since
4:1•c January
N. Y. STOCK EXCHANGE
WEEK IENINNo SEPT 10
r
44:
Fricc
Friday
Sept 10
Week's
Range or
Last Sate
Range
Since
Januare I
140,0 Biqa
485 Low
_Stun
Ba
Aga Low
High No Low High Cent of Ga RH—(Gen)
Me
4' 53 80
30 prof income g be....p1945 Oct
72
7132
10034 10112 10112Ply'09
10112 102'b
80
51
7012 Aug'09
3d prof income g Is stampe.i.
103
10034 101,4 101 Ang'011
101
3
90%
1)03, 1 9038 00,
90%
Chatt Div par moo g 48.1951
10141024, 103 Aug'011
101 103%
1045,J'nell
110
1011410214 10134 Sep'00
100% 1021, Mao 45 Nor Div let g 55.1946 J
Mid Ga & At1 Div 6e....1947 J-J 1065310934 115 Nov'05
100,4 Nov'08
110,4 May419
1101411014
Mobile Div 1st g 5s
116
116% Set,'011
1046 J•J 11012
;11914
1161
10518 Sep '09
Jen RR & hot Oa col g 55 1937 81-N 105
104 106
1174
1 18 Sep'09
118 121
'0.
Sep
1274
229
127
Cent
J
N
127
of
127%
gen'l
gold
10041014 101 Mar'011
55,1987
1014
101
J -J
12612 Aug'011
126
126 22734
Registered
110 110 Ply'00
1011 1104
Am Dock & Imp gu 58.4
1187 -J
1921
.1
Foreign Cioverninem
Le & Had it gen gn g 55 1920 J - J 101
954 94 95
99
Argentine—Internal5sof 1900 M-S t 05% Sale 9518
00% 101
1005,Sep '09
Leh & Wilke 13 Coal 55..1912 M.N 10078
Imperial Japanese uoverumg
1004 1004
0978 1004
100
Con ext guar 442s.. 41910
44
95%
95
1
Sale
95%
-A
4
953
F
1925
90%
Sterling loan 4 12);
N Y& Long Br gen g 43 1941 31-S 100
9, 8914 1.1414
114
11121 .1-. # 93% 944 94
2d aeries 41.2s
t 87'2 Sale 874
87% 24 8034 883
, Cent Pacific See So Pacific Co
1931
Sterling loan 4s
894 89
1 804 904
90
1st gu 045 01920 Q•F
Repub of Cuba Is exten debt.. 31- #103 10334 1034 1034 6 101% 1044 CentVermont
# 93% 9434 93 Sep '09
0314 Chas& Say bee Atl Coast Line
1192
San Paulo(Brazil)Is tr recta'1 J
1 10141034
102
102
a1911 A-0 *102
994
9734 9914 9914
9734 101 12 Chas & Ohio gold 65
U 5 of mettleo $ I g Is ot 18011 12--)
1st consol g 55
19311 M-N 11414115 114'a Aug'09.... 1144 117
. 95
944 944
1954 J -D 933
924 95
Gold 4s ot 1904
113 11412 Veu'09
11341144
1030 M-N
Registered
#2' hese are Pr ices on the b cuts 01 $5 to It.
Gen funding & impt 56 1929 J-J 100S54e 1004 1004 55 100,4103,4
State and City Securities
1037
104
1,
1034 106%
30
4
1033
Sal*
1992
General
gold
107
448
V1-8
Nov'08
F•A
110
11124
Dist of Columbia 3-65s
105 105
105 Apr'09
1992 M. 103
95
Registered
10614 Dee'04
Louisiana new camel 48 1914 J -J
8814 91
Big Sandy 1st 4a
J-1) 5812 8834 ea Aug'09
New York City107,4110,4
113 110 May'08
Craig Valley let g 5s
94t J -J
194
4 241 10041014
/
4 1011
/
4s when and as issued.1959 NI.N 101% Sale 1011
90 :10
eue. 130 Jun '09
Potts Creek. Br let 48 1946 J-3
101 103
49'8 Corporate btock —.11158 M-N 1111 101% 10112 Aug'09
995, 99 J'ly'011 .... 99 190,4
Lt & A Div 1stcon gas 1989 J -J
10134 Dee'08
4% assessment bonds _1918 31-14
1144 U6:e
9934 116 4 Apet19
2d consol_g 44
'2 110%11238
111
1957 m-N 11034 111 111
New 41,28
1134 1,ei.)'05
Warm Spr Val 1st g 5s 194
9 115.8 1074
1981
4
/
Pill M-N
4 1041
/
1041
104 104%
New 4'a8
93
95
'
054
'0
set)
'40
Greenbrier
Ry
is
110%
letgng
M-N
111
1124
111
4
/
M-N
110%
1101
—1957
4 L2% Corporate Stock
774 80
775, Sep'09
104% 10438 Aug'09
1917 M-N
104 1044 ohic & ALLEN ref g 3e.1940 A-0
4 12% assestent bonds
7578 lu 7312 '17
75% Salt 7534
Railway let lien 3128_1950 J -J
101 10314
40/0 Corporate Stock..19B7 1VI-N 101% Sale 1014 WI%
Feb'09
73
73
73
Registered
J'ne'09
•
J-J
112% 118%
1133,
N Y State—Highway 45 1955 M-8
1194 10t134
9942 Aug419
59 F-A 994
922
4 Ohio Burl& Q—Denv I)4s 9
4
23
05
103', j.j 102
10214 J all'OU
1024 10
so Carolina 448 20-40
11068 7 98 101
U942 sale 094
General
4s
1958
1
01
Feb.
M•13
4
4
1103
38-1913
053
-J
9514
J
settlement
new
Tenn
2 90 93
90
90,4 90
00
Illinois Div 345
94
92
914 113
J -J
93 Aug'09
Virginia fund delut 2-38 199i J..1
ll
91 4 Dec'08
9 J -J
Registered.— ----lilt0
374 48
Us deferred Brown Bros °tie.. •••• 4.04 424 424 Aug'09
12 100 1034
Ills Div 4s
J-J 101 Sale 1004 101
1055,106
Railroad
Iowa Div sink fund be-1
94U A-0 1054
1919
1055, Apr'i/9
1 9934 10l4
9934
9934
Sinking fund 43
A-0 11934 100
A lamuna Cent bee So ity
1 995,1024
Nebraska Extension 451
1'1 M-N 100 10014 99% lth)
2
99
11.1aba Midl See At Coast Line
101%1014
00118Mar'09
Registered
1927 M-N
hauy & Sum See Del& Mid
4
/
Southwestern Div 45.-11121 31-S 994 1195, 99,2 094 b 99 1001
tleglieny Valley bee Penn RR
North
Joint
bonds
Great
See
Alleg de West See Bull It & P
l0134 1034
Debenture Is
1 834 6734
M-N 102 1024 102 Sep '09
8312 83%
Alin Arbor 1st g 4s
h11/95 Q-J * 8312
1025,10334
1023,Aug'09
11 M-8 10212
Han & St Jos consol 6s 1913
10014 Sale 1004 109% 61 100 101%
&Loh T& 8 Fe—Gen g 48.1991
90
514 4 55
a74
1004 100 Aug'00 .•.• 91) 100% Ohio di E Illret & imp g 451955 J-J 864 88
Registered
1995 A..0
12914187
A-0 129412114 12938 Sep '01,
let()onset g 6ii
954
94'4 Lb 92
94
adjustment g 48
/1,1995 Nov 94
114 11411, /145,Aug'09
114
4
1153
7
4
3
3
9
M-N
General
consol
1st
924
5s...1
4
921
934
4
921
Registered
11.11/95 Nov
4
114 114,
114 May'09
27 024 954
1)4
Registered
31-N
94. Sale 983,
Stainned
/111195 11-N
11812 115
11312.1'1y'01)
Ohio & lad Ry let 55.1
117% 114 11214 119 4
37 J-J 11314
1936
117 118 117
Sub recta(Lull paid)cony 45
Chicago & Erie See Erie
1174 Sale 1154 117% 144 102,4120
1956
Cony g 48
127 129
1284
12814 Aug'09
4 118 Lill 1051
4 1203* Chic In & Louley ret 6s.1947 J
/
191'1 J.1) 117% bale 1151
10-year cony g Is
21147.
/
1121
11212.9-seini
994 Ply'09
Refunding gold Is
99%
1947 J -J 113
9/1 /
41 994
1
Debentures 4e Series11 1910 F-A 084
'09
J'1y
101121024
11.1104
1910
Lotuav
A
24
-J
J
&
6(1
let
Ch
98
4
0
984
J'IY' 0
984
1913 F -A
Series K
104,
4
104,4105's104,4
1
104,4101,4
Ohio Mil & St P term g 54 1914 J-J
1174 9738 97,4 Aug'00
09
97
East Okla Div let g 4s 1928 M-8 1.14%
2 10214104,4
103,4 10334
Sale 933
General g 45 series A.51989 J-J 100
. 114%
9334 964
1955 1-I
Short Line let 45 g
103,1a Oct'08
Registered
atl Knox & N See dle N
90
90
110
1 894 92%
89 -3
1.1.39
e19
9534 Sale 9512 951
General g 312s series 13.5
4
/
044 9634
atlantic Coast 1st g 410141152 31044 Sales 1143, 1)4'i lb 941
4 05
/
25-yr &ben 45(w 1)
1934 .1
Charles & Say let g 75 1936 J -J 132%
4
1091
4
/
1001
May'09
10934 109%
Ohio
&
L8uDwg5s,l921
j'ne'01)
127
127 127
Say If & W let gold 6s 1934 A•0
11134 11311
11134 Ang'09
Ohio & MoRw Div 5s 1926 J -J 1114
1124 114
11134 A•0 112,4114 11214 J'ly'011
let gold Is
,10/34 101'4 J'Litgov
101,4)015,
Ohio & Pao Div 65
J -J 1004
110%111
ill Sep '01i
Ala Mid lat gu gold 05 —1925 31-N 109
921 4-3 108,81094 10678 108'4 /I 108,4110,4
19
96
Chic & P W 1st g 5s
11614Pute09
06'4 0614
Bruns& W 1st gu g 45 _1938 J•J
4
1
10438 Aug'010104%105/
Dak & Gt So g ba
1916 J -J 1044
91.41 21 86 • 93 Li
o1952 31-N 91 8214 91
L&N cent; 4s
13743'1)"'1)1' •
Far & Son aeon g 6s
1924 J -J 120
074
97;irne'llb
974
97
811 Sp Ocit & gu g 4a —1918 J •J
101
4
1023
101
10041014
Mast
&
D Div let75
1910 -3
atlantic & Danv See :South By
101 Mar419
r...... 101 101
A.ug'0:•.
list Is
-3 100
Austin & 3 W tiee Son Pacific
Aug'09
107
107
1074
107
108%
1
LaCrosse
9
1
&
-J
J
1)
1111
19
let
5s
924
03
98
95
934
984
Dalt& Ohio prior 1g3125.1920 J -J
4
10134 May'09
10141004
Mineral Point Div 55
1910 J-1 100,
93
92
93 May'01)
1.) Registered
/11925 Q-J
4
/
4102
1
100,4 Aug' .... 100/
So Minn Div let Os
1910 J -J 1001
4 101%
/
Gold 48
/11945 A-0 100% Sale 11104 100% 71 991
Aug'09
10934 110
8
1093
4
1093
&
4
Wis
981.
Div
bilmi
Aug'01.1
goo.
J-J
1921
11812 141034
Registered
/41945 41-J
4 10175
1
101/
L. 65
Mil & No lst
1910 J-D 10076 101% 10134 J'ly 01i
120 Get '01
Pitts Juno let gold 6s...1922 .j 108
107%10734
0/734 J'neW
1913 J-D 106
let consol 6s
88 894
89 J'Iy 109
PJundii. M Div latg 31281025 31-N 884 89
114,4118,4
1915 Q-F 113 1 145,115 Aug'00
Ohio& North w cons 7s
93%
96
93
PLE&W Va Sys ref 451941 M•N 934 93% 93%
4102
/
1001
101134 J'ly 4ii)
1886.1926 F-A 100 14
Extension 4s
907g
90% Sale. 1)078
01%
90
Southw Div let g342s...1925 J -J
'099% 101
Ply
11812
12
100
1886-1920
F-A
Registered
A.pr'09
91
91
91
Registered
/111125
4
11114
00
904
904
9414
01/4
1987
li-N
General gola 312s
105% Feb'07
Motion his 1st gu g 65-1919 -A 101
934 93%
11318 Apr'011
Regiatered
103 J'ne'09 • 103 103
Q-F 1124
Con Ohio It let c g44s..1930 31-9 1024
112
Aug'09
112
112
A-0
7
811
2
9
9
Aug'09
1
fund
Sinking
65...1879P1
113
A-0
113%
1104
UI Lor di W con let g 55 1932
10934 109%
10034 e'eu'09
A-0 11114
1134 Feb'09
Registered
1131411314
Ohio River RR 1st g 58 1936 J -0 113
4
/
105 1101
1101
29 A-0 109411044 110 Ang'011
92
4 11012 J'ne'09
/
9.19
879
Sinking fluid Is...1
18
1084112
1937 A•0
General gold Is
Jan'09
11(134 11034
g
1108
1104
A-0
1879-1929
blar'04
11012
Registered
A-0
Pitts()ley &'Lot let g (is 1922
i0u14 101
iiii%
/004 J'ue4i11
1184
1909 11-N
98 Apr'09
Debenture 5a
U8 —1113
Pitts & West 1st g 4s 1917 J -J
4
/
100%1001
1005,litay'09
1.1.14
100 Nov'04
Registered
Stet lel ity let gu g 412e 1943 .1.1)
107 1091
1074 107
4
/
1901)1921 A-0 100
Debenture Is
Beech Creek bee N Y C di 11
103 J'ne'0'
A-0
Registered
Bellev & Car bee Illinois Cent
Sep'09 .... 111 11314
110,411312
111
1
3
2
3
9
1
Sinking
Lund
be
deb
13klyn & Montauk See Long 1
..
109 J'ty'lle .
M-N
Registered
Bruns & West See Atl Coast L
101 Apr 411) .... 101 1013,
1910 M-8 1004
North Illinois let 5s
Butialo N Y & Erie See Erie
1
118
118
118
118
Sale
1193,
M-8
1921
115%
L
Mil
S&
gps
Ang'05
4
let
1183
West
11612
11-$
117%
Buffalo It 35 P gen g 154 1937
113 Aug'09.... 113 116
Ext & Imp stand g 56 11129 F-A 113
4 1104 J'ly'00
/
109 1104
11157 M-N 110 1101
Consol 41.2s
14242.81,0'02
12134
M-S
100
Div
1925
6s
g
Ashland
let
Aug'09
4
1001
100
A-0
10014
48
g
Ist
ititib
West
gu
AU di
123% Apr411).... [2234 123'8
Allah Div let g 6s
11124 J-J 12114
103 J'ly'08
1043 1-4 1155,
Cl di utah 1st gu g 5a
1034 may'uu .... [03,4103,4
Incomes
1911 M-N 102
. 117%
1173
11734 119
Roch & Pitts 1st g 6a 1921 F -A 1174
11:34Aug'o11 ..„ 113,4114,4
11341134
let
Rock
-J
J
Ohio
di
14)17
121)
65
Pac
Aug'09
12018
4
1183
1214
•D
J
1022
Consol 1st g Us
113
1134,Aug've .... 113'2 113%
Registered
-J
J
Bullet° & Southwest See Erie
1104
11 1134 bale
vu%
11 99,4101'.
84 87
General gold 4s
85
191
7 J •I
80% May'00
874 90
Butt & Swig let ref g 48411151 J -J
01) 1004
09
110 Aug'011
Registered
-J
J
1985
Bur It 35 N See 0
tio P
9018 94
12i,
8
0/3
1114,
4
01,
sale
g
Refunding
4s
1934
bale
2
1054
10514 1054 10 1054 107
Ian So 1st ex t (33
1913 J-J
97 J'ly'04
102
Coll trust Seriesli 4a 1910 M-N
10214
102
10114103
• 2d Is
1913 .v1-6 102
97 J'ne'teJ .... 97
97
974
M-N
45
J
11112
1024
1(11)%
Registered
1013 IM•
947e Aug'09
114 12 94%
Mas
1915 M-24 04.7.
Carl)& Shawn See III Cent
944
9334 eel.000
0334 11334
1910
.N 4s
Carolina Cent iS'eeiseab Air L
034. 95
934 Aug'01)
1917 ,v11-14 1334
04a
Carthage& Ad SeeN YC&11
11312Aug'0e. .... 934 93%
1)314 05
1918 .41-N
P 45
Ced it la V3e, N deeStJj4diN
002 M-N 79 bale 784 '/95,130 754 8214,
Chic RI & Pao RR 45 20
Con Brancn lty See Mo Pao
80
80 J'Iy'uti ... SO
1.1•N
Registered
11044 Feb'09
115,4116,4
Cent ot Ga RR let g fia..p1945 F-A 116%
4 9421
/
1913 31-8 111% Sale 915, 9234 3 • 871
Coll trust gold Is
10934 Sep '011
10838 111%
Consol gold Is
1941 31-14 110
Northern
11.9
Ced
Bur
Apr'013
113
Registered
11145 31-11
4, A-0 114 115 115 May'01) .. 115 117
934
Con let & col tr g 55 10
85 Sep'00
85
79
90%
let prot income g 5s....p1945 Oct
12012 Mar'03
A-0
Registered
90 J'ne'011
85
90
80
Stamped
111 Novq/5
latgu5s.1921
A-0 104
W
N
CHU&
'01)
Sep
76
84
77
63
•
2u pret income g e8.—p1:145 Oct
1
4-1)
78
g
1927
11 & Sib let gu
76 Sep'09
84
77
60
2d met income it Is stumped
IJ.rk. tioverllllleta
U f3 2s consul registeret141930 ‘1-.1
U B 25 consol coupon...41930
42-F
U S 3s registered
k1918 14U 35 aoupon
U S Ss con small bonds /C191 Q-F
1925 Q-F
U S 4s registered
11125 Q-F
U 8 4s coupon
U S Pan Can 10-30 yr 2s.k1936 Q-N
Y-J
-•
.
•
•-•
.
••
.
.
.
•
•
•
•
.
•
-•
.
•
•
•
MISCELLANEOUS liON 1)!..--Continued on Next Page.
Street Railway
824 Sep'09 ...• 8134 92
8112 84
Diet St Ry gen col tr g 55 1997 F-A
48 J'iy 4)9 .... 43,4 935*
2002 A.0 484.
Ref g Is
4
/
105 1044 Ply'01) •... 103 1051
Bway& 7th Av let g bs 1943 -1-13
102,4 100 J'ne'O'J .... 100 102%
Col& Rh AY let gu g 5E3.19113 31-S
4
/
100 100 Aug'09 .... 100 1021
Lex Av & P let gu g 5s 1993 31-8
68 J'ly'0 .... 65% 72%
6712 69
Third Ave RR conga 4s2000 J -J
48 634 721i
69
69 Sale 684
Cent Tr Co coatis Mantel_
11194 1104 109 42J'ly'09 ..• 108 11612
Third Ave Ry 1st g 55 1937
4 86%
/
864 Sale 864 804 4 881
N Orl Ry & Lt gen 4126 11)35 -I
98 Nov'Ub
......
St Joe RyLtH & P lst g 55'37 M-N 101
110 1104 Nov'11
4t Paul City Cab con g Gs 1937 J
,
99 Ply'09 . . .—Or
TM-City Ry & Lt lets f 55.1923 A-0 97', 99
98 93
Apr'09
139 14
U nderground of Lon Is.,j920 11-N
834 20 734 86%
1933
85
-J
J
87
448
11 22 874
35
1946
35 bale 33
Income tie
84 Oct '05
Union El(Chia) 1st g 55 1940
4
1
79/
7644 55 72
7,4551.' 764
United ItIta San Fret 45 1927 A-0
8414 84
84•18Aug'0
54
United Rys St I, 1st g 48 11134 -J
zioV a Option Sake
guu* Aug uDae Out p
e Due ALay1)00.100 /1-Due slY
Street Railway
1946 A-0
102,4108
107 10938 J'ly'09
Brooklyn Rap'Pr g 55
87,4140 81 12 81/4
2002 J -j 86 Sale 86
let refund cony g 4s
10214105
1033,105 10338.1'ly'09
kik City 1st cob 56.1910 1941 -19942 994
.13k Q Co,t3 8 con gu g 515 1041 M-N 90 902 9942 Mar'09
103
103
10 1005, 106
103
Bklyn Du El 1st g 4-55 1950 F
101 Aug'09
10214104,4
Stamped guar 4-55— 10511 F-A *1113
8712
86
Kings Co El let g 48.-19411 F-A
87'a 874Ply li19
88
19411 F-A
874 4 85
87
864 88
Stamped guar 45
81
81
178,484
J -J
82
81
Nassau Eleo gu g 4fs
102 102%
102 J'ly'09
Conn Hy& List& rag 4128'51 1-3 1017
1013,102,4
'011 •
1951 I•J 1023,
10214
Stampeteguar 445
81 12 85
82 J'ly'09
Dot Unitedlet con g 4125 1932 J -J
89
92
9114 Sep '01)
914 92
Havana Elea consol g 56 1952 F-A
85
82,4(330 76
11130 A-0 8242 Sale 814
Inter-Met coil 442s
8 103 10434
Inter Rap 'I' 3.3-r cony es lUlf 81.5 104 Sale 103% 104
N 103 Sale 103
103's 66 103 10318
1952
43-year Is S.ries A
71
7174 7214
7115 Jily'OP
Intermit Tree colt tr 48 1114'
,J -J
98 .0.006 .
Manila Elec let & colt 54 1953 5-1'
No once Friday: latest tins weex.
al) le J All
it
Due Apr
654
HONDsi
N. Y. STOCK EXCHANGE
WEEK ENDiNG SEPT 10
Chic Rock & Pac-(Con)
Choo Ok &0 gen g 58.019111 J .J
M-N
Consol gold 58.....
Keok (fa Des 51 1st 5s
1921 A.0
Chic St L & N 0 See 111 Cent
Chia St L & Pitts See Penn Co
Chic St P M & 0 con 68 1930 -D
Cons Os reduced to 1 138 19311 J
Ch St P & Minn lstg 68 1918 M•N
Nor Wisconsin 1st 68-1930 3-3
St P & S City 1st g 08-19111 A•0
Chic& West Ind gen g Os q1932 Q-M
Consol 50-year 48
1952 J. J
Chic d'a W Mich See Pere Marq
Choc0& Gulf See C RI& P
(Jinn & 1) 26 gold 41-2s 1917 J J
ClnD&llstgtig5s 1941 54-N
C Find & Ft W 14tfm 4s
51.N
Cin & W 1st gu g 48.1951 J -J
Ind Dec & W let g 58 1935 J -J
1st guar gold Os
1935 J-J
IStL&C See 00 O&StL
Cln S U See000Stb
Clearfield & Mah See 11 11 & P
Clev (hin 0& St L gen g 4s 1993 J
Cairo Div 1st gold 48
193), .1 -J
Clnw Si 51 Div let a 43 1991 .1- J
St L Div 1st col tr gAs 1090 I-N
1990 ‘1-N
Registered
Spr &a Col Div 1st g 4s 1940 51-s
W W Val Div lat g 48 1940 J •J
• 0 I St la & C consol 05 1920 15A-N
k11136 (4-11
1st gold 4s.
k1936 Q-F
Registered
Cmn S & Cl con 1st g 5s..11128 J•J
1914 -I)
00 & 1 consolls
Consolsink fund 78- 1914 -I)
General consol gold 68 1934 J -J
1914 J -J
Registered
Ind BE Si W let prof 43 1946 A-0
J
Si W 1st 91 68....(0.93ri
0
Peo & East 1st con 4s 1940 A-0
19110 lor
Income 48
Clev Si Marietta See Penn Rh
Clev Si Pitts See Penn Co
1947 J J
Col Midland 1st g 4s
Colorad.)& Sou 18t g 4s 1929 F
Rotund Sc ext 41
1935 M-N
/
48
Colum & Greenv See So Ry
Col Si Hock Val See Hock Va.
Col & Tol See Hock Val
001 Conn & Term See N (fa W
Conn & Pas Rivs 1st g 48.1941 A-0
Cuba 1111 1st 50.yr 5 g
1052
1 talc & Gt 8o Nee M & St P
SiLJahle Waco See 11 K &
Del back Si WesternM orr13,13 Essex let 7e 1914 M-N
1st consol guar Is
1915 3-1)
Registered
1915 J-1)
2000 J -D
1st ref go g 3
NY Lack & W 1st 68 1921 J--)
Construction Os
1921 1f-A
1021 SI-N
Term Si improve U
Warren 1st ref gag 3Lam 2000 F-A
Del Jo lind lst Pa Div 78 1917 51-S
Registered
15117 51-S
1st &ref 48
1943 M-N
10-yr cony deb 48
1916 -D
1st hen equip g 4 Las
1922 3-3
Alb & Sus cony 31
1146 A-0
/
43
Hens Si Saratoga let 78.1921 14-N
Del My RR Bridge See Pa RR
Denv & It Or 1st con g 4s 11136 J -J
Consol gold 4¼s
1936 J -J
Improvement gold 58 11128 J -I
1955 F•A
1st & refunding 5s
too Gr Julio 1st gu g 58 1930 J
1946 J -J
Rio gr So 1st gold 48
1940 .1- J
Gu,aranteed
111311 J -J
Rio Or West 1st g 4s
Mge and col trust 48A 11/49 A-0
•
Utah Cent 1st gu g 48 al1117 A.-0
St L
Des Moi Si lIt D See
Des 51o1 Un By 1st g 08 1917 51•N
Dot Si Mack 1st lieu g 48 1111/6 3-1)
11195 J-1)
Gold 48
Detroit SouthernOhio Sou.Div 1st g 4s 1941 M-S
Dul & Iron Range 1st 53 1937 A-0
Registered
1937
• 26 Os
1916
Dal Short Line Sea Nor Pao
Dal No Shore Si At! g 513 11/37 J -J
•L'ata ot Mimi See StPM& 51
J:Jaat Ten Va & Oa See So Ry
Elgin Jo!& East lat g 58 1941 11.5
Elm Cort & No Seebeh&NI
Erie 1st ext gold 48
1947 5A-N
2d ext gold 6s
len 51-S
ext gold 41
1921
/
48
4th ext gold 58
1926 A-0
5th ext gold 48
1928 3-1)
let consol gold Is
1920 51.S
1920 M-S
1st cousol g fund 7s
Erie 1st con g 48 prior 19116 -3
Registered
190u J -J
1st consol gen lien g 48-191/6 J -J
1996 3-3
RefOstered
1951 F.A
Penn coil tr g 4s
195:1 A •
50-year cony 4s A
do
Series B 1951 A-0
Buil N Y & Erie lat 7s 191ti 3-1)
Chic & Erie 1st gold 5s 1982 114.N
Clew & Mahon Val g58 1918 3-3
Long Dom( consol g 08 1935 A-0
Coal& RR let cur go 66 11122 SA-N
Dock & Imp 1st cur 68 1913 J• J
N I Si Green L go g 58 1946
N
[VOL. txxxxx.
New York Bond Record -Continued-Page 2
Price
Friday
Sept 10
Week's
Range or
Last Sate
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING SEPT 10
Range
Since
ranttan, 1
Price
Frio'ay
Sept 10
114(6
high No Low High Erie-(Con)
dialt Low
104%
102 Aug'08
Y Sus Si W let ref 58 1937 J -J
110% 111/
1
4 Aug'09
111. 111 19
2t1 gold 41
/
4s
1937 F -A
105 106 105 Jlar'06
103 105
General gold 5s
1940 F-A
Terminal 1st gold 5s 1943 SI-N
Regis $5,000 eaoh 194:3 SI-N
128
128 1291
1 128 1:307
Mid RRof NJ lstg6s 1910 A-0
/
4 128
,
02
93 Dec'03
Wilk & Ea 1st go g58 1942
1281
/
/
4 Sop '09
4
1281
12814 121P,
v& Ind lateen go g 68 1926 J -J
,M ay'01.
1290
128
12939 129% Erie Si Pitts See Penn Co
113
1161
/
4 Aug'09
115/59 119
Evans Si T fl let cons 68 1921 J -J
11212 Apr'00
112 112¼
1st general gold 58
1942 A-0
9434 9579 9414 Aug'09
1141
/
4 1/8
Mt Vernon 1st gold 60 1923 A-0
Soil Co Branch 1st g 58 1931/ A-0
Wargo & So See Ch AI Si St P
113 Oct '00
101
I. lint& Pere M See Pere Mar
1091
/
4 Aug'09
105
95 1319¼ Fla CA,Penni See Sea Air Line
Fort St U D Co 1st g 4128.1941 J -J
70 Aug'08
Ft W & Den 0 lat g 68.-1921 J-D
105 110
961
/
4 Jan '519
N't W Si Rio Or 1st g 4s 1928 J -J
1071
/
4 Dec'02
......
'al Har & SA See So Pac Co
'Jot H Si H 011882 1st 58.191:3 A-0
Georgia Si Ala See Sea A Line
Go Car Si Nor See sea A Line
98
3 9714
08
98
981b Georgia Pacific See So ity
041
/
4 Aug'09
94¼
941
/
4 97
Oda V (I & Nor See So Pao Co
04 La Aug'09
04¼
91
95
Gans,Si Oswegat See N Y Cent
0534 1)51 Aug'01)
951
/
4 137% Grand Rap Si md See Penn RR
91 Oct '(17
......
Gray's Pt Term See St L S W
92 Feb.08
U0
Ut Nor-C 11 Si Q coil tr 4s 1921 3-3
98 Sep '06
Registered.h,
1921(
44
1041
1)16 Apr'09
/
4
Greenbrier Ry See Ches Si 0
98%
98% Aug'09
Gulf & I 1st ref &
5s 51952
98
98 Aug'09
an & St Jo See 0 & Q
1091
/
4 110 1091
/
4 1091
/
4
ousatonui See
N H&ui
111
111 13,P1y'09
Hoek Val 1st consolg41
/
48 1999 J -J
Registered
1999 J -J
126,
3
ISO Nov118
Cul Si fi V 1st ext g 48 1948 A-0
Col Si Tol let ex 48
1053
04 J'ly'08
......
1-joust H Si W Tex See So Par
Roust Si Tex Con See So Pac Co
94
95
95
05
1 921
/
4 061
/
4 I Ilinois Central let g 44 1051 J -J
06
50
511 Sop '011
40
6019 I. Registered
1951 J -J
1st ref 4s
1955 3I-N
let gobti 31
/
4s
11151 J -J
82
82
82
2 80
8711
Registered
1951 J -J
98% San, 97%
9839
971
/
4 99
Extended 1st g 312s
1951 A- 11
981
/
4 Sale 118¼
73 9634 101/ 19
09
1st gold 38 sterling
1951 M.S
Coll Trost gold 48
1052 A-0
Re stored
1115" A-0
L N 0 Si Tex gold 48 _1953 31-N
Reg:stereo
1953 51-N
Cairo Bridge gold 48
1950 J -D
95 Jan'00
100
95
95
LotitsvDiv&Term g3/
1
48 1963 J -J
Middle Div reg 55
A
1921
Omaha Dtv 1st g 38
1951 9'. A
6t, LOLLIs Inv&terin g3s 1951 "-3
112 1131
/
4 11314 Ply'011
Registered.
,
113'4 1145
1951 .1-3
114%11554 115159 Augq/6
115'4 117%
Gold 3Lais
11)51 J-J
127 J'ne'05
-J
Registered
1951
94
90% 94
94
1 93% 961
/
4
Spring Div :1st g 3/
1
48...1951 J -J
119 Aug'01'
11814
119 121
Western Lines 1st g 48..1951
110 111 111
111
5 11013112-/
Bellev Si Car let 68
1
4
1923 3-i)
11934 1011
/
4 10934 Aug'09
9918 10078
Carb Si Shaw 1st g 48_1932 M93
102¼ 6e1a'011
.....
Chic St L&X
NO g 58 1951 3-1)
120%
120 5Iay'011
12-0 122
Registered
1951 3-1)
149 Aug'01
120'3
Gold 31
/
4s
1951 ,1-1)
/
4 Aug'01)
101.13 102 1011
101 103
Mempli Div 1st g 4a 1951 J-D
1031
/
4 103 Aug'09
1.00 107%
St L Son 1st go g 4s
1031 51-S
102 103/
1
4 10278 Aug'01,
10i'110:4
Ind 13113 West See CO & St L
104
105,
9 104
2 117 107
Ind Ill& Ia 1st g 4s
1050 1281
1281
/
4
/
4.PlY
i'48'4128¼ Int Si Great Nor 1st g 6s 1911) 5I-N
26 gold 58
19011 51-S
971
/
4 Sep '09
98
96
3d gold 4s
981
/
4
1921 5I-S
104
104 J'ne'00
103 100
Iowa Central lat gold 58 1938 3-1)
1021
/
4
1021
/
4 J'1Y
10134 10:3 13
6 48
1951 M-S
93l
95% Sale 9514
OU 112% 1161
/
4
Atit, G 11 See LS&MN
98 Irob'08
& 5lich See Tot Si 00
78 J'ne'09
78
80
K C Ft & 51 i1ee St L & S
85 Mar'08
KCSiM 11 & 13 ,S'ee St L & S
94%
0454
4 94% 100 56 Kau C Si Pacific See 31 K Si
85/
1
4 J'ly
83
87
Kan City bou 1st gold 38-1950 A-0
117 J au'02
Registered
1950 A-0
Ref Si impt Os(w I) Apr 1950
110 Sep '04
Kentucky cent see L a N
95 J'Iy 5W/
113
95
Kook Si Des Alo See C B LOP
91
112 J'Iy'ull
111
88
02
Knoxville Si Ohio See So By
i like Erie Si W 1st g 53 1937
60
/
4 Aug'09
811
/
4 811
80
82
I-123 gold Os
1941 J.3
112
11113 J'ne'00
1111
/
4 116
North Ohio 1st gag 58 1945
/
4.31ar'01)
1121
/
4 11191
......
L Sho Si Mich 8 See N Y Cent
Lou Val N list gu g 41
/
48 1940
Registered
1940
11134 110¼ Feb'09
1101
/
4 110 11 Lehigh Val(Pa)cons g 48 2003 SI-N
Leh V Ter By 1st gu g 63 1941 A-0
Registered
1941 A-0
113% 115 115 Sep'00
/
4115
1121
Leh V Coal Colin,gu g 58 1933 J -J
Lett Si N 1: 1st guar g4s 1045 31-S
101
991
/
4 Mity'08
Registered
1045 NI-S
10014 108 1061
/
4 Ply'09
1061
/
410658
BIOSiN 1st p168
1914 A-0
10414
1041
/
4 Apr'09
1041
/
4 10413
Gold guar 68
1914 A-0
1071
/
4
1071
/
4 Aug'01)
100 1071
/
4 Leh Si Hod R See Cent of N J
97 Jan -01.
97
97
Leh da Wilkesb See Cent ot NJ
124% 124% 12.4% 3 122's125¼ Leroy Si Caney Val See Mo P
121 124 Aug'09
122 124
Long Dock See Erie
88% 3 85
91
SS% 81/39 8809
Long 181'd-lst con g 53 41931
861
/
4 Dlay'00
861
/
4 86 11st consol goltI 4s
h.1931
761
/
4
761
/
4
77
/
.1
4 80
General gold 4s
1938
85/
1
4 Feb'07
Ferry gold 4123
1922
85
84
6 751
88
/
4 OU
field Is
1932
85'4 Sale 851
/
4
8012 37 63
891
/
4
Unified gold 4s
1949
74
73 Sale
75
64 571
/
4 80
Debenture gold Os
1934
116141171
/
4 116 1s Aug'09
115 1109
Guar ref gold 48.
1949
114/
1
4 110 115/
1
4.Ply
h155 117¼
Bklyn Si Mont let g tis 1911
11014
121 Dec'08
1st58
1911
129
127 J'ne'09
i26 1281
N 1: 13& Illst con g 5s 1935
/
4
114 J'ne'09
1121
N Y & 11 13 1st g os
/
4120
1927
106 Li 110 .Apr'09
106 110
Nor 811131st con g gu5s01932
105
108 Mar'011
108 108
Louisiana Si Ark 1st g 53.1927
Weeic's
Range or
Last Sale
Bin
111)/li
A.Sk Low
106 10639 1051, Mayan.
10014 Dec'Oi.
88
91.
110 Aug'09
113
/
4 Dec'08
1141
Low tito,
105 1,107;
100
101¼ May'09
10334 1051
/
4 10413Aug'01.
112 114 114 Aug'01.
101¼ 102 4
/
4
101 1051
1001
/
4 115
115
112
101
103
108
•
•
•
•
1,0
1151
/
4 J'ly'00
10314 Aug'111.
114 A pr'05
95 J'ne'lls
105 Afar'iU,
88
115/
1
4117,
3 115 19 115',
86 J'ly
85% 87
97
97
95
97
97193'4'0u
1041
/
4 10534 105% 105%
104 1001
/
4Sep
9834 May'till
981
/
4 100
98
091
/
4 9111
/
4 Fe0'01.
1151
/
4
104'i
09
96% 991
/
4
97
09
07% 26L
Sale 9634
971
/
4 97 Sep '0,,
97
9'..;
114 .3 117'4
85
88
1/7
H1
r
Range
January 1
971
/
4
2 104 109
......
1/8 19 98%
WI
99,4
10338 104
104 Apr 09
107./
1
4 Apr'07
/
4
/
4 1011
99
99% 119
99' 23 981
92¼ 041
94 Aug'0,
/
4
03%
94
91% Aug 08
931
/
4 94%
03's May'0,
80
80 J'ly
80
11101,102's
/
4 Attgou
102% 1021
99
99 J'iIo'Oi)
99
101 Aug'01:
99 10109
97 Aisy.07
,2 100
100% 100 Apr'00
891
/
4 02
/
4 8914 3'ne'011
87% 891
......
123 Al ay'led
105
71/
79 Apr'00
79
7914 Dec'093
104
901
/
4 Dec'08
101¼ Oct '119
100 Nov'/0
991
/
4 1011
/
4 101134 May'u 9
121 Feb
119
00
991
/
4 98 Mar'00
11034 Aug.09
11934
118,54 J'ne'09
117
LIU Feb'ol,
91
100 Mar'08
98 j'ly'im
100'4 1004
121 121
98
1/8
118% 120
118,54 119
110
90
..
......
98 Aug'01)
981
/
4 99
/
4 Aug'uti
109/
1
4 11019 1091
10038 Aug'09
47¼ 48 J'ne'09
1061
/
4 108% 105¼ Aug'09
757
, 12
751
/
4 bale 75
96
981
/
4
1.00 112
85 1011
/
4
48
50
/
4
/
4 1111
W51
75
82
89
1011
75
743
, i• 7134 751
74%
/
4
63 Oct '00
/
4 10039 44 11/0 1810139
100% 1001
......
114% 114%
114%
107 Aug'01'
107%
1121
/
4 11434 113 J'Iy'01)
/
4
3 112%1151
107 1091
/
4
1121
/
4 1/414
107% Aug'01'
107 Aug)))
117 12 Sep '011S34 J'iy'09
1091
/
4 Oct '91.
109 J'ly'00
97 Aug'09
10)31,108's
107 107
i,7
1/8
110% 118%
1071
/
4108
.10734
1151
/
4
108%
0934
1021
/
4
101¼
1138 Jan'06
1011
/
4 1011
/
4
109
96
o
1011
97
1'4 10114
991
4
112%
01.11
/
4
97% 98
100 104
90
97
9614 1/8
10534
971
/
4
10034
100
100
103 108
101134
941
/
4
112
Aug'01.
'09
1/7 14
1001
/
4 Apr'0
/
4 Oct '06
991
913 Aug'01)
1041
/
4 Duc'Ob
9.514
081
/
4
1.01% Dec'Oc
110'4 ov'06
105 Apr'117
109 .Nov'Ou
1(0 Aug'09
110
112
tO3
971
/
4
96
97
1001210,2
97
99..
...
96
99
IIISCELLA NE01185 BONDS-Continued on Next Page.
Gas and Electric Light
(has and Electric Light
Atlanta U L Co 1st g 5s...1947 3-I) 102
N YUEL & P g 5s...1948 J-D 103/
103
1
4
103
/
4
1001
/
41011
Bklyn U Gas 1st cou g 08 1945 M-N 10712 sale 1))7' 1071
Purchase money g 4a...11149 F-A
/
4 5 107%108
861
/
4 86 Sep '09
831
/
4 81379
Buttalo Gas 1st g 5s
60
74
70 Sep '08
1947 A-0
70
100% 1001
Ed El 111 1st cony g 58-1910 M-S
/
4 J'ly'09
10013 1001
/
4
Detroit City Gas goe
101 Aug'09
1923 J -J 101
1001
/
4102,
1905 J -J
let consol gold 58
1
4 J'ly'01.
111% 111/
4
110 112
Dot Gas Co eon 1st g 5s 1918 F -A 100 102
95% sup '08
......
118 13 May'OU
NY5,QE1L&P let cou g os11/10 1f-A
981
/
4
97
(.1 List Y 1st con g 6s 1932 M-6
911
100
N Y Si Rich tias 1st g os.192I M-N
071
/
4 J'ly'09
1/7 13 07¼
..
Gas& Elea Berge°c g581949 -I)
/
4 Oct '01
611
Pat Si Pus
E con g 58.1949 M.S
10434 Nov'05
.
..
Gen Electric deb g :3 138 1942 F-A
.
-);(-)
..
84
Peo Gas & C let coo g 6s 1943 A-0 120 :Nub 120
/
4 83 Aug'09
81
831
1201
/
4
119 121
10-yr g deb 58
182¼ 56 131; 1551
1917 J-D 152 Sale 151
Refunding gold its
1947 51-S 103 Si sale 111314 103'S
/
4
l0239 104
GrJhap8 L Co lat g iis 1915 F -A
101 10734 Dee'00
Ch G-L& Cke lstgu g 5s 10:47 3-3 1041
/
4 sal, 1041
/
4 1041,
103 104%
Hudson Co Gas 1st g 53 1949 SI-N 10434 1051
/
4 105 J'ly '011
Ind Nat Gas Si Oil 30-yr '36 31-N
1131
/
4 1)4'-., Aug'09
8634 941
/
4
Kau City(510)Gas 1st g 58 1922 A-0 96
1011 5lay'011
101)
. 100
Cou U. Coot Ch 1st gu g 58.'36 J •D 1024 Sale 1021
/
4 10214
101% 103
Kluge Co El b& P g 58 1937 A-0 104¼,
1.01 14
Mu Fuel Gas let gu g 5s.1047 51•
10134 J'ly '011
10139 101%
Purchase money Os
1997 A-0
117',, 117¼ Aug'09
Syracuse Lighting 1st g 58.'51 3.1) U91
/
4
Du 118
99 La .1'1,0'09
1111,
2 voig
Ed El 11 Btu lateen g 4811130 J -J
88 Sep '08
Trenton U Si El 1st g 58 1941. M.a
110 Alsy'05
Lac Gas LotSt.!,1st g 6..e1911'
1031
/
4 103% 103
103¼
4
Union Elee Lc% P 1st g 58 1932'M.8 010
96
Jan
'1/8
Ref anti ext let g 58
1034 A-0 1001
/
4 101 100 J'ly'09
0
Utica El L& P 1st slic 58 11150 3.3 102
1111waukee Gas L 1st 4s 1927 M-N
91
91 13 91 Sep '09
93', Westchester I,iglit'g g 68 1950 I -D 1031,
91
10213 Mar'09
/
4
1021
/
4 1021
..No price Friday;latest bid and asked tins Week.0 Due -Jan 5 Due ... eu ,e Duo ,,pe 6 Due .u.ay i One
Due Aug 0 Due Oct q Doe Deo 4 potion Sala
/4
New York Bond Record- continued-Page
SEPT. 11 1909.1
lioN
N.Y. STOCK EXCHANGE
WEEK 1/.Nuirn• SEPT 10
Price
Friday
Sept 10
655
3
BON Ds
Przee
ra.a
Week's
Ratty&
N. Y. STOCK EXCHANGE
Friday
Range or
..st71C6
WEEK ENDINd SEPT 10
Sept 10
Last Sate
Jam:aryl
Ilia
484 tow
Rigit No tow Juan N Y Cent &
But
13.--(Conanto,a.
Ask Low
Hula No tow tt oto
Lonisv & Nasliv gen g (33 1930 44) 115 18 1161
/
4 11618 715¼
1151
/
4 1171
Itoh & Mal 1st gag 4s..1991 II-S 1001
/
4
/
4 10034 10014 Aug'09
100 11/014
117 May'09
0001 5s
/
4
19:37 M•N 1151
110 117
NJ June It gu 1st 98...198(1 F-A
91%
105
vet
'02
991
/
4
99%
Sate
901
/
4
Unified gold 4s
74 991
194/ J-J
/
4
/
4 1021
N Y & Harlem g 312.4...2000 M-N
91
961
/
4 Oct'0.
100 May.09
Registered
194( J -J
/
4
100 1001
N Y& North 1st g 55_1927 A-0 109 113 1071
/
4 Aug'08
105 J'ne'08
Sink fund gold Ss
191( A-0 102
NY & Pu lateen gu g4s 1903 A-0
100 :Sep '08
1101
/
4 1101
/
4
Coll trust gold 5s
/
4
1931 M-N 1101
1 10834 1101
/
4
Nor & Mont lst gn g 53.1916 A •0
/
4
1111
/
4 Aug.09
Eli & Nash 1st g (1s
1910 J -D 1111
111 111 /
1
4
Pine Creek reg 6ruar 65.19:32 J -0 124 1301
/
4 1311
/
4 Jan '09
1311913118
10714 J'ne 09
LCln& Lox gold 410-1931 )(1-N 10312
1071
/
4 107%
W&0con 1st ext5s.h1922 A-0 109 1111
/
4 110 •Aug'09
110 1 11
125
125 Sep '09
1930
N 0& M 1st gold 6s
1.244 12538
Oswe & B 2d go g 5s...e1915 F-A
105 Jan '08
120 J au '00 •• 120 120
N 0 & M 2d gold 6s
• 1930 J -J 118
It W&OTR let gag 65.1918 51-N 106% 110
10714 Aug'116
Pensacola Div gold 6s 1920 M-S
Rutland 1st con g 412E4.1941 J -J
103 Sep
......
117 May'07 •
1921 M-S 114
St L Div 1st gold (is
Og&LCham 1st gu 43 g1948 J -J
931
/
4 Aug'02
94
01
931
/
4
75
M- S
71 6lay'09
2d gold 3s
71
71
Rut-Canad let go g 48.1949 J -J
911
/
4 92 ,J'ne'014
9034 92
),
M-N
Ang'09
951
951
/
4
Atl Knox & Cm div 9s 19
155
89
1
95
961
/
4
St Law & Adir 1st g 55 1996 J -J
115 ....Feb'09
116 110
116 110 J.ly '06
All Knox & Nor 1st g 5s19411 J •
28 gold (is
125
A-0
•
Feb
'08 1990
110 Jan '09
Bender Bdgelat f g 68.1931 11.1-S
110 110
Utica & Blk Rivgug4s.1
10314 Dec'08
192
90
2 J.J 101
97 Sale 97
97
'2 90
Kentucky Cent gold 40 1987 J -J
9834
Lake Shore gold 3¼s
/
4 921
921
/
4 6 91
/
4 92
1997 J-D 911
95%
/
4
103 Dec'08
L&N & M&M lat g 4101945 M-S 1051
Registered
J -D
11012 Ang'09
001
/
4 941
/
4
8978 00
8978
89% 1 88
L& N-South M joint 4s.1952 J -J
911
/
4
Debentu7e g 46
Sale
95
41
95
8
941
91
941
11092987
8
10-A
113
Ply
/
4
131
1
N Fla & 1st gut g 5s 1937
11258 11514
25-year g 4s.
94 Salo 94
94% 67 93
9714
1931 M-N
N&CBdgegengu g 4101945 J -J 104 100%
Ks A & G R let pi e 55.193
31
8 J.J 112
1091
/
4
/
4 visv'09
Pens & AU let gu g (36-1921 F-A 1101
109 109.8
Mahon 0'1 RR let 513_1934 J.J 11318116 109 Oct '07
.....
1121
/
4 116 1.8Feb'ull
8 & N Ala con gu g 5s 1936 F- A
1121
/
4 115's
Pitts & L Erie 211 g 55.2/1928 A-0 102
100 May08
9518 May'01)
& Jell 1.3dge Co gug 4s 1945 M-S
94
951
/
4
Pitts Mal{& listgu 68 1932 J-J 127
1301
/
4 Jail'
/
4
13012 1301
1•
4
1
L .N A & Ch. See C I &
24 guar 6a
/
4
1934 J-J 1261
ahon Coal See LS&MS
McKees& B V lstf 68 1918 J-J 11118
ITIanhattan Ry cense'46 1990 A-0 0712 98% 99 A.ng'09
9218100
Mich Cent 1st conso 66 1909 M-S 110
101 Feb.09
101 101
1090 A-0
104 Apr'05
Registered
5s
1931 M.S 113%116 11434 Oct '08
/
4 99% 0918 Sep '09
Stmpd tax exempt-1990 A-0 1191
991810018
Registered
112
119 J'ne.013
1931
McIt'pt & B V See N V. Cent
4e
/
4 1001
/
4 Apr'09
9939 1001
1940 -J
100Le 100'4
II ex Cent cons g 43 trust rects
89 Afay'011
83
89
Registered
1061
/
4 Nov'OU
1940 4-4
26
27 J.ly '011
27
1st cons ine g 3:3 trust rects
211
/
4 2818
20-year deb 4e
9218 9218 Sep '09
102', A •0
92% 9514
251
/
4 Apr.013
2(1 cons Inc g 3s trust recta.
20% 251
/
4
L dr 8 1st g 312s
A-S
90 Tne 08
hex Internat 1st con g 4:3.1977 71.S
80 Ply'Oil
80
SO
g 31
/
4)3
1952
951 M-N
93/
1
4 J'ly.013
011
/
4 931
/
4
80 Ifeb'08
Stamped guaranteed....197? 11-S
Bat 031 Star let gu g3(3 1989 J-D
1910 J -D
10058 ay'011
Atha( North 1st gold 0s
LOON 101
N Chic& St List g 4a 1937 A-0 100% 101 100% 1003
, '1 10018102',
Mich Cent Sec N Y Cent
A-0
Registered
1001
1937
100
Ang'00
/
4
100 1001
/
4
Mid of N J See Erie
Debentures 4s
88
91% 914 Sep '111./
1931 M-N
9138 04
Idil L & W See Ohio & N W
West Shore 1st 4s gn 2361 J-J 1011
/
4 Sale 101 18 1021
/
4 10 101 1041
/
4
Flit & North See ell M & St F
Registered
J -J 1011810118 1011
2361
/
4 1002 15 LOU 1031
/
4
1321
Minn & St 1. 1st gold 7a 1927 J -r) 133
/
4 J'ne'09
1321
/
41331
/
4 N 131 Greeuw Lake See Erie
Pacific Exist gold 6s 1921 A-0 108%
118 Jan '07
N 131 Har See N 1031 HIM
South West Ex 1st g 7s 1010 J-D
1013 May'01,
101% 10318 N Y Lack & W SeeD L&W
1st consol gold 55
1934 M-N 10818110¼ 1091
/
4.7'1y'09
100 1111
/
4 N YLE&W See Erie
let and refund gold 48-11349 M-S
851
/
4 851
/
4 Aug.09
841
/
4 8714 N Y &Long Br See Cent of NJ
Des ii & Ft D 1st gu
J-J
01
94
97 Apr'06
NYNH& H-Cony 66 1948 J-J 138% Sale 13858 13978 57 133% 139
Minn & St L gu Sea 13 C It & N
Cony deben 31
/
4s
1956 J -J 107% sae 10734 107% 10 971
/
4 109%
DiStP&SSAIcong 4intgu.313 J -J
991
/
4100 1004 Sep'09.
. 99 1001
•
/
4
Housatonic R con g 58 1937 .11-N 1161
1181
/
4
/
4 Dec'
0
'
MSSM.& A lstg 4 int gut 1926 J
081
/
4
99
•
99
99
N 11 & Derby con cy 58 1918 M-N
107 Aug'u9
107 107
Minn Un bee St PM &M
N 131 North See N 103111
Ile Ran & Tex 1st g 4s 1990 J-D 100% Sale 1001
/
4 100%
9858 101 14 N YO&W ref lat g 4s..g1992 11-S
981
/
4 983
. 98
08
1 98
9934
2d gold 4s
881
/
4 89
F-A
88 Sep'09 •
g
11634 8834
Regis $15,000 only
1011
/
4Puletki
g1992 M-S
1st ext gold 5s
106
1914 3.1-N 106 Sale 106
1041
/
4 1001
/
4 N Y & Put See NYC&H
1st & refund 4s
85% 851
/
4Sep '01,
2004 51-S
83% 8718 N Y & R B See Long Island
Gen a I 4,o
1)058
901
/
4
11130 .1-J
0034
11014 9378 N Y 8 & W Sea Erle
88 Apr.013
St L Div 1st ret g 4s
85
• 88
2001 A-0 84
891
/
4 N Y Tex ,31: Ai See So Pao Co
/
4 AI ar'09
106 1011
/
4 1091
Dal & Wa 1st gu g 5s 1940
/
4 110
.091
Nor & South let g be
M-N 103
104 J'ne'09
104 104
95
93 Apr.09 • • 113
1.12
Kan (I & Pa0 1st g 45-1900 F- A
93
Norf & West gen g 65
/
4
127 J'n(3110
127 128
1°
93
41
1 NI-N 1261
/
4 113 Aug'00 ••.• 113 1141
blo K 8a .1!.. lat gu g bs 1942 A-0 113 1141
/
4
Improvein't & ext g 68 1934 F-A 1261
/
4
129 Mar'013
129 129
10914 Aug 09
DI I( 8a Ok 1st gu bs
1042 7/21-N 10814
108 112
New River let g 6s
12s
129 1281
/
4 J'ne'09
127 1281
1932 A-0
/
4
106
10814 Sep '09 •- • 100 ill)
Dd. K & T °IT 1st gu g 58 104'2
N & W Ry let con g 48 1996 A-0 981
/
4 Sale 981
/
4
U914 9 98 1001
/
4
1111
/
4 1101
Sher Sh & So 1st gii g 56 1993 J -D
/
4 Apr'09
/
4
11014 1101
Registered
97 .Ply'09
97
97
1996 A-0
Tex & Okla 1stgugb43 11-S 107 109 108 J.iy'09
108 111%
Div'l let 131 gen g413-1944 J -J
931
/
4 931
/
9336 '2 93
4 9338
95
/
4 113
Mo Pacific 1st. con g Os........ 11.N 112 1,4 1191
11:3
113 110
1(1-25 year cony 413.-1932 J-D 102 Salt 1011
/
87 931810318
4 102
S 10178 Sale 1011
Trust gold Os ettimped a1917
/
4 10175 3 1(101810218
Pocah 031 C joint 48 11341 J -D
91
91% Sep'09
8t)58 93
Registered
a1917 M-S
1041
/
4 Feb.07
CC&Tletiug 58
1091
/
4 r eu'05
1922 J -J 105
tat coil gold 5s
1920 - A 102 1021
/
4 102 Aug.013
Selo V & N 13.1st gu g 4s 1989
101 103%
1161
/
4 961
/
4 97 Aug'013
Vti1
/
4 981
/
4
8218 Sala 821
40-year gold loan 4s
1945 M-S
/
4
821
/
4
78% 851
/
4 North Illinois See Chi 8a N W
1:534
3d Is extd at 4%
1938 11-N
116¼ Xne.09
961
/
4 9(3- North Ohio See L Erie & W
Br
Ry 1st gu g 45 111111 11 -A
Cent
1341
/
4 95
9414
9518 Nor Pao-Prior lien g 48 1997
941
/
4
8'.)
1021
/
4 Sale 1021
/
4 10234 14 10214 104
Con Branch U P 1st g4s 1948 4-1)
001
/
4 89 Mar'09
01
89
Registered
101 102% Ply'01)
101 103
1997
Leroy- dr 0 V 2.14 1st g 5s 1926 -J
110 Mani°
General lien gold 3s....a209
741
/
4
791
/
4
74,8 33 '73. 75
743
4
4
7
Pao It of Mo 1st ex g 4s.1938
100
WO% .1.1V88
Registered
7218
73 J'ly'09
7234 7434
34-F
13(1 extended gold 5s 1938 J -J 114
115 Sep '00
St Paul-Del Div g 48 a
9714 98
97/
1
4.1.ne'LL
136
.2
9776
1996
47 J
St L Ir M& Sgen con g 531931 A-0 1011¼ Sale 1091
/
4 109'3
Dui Short L let gu 5s..1910 1.1-S
Gen con stamp gtd g 5s 1931 A •0
111
109% 111
C B& colltr 4s See(it Nor
-Unified & ref gold 48 19211 -J
88 Sale 871
/
4 88
St P & N P gen g 6s....1023 F-A 120
1201
/
4 Aug'01/
120 121
lily 311.4 Div 1st g 4s 11133
891
/
4 811% 89%
5958
Registered. certific's..1923 (4-F Ill/ 120 115 61ay09
115 12018
Verdi V I & W 1st g 58 1920 el/
4 Apr'00 •
1071
St Paul & Dal let 56....1931 F-A 111
1171
/
4 Ply '07
Mob J & K C 1st cons g 58 1953 J -J
98 Dec'06 • ••
28 5s
/
4
1041
/
4 Aug•09
104 104.4
1917 A-0 1041
Mob 8a Ohio new gold 68 1927 J -D 121 122% 1221
/
4 Aug'09 •... 119¼ 125
1st consol gold 48
971
/
4 99
116 Aug'
971
/
4 99
1968 J -D
1st extension gold 6s../t1.1127
117% 1181
/
4 117 4 .Put3.01) -•. 117 118
Wald'Cent 1st g 45
IPZ 12 Jam 'nu
/
4
921
/
4 1,21
1918 ‘441. 1141
/
4
General gold 4s
1--j
89
90 T.ly.09 ••
.11)38(
861
Nor Pao Ter Co 1st g 68 1933 J -J 1121
/
4 91
/
4
.Ply
116
'01)
115
1161
/
4
blontgom Div 1st g 6s..1947 F -A 112% 11.3 112% Aug4/9 •- • 11'21
. Nor Ey Cal 'See So Pae
/
4 1123
84
St L & Cairo coil g 45..61930
85
75 May.08
....
Nor Wls See()SL P Id & 0
Guaranteed g 48
116
11.
101
1931
Nov'/4 •
Nor &,hiont Sea 1
,
1 Y Cent
61 & 0 coil 48 See Southern
Ind& W ,S'eeCCC&StL
Mohawk & Mal See N YC&Ii
k/hio Bay RR See Balt &
Monongahela lily See B &
Ore & Cal bee So Pao Co
Mont Cent See St PM &
Ore Short Line See Un Pao
/Horgan's La & '1' See S P Co
Oswego & Rome See N 10
Morris & Essex See Del L&
OCF& St P SeeC&N W
XI ash Chat & St List 78.1919
11038 Sale 110% 110% 2 1101811214 Dao Coast Co 1st g 5s
10919112
/
41094 110 Aug'09
1946 -D 1081
1-1 1st consol gold 5s
1928 A-0 11278 113 11278 Aug'0911234 113%
ac of Missouri See Mo Pac
Jasper Branch 1st g 68-1923 J -J 117 120 116 19
Penn RR let real eat g4s 1923
104
104
103 105
MeM. lit W .6 Al 1st 63-1917 J -J
11714 Mar'05
Consol gold 5s
1091
1091
/
4 Jan 'Mt
/
41091
1911) 34-S 10912
/
4
T 413 .1' Branch 1st 6/3-.1917 J -J
113 J'ly'04
Consot gold 48
en-N 100
1021
/
4 May'Ou
1021810418
Nash Flor & Sher See L 31 N
Consul gold 48
1948
/
4 24 10334 105%
3 MN 103% 104 l03% 1041
Nat of Mex prior lien 41
/
45 1926 4-4 102 1027, 102 Aug'01/
102 103
Convertible g 31
/
4s
102
11112 .31-N 102 sale 102
8:4 9718104
lat consol 4:3
1951 A-0 84
8378
84
6 80
85
Convertible g 31
/
4s
1015 4.1) 97% Sale 97%
981
/
4 352 9434 100
Nat ltys of Alex pr 141..s 1957 .J
95 sale 9434
95
54 9215 96
Alleg Val gen gu g 46 1942 m-8 100
93 J'ne'07
Guar gen 45
/3734 Sale 871
/
4
1977 A-0
b73., 90 86
D It 11 11 & 13golat gu 48 g.'36 F-A
89
136
New .11 & B See N INH & 11
Plias Bal & W 1st g 4s 11143 2.1-N 1031
/
4
104 J.ne'Ou
10318104
NJ jnue RR See N V Cent
Sod Bay & So 1st g 5s 1924 J -J 100
......
102 .1511 ,1(3
N Y BkIn & Man Bch See L I
UN J RR &Can gen 48 1949 M-S
106
104
'09
/
.7'1y
4
1061
1061
/
4
N Y Cent & II thy g 318s 1991 J • J
017, 35 9114 94 14 Penn Co-Guar 1st g 4,2s-1921 J -J 104 106 105 Aug'013
9178 Sale
8118
104 166 18
Registered
901
/
4 Sep '00
1997 J -J
9214 9334
Registered
1921 J -J 103¼
May'09
1041
/
4
/
4
1041
1041
/
4
Debeu g 4a
1)53
2
sa
951
/
4
1/5 18 62 9358 961
1934
Guar 31
/
4s colt trust reg...1
/
4
901
/
4
193
27
1 61-S
901
/
4.1'116'0(3
Lake Slier° coil g 312:3 1998
83
82
133
13 821
/
4 85%
Guar 3 LAS colt tr ser B 1941 F-A
901
/
4 911
904 Ul
/
4
Registered
823, 82 Aug.09
1998 F-A
81 12 841
Tr Co certif's gu g 3,
/
4
98
0 1910 41-N
98
15 06,4 98
97%
Mich Cent coil g38 F -A
8318
8318 10 821
831
/
4
/
4 8134
(1-u 31
/
4s tr aft; ti
891
11)42 J -D
/
4 90
90
90 Aug'09
1)1
Registered
8212Pne'011
1998 F -A
82
821
G.
/
4
3¼s
tr a
ate D
901
194
/
4 9034
0(/
0314 9034 May'01:
42
4 J -D
Beech Creek let gu g413 11136 J -J
10034 J'ne'01/
10034 1003
, Guar 15-25 year g 4s
/
4 Ang'09
9818 981
1931 A-0
981
/
4 0958
Registered
1930 J -J
102 61:31'04
Cl & Mar 1st gu g 41
all
110
/
4E3 1935 M-N 10034
28 gu gold 68
1930 J -J
CI
& P gen gu g 412s ser A.142 J -J
11034 Jan '09
11034 11034
Beech Cr Ext 1st g 31
/
4:301951 A-0
Series B
10918 J'ly'09
A-0
109% 109%
Cart & Ad 1st gu g 48, 1981 J -0
971
/
4 Apr'09
971
/
4 971
Series (3 31
96 Aug't/9
/
4
97
/
48
1942
8 1-N
96
96
Gem'& Oswo 1st gn g bs 1942 .1-D
Series D310
9578 90
1'350 F-A
ay'08
Week's
Itange or
Last Sate
-
Range
Since
January 1
JF- A
J
M.N
TJ
J
MISUELL CNEOUS BONDS-Continued on Next Paste
Coal and Iron
Telegraph and Telephone
Col F & 1 Co gen s t g 6s..1943 F-A
96 100
9858 Ang'09
/
4 Am Telep & Tel cell tr 4s 1929 J-J
94 1001
93 Sale
Convertible deb g 68.-1911 F.A
971
/
4 87 .piy '1)1
Convertible 48.
87
8718
1936
10118 Sale
Sr Rix Coal & 0 1st g 6131919 A-0
Mich. State Telep. list 55 1924 F-A
10218 Apr'06
9858 99
Clear( Bit Coal islet 4e...1940
Apr'02
95
1937 1.J
Pac Tel& Tel ist 56
9734 Sale
Col Indu 1st& coil Os gu..1934 F-A
83 Sale 82
83
71' 71
841
West Union col tr cur 56 1938 -J 100 Sale
/
4
Contin'talCIstsf gu6s g.1952 F-A
10719 Dec'/4
171 and real eat g 41
/
4s 1950 M-N
941
/
4 Sale
1011 31 Clear(:Se I 1st g bs.1926 J-ll
107 May'07
1936 M-N
Cony 4s, Series A
99 Sale
Kan& II C &(list sI g 58.1951 .T•J 100
/
4 Dee'06
1051
11311
Hut
Tel
Un
8 fund 6a
IOU
Pleas Val Coal let g f bs.1928 J-J
105 Oct '00
lialinfacturing J 1111111 1ri"1
Pocah Con Collier 1st s f 58.'57 J -J
88
58¼ 8819 Ply'09
1930 -J
Allis-Chalmers let 66
86
89
85 Sale
Sunday Creek Co g be....1944 J -J
78 Feu'07
1928 A-0 10134 Sal&
Amn Ag Chem 1st o 513
Tenn Coal gen Os
1951 J.J 103',103% 11(3 18 Ang'09
1915 4-1‘ 981
1011
/
4 103/
1
4 Am Cot ()11 ext 410
/
4 sale
Tenn Div 1st g So
al917 A-0
108 108 Aug.(10
1061
Am 11180 31 L let s f g 68-1919 3,i/
4 109
103 sale
Birm Div let couplet 6s..1917 J -J
108 107/
1
4 Aug.09
106 1,3 l(H
Amer Ice Secur deb g 63-1925 A-0 71 Sale
C M Co let gu g 68.1922 J •D 105
110 Jan '1113
110 110
Am Spirits Mtg let gda 191Z, ht-S
135
!19
De Bar(I & I Co gu g 6s.1910 F-A
103 Nov'08
1949 A-0 Ill %Sale
Am Tobacco 40-yr g 6s
Valron Coal &Colmt g 6:3 1940 M-S
1171
/
4 97% 9934
9934
1 95 100
1951 F- A
48
801
/
4 sale
Victor Fuel 1st a t 5s
1953 J -J
87
87 Aug.09
87
87
Am Thread 1st col tr 46 1919 J -J
92
*Nu price vraey; latest bitl and aaked. eDue Jan o Due eel) e Duo „Aar di), Apr
Dually klItie Aug 0 Due 3a9 o Due
93
931
/
4 29
1031
/
4 10434 163
1;858 Sep '011
9734
98
29
991
/
4 100
941
/
4 17
9318
90 765
95
100 Mar4.19
847e
85
101% 10119
981
118'-.
/
4
103
1031
/
4
71
71
9934 Ang'09
1111
/
4 1111
/
4
80
8034
92 Ang'00
OV
9118 96
921810619
98 100
961
/
4 981
/
4
981
/
41021
/
4
5
931
/
4 96,
84
99
95 100
14
8
3
24
3
80
581
/
4
146 1051
/
4
96
0834
961810319
67
80
9512190
34 1041911214
41 74
81.
9058 921
/
4
g Due Dee a Option 3a4gl
856
.3
130NI),•
It•S
5 ts,
N. Y. STOOK EXCHANGE .
-- 4,
.
1
%Vicki< Exotrio Skint 10
New York Bond
Record-Concluded ---- Page 4
C:1
VOL
1,2C X XIX e
---
T
Price
Pridav
Sept 10
Week's
?...1Range
Since
Range or ;79,1
Last Sale 41- January 1
. •
;WNW,
N. Y. STOCK EXCHANGE
WEEK END1No SEPT 10
High No Low High Southern Pao Co-(continued)
Rid
dtk Low
Peon co-((.onttnited)
5forgan's La & T 1st 78 1918 A.
93
92 Apr'07
Erie & Pitts gu g 3Lais 13 1940 J J
1920 J.
1st gold Os
93
,Apr'04
96
983
1940 .1.-J
Series C
1938 A.
No of Cal guar g Is
4 Dec'08
1
106/
Gr It & I ex 1st gu g412s 1941 J. J 104
'02Ore& Cal Ist guar g 58 11127 J.
127580ct
Pitts Ft W & C 181 78 1912 :14 107
So Pac ot Ariz 1st gu g 6s.c'10 J•
4 110
/
1091
1912 J-J 107 110 110 May',19
2d7s
So Pao 01 Cat-Us E & F...1912 A.0
107 Oct'06
51912 A-0 107
3d 7s
1912 A.
110 110
1st gold Os
110 Feb'09
4
/
Pats Y& Ash 1st con 56.1927 31-111 1101
1937 K.
4
1
4109/
1
107/
1st con guar g 3s
107783'1y'09.
. PCC&StLgu41.2sA...1940 A-0
J•
1911
108
108
Ply'09
109
N
of
Pac
tis
S
Mex
g
1st
A-0
1942
Series B guar
1121.24'ne'05.
So Pao Coast 1st gen 4s ir 1937 J.
4
/
1942 3,1-N 1071
Series C guar
100 102
100 Aug'09.
Tex&NOSabDivlst g6s 1912 M4
/
991
series))48 guar
1943 31•111
1943 J Con gold Is
95
9412 Apr'09 ... 94
:Series E 312 guar g
1949 F-A
95 41
1955 J-,
....i0 Pac RR 1st rel 4s
99"j
-••
Series F 4s guar
1953 J-D
1994 J•
114 J'Iy'09 .... 114 11(31
4 Southern-lst con g 5s
/
C St L& P lat con g 58 1932 A-0 1131
4
/
1994 J•
Registered
Pensacola & Atl See L & Nash
Develop & ken Is Ser A 1959 A.
Peo & East See C (I C & St L
116 Aug'09 ..•• 110 116
Mob.0 Oh to colt tr g 48 1938 M.!
Peo ,e, Pek tin 1st g Os. 1921 Q.F 116
Morn Div 1st g 41
4100 10034 Dec 05 ....
/
901
4-Is...1990 J.
/
51921 11.3
2o gold 4's
,105 Aug'09 .... 105 106
1053
St Louis thy 1st.4a....1951 .1 Pere Marq-0h&..Al oa 1921 .1.0
Aug-08
112
....
112
11312
115
It
1915 J.
Oen
Ala
8
1117
gds
1st
A-0
Iflint iV4 P M g 68... ...1920
107 107¼ Aug'09 .... 10434 1091
AG & Danv 1st g 4s
4
/
1941 J.
1st consol gold 5s.
. 1939 M-N
2d 4s
4
/
1948 JPt Huron Div Ist g 58.11339 A-0 107 111 107 Aug'09 .... 107 1081
At!& Vail 1st g guar 48 1949 ASag Tus & li. Dago g 48.1931 F.A
1019 .1Col & Ureenv 1st Us
Plul B & W See Penn RH
4 1021
/
1021
4
/
4 .... 1021410214
/
ET Va & tia Div g 58 1930 1Phila & Reading Cons 78_1911 .1-1.) 1031
03 May'00 .... 93
93
90
95
1951 M-1
Con 1st gold Is
Philippine Hy 1st 30-yr sf48'37 J -J
E Ten reor lien g 5s
1935 M.
Pate Qin & St L see Penn Co
Ga Midland 1st 3s
1940 A-,
Pitts Cleve & Tot see B &0
1922 J -.
(.4a Pao Ry 1st g Os
Pats Ft W & Cli See Penn Co
Knox & Ohio 1st k 63 1925 J•
Pitts McKees & Y See N Y Cen
116 1161
4
/
Boo& du* prior .ien g 58 1943 J.•
Pitts Sli & L E let g 58...1940 A-0 11514120 116 J'Iy'09 . .. ......
I)378 J'iy'07 ....
mortgage cold 48
1945 J.
1943 J -J 115
1st cOnsol gold 3s
Rich & Dan con 11- 63.-1915 JPitts & West see B .150
52 9934 101
4 100
/
Deb 58 stamped
1927 A-,
1991 J-J 100 Sale 991
eaelulg Co gen g 48
9,/ ..
8 11842 100
Rich .1., Meek 1st g 48 1946 31.1
4 :t1ale UD 4A
/
991
1997 J •J
Registered
3714 3 961
So Car & bia 1st g 5s
4
/
4 1/131
/
96341
19111 M-]
Jersey Cent coil g 48 1951 A 0 904 98
Virginia Mid set C 08 191t. M.
Renssetaer a, sat See 1;do II.
;
Series D 4-5s
1921 M.
Hach & Dan See South Ay
Series E Is
192o M.
Rich & Meek See Southern '
General 50
1930 PARao Gr West See Den& Rio Gr
Guar stamped
1930 M-1
[loch (111 Pats See B ii ct, P
W 0& NV 1st ey gu 48 1924 F.
Rome Wat do Og See N Y Cent
West N C 1st con g 08 1914 J•
Rutland See X I" Cent
S & N Ala dee 1.,& N
lag Tus & II See Pere Marg
96
Stok Falls & Nor 1st g 63.1930 J ,
4 'A Sep'09 ..... 92
/
961
•;
Ot Jo & Ur 151 1st g 4s 1947 J -4
• 'er A of St List g 41
48 11)39 A.-1
/
St L & Cairo See Mob & Wito
let con gold 58...J8944944 b.-,
St L & Iron Mount See Si I'
Gen refund 8 I g qs
1933 J•.
St 1, K c & X See Wabash.
St L M 13ge Ter gu g 53 1930 A...1
St L M Sr See T RUA of St L
4 'rex & N 0 See So Pao Co
/
St Louis& 8 If- ieng 68 1931 .1.4 12358 124 12378 Sep 'OP .... 12212 1241
4 Aug'09.
/
4 1101
/
1931 J •J 1101
4 1101
/
Tex & Pao let gold Is
110 111
3001 J.i
General gold Is
3d gold Inc 154
4 152 88
/
8934 Sale 89/
901
4
1
9134
92000 Ma
Gen 15-20 yr Is .... _1921 MN
95 ApV09 .... 91
92
La Div 13 L 1st g 58
91
4
/
961
1931 J J •J
.St L es 6 s RR cons 144s..'110
10012 Aug-09.
W 31in Wdb X W 1st gu 5s'du if-,
1001411)1
4
/
Solana, Div lst g 513-1941 A-0 1001
'Vol & 0 C 1st g 5s
86
33 8478 89
4
/
851
4 86
/
851
1935 J •
1951 J.4
Refunding g 4s
Western Div 1st g 5s 1935 A.)
11934 Apr'09 .... 99/
4 .9934
1
4g1901) J.D
/
St L Al & So East gu 41
General gold 53
k 1161
4 1211
/
4 119.2 1 IU 4.
/
4 12012
/
1935 J•J
' KU Ft 6 & Si con g t3s 1921 M-N 1191
1990 A-I
8334
K.an & 3!1st gu g 4s
4
/
5 82/
4 86
1
4 831
1
K C113& 31 Ry ref g 48 19313 A.0 834 83/
Tol P do W 1st gold 46_1917 J,•
K0So M R.& Blat gu3s.1929 A-0 100
W
Lde
St
Aug'01
pr
Tol
....
g
lien
98
97.s
3128.1925
98
8
987
4
/
971
J •,
Oz'rkee Ch C lat gu 58 g.11/13 A.0
50-year gold 48
1950 A-1
St Louis So See Illinois Cent
Tor Hani & .13utt lat g 48.51940 J-1
9434
4 95
/
4 95
/
941
9414 5 921
St L 6 W 1st g 4s bd. ctia.1989 31.111
H later da Del lat con g Os 1928 J -1
85
4 84 Ang'09 ... 79
/
841
83
2i1 g 48 Inc bond otfa...p198h J -J
7814
i 78
1952 A-I
7814 78
8114 l) 1st refund g 4,3
1932 .1 .15
Consul gold 48
tin Pao RR & 1 gr g 4s 1947 J4Apr'07
/
. 1011
Gray's P tTer 1st gugfoi 1947 J -0 97
Registered
1947
St Paul & Dui See Nor Pacific
1st & ref 48
10078J'no'09
10078104
g2008 U.;
St Paul 11 & Mau 211 6a 1909 A.0
110-yr conv 43
4
1
131 Sep'09
131 132/
11127 J,-;
1933 J • J 129
1st consol gold tie
&
132
Ity
Ore
Apr'01
Nay
.... 132 13a
con g 43 1940 4,
193$ J.J.
Registered
13214
l/re Short Line lat g 68 1922 F-,
Reduced to gold 41.20 19313 .1.4 108 10814108 Aug'09 .... 106 11 1
lat consul g 58
10834 J'ne'09
10834 10634
1940 J•'
1933 J • J 107
Registered
103
102
102
102
2
Guar
refund 45
19211 J,.•I
103¼
1910 11-ti
Dakota ext gold Os
Registered
1929.-I
4 101
/
,10634 Aug'09..... 991
1937 4.1) 99 1004
Rout eat 1st gold 48
Utah & Nor gold 58-1929 J 4(./ct '09
/
1001
11131 4.1)
Registered
4 Uni N J Bat &()Co See Vit KB
/
1.01.12J'1y'09 .... 1014 1011
1G Illnin Nor Div 1st g 48194/ A-0 99
Utah Central See Rio Gr Wes
124 May'05
511101 Union 1st g 65.-1922 J •4 112
13134 Aug'09 .... 131)14 1321
4
/
4 Utah & North See Un Pacific
/
1937 J-J 1801
Mout C 1st gu g Os
.1 Y Cent
,
Utica & Black It See 1
13614 ma>'06.
1937 J• J
Registered
V andalla consol g 48 .1953 F.,
115 Aug'09.
11414117
4.
/
1031 J • J 1141
lat guar gold Is
116 J'ne'09
T era Cruz &Plat gu 4101934 J116 116.4
Will da 6 if 1st gold 58 1938 J -L 115
Ver Val Ind & W see Me .L'
St P de Nor Pao See Nor .Pao
Virginia Mid See South By
ati)& S'a City See C StPM 840
4 6 89
/
891
4
/
9258 Va & Southw't 1st gu 55.2003 J..
4 Sale 891
/
891
5 A.& A Pass latgug4s 1943 J -J
1958 A-1
4J'ne'011 ....... 11114313
1
lat cons 50-year 58
4 111/
1
0 le Prea & Ph 1st g 5s 1942 1/1-S 110¼ 112/
W abash lat_golti Is
1931) Ni-I
S F & N le 1st sink f g 55 1919 J J 102 100 /10 Oct '05
7 26 gold os
1930 F-,
Say F & West See ALI Coaat L
'
1939 J Debenture series A
Seloto Val & N B See Nor & W
4 91
/
031
Series 13
90 Aug'09
1939 J •
Seaboard Air Line g 48 11150 A.0 8914
1st hen equip a td g 58-1921 M•
410078
/
1151
1911 M-N 100 100¼ 100 Sep '09
Coll tr refund g Is
lat hen 50 yr g term 43.11/54 4.
85
85
85 Aug'09
85
Ati-Iiirm 80.yrlet g 4s e193-3 11-S
1st ref and ext g 4s
1950 -1.•
85 J'ly'08 .
9314
Car Cent 1st cou g 4s 1949 J -J
Del db Ch Ext 1st g 5s..1941 J 4 Aug'00
/
1071
Fla Can ,Ils Pen 1st g 58 191/ J -J 100
Deli Moin Div lot g 46..1939 J -,
1930 J.J
1st land gr ext g ba
1941 A.,
Om Div 1st g 31
45
/
4 AI ar'05
/
1091
1943 J -J
Consul gold Is
Tol & Ch Div 1st g 48-1941 NI"
4
/
4 1001
/
4J'ne'09 .... 1021
/
1061
'
GA & Ala Ity 18t con 56011)45 J-J
J -45.1954
Wab
106
g
1st
105
Pitts
Term
Mar'09
4
/
1051
1921'
-J
J
Oa
gug
1st
No
109
&
Car
Gil
Trust Co certfs
4 J'ne'01 . 10634 10734
1
107/
192i J -J 100
Scab & itoa 1st os
,e0 gold 45
J.:1954 .
Sher Shr & So Bee Si K & '1:
Warren see Del Lao & West
Sil Sp Oca & U See All Coast L
Wash Cent See Nor Pao
So Car & Uit See Southern
Wash 0& W Nee Southern
Southern Pacific Co4 Waal). Terml lat gu Shs 1945 F -,
/
p3
951
4 93
/
931
4 7 90
/
931
tiolii 48(1:wit Pac coll) k1949 J-D
9334 West Maryland 1st g 4s 1952 A-1
4 Aug-09 ..., 85
1
93/
86
51949 J-D
Registered
1952 A-1
Gon & cony g 43
4 107
/
g19211 51.8 103/
20-year cony 4s
4 Sale 101.4 1.033s 30-li 971
1
WVa Cent & P 1st Os 1911 J 4 9878
/
4
/
4 54 961
/
971
Cent Pac 1st ref gu g 4s1949 F-A
9714 sale 971
4 West X IA' Pa lat g os 1937 4/
971
19411 b'-A
9034 96 J'ly'Os . 90
Registered
1943 A.
Gen gold 4s
591
4 6934 8914
/
4 ..-4 891/4 93i
/
891
Mort guar gold 312s..k1921/ J •L
81943 Ne
Income Is
4 05
/
9438 J'ly'01) .... 931
94
Through St L 1st gu 45'34 A-0 93
4 Apr'09 .... 101% 10 I t4 West No Car See South ity
/
1011
Gal Har & 8 A lat g0 1910 F-A
Wheerg & b1.: ist g 5s...1029 A.,
416 ... 110 112
/
4 Apr1
1
4 112 111/
/
Mex & Pac 1st g 58.-1931 M-N 1081
10434 10434
i 104 10434
Wheel Div 1st /fold 53-19213 J Gila VG& N ist gug 53.1924 M-N 104¼
Exten & Imp gold 58...11130 F-.
4
/
Bons RA' W T 1st g 58 1933 M-N 10414108 10514 May'Ot, „.. 103 1051
1st consul 4a.
.1949 M•
Rtt
103¼ A pr'09
1st guar 5s red
1938 M-N 10478
103's103¼
20-year equips f Os ...192'2 J..
4
/
4 Aug'011
/
1091
4
/
41101
/
1091
El & T C lat g 58 int gu 1931 J -J 1101
Wilkes & East See Erie
10158 Nov'07
4
/
Conaol g 6a int guar 191 A-0 1091
Wit(3b Sioux b' See St P M & 14
95
110
2 1)5
Gen gold 45 hat guar 1921 A-0 05 Sale 95
Wi8 Cent 50-yr Ist gen 4a 1949 3Waco& N Willy lstg 08'39 111-N 116 114 116 Dec'06
Sun& Dalilly& term 1st -1.,:in M.
i ii7 i... 1074,
107 la Jan -09
BUT T.J
A As N W 1st int sr :-IA
[{
Price
firiclay
Sept .10
r.•
IVee,c's
Range or
Last Sate
Ran gel
3'8
'since
41 :, e January 2
1Itgt No tow
Rid
As/ Low
igh
4 Aug'08
/
4 120 1221
/
1171
115
116 Nov'Oti
112 Feb'ir
1031
104 Mar'09
104 104
4
/
4
/
1001
4 Jan 'UV
/
1011
101 12 10112
4J'ne'05
/
1041
4 Dec'04
/
1141
112
110 May'07
104 Apr'0190J'ly
92
810;.92..
4
/
105 1021
4 J'ne'06
/
4 1021
/
1021
102
4 Apr'08
/
1181
87 931
95 sale 94¼
4
/
95
4 961
/
4
/
13 106 1131
111 Sale III
111
109
4
/
110 May'09
109 1101
82 174 76
4
/
81.4 Salt 811
85
4Sep 'OS,
/
901
4 91
/
901
4
/
85 1s 901
4 113 Apeul,
/
110¼ 1111
113 11318
WI's 88"4 ta)14 Aug-012
8758 91
108 sop '01
4
/
1101
4 Aug-09
/
921
4
/
4 93
/
921
.92¼ 921
671
4 8754 92 'ue'09
/
811
4 86
/
109 J'ne'0,
109 11014
.111
1093
110 11114 111 J'ne'01,
11,08 1141/4
1 1101
41141
/
4
/
1141
4
/
107 AprOt
105 107
100
08
08 Aug'06
64
05
11434 117
116/
4
1
11634 Aug'u,
4 Nlay'01
/
11814 1181
4
/
115 118 1181
4 Apr'06
/
1151
105
87 4, 82 Nov'06
111.
4J'ne-U9
/
1101
92 J'ne'01
108'4
75 Oct '0/
4
/
10338
103 105 10338 1031
110
112 Oct'du
4 Dee'OtS
/
1081
108'4
109 109
108
109 Ply'la,
4
/
107 1101
109 Aug'09
10914
10912 alui'011
10714 109¼
91
4 Jan '07
/
961
4
/
;1091
0-6-1
/4 10814 Aug'09
/
1081
..
108 109
116 18
97
98
10934
117 J'Iy'Ou
108 Sep '01.
116 Aug'in,
98 Aug'011
11014 rue-Ot
-•
•
4 1123, 4
1
11234 114 112/
85 Aug'oU •...
ail
95
105 J au -09 •••
103
100 Nov'04
100
111 J'ly'Mt
111
, 112 J'ne'09
112 112,
43451'4n'
/
1041
4 1031
/
93 Aug'09
9012 Aug-09
4 95
/
941
4sep '01
/
901
901
4 91
/
62.,
110
4 82
/
821
4 Apr'01
/
911
108 Aug'09
107
89 Sep'09
4
/
861
10378 salt, 102¼ 10:214 5k
4 J'ly'01,
/
1021
1021
4
/
3i
118¼ '.4alt 941.,
4 3543
/
4 Sale 11034 11.71
/
1171
981
4 99:
/
1 1/914 Sep V,.
4
1
11834 i 18,
4
/
1181
1131
4 114 114. Aug-01
/
, 20
•,43
94'4 Sale 94
94 Jan 09
9938 Aug'09
107
•-
.
-•
• -••
•
.
••
•
••.
-•
•
.
.
•••
98
98
4109
/
1071
113 117
99
tod
11014110¼
11234 119
75
95
4105
/
1031
4
/
1.11 1121
112 112
4 105
/
1031
9234 95
4 94
/
801
4 911
/
891
4
/
82
88'4
/
9134 911
107 1081
4
/
89
89
102 10434
10034 103
IAN 100
142 1241
4
/
4
/
991
98
4
/
41201
/
1181
114 118
94,
9014
94
94
41001
/
991
4
/
Nov'08
Sep '09
110
110 Sale 110
4 Ang'01
/
981
97:
14
1,3
113
113
, 1027, 19
100 1031
4 l0r23
/
41Jan
1
100/
•...
100 101 J'ly'01, ••••
4 May909
/
1021
95
67 May'ut.
74
,;11:3
i33
75 Sale
4 Aug'09
/
1101
4
/
10111
:11 J'ni3.1/1
136
73 d'ly'09
4 84
/
751
LoMity'01
85
91/1;
45
4 Aug-U1
/
401
40
22
45 Sale 45
4 Aug'Ul..
/
81
8
110 1171
4
/
4 100
/
981
11114114¼
10212 105
4100 Is
/
1001
86 101
4 1021
/
1021
4
/
87
4
/
871
7134 801
4
/
108 1114
6o32 914,
76
80
90
9112
4
/
551
43
4134 5534
1412
it
4rue'01,
/
921
4 9334
/
921
...... 92
653, 59 82/
4 88
1
4 Sale 851s
/
851
61
731
4
/
••••• ...... 09 Aug'01
102 J'ly'O.
11/2 102
112
110 11'i
4 114's 112
/
1121
92
Aug'Ob
953.4
87
4
14,
91
34 Feu'07
4 10714
/
4 1.0734 1071
/
1071
95 Ply'05
104
4 Deo'08
/
1031
6712 87 Sep N/1/
99 Deo'Ob
vi)
1/13
4 107
109
8334 90
4 54 891
/
951
4
/
4 Ws
/
4 Sale 951
/
951
4 93 Sep'011._ 9214 95
/
931
113
MISCELI A3EUUS BON US-Concluded.
Miscellaneous
1948 NI- S
Ws
93
93 Sale 93
9612 Adams Ex col tr g 4a
13'kl'n FerryCo 1st cons g Os'48 F-A
4 31 7'1
/
8111
4
/
90
8834 Salt 881
Bush Terminal 1st 4s.
4 6* 9612101
/
4 1001
/
195a A-0
4 Sale 1001
/
1001
Consolla
4
/
751
1955 J -J
1 731
4
/
4 781
/
4Sale 7538
/
751
4 2 101 10614 CluoJo & t Yard ;tot g 58 1913 J-J
/
4 1051
/
4 1051
/
105 1051
88 Sep -09
85
4 Det & 3f Mgr incomes 1911 A.0
/
881
4
/
871
Institution for Irrig Wks
100 105
105
105 105¼ 105
& Deadl of Agricul s f
93
4
/
99's
4 ' 961
1
98/
4
/
981
45 (otts)
/
41
115
108 1161
1943 11-N
4
/
115 115
3Iercan Marine 41
102
Int
'09
Sop
98
43 1922 A-0
/
102
102
4
/
1001
97
9134 98
tat Navigation 1st a f 513 11129
14 97
4
/
901
1041
4 1061
/
106
4 Xewp Ne Ship & D 05581990 J•J
/
4 106 105
/
1051
00
4
/
8434 in
801
N Y Dock 50-yr 1st g 48 1951 F.A
90
4
/
1051
Providence see deb 48.-1957 M.N
10214 106
105 Sale 105
4
/
10214108
Provident Loan soo 41
48.1921 31-S
/
4 Sale LOU'S 107,1
/
1061
4 107
/
1001
10158 1081, St Joseph Stk Yds 1st4123.1930 J -J
VS.4
19
93.4 100
99's
S Yuba Wat Co con g 68 1923 J J
851/4
904
J.J
9434
94 Sale 9334
US Red & Ret lit sty
Due au S Due Apr a Due may g Due .1'ne
• No price Friday; latest bid and asked this week. a Duo Jan
111411mila/I
nanniriettaing
45'39 J-D
1
Armour &Co 1st real est4/
Beth steel 1st ext 81 55..1926 J-4
Cent Leather 20-year g 55.1925 A-0
Distil sec Cor cony 1st g 56.'27 A.0
Int Paper co 1st con g 613 1918
Cousol cony s 1 g Is
1935 J -J
Int St Pump 10-yr cony.(is '13 J -J
Lackaw steel 1st g f/
4
1
1923 A-0
X )(Air Brake 1st cony Os'38 M-N
Repub LA'S 1st& coltr 5
4.1934 A.0
1
/
Union Bag db P 1st el 55-1930 J-J
ILS Leath co f deb gt38 11)13 M.N
U S Realty& I cony deb g5s'24 3.4
U S Rubber 10.yr coll It Os.'lb J-D
U S steel Corp-I coup .51903 31-N
131 10-60 yr Is.1 reg _51903 ILN
Va-Car Chem 1st 15-yr 5s 1923 J -D
t 5s '31 J.J
Westinkhouse B &
92
92'., 92
41 Oct'06
4Ply'09
/
4 901
/
911
4 Ply'09
/
951
95
100 J au'08
47 Apr'08
28 .
92
3 92
94
90
4
/
931
4 951
/
911
4
/
...
951
4
/
95i,
92% 951
4
/
68
69
38 0842 77
85 J'ly'09
4 834
/
841
96 Aug'08
95
95
2 91
93's
90 jan 'OS)
90
99
95 J'Iy'013
96
96
100 12Sep'03
112 Ply'04
tEl
92
92
92
it Due J'ly p Due Nov *Option Saki
4
/
951
68 Sale
85
95
9434
4
/
871
...... ••••••••
..
CHICAGO STOOK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Sept. 4
Tuesday
Sept. 7.
Monday
Sept.6
Wedneseay
Sept. 8.
Thursday
Sept. 9.
Friday
Sept. 10.
Sales
ol the
Week
Shares
Range sine,:
Jan. 1 1909
STOCKS
CHICAGO STOCK
EXCHANGE
Lowest
Hang, ter i'7 EVIOUS
l!lehese
Pa iiroa ds
Last Salt 180 Apr'09
Chicago City By
100 1N) Arch S 190 Feb
160 Jan
*212 3
Last Salt 214 July'09 _. Chicago & Oak Park_100
214 J'ly 21
4 Jan 22
158 Feb
*10
Last Sale 10
12
Do pref
*10
July'09
12
15 Jan 22
100
9 Jan 21
6i2Dec
*____
--- Chic Rys part ctf "1"___ 107 J'ne 4 11912 J'ly 28,
112
Last Sal( 110
112
Sep'09 -8434 J •ne
-7'
12 Chic Itys part ctf "2"__
3612 3612 *6012 3712 *3612 3712 *3612 3712
36 J'ne23 4.534 Jan '2
38 Oct
*24
*24
*24
5 Chic Rys part ctf
25
24
25
24
25
20 Nov
24 Sep 7 30 Jan '29
*914 1013 *914 101f
Last Sal, 912 July'09
Chic Rys part ctf "4".._ _
9 \lay 3 1312 Jan 2
934 Sep
1713 1812 1612 1814 1634 1733 1534 1714 3-,!..-I.! Chicago Subway
100 1534 Sep 10 2914 Jan 2
15 Feb
*47
*47
49
49
45
49 *47
49
K a6 ns City By & Lt 100 35 Fen 24 52 J'ly 7
30 Oct
*80
*80
8134
Last Sale 8112 Aug'09
8134
Do pref
100 79 Jan S 8612 May18
68 Sep
*1018 18
*1518 16
Leal Sale 1734 Aug'09
Metropol W S Elev 100 1512 Aug 11 19 Mch 8 . 1214 Nov
549
50
*49
50
Last Sale 49
Do pref
Aug'09
100 47 Jan 14 64 J'ne 3
42 Jan
*19
*19
20
20
Last Sale 20
__ Northwestern Kiev. 100 20 Aug 11 25 May 13
_Aug'09 1334 Aug
*65
*68
70
70
Last Sale 70
Do pre(
Aug'09
100 63 - an
46 Aug
73 May?
5413 5412 .54
55
*5412 56
*6412 56
--('8 South Side Elevated 100 50 Jan 25 61 May
..12 Aug
402 4434 4438 4434 4412 4458 4434 4478
565 Streets W Stable C L_100 2914 Apr 13 5134 J'ne 19
2612 Apr
,k103 104 *103 104
Last Sale 104 Aug'09
Do pref
100 97 Feb 15 10713 J'ne 18
85 Apr
LABOR DAY HOLIDAY
_ EXTRA HOLIDAY—EXCHANGE closED
Miscellaneous
680 American Can
100
.4_7_2
Do pref
100
American Radiator...100
-_-Do pref
100
_- Amer Shipbuilding_ 100
T)o pre
100
-45; Amer Telep & Tcleg-____ Booth (A) Z.: Co
100
Do pref
100
"NO Booth Fisheries corn _ _ _ _
903
1)0 pref
10 Cal & Chic Canal & D_ 100
._.. Chic Ilrew'g & Mait'g
Do pref
--ii Chic Pneumatic Tool-100
30 Chicago Telephone.__100
Do rights
"i Chic Title & Trust___100
391 Commonw'th-Edison_100
450 Corn Prod Ref Co Corn.._
-.o
D
Fret.
59 Diamond Match
100
Do
2,1:03 Illinois Brick
100
Masonic Temple
.
_ ..:: Milw & Chic Brewing
Do pref
'..0 National Biscuit
100
Do pref
112
100
67 National Carbon
100
Do pref
10
100
:., 5 People'sGasL &Coke_ _100
Do rights
,5(3 Sears-Roebuck com_ _100
1,
2104
165Do pref
106
1 Swift & Co
Do rights
--2
.6 The Quake, Oats Co...100
____
Do pref
100
Unit Box Bd & P Co_100
Do Full paid.
DO pref
100
Do Full pad..
-4871
100
30 Western Stone
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Sept. 10
Interest
Period
Price
Friday
Sept. 10
Week's
Range or
Last Sale
778 Jan 30
7134 Jan 6
200 Jan li
126 Jan 21
5418 Ayr 21
101 Feb 24
139 Aug:1
18 J'ne 10
14 May22
10 Mal 24
48 J'ne1ti
5114 Jan
1 Apr 27
218 Apr 27
20 Mch 24
127 Jan 4
1412 May20
86 J'ne 4
210 Aug10
132 J'ly 21
6734 Aug 7
11012 Sep 2
14253 Aug 12
1 Jan k
5 Jan 6
27 Aug 26
62 Sep 7
. 58 Apr 16
Apr 27
218 Apr 25
34 Aug24
136 Aug 19
117 Jan 18 151 J'ly 27
107 Jan '21 l'2112 J'ly 1
1713 Feb 25
2518 Aug 3
7014 Mch25 8812 May19
117 Jan 9 13034 Aug 13
38 Jan 26 60 Sep 10
43 Jan 5 45 Fele 8
2013 Apr '27
(4718 Jan 2
11814 Feb 15
82 Jan 14
110 Jan 15
102 Jan 5
12 Feb 25
55 Jan 5
101 Jan 5
10012 . 9
6 Feb 5
119 Jan
9812 Jan 2
Feb 11,
214 Feb 26
334 Mch10
1012 Mcb
15 Feb 16
21 J'ne 2S
thy Jan 16
127 J'ly 20
99 Aug 13
120 Apr
11978 Aug 16
er)
1
10414 Aug 24
11638 Aug 18
11414 Aug 6
20 Jan 18
153 J'iy 28
10312 Aug 12
158 Mch2ti
318 Mch 2
90, Jan 4
1638 J'ne
25 Nich 15
riot:est
Lowest
3
1212 1234 • 1238 1238 1214 1214
1218 1218
, 8212 8314 8234 833s 8258 83
3313 8312
:.238
_
Last Sale 210 Aug'09
--*139 135 *203*130 135
Last Sale 132 Aug'09
*62
64
*62
64
Last Sale 65
Aug'09
3110 11012 *110 11012
Last Sal. 11012 Sep'09
!.141 142 *141 142
13912 140
140.8 14058
Last Sal 18
June'09
Last Sale 14
June'09
*2314 -2
.
4-- 23 14-2312
23
6034 62
61
61
6112
61
*54
5312 531,,
55
*54
55 •
11F *1
*1
118
Last Sate 1
July'09
*2
3
3
*2
Last Sall 218 Ju y'09
3134 CT.: *32
33
3113 3112 3212 3112
130 106 *135 136
13514 13514 *13534 13612
Meh'08
Last Sale 214
iati" 141;- *138 146'- *138
138
140
13978
121 1211, 120 120 120 120
120
120
2312 231
22
22
2234 2278
- _
Last Sale 8812 May'09
12738 128 *12712 128
127
127
127 127
5712 5914 5712 5878 5734 5734 58
60
*43
45
*43
Last Sale 44
June'09
45
_
Last Sale 218 June'07
Last Sale 21
June'09
i5/ iiii- 10734 1-673; *107 108 *10512 10612
•!,125 126 125 125 *125 126 *125 126
9612 *95
963.1 97
0634 *95
9634
95
*119 120 4,119 120
11914 11914
-11578 11578 *115 11512 115 116
11414 1-1-5-14
Last Sale 11-16 Meh'09
1021', 10314 UT fa; 10112 10212 10214 10212
115 115 *115 11512 *114 116
115
115
111 111;.- 111 11114 11034 11118 109(8 111
Last Sall 7
__- Feb'09
*149 150 *lin" 150 *146 148
144
145
*102 103 *102 103
Last Sale 102
Sep'09
Last Sale 112
Apr'09
Lail Sale 3
Apr'09
Last Sale 734
Apr'09
1312 133 *131, 137
1312 1334
1312 1312
20
20 '120
21
20
20
*20
21
Year
119081
4 Feb
4112 Jan
125 Jan
116 Apr
37 Mc)'
91 Jan
'es Dec
3 Dec
185 Dec
318 Aug
10 Aug
119 Nov
47 J'ne
28 Dec
1312 Dec
3012 Dec
4734 Nov
8012 Nov
19 Jan
54 May
22 Dec
6212 Dec
/1 Jan
31 Nov
103 J'ne
1038 Nov
7878 Dec
WO Dec
l'2814 Nov
63 Nov
104 Nov
SU
100
Jall
May
40
1
2
20
108
Feb
Oct
Nov
Dec
Jan
34 Feb
100 Jan
80 Jan
6714 Dec
1.8 Aug
4 Apr
3012 Aug
153 Sep
'434 Feb
118 Dec
110 Oct
113 Jan
30 Jan
38 J'nt
13r
Aug
4212 Dec
46 J'ly
20
19 J'ne
97
70 Jan
10134 Jan 120
87
51 Mel
91 Mel) 115
300
8012 Jan
J'ly
Dec
Aug
Dec
Nov
Dec
24 Jan
72 Jan
8513 Jan
50 Dec
102 Dec
10534 Sep
11434 Jan
87 Jan
14 J'i
134 Jan
(Co J'ly
134 Jail
112 J'1Y
1'2
Jan
13• •
17
•,""
Chicago Banks and Trust Oompinies
B'ds
Sold
Range
for
Year 1909
NAME
Outstandtag
Stock
Surplus
and
Profits
Dividend Record
in
1907
In Per- Leal Paid
1908 led
Bid
Ask Low
Calumet National
High No. Low High
$100000
,
$36,276
6
6
An. Dec '08,6
Amer Strawb'd 1st 6s_1011 F - A _a__
Chicago City
100 Mch'07 -500,000
196,740 10
10
J-J July '09,5
Armour & Co 439s__1113f .1 - D 9314 Sale
9314 9(37
s Commercial National_ 7,000,000 91,343,646 See to ot not e (s)
0314
935,., 16
Aurora Elgin &Chic 58 1941 ..
8 -0
Continental
____
National
n4,000,000 93.962,096
8
- - -- - - Q-J July '09, 2
8
Cal & So Chic By Co
Cook Co State Savings
6,279
50,000
G
6 Q-M July '09, 113
-------- 102 J'ne'09
1st lkI 55
102 10212 Corn Exchange National 3,000,000 15,283,593 .12
.Flin'
12
Q-J July '09, 3
Cass Av & I.'0(St L)5s '12 J - J
10114
10114 Feb'09 _ -- 101
Drexel State
6
37,24.
200,000
A-0 Apr '09, 213
6
Chic Board of Trade 4s1927 J - D
----------------____ ____ 100 May'07 -Drovers' Dep National_
8
600,000 9409,361
Q-J July '09, 212
939
1927 F Chicago City By 5s
1031 Sale 103
10314 34 103 105
Englewood State
33,90e
200,000
6
6
Q-J July '09, 112
Ohio Consol Br 53 Mit 65.- J - .1---- 103 Apr'04
First National
8,000,000 93,220,177
12
12 Q-M J'ne30'09,4
Chic Consol Trac 4 39s 1939 J - D ---------50 Apr'09 ---First Nat Englewood.._ _
50
150,000
60
165,04' 10
10' Q-M J'ne 30'09212
Chic Auditorlumlst 5s1921 F - A ----------- -a.- 9534 Jan'06 --Foreman Bros B'k'g Co_ 1,000,006 8542,80.
Priv ate Ba nk
____ ____
Chic Dock Co 1st 48_1920 A - 0 -___ ...... ____
Fort Dearborn National 1,000,000 9418,35.
8
,
_
Q4 July '09,2
8
___
Chic Jc RR 1st M g 58_194:7 M - S
Hamilton National_ _ __
500,000 9152.092
5
J-J July '09, 212
5
Chic No Shore Rice Os.1012 A - 0 ---------87 Feb'06
Illbernian B'k'g Ass'n_ 1,500,000 4807,640
8
8
Q-J July '09, 2
7812 Sale
Chic Pno Tool 1st 5s_a1921 J - J
78t2
4
7834
72 -5
118,254
200,000
10
J-J July '09, 5
10
34 Kaspar State Bank_ _ __
1927 9: - A 10114 1010 101 Sep'09 -- 10078 10234 Live Stock Exch'ge Nat 1,250,000 943 •,41
Chic By 5s '
10+2 Q-M J'ne30'09.212
Chic Rys 4-5s series "A" A - 0 9558 93
9534
5
9534
0313 0614 Monroe National
-933,86.. -4
300,000
4
Q-8' Aug 1 '09, I
Chic Rys 4-5s series "I3" J - D 8513 86
86 Sep,19
8434 8912 Nat Bank of Republic... 2,000,000 91,134,9E
8
8
Q-J July '09,2
92
Chic Rys 4-5s series "C" F - A 91
8914 J'ne'09 ____
89
91
National City
1,500,000 9509,921
(4 July '09, 112
Chic Rys coil 6s...._1913 F - A 10112 Sale 10113 101(2
2 10118 10233 National Produce
969,431 ---- -------July '09, 1
250,000
Chic Rys Fund 6s...,1913 F - A --- -- 10112 July'09 ....... 10112 10238 North Avenue State
67,729 --200,000
i 9 Cili
10118 10138 101
1014 24 101 10212 North Side State Sav'gs
Chic Rys Tem Ctrs 1st 51
12,102
50,000
Q-.1 July '09, 112
6
Chic It I & P RR 4s__2002 M- N ---- -- 661.2 Aug'08 - --North West State
09, 1::
200,000
9,162
Jul y 79
---- -- j
Collat trust g 5s.-..1913 M - S
6613 July'08
Prairie National
970,67;
250,000
Chic Telephone 543____1923 J - D 210278 Sale 10278 103
1 1-(ii34 03-4 Prairie State
849.940 --8
500,000
-8 Q-M June '09, 112
Commanw-Edison 53_19,1C m - s210212 Sale 10212 10234 24 Ica 10314 Railway Exchange
4
412,173
250,000
2 __ Jan '08, 2
Chic Edison deb 6s..1913 J - J ---- --- - 100 JIle'08 ---300,000 4123,426 --o---- -- July '09, 112
1st. g 55___July 1026 A - 0 10055 1011 101 Aug'09 _. 1664 10134 So
yhIcago Savings_
cc
uutrhitC
78,176
200,000
Q-J- July '09, 112
6
3 Aug'09 _. 10058 10218 State Bank of Chicago
Debenture 5s____192, M - f., ------ 10O8
1,500,000 41,465,411 9+1
11
Q-J July '09,3
Commonw Elect 5010.17 M - S2102( 1023 10234 Aug'09-- 10234 10358 Stock Yards Savings
250,000 4174,589
6
7
J-D J'ne30'09,2
Illinois Tunnel 5s____1028 J - D ---- ---80 Dee'08
Union Bank of Chicago_
200,000
42,726
6
6 M-N May.'09, 3
Kan City By ec Light
UnionStock Yards State
200,000
65,624
(3
Q-J July. '09, 112
6
1013 i91 - N --------9834 J'ne'09
Co 5s
08
9834 American Trust & Says. 3,000,000 2,709,594
9:
8
7
8_ Q
0
882 154
Q:J Jul y
y:
Knick'b'ker Ice 1st 5s.1928 A - 0 ------- 98 Meh'09 .._
95
96
Central Trust Coot Ill
2,000,000 4812,43e
.
7
Lake St El-lst 5s
90 July'09
10.28 J - j 2.... 90
73
3hica4ro Say Bk & Tr_ _ _ n500,000
91
889,160
139 Q-J July '09, 112
Income 5s
...... ..- 16 May'05
1025 Feb
5,000,000 r1,208,619
Chicago Title & Trust
Q-J July '09, 112
6
6
Metr W Side El50,000
Citizens Trust & Savings
3
8,453
4
A-0 Apr '09, 2
1st 4s
84
84
1938 13 - A
(
84 Sale
83
600,000 4506,621
I()
8612 Colonial Trust & Savings
8+2 Q-J July '09, 212
Extension g 4s
1038 J - j ____ 8134 8378 J'no'09 _.....
8213 8414 Drovers Trust do Savings
200,000
6
497,307
Q-J July '09, 2
73.9
North \Vest El 1st 48..1911 M - S NI, 05
9412
95
(
9214 9612 Farwell Trust Co
1,500,000
112
;08
9:4
218,081
--.. QQ--Jm
No W G-L & Coke Co 55'28 Q - M ___.: __
9814 Aug'Ot
98
2,000,000 42,990,694 --_99
July
First Trust Fe Savings
Ogden Gas 58
1043 M - N
9513 Sep '00
9513 97
200,000
98
Guarantee Trust & Say_
93
rp orated 1908 V.87,p.1138
7,409 IneoPearsons-Taft 53
1916 J - D 100 ____ 10038 Meh'09
Q-J Oct '09, 212
10014 10012 Harris Trust & Savings_ 1,250,000 41,140,07
4.403
M S 9634 ..... 07 Meh'09
8( 1 154:
Illinois Trust & Savings 5,000,000 48,29
9634 98
89
6i 6 0 Q4 Aug20'09, 1
47
4„2
:
4.605 Series E
It- N 93 ____ 08 J'ne'09 ......
200,000
9978 Kenwood Trust&Sans_
98
July '08, IS
5
. 1 N 99 ____ 160 Meh'09
4.80s Series F
2
34,889
200,000
100 10018 Lake View. Trust&Savgs
43.4 Q-J July '09, 114
Peo Gas L&C 1st 6s_1943 A - 0 1191, 12012 12134 May'09
12
120 122
Merchants' Loan de TrCo 3,000,000 45,036,106 12
Q-J July '09,3
Refunding g 5s____1947 III - S 1031%2 104
10313 10334
1
750,
8243,819
6
103 104
Metropolitan Trust&Say
6 (14 J'ne '09, 113
Chic Gas L&C 1st 551937 J - J 210418 10412 104,8 Aug'08
8
1,500,000 42,123,341
104 105
Northern Trust Co
Q-J July '09, 2
8
Consum Gas 1st is..1036 .1 - I) 10214 103
10214 July'09
6
51,656
200,000
102 10234 North-Western Tr&Sav.
J-J July '09,3
6
Mut'l Fuel Gas 1st581947 M - N 2102 10214 102 Aug'09
6
200,000 4100,964
10112 102
People's Trust & Savgs_
6
8 Q4 July '09, 2
South Side Kiev 4343_1924 J - J 9412 95
'09
......
Sep
500,000
0414
177,743 k8
941.2 9634 Pullman Trust & Saygs_
Q-4 July '09, 2
Swift & Co 1st g 5s_..1914 J - J 100 10034 100 Sep '09 .... 100 102
2
20:3
200,000
8 000
83 Beg.
Sheridan Tr & Say Bank
s b us'ly
12'0 9 V.89,p.141
..1
Union El (Loop) 5s.-1941 A - 0.._ 90
05 J'ne'09
200,00
Stockmen's Trust & Sae'
96
92
J4 July '09, 212
5
Union Pacific cony 4s-1011 ,11 - N _.. --114 Nov'04 _.
z1,000,000 41.263,035
_
Union Trust Co
8 Q-M rne30'09,2
Untted I3ox Board col 0'26
70
81
79 Sep '09 -70 -8-(112 Western Trust&Savings 1,000,000 420 ,660
6
Q4 July '09, 112
J - J 279
General mtgo es
79 Sep '09 ___.
80
200,000
7014 81
0/64,853 Began bust= ss Se pt 5 1908
West Side Tr&SavBank
Western Stone Co 53_1900 A - 0 -- --8512 July'08 .._.
200,000
- Woodlawn TrecSavilank
35,920
6
Q4 July '09, 112
6
Note -Accrued interest must he added to all Chicago b ond prices.
*Bid and asked prices, no sales were made on this day. ?June 23 (close of business) for national banks and Juno 24 (opening of business) for State
stitutions. •:No p,.1c3 niday; latest price this week. aDue Dec. 31. bDue June . k Also stock dividend of 33 1-3%. nCapital and surplus to
no increased, aDividonds ara paid Q-J with extra payments Q.F. r As of date Dec. 31 1908. s Bankers and Commercial National banks merged
nder name of Commercial Nat-1, r.a.. wItli 37.000,000 capital; V. 89, p. 571. s capital to bo increased.
9 Close of business Sept. 1.
d Opening of
usIncsi Sept. 2.
t
BOSTON STOOK EXCHANGE-Stock Record,lv, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Sept.4
Monday
Sept.6
7'nesday
Sept. 7.
Wednesdav
Sept. 8
Thursday
Sept.9
Friday
Sept. 10
Sates
ol the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range sins, Jan. 1
1009.
Lowest
Htoixst
.:ange tor P•evious Year
(1008)
Lowest
Highest
Railroads
6758 Feb 10114 Dec
560 Atch Top & Santa Fe-100 98 Jan 13 12034 Aug12
*11813 11838 11714 11812 11714 11738 11814 11814
8312 Mel, 10414 Doc
100 10034 Jan. 15 106 J 'Ile I
Last Sale 105 •Aug'09
Do pref
*10414 10514 *10414 10514
Jan 230 Dec
Apr
8
100
23914
231
231
Boston
&
Albany
181(2
232
231
-ii5
225
Jan
4
232
232
23012 23012
100 12414 Jan 7 13218 Apr '22 12112 Dec 190 Jan
129
12)
61 Boston Elevated
129 12914 129 129 *128 129
100 224 Jan 12 235 Meli10 20014 Feb 228 Dec
Last Sale 228 Aug'09Boston & Lowell
8_ ___ 228 :,-.. 228
100 13212 Jan 2 15012 Sep 9 114 Oct 140 Jan
150
-251 Boston & Maine
150 150 8150 -___ 150 15012 150
100 151 Feb 26 160 Apr 3 .136 Feb 156 Jan
-Last Sale 152 July'09 -_-_
Do pref
Last Sale 300 Aug'09 __ Boston SG Providence_100 297 Apr 26 301 Jan 0 284 Jan 301 Nov
_*298 1_ *298
13 Mch
9 Ma
Last Sale 18
8 *17 -18
Boston Suburban El Cos- 1134 Jan 2 22 Feb 3
*___
Aug'09
18 Nov
95 Jan
6012 Jan 5 75 Feb 3
Do pref
Ii.171_10
*72
7212 7212 7212 7212 7212 *7212 74
17 Jan
812 Nov
Last Sale 12
10 May10 1412 Mc1112
*___ 13 *__ 13
Boston& Wor Elec Cos
Aug'09
52 Jan s 5812 Apr 21
8012 Jan
9712 Dec
Last Sale 54
*__ 54 4._ - 54
Do pref
Sep'09 ____
15114 Dec
___ __
1Li 158
25 Chic June By & USY-100 143 :an 25 162 J'ne23 126 Jan
0_,.. 159
12012 Dec
118 118
iii- ill100 116 Mch19 123 J'ly 6 102 Jan
Do pref
46
118 118
Last Sate 170 July'09 --__ Con & Mont. Class 4 100 170 Jan 26 173 Men 5 163 Dec 165 Mch
--- -_ __-- ---_
/vi
lc
512 .N
oh i
25
t) 21343414
Last Sale 13912 J'ne'09 ---- Coon & Pass Riv pref _100 139 Jan 2 142
o
p 138 Apr
__-- ---_ -_--riec
3 Dec
Jan 286
Last Sale 21
73
00 J'n
1e
3'
009 -- Connecticut RIver_100 267 Jan 15
133 Nov
100 129 J'1729 136 Feb 5 117 Jan
35 Fitchburg, pret
i55- fiii- i55- iiii- *130 ____
67 Apr
91
9412 0112 93
100 75 Jan 6 95 Sep 3
91
380 Ga By & Electri•
*./3
*9112 ---55 Dec
81 Oct
Last Sale 88
*__ 88 *---- 88
100 79 Jan 14 53 J'ne21
Do pref
Sep'09 -___
Last Sal, 19514 Jan'09
100 19514 Jar. 13 19514 Jan 13 193 Nov 193 Nov
___ Maine Central
---- --8 1534 1613 1553 1534 1.195 Mass Electric Cos
814 Jan
1334 Nov
100 1114 Jan 12 '1734 Sep 2
1612 1612 -1613 -1-6140 Jan
64 Nov
100 5812 Jan 15 79 Sep 2
126
Do pref
7612 77
77
77. 77
78
77
78
170 171
18912 170 14
19
69
17012 171
:
7_9
. N0Y
rth
NerH
n&
NH
aartford_100 157 Jan 21 17478 J Itel4 128 Jan 161 Nov
-- -145 Apr
Aug'09
100 146 Feb 4 149 Aug 9 140 Joe
Last 87/e 215
_- _.._
Norwich ec Wor prof _100 200 Apr 13 215 Sep 2 200 Apr 205 Feb
Sen'al
19618 Dec
*___ 20i) *:::: iiii- *____ 200
200
200
100 194 Jan 5 20018 Jan 't( 175 Jan
-5i Old Colony
34 Dec
!*5 Jan
Last &;le 3612 Sep'09 -__ Rutland pref
_100 26 Apr 27 40 J'ne 5
95 Dec •
70 Feb
: u;*:--: gi-1-2 11312 11312 *---- 11312
4.7100 9014 Meh 2 11712 Aug 16
10 Seattle Electric
6 10712 107 107 *103
883 Jan 102 Dec
107 10/ *15.
10412
100 9712 Apr 5 107 Aug 31
46
Do pref
196 19714 19414 19414 19612 20514 1,777 Union Pacific
*Li;j
i33
14
8 198
100 217278 Feb 26 21834 Aug10 11012 M611 18558 Nov
7834 Apr ' 9738 Nriv
10C14 *10434 10514 810312 10412 11() • 110
100 9312 Mch 2 11714 Aug 16
2
Do pref
161 • Nciv
172 172
2 Vermont & Mass_ _100 165 Jan 20 175 .A.p1 17 150 Jan
9113 Sep
Apr
23
76 Jan
9818
'A
-iii- ;5a- -ii50
88
Jan
End
St
9734 9734 (i-Jb -- ;; 6West
1
110 • Deo
96 Jan
10613 10312 *10613 ---- *10612 -_-_ *106
50 103 J'ne25 112 Apr 27
Do pref
--__
10
Last Sale 145 July'09 -__ Wore Nash & Iloch-100 144 Mchi2 146 May10 138 • J'ly 140 Moll
Miscellaneous
36 Nov
4814 4L-., 47
47
13 Jan
45
4634 4558 4713 2,540 Amer Agricul Chem_100 3314 Jan 2 5014 Aug12
96 Nov
77 Meh
10:1 16214 10234 10314 102 102
102
Do pref
" 100 04 Jan 18 105 J'ly 23
177
103
Feb
12 Dec
55
112 ..,34 8812 834
Feb
23
4
1178
26
814 834
Jan
871 Amer Pncu Service... 50
814
812
23 Dec
112 Feb
1978 1078 19
22 J'ne 14
1913 20
50 13 Jan 1:1
Do pref
1913 81912 20
605
9914 Jan 1375s Nov
100 12112 J'ne22 136 Apr 8
12812 12912 12914 12013
549 Amer Sugar Retin
12912 13014 130 130
12612 12634 125 126
12613 127
Do _pref
100 120 J'ne26 131 Apr 13 106 Feb 132 Nov
12512 12617
3
299
13212 Nov
99 Jan
141 14113 1401,2 14138 13912 141 :
6,868 Amer Telco &Teleg100 12514 Feb 1 14312 Aug 2
141
40
4018 Aug27
3238 Dec
16 Jan
*3812 3914 38'4 3814 3834 3834 *3712 3812
60 American Woolen___ -100 2712 Feb 4
9612 Nov
7734 Feb
10513 1104 105 10534 105 10514 105
100 9312 Jan 15 108 Jill-ill
Do pref
105
1,067
734 Ang30
412 Deo
3 Jan
.•,____
:.;
334 Apr 1
10
132 Boston Land
8
713 712 3712
9612Jan 128 Nov
145 145 *146 --- *146 • ---145 145
202 Cumb Telep & Teleg_100 125 Jan 25 14512 J'ly 29
48
4634 463.1 *46172 4714
2114 Dec
*2455751: 4814 ,i•47
1434 Jan
1312 Jan H
4634 Sep 9
200 Dominion Iron & Steel__
1378 Joe 0
414 Mch
838 Nov
8012 10
10
913 10
10
98
315 East Boston Land
978
7 Jan 4
ls
EEle
lc
eotIrltio
256 *---- 256 *____ 254
um-100 245 Jan 2 260 Apr / 501 Mch 253 Nov
254
254
655
52
Dec
e
A 12 14
2 Be
67
312 Aug
60
102
1
,
1. Jan
n 10
4 17
o
b 5
Feb
164 164
16514 16512
General
15
50:8 Ja
166 16612 16434 166
Apr 12
65;53 6558 65
1
85
6558 65k
33G MassachusettsGasCos 101
65
65
97 Apr 23
77 Jan
• Nov
89034 92
9112 92
92
Do pref
92 *91
921,
48
100 89 Jan590
213 213 . 21212 213 *21312 21334 21333 2135;
72 Mergenthaler Liao-100 20212 Mch12 220 Feb 17 192 Apr 215 Nov
1 Mcb
3 Oct
3 Mc1129
*214 234 *214 234
Last Sale 214
10
2 Jan 5
Mexican Telephone
Sep'09
40 Men
78 Nov
,j4
*94
06
93
9312 94
9212 93
100 68 Apr 24 98 J'ne 11
-i.
2i N E Cotton Yarn
93 Dec
*107 1(1134 *107 10734 107 107
o p f
107
107
i:u
nV.2 17
05 '
laenti 128 Nov
'
Fi 1:12 j
an '
133 134
elreep
Telephone
NS 1N14 ia
134 134 *134
134 . 134
____
3261 N DE T
5113 J'ne
79 Dec
__
__ - *98
Pacific Coast Power 100 75 Feb 6 10012 Aug23
Lest Sale :9018 Aug'09
*08
192 193 - 191 192
100 168 Jan 30 190 Aug 7 147 Jan 17412 Nov
192
123 193
193
-ii'7 Pullman Co
0 Apr
1012 Nov
1112 J'ne11.
l',:-..71 Sale 40914 Se
934 Jan 11
*11 ___ *11
10
p'0
919
4 -itio Reece Button-Hole... 10
ug i3
6
412 Ao
15
12005 12
0012 Jan 1)12
Swift & Co
110;34 11112 111 1-11-1-4 z10914 10912
2
80
812j
Jan
19
24
812 j
O'c
lY
t
25
*24
Last Sale 25
25
*24
Aug'09 _.Torrington, Class A
23 11/frq
2613 Dec
2714 Anglo
25 2414 Jan 29
2712Do pref
26
2612 2612 *26
2612 2612 26
14
1 Men
213 Jan
2 Apr 2
1 Jan 26
Last Sale 134
_!! Union Cop L'd & ll'g_ 25
Aug'00
100 12612 Jan 13 152 Sep 10 11413 JJan 148 J'ly
17155
.4 1493,i 149 1E6- 150 15034 150
152
1,635 United Fruit
381'
,Jan
6238 Nov
6434 64
25 x54 Mehl!) 6614 Jan 14
6413 6434 64
64
1,775 Un Shoe Mach Corp
6412 65
2478 Jan
30 Nov
25 2812 Jan 11 31 Sep 9
3013 301 3012 3012 303.1 31
3012 3034
Do pref
283
20 Jan
5834 Nov
100 4134 Feb 24 8014 Sep 10
7834 7812 z7678 7838 7578 7758 7738 8014 26,776 U S Steel Corp
Jan
114
Nov
Aug
3
1295
8
23
8712
Feb
107
100
*12534 12614 12512 12512 12418 12412 12514 12614
Do_
pref
115
4 Feb
912 Nov
1234 May 5
*___ 11
618 Jan 11
*10
efp &Teleg 100
Dso
t Tperle
11
Last Sale 1112 Sep'09 ---- We
8014 Dec
59 Jan
*03
00
*88
90
100 76 Mch 3 90 J'ly 15
Last Sale 80
Sep'09 ---Mining
1214 Aug
112 Feb
6 J'ly 14 1(02 May23
7
25
7
7
612
763.1 634
634
230 Adventure Con
24 Apr
4112 Nov
28
52
54
5334 5112 52
34 Jan 29 5518 Sep 3
53
54
55
2,620 Allouez
Aug12
8878
45
8318
26
Feb
Nov
Feb
65
83
8338 82
100
Copper
8318 8012 8238 8138 8278 20.966 Amalgamated
SO J'ne
2034 Jan
20 2:3 Mch 27 3234tAug 3
---- ____ *29 ---- 30
oac
Zoin
oc
da
Lead & Sm
30
30
30
27
1;.
_.
5 Am
21, 3818 Feb 26 5158 J'ne 4
28 Feb
63 Nov
DV:: I131: 4534 Aug'09
-iyi, 74- -I511 -451-4 4153 4:-:'• 4212 43
9058 Dec
14 Jan
25 '30 Feb 26 4614 May 3
5_0_6_ Arl
rio
lzoly Commercial
*13 1
.90 Aug
.40 Feb
1 Feb 17
25 45 Feb 17
Last Sale 34
July'09
8 Apr
1134 11
1913 Nov
1114 1034 1034 2,845 Atlantic
25
8 J'ly 16 18 Jan 2
11 -I-214 11
*.50 .55 8.50 .55
Lest Sale 12
Aug'09
Bonanza (Dev Co)_,... 10 .45 Feb 16 .80 May 7 .25 Oct ,75 Nov
184 Nov
1014 Apr
1412 143i *1412 15
14
1034 Mch15 1714 May 8
.‘
143
14-12 -14,2 -iH BostonCon C&G (rcts) 11
25 Nov
2258Jan '2
1114 Apr
5 1718 J'iy 14
2134 2112 2034 2034 20
2012 2012 2034 1,757 Bos&CorbCop&Sillfg
30 Aug
28 May 3
15 2138 Feb 24
1612 Jan
2518 2,025 Butte Coalition
2412 2478 25
2514 2558 2414 25
93 Feb 130 Aug
10514
815 Calumet & Arizona- 10 9614 May 3 110 Jall 4
104
10312 105
10.2,4 10334 10534 106
675
18 Calumet & Hecia.- 25 585- Feb 21 695 Aug 13 r565 Men 700 Jan
675 675
675
680 682 •:-475 680
3634 Nov
25 29 Feb 1 9413 Sep 13
21 Feb
4012 4234 7,035 Centennial
4212 4412 4012 4313 3934 41
1 .10 J'ne26 .35 -an 15
.25 Mit .45 J'ne
___ Cons Mercur Gold
*.20
*.20 __
Last Sale 14
Sep'09
Feb
83
73 Nov
Aug
12
5518
Feb26
5514
6812
Con
Co
100
e
x
r
vR
e
s
a
tnge
53
1,982
C
u
o
opp8112
-8 8012 8112 81
8214 -8212 8138 113
1178 Nov
20
712 May28 13 • Men 19
7 Jan
Daly-West
*8
9
9
9
9
9
9
9
10 Dec
834 Dec
1658 Apr 20
712 Feb I
Cop Min- 10
Ri
1114 1118 1114 1,1_.42 lin Butte
1134 1134 1138 1112 11
234 Nov
12
133 Aug 6
212 Jan 15
.99 Mel)
Elm
*113 178 *112 178
Lest Sale 133
Aug'09
1912 Nov
612 Apr
"5 13 Feb 25 19 Aug 3
1614 1612 1614 1613 16
1034 1638 1634 3.763 Franklin
J'nel6
1014
738
Aug
2
5
Consolidated_
Giroux
9
2,750
8
7
8
914
9
912 11,s
9
.913
80 Jan 110 J'ly
101 101
90 100
130 Granby Consolidated_100 90 Feb 26 110 Jan 4
09
99 8---- 100
1318 Aug
9 Feb 26
1234 Jail 2
678 Jan
20
938 1112
918 912
9
914
9
914 3,235 Greene Cananea
1214
10
Joe
814
Sep
25
10
Consolidated
918 938
Hancock
938 912
812 872
814
350
812
25
6 J'ly 21
712 Aug 93
658 (134
613
634 1,200 Helvetia Copper
7
634 678
7
2614 Jan
5734 Feb
2612 2315 2312 26
8,667 Isle Royale (Copper)- 25 2218 Apr 27 3314 Feb It,
2378 2413 2414 26
5
712 Apr 30
938 Aug19
814 813 0818 83s
8
8
390 Kerr Lake
8
8
2414 Dec
10 Sep
25 16 Jan 30 39 Aug lb
3434 3213 3314 3313 3512 8,001 Lake Copper
3412 35
33
1714 Jan
1214 Jan
25 1034 JOY 10 1634 Feb 16
1512 1512 15
15
1413 15
1412 1434 1,618 La Salle Copper
Ms Aug
214 Mch
414 Mch 18 1814 May28
25
9
9
812 812 *8
834
834
9
340 Mass Consol
.75 J'ly
25 .30 Apr 29 .70 J'ly 2 ,25 Jan
*.50 .(30 8.51 .60
Last Sale .70 Aug'09
Mayflower
312 Dec
*412 5
312 Apr 16
514 May10
8 Jen
*412 5
Last 87?.1 5
Aug'09 ---_-_ Mexico Cons 21 & S... 10
1512 Deo
534 Sep
5 1234 Feb 26 1714 Aug b
1618 1612 1614 1614 1618 1012 1G
1612 2,535 Miami Copper
714 Feb
1512 Nov
734 Sep 3 1314 Mch 9
25
610 Michigan
61012 1013 1012 1012 1012 1012 1012 101.
73 Nov
45 Feb
25 55712 J'ly 16 7018Jan 8
63
63
62
63
*61
64
63
63'
165 Mohawk
13g Jan
__ Montana Consol 0 & 0 10 .19 Feb 11 AO Apr 0 .25 Dec
*.25 .50 8.25 .35
Lest Sal? .35 Aug'09
Jan
2034 Nov
88
2413 2334 2334 1-1701 Nevada Consolidated.. 5 1612 Feb 26 '2518 Aug12
2412 2434 2412 2412 24
5 1014 Aug 17 1138 J'ly 20
1012 11
1058 1078 1058 1034 1012 1013
575 Nipissing Mines
4034 Feb
8934 Nov
15 4714 J'ly 10 8514 Jan 2
5834 60
58
59
55713 59 10,363 North Butte
6018 61
Aug
412 Mch22
834 91s
0
878 9
914 2.700 North Lake($8 paid)_ 25
873 918
6
9 .50 Jan
1 J'ly
8.60 25 .40 J'ne21 715178
Last Sale 34
*X
5. Old Colony
Aug'09 -5i.
'28 Jan
57
gf *55 16 - 55 5512 _A5_14 5514
6012 Dec
25 4714 Feb 24 59 Aug 11
Old Dominion
77 Feb 13512 Dec
145 145
146 146
146
25 122 Feb 26 149 Aug 11
147
431 Osceola
146 148
1012 Jan
3212 3212 3278
3614 J 'Ile 10
3118 Dec
3212 3212 32
33
540 Parrott (Silver & Cop) 10 26 Feb 1
33
77 Feb 100 Aug
01
*90
91
01
*90
25 85 Feb 1
90 Jan 4
91
9118 Quincy
90
218 214
213
218 218
'278 Jan 8
Nov
218
2 Feb 25
218 913
915 Santa Fe (Gold & Cop) 10
934 Feb
1618 1534 1578 1534 1614 2,410 Shannon
1778 Jan 4
10 1312 Feb 26
:
111
1 oy
1618 1514 16
14
15-3 'Alpo:
57
57
59
5813 6014 5734 5834 57
2,647 Superior
8
agy23
1 1.1u
1513 1512 1514 1512 15
lt•iltenh2i 184
1131 16
1518 1,266 Superior&Boston Min if; 1 - 14 j
1413 Oct
1812 j'IY 5
16
'2018 Nov
16
1612 1634 1512 1614 1534 1578
2,285 Superior&Pitts Copp_ 10 1278 Apr 27
56 Mill
Last Sale 72
70
88 Nov
72
25 62 J'ly 16 90 Feb 25
Sep'09_ Tamarack
175 Jan 23
1218 Feb
25 Aug
25 1012 J'ne21
1212 1234 1214 1212 1214 1214 13
1378 1,025 Trinity
_
1614 Jan 4
458 Mch
1018 1018
814 J'ne 22
1612 Nov
100
100 United Copper
0 Mch
33
-3238 12-3-4 1,615 United StatesCoal&011 25 28 Jan 12 33 Aug12
3034 Nov
55- -ii- 32
28 Meh
55
5718 54
5414 5514 22,575 U S Smelt Ref do Min_ 50 '39 . -Feb 25 5758 Aug 3 i
4678 Nov
5612 5718 55
37,-, Feb
47 Nov
5178 52
52
5238 5112 5134 5134 52
Do pref
50 94! Jan 8 6312 Aug13
0,776
*414 413
634 Jan 20
. 438 Sep •
. 412 41i
7 Nov
414 Aug 17
488 98
5
413
438
795 Utah-Apex Mlning
4418 45
4512 4534 4434 45
44
Aug
44
5 3714 Feb 24
1,299 Utah Consolidated
5
4
4
8
12
A
A
11
1151
Feb
26
1
1
3
4934 5014 4914 4034 *4813 4913 4912 4913
2
28
91;.1'..tn
56°3,,
5 tV
356 Utah Copper Co
10 3934
612 May ii
212 Apr
5 Nov
358 Jan 6
334 334 *331 4
*313. 4
334
25
3340
6
75 VlotOria
634Aug 14
ep.i Nov
412 Jan
6
6
6
6
*534 614
6
6
2 Winona
25 '434 Apr 30
158
155 155 *157 ____ 157 158
158
15 139 Mch18 158 Aug12 115(2Jan 165 Nov
100 Wolverine
212 212
212 21?
212 2122
4 Jan lti .60 'May 338 Oct
214 Apr 23
2r
335 1.1,; yandot
14
c 139(irt part of assess'ts called ul 1903.
Bid anti a...ted prices. 2 New stock. 8 Ass•t paid. o Ex stock div. I Ex-rignts. C Es-dtV. and rights.
Boston Bond Record
SEPT. 11 1909.1
M.o.
,
.I)
BOSTON STOCK 14:XCIVU
F.KK Esinso SEPT 10
41-'••
Week's
Range or
Last Sate
Price
Pridau
Sept 10
Range
Since
Januar')
48/c Low
ROIL
Am Telep & Tel eon tr 46.1920 J.J
934 2'd
93% Sale 93
1936 M-S 1044 Sale 103% 104¼ 'J9
Convertible 4s.
Au, Vritpauerlstst5su 1919 J.J
83 Mae)),
Ai lz Coin Cop 1st cony 68 1018 3I-S
13 Aug'09
Am: Top & S Fe gen g 48 1995 A-0 100 101 134 100
1
100
Adjustment g 48.....rly 1995 Nov
9274 Pne'09
95
1,3
Stamped
93
J'iy 1995 M-N
93 J'ly'09
95
1936 J-D
50-year cony 4s
11678 Sop 109
1917 J-D 115 12
10-year cony 58
1'2014 Aug'09
71 Sale 70%
Atl Galt &W 153 Lines 5s.'59 J -a
7 ,%
Boston Elect L consoi 58 1924 M.S
110 Feb'04
1016
Boston & Lowell 4s
J -J
1004 Mar'09
1944 J.J
Boston & Maine 4129
104% Oct '08 • -••
Boston Terminal 1st 3128 11/47 F -A
11212 Jan'03
1918 I -J
Bur & Alo Riv ex 6s
104 Oct '07
1918 J.J
Non-exempt 68
102 Sep '05
1910 J.J
Sinking fund 45
991
/
4 Jan'09
Butte 5, Boston 1st 68.-1917 A-0
100 J'ne'01
Cedar Rap & Mo It let 78 1916 13/1-N
117 J'ne'08
1909 J-D
2d 7s
11118 J'ly'05
Cent Verna 1st g48..May1920(
89
81118 Aug'lli)
1••F
1 B & Q Iowa Div let 58 1919 A-0
11103 Oct'07
1919 A.0
Iowa DIY 1st 48
99% J'ly'09
Debenture Is
1413 M-N
100 Apr'118
Denver Exton 4s
1922 F-A
9912 J'nellb
Nebraska Exten 48
1927 M-N
132 3lity'09
B & 8 W 8 t 4s
1921
98% Feb'09
Illinois Div 3%8
1949 -J
1,01,3J'iy'09
Joint bonde See (it Northern
ae By & Stk Yes 58.1915 3.1
10212 102'.) 1)2¼
1I-Aill trust rebinding g 481940 A-0
94 J'ly'09
3 Mil & St P Dub D 63..1920 J.J
11814 Feb'09
M & St P Wis V hr 081.920 1-3
126 Feit'05
hB.a No Alien 1st gu 58.1931 M-N 102%
1024 Aug'09
Ohio & W Mieli gen 68.-1921 P-D
106 J'ly '01!
Concord & Mont cons 48-1920 J -D
91 Dee'07
Joni'& Pass It 1st g 48...i043 A-0
1124 Jan'03
Current River 1st ers
1927 A-0
96 Feb'09
Out Gr hap & W 1st 48 1046 A-0 00
'JO% Ply'09
Dominion Coal 1st 81 68 1940 4,1•N
961
/
4 Aug'09
Fact)burg 48
1915 M-S
10318Api'01
45
1927 M-S
96 Apr'll,
Frenit Elk & Mo V 1st 6s 1933 A-0
133 Mar'09
Unstampen let 68
1933 A-0
140 Avr'05
,it Nor C & coil tr 48 1921 J.J
96% Sale
111334
97
5
istered9s
11.121 Q•J
961.4
9778 XV'09
NoTs-Buyer pays accrued interest in addition to the purchase
11
Low Rion
9134 9614
9218 10678
83
83
130 100
100 101:
9238 94%
94%
93
102%11676
107%12014
73,
69
1
Illinois Steel deben 58....1910 J-J
Non-convert deben 58. .1913 A-0
la Falls &Sioux 01st 78..1917 A-0
Kan C Clin & Spr 1st 5s...1923 A-0
Kan C Ft Sit Gulf ext 58..1911 J-D
Kan 0 Ft Scott & 31 6s....1928 M-N
Kan CM & B gen 48
1934 M-S
Assented. income 58
1934 M.S
Kan C & M By& Br let 5819211 A-0
'Maine Cent cons 1st 78...1912 A-0
Cons 1st 48
1912 A-0
Maro Hough & Out tst 68.1925 A-0
Mass Gas 4128 (recta)
1929
.
Mexican Central cons 48 1911 J-.1
...
1st cons Inc 38
Jan 4939 J'iy
2d cons inc 38
Jan 1939 Ply
Mich Teleplst Is
1917 J- J
Minn° Gen Elee con g 6s 1929 J.J
New Eng Cot Yarn Is....1929 F-A
New Bug Teleph 58
1915 A-0
55
1918 A-0
New England cons g Is...11)45 J • J
Boston Term 1st 48
1039 A-0
NYN H& H eon deb 31881956 J -J
Cony deb Us (etfs)
1948 J.J
Old Colony goba 45
1924 F-A
Oreg By & Nay con g 4s. 1946 1-B
Oreg Sh Line 1st g 6s
1922 F-A
Repub Valley late f 6s...1919 J-J
Rutland 1st con gen 4128.1941 J -J
Rutland-Canadian 18t 481949 J.J
Savannah Elec 1st eons 58.1952 14
Seattle Elea let g 58
1930 F-A
Terre Haute Elea g 68. 1929 J.J
Torrington 1st g bs
1918 AI-S
Union Pad RR & I gr g 48.1947 J -J
20-year cony 48
1927 J.J
Uniteu Fruit gen 8 14185.1923 J.J
U S Coal & Oil 1st at 6s 1938 M-N
IT S Steel Corp111-60 yr 58.1963 31.-N
West End Street Ry 4s. 1915 F-A
Gold 4128
1914 M-S
Gobi de uenture 48
1916 M-N
Gold 48
1917 F-A
Western Teleph 3, Tel 58.1932 J.J
Wisconsin Cent let gen 4819431 J -J
1004 100 L4
......
991
/
4 99;
81
91)12
0958 1001
/
4
9918100
101 % 10`)
118% 9'1%
90% 92
102 104
94
91
11814 1184
101
102
102%
106'4
96
96
'J2 12
87
961
/
4 97%
33
659
.
BON[Hs
r3..°:
BOSTON STOCK EXCH'GE -:-.,
L.
%virtu( ENnitio SEPT 10
:43
.
-
133
06% 99
9738 98%
price for all Boston Bonds.
Price
leridai
Sept 10
Week's
Range or
Last Sale
Range
3e
Since
n''' January 1
Bin
Asu I,ow
IIto ii Au
100
1004 Sep '0. ....
100% io011001
/
2
4
117 Apr'0.
94
ue 116 Aug'09 ....
101 Ply'09 ...
11912 Aug'0( ....
11918
113
93 Aug'Oti ....
92 ...... 92%
92; 1
105
104 J'ne'09 ....
113,18Nov'06 ....
1014 Sep'05
115 l'ne'08
09 Sale 99
99
1
86 Mar'09 ....
1116 Apr'01'
li15 4 Apr'0,
104
tow litgh.
1004 10034
,0018101 LA
94
964
10018101
11018120¼
00
$43
8618 921
/
4
103%104
......
9814 100
8438 86
102% Ang'04
104
Sale 104
b 10218 111134
102 Feb.09 .... 102 102
10012Sep 'Ob .... ......
.
[08' Aug'0, .... 974 10S4
13812 Aug'0, .... 134 138h
101 Apr 0'... 101 101
'1964 J'IY'
0•
118% Marqe ... 118%119h
105 Dec'0.
1071.2 Nov'U •
102 Mat'(/'
98% May'0
10518106% 106 Aug'0'... 1.
054106h
97 Ape(). .
102 Aug'00 .... 102 102
10234 Api'0 .... 1024 1L)3 ,
1
110 12J'ne'0' ..... 102381101,
1)018
tll %
4 95% 97
1.42 Ang'0' .... 120 135
10574 Aug 0 .... 1024 1U3
10012 Apree
. 1001810O
10134 J'ne'lli . .. 10014 1021.
9934:Ply '01 .. 99% 100
9912Sep '0' .. 9918100'
98% 99
9834
083
1 96 100'
...... 05 14 A I.001 .... 9378 951
No price Friday ; latest me and
asaci
• Flat price.
Philadelphia and. Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices-Not l'er Cent..... Prices
Saturday
Sept 4
Monday
Sept 6
tirx,cau
Sept?
Weanesu
Sept 8
8'7 4 8714
.101
*104
.37% 40
134
P
O
I
14
PH ILADELPHIA
ghil
381
/
4 38%
13',
3978 40
40
40
.45 12 4614
46
46
4318 414 43% 4338
12% 1214 '1218 12%
62% 63
62% 6234
23
23
23
23
69% 70
6978 70
72', 12% .12% 13
27% 27% 27
27%
11718117¼ 117 117
91
92% 111 14 924
70'-, 7034
70 '/(1%
47% 484 48
48
12% 1234
12% 1234
2934 30
2978 2978
71.)vie 8034 7938 80%
7
7
7
7
5374 51
53% 63%
91)14 914 0034 91
Bid
Ask
Inactive Stocks
Allegheny Val pref....50
39%
50 39
oman Cement
106 .
er Pipe Mfg
ell Telephone (Pa) 101) 121
4814
Cambria Iron
47
5b
Central Coal & Coke.100
Cousol Tree of N J...100 7718
Diamond State Steel..10
Preferred
......
Easton Con Electric 5 50
Elea Storage Batt....100 62%
Preferred
100
1ft Wayne &W V
100
Etermitutown Pass
51
125
Indianapolis St
100
Indiana Union Tr
100
Insurance CO of N A..10 2214 221
/
4
Inter 6m,Pow de Chem.50
Keystone Telephone ..50
1218 13
Preferred
50
KeystonoWatchCase.100
lilt Brothers
10
Little Schuylkill
60
67
& Schuyl H..50
N Haven Iron & Stee1.5
Central
Northern
50
North Pennsylvania. Ill
Pennsylvania bait
50 111
Pennsylvania Steel..100
100
Preferred
Phila. Co(Pitts) pref...50 44
4434
German & Norris.50
50 90% 91 12
Phila Traction
10
Railways General
94 10
Busqueli Iron & Steel .0
10
Tidewater Steel
11)
Preferred
6% 7
Tonopah Mining of Nevl
1(16
Union Tr of Intl
United N J RR &0 1011
Unit Tree Pitts pref..50
Warwick Iron & tee1.10
934 10
West Jersey & Sea Sh.50
57
Westmoreland Coal Jill
WILkes (-/its A, Elec 1001
*13iti anti asked; no sales on this day.
rm
105
Thursitay
Sept 9
•
*18
105
19
13
13
394 3012
.4512 46
42% 41ø'1218 1234
132¼
62
22%
22
684 69%
*1212 13
264 27',
1113 116
1018 9174
69% 70316
48
48
1238 1238
2(1 14 30
784 8014
672 81110
53% 53%
90
9034
Pr/day
Sept 10
Sales
AC1TWE STOCKS
o/ the
Week (For Bonds and inactive
Stocks see below)
Shares
Baltimore
Con. Gas EL L. 3, Pow
10
Do prof
Northern Central
150 Seaboard(new)
35
Do 26 pref
200 United Ry & Electric
.35
40
.87% 88
.104 105
18
18
39
39
.12% 134
Range Since
Jan 1 1909
Lowea
100 30 Mar b
100 76 Marie
60 IOU Jan 4
100 11% Feb25
100 2234 Feb24
50 934 Feb 3
11 lu /test
Lowest
Highest
4218 May).
89 Maylb
ill Jan lo
21% J'nel4
41 Mas
1438 Auglt
20 Jan
65 Mat
80 Jan
4 Feb
10
ob
10 Jan
30 Dee
81% Dee
102 Dee
15 Deo
26 Dec
12 Nov
Philadelphia
310 American Cement
.39
3918
60 3778 Apr13 43 Jan 2
5 American Railways
.46
4614
50 4438 J'ly
4634 yen 1
1,084 Cambria Steel
43
44
50 3278 Feb23 4614 Aug
17
Electric
.124 12%
Co of America 10 x1074 Jan 20 1278J'Iy19
74'1 Elec Storage liattery 100 43 Jan 30 6318 J'ly 30
6212 62%
428 Gen Asphalt tr eta
*22
22%
10(1 151
/
4Jan 5 2534 Feb
1,625
70
Do pref tr Ufa _JO() 63 Jan 6 71 Aug10
.68
115 Keystone Telephone
121
/
4 12%
60 9%Jan21 15 Apr19
2614 26% 1,381 Lake Superior Corp
100 1434 Jan b 3378 Slay
273 Lenigh & Nav tr oils 50 96 Jan 5 1214 Angllb
117 117
91
92% 19,124 Lehigh Valley
50 67 Feb23 9338 Sep I
6978 70% 2,260 Pennsylvania RR
50 63% Feb24 71% Aug12
163 Philatlelp'aCo(Patel)) 50 401
47'4 48%
/
4 Feb24 494 Aug lb
1238 1234 5,599 Philadelphia Electric* 25 114 Feb23 12% Sep 3
4,102 Phila Rapid Transit
29% 30
50 2476Jan 3 3018 Apr2b
781310 81514 21,364 Reading
50 59% Feb23 821314 Aug12
1190 Tonopah Mining
1378 61
/
4
1 5% Jan le 71318 Mar30
5358 5334 3,007 Union Traction
50 5078Jan 5 5878 May 4
9018 0034 8,004 United Gas Impt
50 84% May13 94% Feb (3
I'll ILA DELPIIIA
Bid
interest."
Al Val E ext 78 1910 A-0
Alt &LVElee4 1-0'33.1?-A
Alultys cony 5s 1911.J-D
Atl City let Is g'19.M-N
Berg& EBrw 1st 66'21 J.J
Betide Steel (3s 1998.Q-P
Choc& 31e 1st Is 1949 J.J
Ch Ok G gen 58'19 J.J
Col St By 1st con 58 1932
ConTrac ofNJ let 68.'33
E& A 1st M 5s 1920 M-N
Elec & Pee Tr stk tr eth3
lie Il Gas-1 1st g Is 1028
Indianapolis By 48.1933
Interstate 48 1943 ..1-A
Lehigh Nav 412s '14.Q4
Bits 4s g
1911.Q-1
Gen Si 4128 g 1924.Q-1
Leh V 0 1st Is g'33..J4
Leh V eat 48 1st 1948.J-D
26 Is 1910
51.5
Consol Os 1023
.7-1)
Annuity 6s
J.J)
Gen cons 48 2003.M-14
Leh V '['ran con 45'35J-1
New Con Gas Is 1948 J-D
Newark Pass con 58 1930
NY Ph& No 1st 48'39 -74
Income 48 1939...31-N
No011ioTrat,con613'11144
Penn gen (38 1910
Var
Consol Is 1919
Var
Penn & Aid Steel eon 68.
Pa & NY Can Is '139.A-0
Con 48 1939
A.0
Penn Steel 1st68'17 51-111
People's Tr tr carts 4s'43
P Co 1st& col tr 58'49 31-5
Con& col tr 5s 105151-14
Phil Elee gold trust ars
Trust eertifs 4s
P & E gen Al 6 g'20.A.0
Gen 31 48 g 1920..A&O
112,
,
105% 106
1)3
93%
10658
8)314
551
/
4 5(3
109
100 44
10312
149
97
PHILADELPHIA
Ask
Bonds
Prices are all "and
110
074
68
100%
1024
110
98
98%
102% 103
76
7018
Ph & Read 2d 58'33.A-0
Con M 78 1911
J-D
Ex Imp M 48 g
Terminal 68 g 1941.Q-F
P W& B col tr 48'21.J-J
Portland Ry 1st 58 1930.
Koch 14y& L eon Is'54J4
Spanish-Am Ir 68'27 J4
U Trac Ind gen 58'111,34
Un Bye Tr etfs 48'49J&J
United flys Invlstcolltx
ofbs 1926
31-31
U Trao Pit gen 5s'97 J-J
Welsbach s t 58 1930.J-D
Wlks-B G& E1 con58'55J4
BALTIMORE
Inactive Stocks
Ala C0118 Coal& Iron 100
Fret
100
Atlanta & Charlotte. 100
Atlan Coast L (Conn)100
Canton Co
100
Cons Cot Duck Corp .50
Prelerred
60
Georgia Sou & Fla .100
1st pest
100
26 pref
100
G-B-S Brewing
1Q0
Bonds
.Prices are all" and
interest."
Anacostia & Pot58
Atl & Ch ext 4128 '10.J-J
Atlau(IL 11,B48195231-6
Atl Coast L(Ct)ctis 5)3.7-13
Ctfs of indebt 4s....J.J
6-20 yr 4s 1925
J-J
Balt CPass 1st58'11 3I-N
Ball Fundg 58.191651.14
Exchange 312s 1930 J-J
Balt& P lot68 mi'll A-0
B SP&0 1st-1%8'53F-A
Balt Trac 1st55.229 M.N
No Balt Div 581942 J-D
Cent'l By con5s1932 51-14
Ext& Imp 56.1932 3/..8
II Ex-rights. II $7.50 paid. 1 $121
/
2 paid.
$1312 paid. 0$35
Ask
Range lor Previous
Year(1905)
3212 Mai 43 Dec
42% Mai 46% Nov
2678 Feb 40% Dec
8% Jan 114 Dec
241
/
4 Feb 47% Dee
3% Jan 1936 Dec
1978Jan 59% Dec
9 May
41s an
368 Feb 17 Dec
78'4 Jan 97% Dee
52% Feb 76% Deo
54318 Jan 66116 Dec
34% Mai 4434 Dec
51
/
4 Feb 1238 Nov
412 12.1'm 2512 Dec
46' Feb 711118 Dec
374Jan
9'a Apr
z44L,J'ne 504 Apr
73',Jan 94% lieu
BALTIMORE
Bid
Chas CityRy 1st58'23 J-.1
Chas BTU & .E158'99 MS
Charl Ca,A 20 78'10 A-0
City& Sub lst5s..'22 J-D
120
City& Sub(Was)lst 58'48
Coal ‘3, I ity 1st 58'201-A
Col&Gruv 1st(38.1916J-J
103% 103'/
1
4 Consol Gas Os...l910 J-D
93% 9412 Is
1930 J-D
Ga & Ala 1st con 58'45J-J
(la Car &N 1st 58 g'20 J4
85:14 86
Georgia P 1st Os...'22 J-J
GaSo& Fla 1st5a1945J-J
(1-B-S Brew 3-48 195131.8
85%
102
2d income 5s 1951 31-14
Knoxy Trac 1st Is'28A-0
Lakelt El 1st gu5(1'42M-S
Macoulty&LtIst58.53J4
40
30
65
Memphis St 1st 58'45 J4'
MetSt(Wash)lst5s'251 A
225 230
Mt Ver Cot Duck list Se.
90
Npt N&O P let 58'38111-N
95
Norfolk St let 55'44..J4
6
North Cent 4188 1925 A-0
21
22
Series A 58 1026. .44
36
40
Series B 58 1926....J4
06
98
Pitt Un Trac 55 1997,74
75
80
Poto Val let Is 1941..J4
2', 3
Say Fla &West58'34 A-0
Seaboard A L 4s 1950A-0
Sean & Roan 58 19213.,7-.7
103 103% South Bound 1st 58..A.0
11E1 L&P 1st410'29
100
9618 95'78 Un By& El let 4s'49 11-5
Income 48 1949
105 107
JD
87
Funding 5s 1936...J-D
88
93
95
Va Mid 2d. ser 68'11.51-6
101 101 14
3d series 65 1916..MS
105 107
4th oer 3-4-68 1921.51-6
99
99%
5th series 58 1926.51-S
10234 103% Va (State) 38 new'32.J4
9318 95
Fund debt2-381991.J-J
109 Ill
West N 0 con 681914 J4
113 114
WesVaC&Plst6g'11 J.J
108 110
Wil & Weld 58-1935.J4
111 111%
......
a Receipts. b $26 paid. c$30 paid.
Ask
100
90
92%
103
108 110
103 1031
/
4
102% 103
109 112
101 1014
1114 11134
105 106
105% 106
Ito 115
108% [0914
45
46
14
15
101312 107
112
90% 100
108
Si
81 14
93
95
102%
106%
112
112% 114
105
1114
107
90
90%
107 108%
107 108
93
94
88
884
58
5814
8434 85%
103
105
105
107
901, 911
/
4
91
92
107 108
102 102%
/
2 114
1121
d$42la pail
660
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AN!)YEARLY.
Week ending
Sept. 10 1909.
Saturday
Monday
Tuesday
Wednesday
Thu,.-:day
Friday
Total
1
Stocks.
Shares. I Par value.
Railroad
dec.
Bonds.
State
Bonds.
U.S.
Bonds.
HOLI DAY.
HOLI
719,487 $65,317,700 $2,002,000
770,750 69,437,500
2,666,500
931,276 83,430,600
3,066,000
1,509,278 138,291,550
7,071,500
$71,500
273,500
180,000
34,000
3,930,791 $356,477.3.50 $15,706,000
$559,000
Sales at
New York Stock
Exchalge.
Week cueing Sept. 10.
1909.
1908.
Jan. 1 to Sept. 10.
1909.
1908.
Stocks-No. shares___
3,252,382
142,140,216
3,930,791
123,195,951
Par value
$336,477,350 $292,215,700 $13,035,360,325 $10,636,532,150
Bank shares, par
$7,400
$56,100
$6,700
$152,300
Bonds.
Government bonds
$2,000
$352,200
$461,620
State bonds
655,500
$559,000
27,290,200
68,527,500
RR.and misc. bonds.._
15,706,000 17,286,000
931,400,600
579,814,700
Total bonds
$16,265,0130 $17,943,500
$959,043,000
$648,803,820
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Boston.
Week ending
Sept. 10 1909.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
[VoL. Lxxxix.
THE CHRONICLE
Philadelphia.
LiVed Unlisted
shares. shares.
Bond
sales.
20,911
23,672
25,056
31,755
16,314
23,234
24,956
26,521
HOLI DAY.
HOLI DAY.
$20,000
16,782
12,000
12,218
68,400
18,974
59,000
22,693
101,394
91,02.:
$159,400
Listed
shares.
70,667
Unlisted
shares.
Bond
sales.
11,363
3,805
10,637
20,301
$55,100
22,200
35,300
73,000
46,106
2185,600
Outside Securities
MI bond prices are now "and hternst" except whcre marked "f."
Bid Ask
Street Rail wa)
16
New Y. rk City
Bleeck St & Ful stk_100 15
30
e 1st mtge 4s 1950_3-J 60 65
e B'y & 7th Ave stk__100 140 155
c 2d mtre 5s 1914_1-J /100 101
Con 5s 1943-See :_..tock Exc st
B'svay Surf 1st Is gu 1924 102 104
e Cent'l Crosst'n stk_100
1st mtge 6s 1022_M-N
05
e Cen Pk N & B Rstk_100 28
34
90
e Chr't'r & 10th St stk 100 80
Col &9th Ave 5s See Stock Eme list
DryDEB&Be 1st gold 5s 1932_3-D 95 100
c Scrip Is 1914F-A / 45
50
Eighth Avenue stock_100 250 300
e Scrip 6s 1014___F-A 05 100
e 426 Fc Gr St Imy stk_100 200 250
42d St M & St N Ave_100
e 1st mtge Cs 1910_M-S -67- 166
2d income Os 1915_J-J % 50 __
Inter-Met-See SC: Exch ..nge Ils-tLex Av esPavE Is Set Stir Exc list
Metropol St 11;--See Stk Exc list
Ninth Avenue stock_100 150 170
20
Second Avenue st,c1:_100 16
e 1st mtge 53 1900_M-N 96 100
77
Consol Is 1943____F-A 174
e Sixth Avenue stook_100 110 120
85
Sou Boulev Is 1945___J-J 60
95
So Fer 1st 5s 1919___A-0 90
Third Avenue-See Stock Exc list
80
Tarry W P & M 5s 1923 50
95
YkersStRR5s 1948 A-0 8.4
25
28th&29th Sts Is '06A-0 20
e Twenty-third St stk_100 200 250
Union Ry 1st 5s 101..F-A 99 103
75
Westchest 1st 5s '43 J-J 60
Brooklyn
Atlan Ave 5s 1900.__A-0 100 101
Con 5s g 1931
A-0 97 101
13 13 & W E 53 1933....A-0 95 100
Brooklyn City Stock_ 10 193 ,96
Con 5s-See Stk Each Inge 1st
BkInHgts 1st 5s 1941 A-0 97 102
Bkln Queens Co & Sube 1st g 5- '41 op '16_J-J 100 103
Con guar 5s-See Stock Exc list
Bklyn Rap Tran-See Stk Exc list
95
Coney Is! & Bklyn_100 80
85
75
1st cons g 4s 1948__J-J
Brk C & N 5s 1939 J-J 95 100
Gr'n't&LorSt 1st as At &N
Kings C El 4s-See Stock Cxc list
Nassau E1e3 pref
100
5s 1944
A-0 10312 108
1st 43 1951-See Stock Ex.: is
N W'bg&Flat 1st ex 4}is 90
95
Steinway 1st Cs 1022-J-J 105 108
Other Cities
Buffalo Street Ry1st consol Is 1931_F-A 10712 10812
Deb 6s 1917
A-0 107 108
Columbus (0) St Ry 100 9612 98
Preferred
100 103 106
Colum By con 5s-SeePhl 'a list
Crosst'wn 1st Is '33 J-D 103 106
78
e Conn By 83 Ltg com_100 74
e Preterree
85
100 80
. list
1st & ref 4 Ma-See Stir Ex,
Grand Rapids Ry
100 10212 105
Preferred
90
1(,0 85
e Loulsv St 55 1030_J6J 10714 1081:Lynn 80 Bos 1st 5s '24 J-D 106 107
c New Or! Rys & Lgt_100 1034 20
c Preferred
491,
100 49
Gen M g 4 Ms'35 SeeS tk Ex list
Pub Serv Corp of N J..10r 107 109
Tr ctfs 2% to 6%pense
93
94
Coll 58 g notes '09-M-IN 10018 1091:
North Jersey St Ry_100 40
1st 4s 104"
78
80
Cons Tract of N J 100 7612 77
J-D 106 10'/
1st 55 1033
Now'IrPasRy 5s '30 3-J 108 110
Bid Ask
Street Ra'lways
Pub Serv Corp N J (Con)
Rapid Tran St By,. _100 240 250
1st 5s 1921
A-0 106 _ _
J C Bob & Patersonas g 1049
M-N 7712 7834
So J Gas El&Trac_100 130 134
Gu g 51 1953
M-S 99 10014
No Hud Co By 6s'14 J-J 106 108
5s 1028
J-J 106 108
Ext 5s 1924____M-N 103
Pat City con 6s '31_J-D 120 122
al Os opt 1914A-0 100 --So Side El (Chic) See Ch Icago list
Syractve B T 5s '46 _M &S 10212 104
Trent P & H 5s 1943-1-D 95 100
United Rys ol' St LCorn vot tr ctfs
100 21l2 2214
7014
c Preferred
100 70
Gen 4s 1934-See Stock Exc list
Unititys San Fran See Stk Exc Ilst
Wash Rv & El Co..__ _100 4512 4712
Preferred
100 9114 9234
4s 1951
J-D 8712 8812
Telegraph & Te ephone
e Amer Teleg & Cable_ 100
e Central & So Amer...100
Comm'l Un Tel (NY).. 25
1.3mp & Bay State Tel..100
Franklin
100
e Gold & Stock Teleg_100
NY &NJ Teleph-See St
e Northwestern Teleg_ 50
Pacific & Atlantic
25
Southern & Atlantic
25
Bid
82
114
110
65
40
100
It Exe
108
70
90
Ask
86
117
120 •
75
45
115
list
114
78
100
Ferry Companies
88 92
B & N Y 1st 6s 1911_J-J
38
NY es E B Ferry stk_100 34
7.)
1st 5s 1922
11,1-N 60
NY&Hob 5s May '46..J-D 97 98
HobEy 1st Is 1946 M-N 10012 10712
93
NY &NJ 5s 1946_ _J-J
10th & 23d Sts Ferry_100 35
42
72
1st mtge 5s 1919 J-D 67
2912
e Union Ferry stock__100 28
99
c 1st 5s 1920
M-N 95
Short-Term Notes
Am Clg ser A as '11 M-S 9813 99
Ser B as Mch 15'12 M-S 9714 9778
Am Tel & Tel g 5s '10_J-J 10018 1001.
Atlan Coast L 5s '10_M-S 10038 1003.-i
72
Cln Ham&D4
'08_M-S / 69
9712
Col tr g 48 1913____J-J 97
C C C & St L 5s, June '11 10118 10158
_
Erie 6s, Apr 8 1911_ A-0
8 11418
Interb R T g Os 1911 M-N 1-(135EC Ry&Light 6s '12_M-S 995, 100
Lack Steel 5s g 1910_M-S 9934 10018
Lake Sh&M So 5s '10 F-A 10014 1001.
Lou & Nash g 5s '10_M-S 10038 10058
Hex Cent 5s July 1 1910 100 10012
Mich Cent 58 1910
F-A 10014 100 •
Minn & St L g 5s 'h
-A 9918 9934
N Y Cent 55 1910_ _ _ _F-A 10014 10012
Y C Lines Eqp 5s '10-27 5414% 3%
NYNH & H Is '10-'12 10012 10212
Norf 80 West Is 1910 M-N 10038 10078
Pa RR 5s Mch 15 '10 M-S 1001. 10078
Public Service Corp 5s-See St Rys
9938
St L &San Fr g Is '11 J&J 99
9,34
4 %'rog notes'12op F&A 96
South By g Is 1910_ _F-A 10018 10038
Southern By 6s 1911_M-N 10018 1001.
Tidewater 6s, 1913, guar 10218 10258
Westingh'e El&M Cs 1910 10012 10078
Railroad
Atch Top 83 Santa FeCony 4s (w 1)-See Stk Exc list
29
Chic Gt West com(w 1)100 28
Preferred (w I) _ ___100 5612 5712
Chic Peo & St L pref..100 ---- ---Deposited stock
---- --Undeposited
---Prior lien g 4 3•0'30M
stock_-&S
/
mtg
g
5s
Con
1930...J&J 47 -aIncome 5s, July 1930.. 1634 17
6
Chicago Subway
10(5
Ft W & Den Cy std_100 .
ExcKansas City Sou 5s Apr 1
list
1950 (w 0-See Stock
Nat Rys of Mexico-See S tk Ex list
North'n Securities Stubs_ 125 150
Pitts Bess & L E
3612
50 *33
Preferred
50 *68
72
eRallroad Securities Coln C stk tr cfs ser A '52 90
Seaboard Company1st preferred
100 t -gi; itiiCorn & 26 pref-See Bal
Seaboard Air LlteColl 5s ext May '11 M-S 100 10014
Union Pacific 4s-See Stk Elm list
West Pac 1st 5s '33..M-S 9812 9834
Bid Ask
Industria and Mince.
5
Consol Rubber Tire_ _100
23
19
Preferred
Debenture 4s 11).,1 A l&00
36
0 / 34
Con,Steamship Lines_ 100
23
Coll tr as 1957 rots J &J
list
Corn Prod Ref-See Stock
e Crucible Steel
14
100
c Preferred
100
Cumberland-Ely Copper.5
128
e Diamond Match Co_100
Dominion Copper
10
-1-s8
Douglas Copper
5
Econ'y Lt & P (Joliet, Ill)
98
1st M s f g 5s 1956_J-D 94
26
Electric Boat
100 20
65
Preferred
100 60
Empire Steel
100 10
Preferred
100 70 ?ieFederal Sugar of NY-See Stk E x list
eGeneral Chemical
100 03 100
e Preferred
100 100 106
Goldfield Consol Mines-10 *612 691e
*12 114
G Id Hill Copper
1
914
20 *9
Greene-Cananea
220
210
Guggenheim Explor'n 100
eHackensack Water Co
91
Ref g 4s '52 op '12 _J&J 89
55
Hall Signal Co
100 50
12
Havana Tobacco Co 100 10
26
Preferred
100 20
70
1st g 5s June 1 '22-1-D 60
Hecker-Jones-Jewell MI11
10612 10812
1st 65 1922
45
Her'g-Hall-Mar, newl_114
1
4
6-S
N
O 35
Hoboken Land&Imp_100
e 55 1910
-1/6.3-4
814 9
Houston 011
100
Preferred
100 35
Hudson Realty
100 100 110
a Ingersoll-Rand com_100 55
e Preferred
100 90
Enternat'l Bank'g Co_100 140 fit;Internat'l Her Mar-See S tk Ex list
International Nickel_ _100 110 115
Preferred
100 87 90
92
1st g 58 1932
A &O 90
International Salt_ _._ 100 1034 15
60
/
54
1st g Is 1951
A-0
712
International Silver...100
Preferred
100 OS COT
109 ttt
1st 6s 1948
Inter 'at Smelt & Refgj
i-OO
D 130
Jones & Laughlin Steel Co
1st s f g 5s 1939__M-N 10212 1027$
56
Lackawanna Steel_ _ _100 53
Lanston Monotype_ _ _ 20 *1734 18
Lawyers' Mtge Co_ _ _100 24712
.3Leh & Wilkes-B Coal 50 120
Lord & Taylor
100 100 116Preferred
100 98 103
130
eLorillard (P) pref.
40
Madison So Garden_ _100 25
80 too
M-N
2d 6s 1919
214
m
Ma
itneh
ha
et
tita
mninl
'
in
ra
gnslt..„ 20 *2
10
x,oprrtegfaegr
R Coa1 _ _ 50 *7
Monongahela
50 4,2412
1
0
.31fouu
nCibC
ao_______1
10
00 11's Iii
103 106
Nat Banerke
Nat'l Surety
_100 185
*23
34
Copper
5
Nevada Cons'd
Nev-Utah Min & Sm. 10 *158 134
eNew Central Coal_ __ 20 20 60
NY Air Brake 8s-See Stk Exc list
N Y Biscuit (Is 1911_M-S /100
a New York Dock__ _100 40 .45
e Preferred
100 82 8514
N Y Mtge & Security_100 23212
N Y Transportation
20 *4
Niles-Bem-Pond com_100 103 108
NIpissIng Mines
5 *1012 1034
312
212
1 Ontario Silver
100
60
Otis
prE
efleervra
ed
tor cons_ __ _100 18
100 10012 102
2318
Pittsburgh Brewing
50 *23
Preferred
50 *4j
1iE
Pittsburgh Coal-See Stk Exc 1.
48
PopeMfgCo com(new) 100 44
93
Preferred (new)___ _100 85
Pratt & Whitney pref_100 95 105
Realty Assoc (Bklyn)_100 135 140
Royal Bak Powd com_100 160
Preferred
100 109 iii
SeneeaAning
SaretyCtrHeat & Lt.100 129 131
25 *57
Singer Mfg Co
100 455 465
South I & S com(w 1)_100 1834 20
Preferred (w 1)...._100 5334 55
12 1
Standard Cordage__ _100
26
1st Isl g Is '31 red_ A-0 / 24
4
2
Adjust M 58 Apr 1 1931
30
Standard Coupler corn 100 20 110
100
100
Preferred
19
00 16
10
Standard Milling Co_1
58
53
Preferred
86
83
IM-N
1st 5s 1930
Standard Oil of N J-100 695 700
Swift Fe. Co-See Bost Stk Exc Ilst
1st 5s 1910-1014_ -J-J 100 10034
eTexas & Pacific Coal_ 100 90 100
s Co of N Y._ _100 155 160
nh
"Foop
ltnleIa
Min (Neva(la) 1 *634 7
5
10
Trenton Potteries corn 130
65
100 55
Preferred. new ---1
3212
Trow Directory
70
iter com100
teerr
werd
ep
Try
Unllsotn y
100 115 11,8
100 115 111
26 preferred
*5212
United Bk Note Corp- 50
*5212
Preferred
100 78 7912
dar Mfrs---1
eUp
nirtee(
teirr
Ceig
107 111
100
038 1012
rroepdper
UnpitredC
100 30
35
Preferred
100 215 220
U S Casualty
56
PreEfnervreeldope corn...-100 82
100 110 117
U
100 110
U S Finishing
100 110 115
sre
sfteererled
uP
5s.510pt1
Corporation
-1
11434 11512
Col tr s f
Col tr s f 5s '51 not opt 11434 11512
60
U S'Tit Cu & Indem--100
°Utah Copper Co-See Stk Cxc list
00
Waterbury Co corn-10
Preferred
Westchester & Bronx 1T1
00
t
155
& Mtge Guar
WestIngh'so Air Brake_50 *119
West El & Mfg 5s-SeeStk Mos Gr
White Knob Min
10
Preferred
10
Worthing Pump pref..100 106 109
Industrial and Miscel. / 9312 9412
Adams Exp g 45 1947 J-D
Ahmeek Mining
25 210 5225
Alliance Realty
100 115 120
Allis-Chalmers Co 1st mtg
S I 5s 1936-See Stock Exc list
American Book
100 150 155
American Brass
100 112 117
American Chicle com_100 222 228
Preferred
100 103 106
Am Graphophone corn 100
Preferred
9i6100 25
Amer Hardware
100 132 134
Am Malting 6s 1914.-3-D 101 104
Amer Press Assoc'n.._100 95 105
18
Am Soda Fount com_100
1st preferred
100 28 -iS2d preferred
2
6
100
Am St Found new-See S tk Ex list
6s1935
A&O 10212 106
Deb 4s 1923
7112
F&A 70
American Surety
50 210 - American Thread pref 5 *412 -5-14
Am Tobacco Co com_100 460 465
43
Amer Typerders com_100 40
Preferred
100 97 100
Amer Writing Paper_ -100
12 312
20
Preferred
100 23
17
1
8412
181 s f g 5s'19 op '09_J-J 8
AtiGf&WIndSSLines.100
Preferred
100 2312 2912
72
Col tr g 5s 1959
J-J / 70
41
Barney & Smith Car 100 30
Preferred
100 100
Bethl'm Steel Corp-See S tk Ex ILIBliss Company coin- 50 118 123
Preferred
50 125 130
Bond & Mtge Guar_ _100 270 27712
Borden's Cond Milk_ 100 10
17
7 10
29
3
Preferred
100
British Col Copper_
5
638
18 243132
Butte Coalition Mining 15 44
212 4
Casein Co of Am com_100
Preferred
100
55
5 16
45
0
Casualty Co of Amer_ 100 12
Celluloid Co
100 128 132
Cent Fireworks corn-100 60
79
0
7
Preferred
100
2
3
100
Central Foundry
Preferred
100 10
15
72
Deb 6s 1919 op'01_M-N 68
Chesebrough Mfg Co 100 520 570
100 60
70
City Investing Co
Prefeaed
100 07 102
100 102 -eClallin (H 13) com
(ile-tric Com oanies
95
100 90
elst preferred
Chicago Edis )n Co-See C aleag o list
100 90 ---e2d preferred
c Kings Co El L&P Co 100 128 130
Narraan(Prov) El Co_50 *9112 93 Col & Hock Coal&I p1100 78
95
1st g 5s 1017
J-J 90
95
NY& El L&PowCo_100 33 38
100 70
Col tr 65 Oct 1956 _J-3 98 104
Preferred
73
100 70
30
United Ele;c of N J
75 Consol Car Heating_ 100 25
J-D 7512 7612 Cons By Lgt&Refrig_100
1st g 48 1949
• Per share. a EX-rIghtl. S Basis. c Sells on Stk. Ex., but not very active. f Flat price, a Nona. s Sa.e price. r Ex-div. y Ex-rights. z New stock. „
Gas Scald res
New York
Cent Un Gas Is .'27_ _J-J 10214 10312
Con Gas (N Y)-Sce Stk Exc list
e Mutual Gas
100 146
New Amsterdam Gas1st consol Is 1948 J-J 101 10212
NY ecERGa,1st 5s '44 J-J 104 105
Consol Is 1945
J-J 97 100
N Y & Richmond Gas 100 40
45
Nor Un 1st 5s 1927_2.1-N / 9812 100
Standard Gas com 100
70
e Preferred
100 n75 90
1st 5s 1930
hl-N 102 106
Other Cities
Am Gas & Mee com__ 50 *45
47
48
Preferred
50 *43
Amer Light & Tract 100 231 240
Prererred
100 105 107
Bay State Gas
50
118 114
Bingh't'n (NY) Gas Wks
99
1st g 5s 1938
A &O 95
Brooklyn Un Gas-SeeStk Exc list
512 7
Buffalo City Gas stk__100
1st 5s 1947-See Stock Exc list
93
Con Gas of N 5s '36_J-3 89
Consumers' L H & Pow5s 1938_
J-D 106
Denver Gas & Elec__ _100 136 140
Gen „r• 5s 1949 op_M-N 951. 9612
(slIzabeth Gas Lt Co_ _100 276 Essex & Hudson Gas_100 132 135
Gas Fc El Bergen Co 100 74
76
Gr Rap 1st 5s '15_F-A 96 10)
Hudson Co Gas
100 132 134
32
Indiana Lighting Co .100 2i
48 1958 op
F-A 63 72
Indianapolis Gas
50 25
40
A-0 M) 00
1st g 5s 1952
Jackson Gas Is g' 37_A-0 95
e Laclede Gas
100 104
_100 96
118
e Preferred
A-0 103 108
6s
Madison Gas ..----Newark Gas 6s 1944 Q-J 131 133
Newark Consol Gas.-100 9934 10012
c Con g 5s 1948
J-D
10838
No Hudson L H & PowA&O 106
Is 1938
5212
Pacific Gas & E,com-100 81
100 8712 89
Preferred
Pat & Pas Gas&Elec_100 90 95
c Con g 5s 1949___M-S 102 104
St Joseph Gas Is 1937-J-J 03 97
-a-
661
THE CHRONICLE
SEPT. 11 1909.j
bluesturent and iaafiroad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
tan 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.
ROADS.
Latest Gross Earnings.
luly 1 to Latest Date.
Previous
Current Previous Current
Year.
Year.
'ear.
Year.
$
$
S
$
Week or
Mouth.
Ala N 0 & Tex Pa;
424,150
N 0 & N East._ r August ___
503,856
263,041 212,044
230,991
252,276
Ala & Vicksb__ r August ___
130,944 113,380
214,568
216,648
Vicks Shr & Pacr August __
110,350 106,268
4,130
4,795
4,130
Ala Tenn & North_ July
4,795
k Atch Top & S Fe_ July
7,730,596 6,985,401 7,730,596 6,985,401
280,889
371,194
AtiaMP, firm &
44,871
4th wk Aug
58,682
Atlantic Coast Lir., July
1,863,040 1,742,338 1,863,040 1,742,338
6,950,872 6,149,557 6,950,872 6,149,557
Baltimore & Ohio_ _ July
181,335
219,043
Bangor & Aroostook July
219,043 181,335
4,953
4,189
4,953
4,189
Bellefonte Central_ _ July
1,722,366 3,275,122 3,722,366 3,275,122
Boston & Maine__ _r July
52,999
48,511
6,265
4,600
Bridgeton & Saco R June
Bull Itoch & Pitts__ 1st wk Sept 182,524 152,711 1,814,823 1,444,233
170,133
202,006
202,006 170,133
Buffalo &
July
Canadian Northern_ 4th wk Aug 253,600 .242,900 1,650,600 1,475,900
Canadian Pacific_ _ _ 4th wk Aug 2,384,000 2,008,000 14,202,030 12,546,881
Central of Georgia_ _ 4th wk Aug 264,700 251,10,, 1,730,038 1,743,562
2,196,010 2,156,72.- 2,196,01C 2,156,724
Central of New Jc:•% July
288,491
326,984
326,984 288,491
Central Vermont..-r July •
1,612
14,586
9,504
1,640
Chattanooga South. 2d wk Aug
Chesapeake & Ohio_ 4t:t wk Aug 878,137 710,125 5,035,017 4,388,036
3,392
54,946
62,552
• 3.033
Chesterfield & Lane J ..:ue
Chicago & Alton fly 4th wit Aug 331,804 341,273 2,309,207 2,208,012
6,825,880 6,271,163 6,825,880 6,271,163
C:lic Burl & Quincyr July
Chicago Great west_ 4th wk Aug 262,415 273,422 1,374,793 1,303,277
929,555
4th wk Aug 170,464 154,600 1,017,122
Chic Ind & Lou
chic Ind &Southe• - . New York Can ital.
4,984635 4,391,265 59,897,463 56,932,620
Chic Mliw & St Pan] June
5,896,270 5,215,185 5,896,270 5,215,185
Chic & Nor West-r July
1,123,975 998,487 1,123,975
998,487
c_lic St P M & 0_ _r July
77,523 1,000,133 1,009,436
97,186
Chic Term TransitR %fay
642,428 660,757 7,897,048 8.011,484
CM Ham & Day..r June
Cley Cin Chic &
L -See New York Cen tral.
193,348
200,071 193,348
200,071
Colorado Midland -r filly
Fe Colorado & South. Alt wk Aug 440,570 424,641 2,536,732 2,510,253
17,244
17,244
19,723
19,723
Colum Newb & Lau July
74,919
768,021
807,322
78,526
June
Copper Rann
4,820
12,873
4,820
12,873
July
Cornwall
329,913
308,104
22,067
29,027
Cornwall & Leban_r June
153,786
162,429
162,429 153,786
July
Cuba Railroad
1,586,138 1,486,028 1.586,138 1,486,028
Delaware & Hud_ July
3,168,226 2,859,240 3,168,226 2,859,240
Del Lack & West..r July
Deny & Rio Grande 4th wk Aug 651,600 572,300 4,012,616 3,407,524
175.107
21,323
225,650
31,350
Denver N W & Pew_ 4th wk Aug
267,845
45,608
55,082
250,390
Det Tol & Iront Sys 4th wk Aug
318,562
60,011
57,882
320,048
4th wk Aug
Ann Arbor
203,504
32,463
207,454
29,468
Detroit & Mackinac 4th wk Aug
981,980
1,354,306 081,989 1,354,306
Dul & Iron Range-r July
460,888
90,002
73,345
593,610
Dui Sou Sh & Atian. 4th wk Aug
550,277
606,234 550,277
606,234
El Paso & S W----1 July
July
3,991,849 3,871,553 3,991,849 3,871,553
Erie
Evansville & Tcrrc Haute-See Rock Is And Syst ern.
1,564
1,784
1,784
1,564
Fairchild de Nor E. July
78.250
85,207
85,207
78,250
Fonda Johns & Glov July
218,074
201,693 218,074
201,693
Geo:gin. Railroad _ _ July
Ceor ;.•ia South & I a -Se.: Sout hero Ant way.
Grand Trunk Syst_ _ lth wk Aug 1,321,529 1,112,026 7,370,593 6,803,892
826,564
863,326
Gr Trunk West_ _ Id wk Aug 130,763 117,516
251,653
266,691
42,098
33,822
Det Gr Hay & Mil Id wIc Aug
45,307
315,216
279,375
44,168
Canada Atlantic_ d wk Aug
5,419,302 4,460,472 10,734,240 8,910,005
Great Northern Syst August
140,390 126,912 1,873,196 2,066,878
Gulf & Ship Island_ June
530,521
531,266 530,521
531,266
July
Hocking Valley_
5,058,571 1,662,619 9,627,915 8,915,876
Illinois Central_ _ _ _ lugust
Internat & Gt Nor_ ,th wk Aug 222,000 222,000 1,152,000 1,083,000
a Interoceanic Mex_ th wk Aug 166,668 162,070 1,094,690 1,058,307
497,388
th wk Aug
79,744
507,573
91,883
Iowa Central
201,907
213,994
213,994 201,907
Kanawha & Mich_ _ July
666,028
744,334
666,028 744,334
Kansas City South_ ,uly
135,341
35,004
251,250
18,500
K C Mex & Orient_ 1d wk Aug
Lake Erie & West'n - lee New York Ce, tral.
July
2,754,39- 2,526,451 2,754,398 2,526,451
Lehigh Valley
36,822
35,851
35,852
36,822
Lexington & East_ _ July
/nc.11 7,617
Inc.11 7,617
July
Long Island
98,382
106,091
106,091
98,382
Louisiana Fe Arkan_ July
992,652
84,215
75 066 1,023,737
Loulsv Hend & St L June
Louisville do Nashv_ Ith wit Aug 1,277,505 1,151,536 7,818,647 7,330,098
11,184
11,184
11,387
11,387
Macon Fe Birming'm July
793,835 722,309
793,835
722,301
Maine Central ____r July
3,193
7,408
.
3,193
7,408
July
Manistique
31,693
20,529
31,693
29,529
Maryland So Penn.. July
193,623 191,806 1,191,535 1,151,503
a Mexican Internat. 4th wk Atn
998,200
a Mexican Railway_ 3d wit Aug 136,000 128,700 1,117,500
176,213
23,534
179,497
25,258
a Mexican Southern 1d wk Aug
.iCri NCN 7 irk Centr
Mich -an Centra,
144,264
22,340
147,680
Aug
22,003
wk
4th
Mineral Range
653,797
731,513
Minneap & St Louis 4th wit Aug 135,656 122,363
Minn St P & S S M. 4th wk Aug 328,116 350,266 2,064,914 1,922,138
Chicago Division_ 4th wk Aug 224,950 200,208 1,432,066 1,292,802
1,913,863 1,868,267 1,913,863 1.868,267
Missouri Kan & Tex July
Mo Pac & Iron Mt
Central Branch_ 4th wk Aur 1,629,000 1,373,000 8,617,109 7,529,274
213,241
26,707
24.857
231,529
b Mobile Jack & K I. Wk Sept 4
880,291
910,984 880,299
910,984
Nashv Chat & St L. July
a Nat Rys of Mexico 4th wit Aug 1,118,495 1,118,301 7,706,795 7,384,821
69,513
13,743
12,462
88,453
Nevada-Cal-Oregon 4th wk Aug
-,
ono
a
75,472
Nevada Central_ _ _
**OK
A
Per
Cs
*
I.alest Gross Ecrn:nis.
ROADS.
Week or
Month.
Current
Year.
Prmous
Year.
July 1 to Ltt:es, Date
Curren:
Year.
Previous
Year.
July
eNYCSe Hud
7.955,195 7,093,798 7,955,195 7,093,798
Lake Shore & M S July
3,938,349 3.264,389 3,938,349 3,264,389
nLake Erie &West July
390,676 390,408
390,408
390,676
Chic Ind & South July
268,229 191,869
191.869
268,229
Michigan Central. :uly
2,266,662 1,941.18.8. 2,266,662 1,941,188
uly
2,297.704 2,088.956 2,297,704 2,088,956
Cleve CC & St L
Peoria & Eastern uly
239,794 216,887
216,887
239.794
88,331
Cincinnati North 'uly
82,102
82,195
88,331
1,449,479 995,731 1,449,479
Pitts & Lake Erie iuly
995,731
280,507 246,410
July
Rutland
246,410
280,507
833,807 692,741
N Y Chic Se St L July
692,741
833,807
20008733 17204572 20,008,733 17,204,572
July
Total all lines_
861,086 822,907
N V Ont & Western luly
822.907
861.086
5.070,15^
July
4,401,823 5,070,154 4,401,823
NYNH& Hart_ _r
261.670 261.322 3,026,080 3,038,755
N V Susq & West_ Xlay
216,46i. 183,913
216,468
Norfolk & South_ _r
183,913
2,581,300 2,369,825 2,581,300 2,369,825
Norfolk & Western_ uly
975,31, 869,115
975,315
Northern Central _ fuly
869,115
6,697,97: 5,679,525 6,697,974 5,679,525
Northern Pacific..r ;My
734,58: 579,988
734,56
Pacific Coast Co..
579,988
4,406,417 3,590,020 4,400,417 3,590,020
Pennsylvania Co.._r July
12915765 11282065 12.915,765 11,282,065
d Penn-E of P &E July
Inc.1,05 5,200
Inc.1,05 5,200
d West of P & E July
1,215,396 1,057,216 1,245.396 1,057,216
Pere Marquette__ _r July
1,517,878 1,428,678 1,517.878 1,428,678
Phila. Bait & Wash July
•,439,388 2,227,"1: 2,439,388 2,227,904
Pitts Cin Chic& StL July
9,7.!
11.488
11,488
9,703
Raleigh & Southp't July
Reading Company_
3,092,399 2,917,471 3,092,399 2,917,471
Phlia & Reading_ July
1,597,095 1,954,763 1,597,095 1,954,763
Coal & Iron Co_ July
4,689.494 4,872,234 4,689,494 4,872,234
Total both cos_
July
193,952 178,060 2,026,325 2,003,114
Rich Freds & Pot
June
881,489
811.697
84,049
62,187
June
Rio Grande June_
99,767
18,070
103,880
18,854
4th wk Aug
Rio Grande South
5,416,601 4,679,107 5,416,601 4.679.107
Rock Island System July
3,305,369 2,850,653 3,305,369 2,850,053
St L & San Fran_ July
774,764
853,129
Chic & East Ill
853,129 774,764
July
191,253
Evansv & Ter H July
191.253 185,701
185,709
Total of all lines_ July
9,766,354 8,490,231 9.766,354 8,490,235
St Jos & Grand Isl. July
124,784
141,754
141,754 124,784
St Louis Southwest_ 9th wk Aug 278,538 267,488 .1,638,182 1 584,206
San Pad LA & S L-r July
523,252
749,083 523,252
749,083
1,269,965 1,186,353 1,269,065 1,186,353
Seaboard Air Line_ July
942,870
Atlanta & firm.. June
868,893
69,20e
68,462
124,011
9,81(
153,539
7,819
Florida West Sh_ June
104,327
Southern Indiana_r July
102,433
104,327 102,433
c Southern Pac Co_ July
10814569 9,720.405 10,814,569 9,720,405
Southern Railway_ - 4th wk Aug 1.458,531 1,314,008 8,834,892 8,117,114
Mobile & Ohio.... 4th wk Aug 302,541 250,560 1,623,132 1,466,283
CmN 0 & Tex P. 4th wk Aug 211,397 237,894 1,321.965 1,299,869
Ala Great South_ 4th wk Auz 105,722
583,701
597,926
99,726
33321.
46,213
60,347
Georgia So & Fla. 4th wk Aug
286,583
129,160
17,362
18,511
Texas Central
135,004
3d wk Aug
Texas de Pacific.... 4th wk Aug 406,142 368,954 2,151,207 2,037,927
5,956
6,517
6,517
5,956
Tidewater & West_r July
328,373 438,553
Toledo & Ohio Cer.' July
438,553
328,373
/93,456
37,465
187,030
Toledo Peor & West 4th wk AWE
38,434
634,449
Toledo St L & West. 4th wk Aug
615,263
86,189
88,25C
July
6,404
4,591
6,404
Tombigbee Valley
4,591
Union Pacific Syst_ July
7,534,854 5,749.684 7,534,854 6,749,684
Vandalia
July
704,926
721,916
721,916 704,926
92,573
Virginia & Sou West July
102,116
102,11e
92,573
Wabash
1st wk Sep: 589,481
528,824 5,421,676 4,983,781
Western Maryland .r June
496,44. 429,331 1,052,696 5,648.278
West Jars & Seash_ July
696,181
762,581
752,581 696.181
527,212
Wheeling &L E_ -r July
590,565 527,212
590,565
White Riv(Vt)2 wks end Aug 14
1.311
911
15,843
15,86
15.86/
15,84:
Wrightsville & Tenn July
Yazoo & Miss Vail_ August
715,72:: 637,648 1,371,540 1,222,199
Previous
Year.
--$33,494
$33,441
July 31
July 31 10,810,814 10,303,491
July 31
35,254
24,458
Aug 21 4,838,400 4,940,100
815,261
868,938
Aug 21
July 31 50,528.065 45,404,394
July 31 24,183,457 21,090,979
July 31 2,558,018 2,346,525
July 31 1,694,912 1,477,274
July 31 14,857,031 13,272,097
July 31 14,805,726 12,939,681
July 31 1,576,145 1,480,911
July 31
478,109
612,961
July 31 7,232,121 5.083,446
July 31 1,650,562 1,479,901
July 31 5,505,280 5,201,760
July 31 125205184 110255077
July 31 6,686,409 6,300,409
July 31 83,058,714 75,305,214
inc.5,85 6,300
July 31
July 31 9,983,089 9,168,789
July 31 16,031,147 14,452,447
415,095
June 30
497,880
Aug 31 8,769,374 8,035,486
July 31 3.161,033 2,968,533
Period.
Various Fiscal Years.
Jan 1
Bellefonte Central
Jan 1
1 Delaware & Hudson
Jan 1
Manistique
Jan 1
a Mexican Railway
Jan 1
a Mexican Southern
e N Y Central & Hudson River_ Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
n Lake Erie & Western
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Cleve Cin Chicago & St Louis Ian 1
Jan 1
Peoria & Eastern
fan 1
Cincinnati Northern
Tan 1
Pittsburgh & Lake Erie
Rutland
Jan 1
New York Chicago & St Louis fan 1
Total all lines
Jan 1
Northern Central
Jan 1
d Penn-East of Pittsb & Erie
Jan 1
d West ot Pittsburgh & Erie.. Jan 1
PhIla Baltimore & Washington_ Jan 1
Pitts Cin Chicago & St Louis_ _.. Jan 1
1110 Gran lc Junction
Dec 1
Texas & 2acilic
Jan 1
West Jersey de Seashore
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Cuent Year Prey's Year
S
week June (45 roads) ____ 14,425,835 13,390,131
9,517,546
week July (40 roads)
10,347,605
week July (44 roads) _ _ _ 10,447,146 10,052,818
week July (44 roads).... 10,795,980 10,228,187
week July (49 roads)___ _ 16,580,173 15,075,834
week Aug (44 roads)- _ 11,311,290 10,235,361
11,565,764 10,600,774
week Aug (46 roads)-week Aug (33 roads).... 10,920,086 0,931,209
week Aug (47 roa(ls)--__ 11,780,990 10,745,592
16.740,145 15,107,527
week Aug (44 roads).Wently Summaries.
4th
1st
2d
3d
4th
1st
2d
3d
3d
4th
Inc. or Dec.
+1,035,704 7.73
+830,059 8.72
+394,328 3.92
+567,793 5.55
+1,504,339 9.98
+1.075,929 10.51
+964,990 9.10
+988,877 9.96
+1,035,398 9.83
+1,632,618 10.84
7uent
Year Prey's Year Inc. or Dec.
- --S
Month Nov 1908 (804 roads). 210,971.123 218,067,731 -7,996,608 3.65
Month Dec 1908 (798 roads). 205,216,47.1 193,791,645 +11,424.836 5.90
Month Jan 190.)(780 roads). 182,347,842 172,275,916 +10,071,896 5.84
Month Feb 1009 (792 roads). 173.867.203 159,982,896 +13,884,31( 8.68
Month Mch 191;)(715 roads). 202,167,925 180,889„95 +21,278,330 11.78
Month April 190) (815 roads). 191,119,035 169,912,827 +21,206,208 12.48
Month May 1909 (849 roads). 201,143,840 174,105,001 4-27.038,839 15.47
Month June 1909 (729 roads) 189,563,318 164,794,786 +24,768,532 15.03
Month July 1909( 52 roads)- 53,904,004 49,721,071 + 4,182,933 8.42
Month Aug 1909( 49 roads). 57.953,811 51,851,211 +6.102,600 11.77
Monthly Summaries.
a Mexican currency. b Includes earnings of Gulf & Chicago Division. c Includes the Houston & Texas Central and its subsidiary lines in both years;
d Covers lines dlrectly operated. e Includes the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York fly., the latter ol
which, being a Canadian road, does not make returns to the Inter-State Commerce CommIssion. I Includes Evansville & Indiana RR. h Includes
earnings of Colorado & Southern, Fort Worth Se Denver City and all affiliated lines, excepting Trinity & Brazos Valley RR. k Includes In both years
earnings of Denver Enid Fe Gulf RR., Pecos Valley System and Santa Fe Prescott & Phoenix Ry. 1 These figures do not Include receipts from sale of
coal
n Includes the Northern Ohio RR. o Figures here are on the old basLa of accounting-not the new or Inter-State Commerce Commission method
r These figures are on the new basis prescribed by the Inter-State Commerce Commission.
662
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week ,of. August. The table covers 44 roads and shows
10.84% increase in the aggregate over the same week last
year.
Fourth Week of August.
1909.
SouthernTr
Alabama Great
105,722
Atlanta Birm & Atlantic
58,682
Buffalo Rochester & Pittsburgh
272,162
Canadian Northern
253,600
Canadian Pacific
2,384,000
Central of Georgia
264,700
Chesapeake & Ohio
878,137
Chicago & Alton
331,804
Chicago Great Western
262,415
Chicago Indianapolis & Louisv_
170,464
Cincinnati New On & Texas Pac
211,397
Colorado & Southern
440,570
Denver & Rio Grande
651,600
Denver Northwestern & Pacific
31,350
Detroit & Mackinac
32,463
Detroit Toledo & Ironton
45,608
Ann Arbor
60,011
•
Duluth South Shore Fc Atlantic
90,002
Georgia Southern & Florida_ _ _ _
60,347
Grand Trunk of Canada,.
1
Grand Trunk Western_
1,321,529
Detroit Grand Haven &Mll
Canada Atlantic
222,000
International & Great Northern
166,668
Interoceanic of Mexico
79,744
Iowa Central
1,277,505
Louisville & Nashville
193,623
Mexican International
22,349
Mineral Range_
135,656
Minneapolis & St Louis
328,116
Minneapolis St Paul & S S M
224,950
Chicago Division
Missouri Pacific & Iron Mtn_ _ _I
5 1,629,000
Central Branch
302,545
Mobile & Ohio
1,118,495
National Railways of Mexico
13,743
Nevada-California-Oregon
18,854
Rio Grande Southern
278,538
St Louis Southwestern
1,458,531
Southern Railway
406,142
Texas & Pacific
37,465
Toledo Peoria 86 Western
86,189
Toledo St Louis & Western_
813,469
Wabash
•
[VoL. Lxxxxx.
TIIE CHRONICLE
1908.
Increase. Decrease.
$
99,729
44,871
205,790
242,900
2,008,000
251,100
710,125
341,273
273,422
154,600
237,894
424,641
572,300
21,323
29,468
55,082
57,882
73,345
46,213
$
5,993
13,811
66,372
10,700
376,000
13,600
168,012
1,112,026
209,503
222,000
162,070
91,883
1,151,536
191,896
22,093
• 122,363
350,266
209,208
8
9,469
11,007
15,864
26,497
15,929
79,300
10,027
2,995
9,474
2,129
16,657
14,134
Roads.
Little Falls & Dolgeville3,382
Apr 1 to June 30
7,213
Jan 1 to June 30
12,676
July 1 to June 30
23,508
Lousiana & Arkansas_ _July
3,578
Nevada-Cal-Oregon _ _ _ _July
Hudson
RivCentral
&
NY
5,370,778
Apr 1 to June 30
New York & Ottawa16,235
Apr 1 to June 30
19,081
Rio Grande Southern_ _ _July
St Lawrence Fc Adirondack53,235
Apr 1 to June 30
97,765
Jan 1 to June 30
46,846
July
Tot & Ohio Central
2,944
5,744
13,060
21,101
4,046
x4,096
x7,590
x15.594
x24,208
x23,050
zdef703
x2,842
x9,953
x13,130
x13,674
5,224,795 V3,602,631 p1,974,815
15,769 xdef10,751
18,848 xdef1,958
rdef4,885
x8,840
42,666 tdef14,095
75,168
14,131
40,385
x55,165
18,039
152,056
x142,113
I After allowing for other Income and taxes.
x After allowing for other income received.
V After allowing for taxes net revenue from outside
other income.
operations and
for
STREET RAILWAY AND TRACTION COMPANIES.
Name of
Road.
4,598
-Int., Rentals, &x.- -Bal. of Net E'n0s.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Jan. 1 to latest date.
Latest Gross Earnings.
--Current Previous Current
Week or
Previous
Year.
Year.
Year.
Year.
Month.
American Rys Co_ _ _ August.__ _ 284,487 272,679 1,946,189 1,869.160
845,567
167.614 148,748
cAur Elgin & Chic By July
766,633
196,373
178,242
34,910 31,052
Binghamton St Ry__ July
183,186 170,261 1,276,482 1,232,307
Birm By Lt & Power July
42,579
10,643
38,980
12,088
Brockton & Ply St By May
70,085
63,944
10,429
11,445
July
22,150 Camaguey Co
126,383
136,880
21,872 21,334
Cape Breton Elec Co July
15,742
431,737
403,414
73,630 68,273
Central Penn Trac_ _ _ July
441,603
442,968
71,112 68,988
Charlest Con Ry G&E July
1,373,000 256,000
1055,260 902,482 4,855,011
Chicago Railways Co May
250,560
51,985
164,120
174,456
38,026 34,176
Clove Painesv & East July
1,118,301
194
633,772
725,784
103,340 101,397
Dallas Electric Corp July
12,462
1,281
Detroit United Ry__ 3d wk Aug 168,017 143,204 4,880,255 4,362,576
18,070
784
544,149
493.418
91,658 81,568
Duluth Street Ry___ July
267,488
11,050
170,250 165,451 1,127,466 1,143,447
East St Louis & Sub_ July
1,314,008 144,523
July
329,927
301,292
46,362 40,821
368,954
El Paso Electric
37,188
39,899 35,462
231,048
210,081
38,434
969 Fair & Clarksb Tr Co July
88,250
2,061 Ft Wayne & Wabash
115,981 110,034
615,201
Valley Traction Co June
648,655
772,701
40,768
Galv-Hous Elec Co__ July
682,473
109,747 93,372
599,156
578,558
98,749 89,716
527,381
16,740,145 15,107,527 1,726,384
Total (44 roads)
93,766 Grand Rapids By Co July
Havana Electric By.. Wk Sept 5 42,430 37,600 1,394,553 1,300,122
Net increase (10.84%)
1,632,618
Honolulu Rapid Tran
232,209
219,613
34,525 36,037
July
ec Land Co
180,768
147,013
30,652 26,300
Houghton Co Trac Co July
362,729 342,273 2,416,947 2,255,790
Net Earnings Monhly to Latest Dates.-The table fol- Illinois Traction Co__ July
273,429
246,192
39,299 35,559
Elec Co_ July
lowing shows the gross and net earnings of STEAM railroad Jacksonville
135,215
30,148
126,153
33,247
Kansas City-Western May
595,861
563,462
121,185 110,428
Lake Shore Elec Ry_ July
reported this week:
266,513
269,048
51,373 54,143
Lax & Inter Rys Co.._ June
-Gross Earnings
--Net karnings- Milw Elec By F6 Lt Co July
356,906 333,274 2,372,759 2,193,781
Current
Previous
Current
Previous
499,314
461,003
113,336 100,532
Milw Lt Ht & Trac Co July
Year.
Year.
Year.
Roads.
Year.
Montreal Street Ry__ Wk Sept 4 75,062 74,119 2,590,387 2,456,876
967,301
882,280
Nashville By & Light July
140,887 127,937
227,012 200,392 1,200,954 1,038,136
2,409
Alabama Tenn &North _July
4,795
4,130
2,116 North Ohio Tr & Lt... July
695,868
589,856
109,212 98,983
Texas Elec Co.. July
Atl Birm & Atlantic_ b_ _July
182,662
141,788
22,159
42,536 North
162,424 155,484 1,354,212 1,249,933
Northwestern Elec__ August
Central New England-b
923,527 d875,620
164,511 d164,527
Norf & Portsm Tr Co June
232,563
525,929
Apr 1 to June 30
678,934
144,044 Oklahoma City Ry__ July
228,194
148,384
41,468 26,781
462,706
962,195
Jan 1 to June 30
1,270,532
203,944 Paducah Tr & Lt Co_ July
127,799
131,503
19,152 18,776
19,630
140,196
116,397
23,461
Pensacola
Electric
Co
July
948,932
July 2,196,010 2,156,724
Central of N J-b.
935,263
424,815 384,170 2,697,593 2,482,966
(Or)RyL&PCo July
3359,594 5485,990 Portl'd
July 1,089,688 1,057,036
Chicago & Alton..a
Rio de Janeiro Tram
July 162,429
49,017
Cuba RR
153,786
655,665 614,089 4,291,544 3,954,004
July
63,464
Light & Power_
St Joseph (Mo) By Lt
Grand Trunk of Canada90,524 83,444
634,532
577,251
Heat & Power Co_ August
710,509
Grand Trunk Railway.July 2,720,483 2,520,470
708,076
194,402 178,905 1,382,572 1,321,373
Grand Trunk Western July 470,591
468,644
120,203
72,025 Sao Paulo Tr Lt & P_ July
50,006
June
52,134
292,552
Co
282,394
Electric
Savannah
150,375
Det Gr Hay Fc Mllw _ _July
148,915
27,009
46,718
592,586 366,481 3,197,360 2,534,443
July
July 149,401
116,796 def10,220
Canada Atlantic
20,926 Seattle Electric Co_
15,512
15,404
92,883
88,994
Sou Wisconsin By Co July
213,994
201,907
Kanawha & Michigan__ _July
73,160
58,207 Tampa Electric Co.._ July
317,150
340,677
47,172 45,192
35,852
36,821
Lexington & Eastern_ b_July
8,908
226,564 199,237 1,528,054 1,429,612
10,186 Toledo Rys & Light.. July
77,430 68,596 2,399,205 2,203,072
Toronto Railway_ _ _ _ Wk Aug 28
Little Falls & Dolgeville-b
14,062
Apr 1 to June 30
7,255
18,274
2,144 Twin City Rap Tran_ 4th wk Aug 203,932 199,014 4,524,372 4,176,457
26,343
33,969
14,225
Jan 1 to June 30
7,942 Underground El By
of London63,461
July 1 to June 30
27,331
68,556
21,766
29,875 1430,200 £390,685
Three tube lines._ _ Wk Aug 28 £10,500
Louisiana & Arkansas_ b_July 106,091
98,382
40,012
26,976
18,353 £333,702 1303,160
18,569
Metropolitan Dist_ Wk Aug 28
United Tramways.. Wk Aug 28 0,882 £6,595 £209,783 £230,464
Missouri Pacific_ b
July 4,008,199 3,621,274 1,002,020 1,180,101
948,240 898,210 6,339.810 6,061,765
United Rys of St L.._ July
Nevada-Cal-Oregon_ b July
32,142
25,779
43,828
16,733 United
621,753 568,759 4,190,657 3,910,212
RRs of San Fr July
956,396
179,625 174,858 1,014,195
N. Y. Central & Hudson Riv-b
Virginia By & Pow Co June
202,372
Apr 1 to June 30
29,123
223,513
22,273,933 19,708,471 7,287,919 5,337,298 Whatcom Co By & Lt July
34,484
xNY N H & Hart _b_ _ __July 5,070,154 4,401,823 2,019,198 1,494,912
New York & Ottawa-b
C These figures are for consolidated company. d Includes earnings of
Apr 1 to June 30
43,893
40,238
5,274
10,477 the Norfolk County Ferries.
Northern Pacific_ b
July6,697,979 5,679,525 2,075,088 2,576,437
Street Railway Net Earnings.-The following table gives
July 737,582
Pacific Coast
579,988
196,617
65,237
45,123
51,309
Rio Grande Southern_ b_July
12,859
23,468 the returns of STREET railway gross and net earnings
St Lawrence & Adirondack-b
reported this week. A full detailed statement, including all
131,690
Apr 1 to June 30
119,424
40,026 1;]. 51,854 roads from which monthly returns can be obtained, is given
June
30
241,879
Jan 1 to
263,646
103,913
129,665
these columns, and the latet statement of
798,792
777,106 ' 208,794
St. Louis Southwest_a_ _July
140,924 once a month in
this kind will be found in the issue of Aug. 28 1909. The
Southern Railway633,181
One N 0 & Tex Pac..b July 662,013
239,028
208,252 next will appear in the issue of Sept. 25 1909.
279,875
Alabama Gt South_ b_July
293,623
71,344
80,857
--Net Earnings--Gross Earnings
169,501
Georgia South & Fla b July
139,961
39,985
31,188
Previous
Current
Current
Previous
328,373
Toledo ‘Se Ohio Central a July
438,553
89,894
177,211
Year.
Year.
Year.
year.
293,814
Tol St L & Western_a_ _July 304,202
p99,3•22
$
$
p93,503
Roads.
$
Wabash
662,852
July 2,238,365 2,077,977
31,052
34,910
11,360
17,568
627,492 Binghamton Street Ry_ _July
196,373
178,242
71,758
83,391
Jan 1 to July 31
a Net earnings here given are after deducting taxes.
Black River Tract Co-bb Net earnings here given are before deducting taxes.
18,665
18,911
159
2,004
Apr
1
to
June
30
income
was
For
July
to
$14,481,
p
miscellaneous charges
against 816,678
8,238
17,717
Carolina Power & Lt CoaJuly
in 1908.
108,623
44,830
Jan
1
to
July
31
s After allowing for miscellaneous charges to income for the month of
170,250
77,879
77,829
165,451
East St Louis 4!,c Sub_ b_ _July
July 1909 total net earnings were 8323,925. against 458,457 last year.
1,127,466 1,143,447
487,739
540,474
Jan 1 to July 31
x These figures are on the basis of accounting prescribed by the Inter98,749
55,202
49.886
89,716
Grand Rapids By Co_b_July
State Commerce Commission.
578,558
301,252
527,381
252,562
Jan 1 to July 31
90,524
46,357
Ht&PbAug
83,444
43,474
(Mo)
Jos
Ry
Lt
St
Interest Charges and Surplus.
634,532
300,801
577,251
274.368
Jan 1 to Aug 31
Underground Elec By of London-Int., Rentals, ea.- -Bal. of Net E'ngs.- £54,494
128,334
£48,774
District_July
£20,877
Metropolitan
Previous
Current
Current
Previous
3:15.105
18,126
1.13,800
16,919
Baker St & Waterlco_July
Year.
Year.
Roads.
Year.
Year.
£14,367
£24,095
£11,809
125,899
Gt Nor Plc & Bromp_July
£8,056
£15,048
15,406
117,092
Char Cr Ruston & H...fuly
Central New England131,122
£34,689
£11,075
£15,152
London United Tram _July
Apr,,1 to June 30
110,948sdef248,629 x47,022
495,078
568,759
265,529
Jan 1 to June 30
219,481xdef132,649
627,413
x11,809 United RRds of S Fran_ bJuly 021,753
4,190,657 3,910,212 1,749,101
Jan 1 to July 31
Central of N J
JUly 539,872
536.679
409,060
398,58.1
52,263
Cuba RR
July
14,021
34,9913
31,201
a Net earnings here given are after deducting taxes.
23,080
anawha & Mlchlgan......July
25,261
z52,013
b Net earnings here given are before deducting taxes.
x39,321
12,139
125,969
1,727
256
13,293
SEPT. 111009.1
THE CHRONICLE
Interest Charges and Surplus.
-Int., Rentals, &c.-- -Bat, of Net E'ngs.Previous
Current
Precious
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
6
2,770
8,590
8,612
8,956
Binghamton Street Ry_ _July
20,097
14,472
57,286
63,294
Jan 1 to July 31
Black River Tract Co1,850
154
Apr 1 to June 30
6,769
1,468
Carolina Power & Lt Co_July
35,123
9,707
July
31
Jan 1 to
50,115
28,607
49,272
27,714
East St Louis & Suburb_July
347,155
141,096
346,643
193,319
Jan 1 to July 31
19,066
18,600
36,186
31,286
Grand Rapids By Co_ _ _July
132,777
128,672
168,475
123,890
Jan 1 to July 31
24,599
21,758
22,637
20,837
St Jos(Mo)Ry Lt Ht & P Aug
164,174
170,021
130,780
110,194
Jan 1 to Aug 31
x After allowing for other income received.
ANNUAL REPORTS.
Chicago & North Western Railway.
(Report for Fiscal Year ended June 30 1909.)
The report of the President, Mr. Marvin Hughitt, will be
found on subsequent pages.
Comparative tables, compiled for the "Chronicle," are as
follows:
OPERATIONS AND FISCAL RESULTS.
1908-09.
1907-08.
Average miles operated
7,635
7,631
EquipmentLocomotives
1,453
1,446
Passenger cars
1,343
1,290
Freight cars
59,017
58,314
Work cars, &c
912
582
OperationsPassengers carried
26,951,319 25,994,182
Passenger mileage
932,232,161 869,455,637
Rate per passenger per mile
1.81 cts.
1.81 cts.
Freight (tons) moved
32,793,418 30,600,322
Freight (tons) mileage
4863589654 4837041063
Rate per ton per mile
0.90 cts.
0.87 cts.
Average train load, revenue (tons)
261.66
260.13
• Earnings per freight train mile
$2.27
$2.33
Earnings per passenger train mile_ _ _
$1.11
$1.14
Operating revenues per mile
$8,284
$8,841
EARNINGS, EXPENSES, CHARGES, &C.
Operating Revenues-1008-09.
1907-08.
Freight revenue
$43,819,091 $41,949,630
Passenger revenue
16,875,668 15,734,807
Other transportation revenue
5,148,621
5,104,905
Non-transportation revenue
337,090
430,202
Total operating revenues
ExpensesMaintenance of way and structures
Maintenance of equipment,
Traffic
Transportation
General
Total
1906-07.
7,551
1,422
1,260
58,130
558
25,442,826
804,783,605
1.99 cts.
34,237,768
5383409034
0.87 cts.
262.03
$2.28
$1.13
$9,053
1906-07.
$46,795,944
15,992,110
5,185,816
385,496
$65,978,471 $63,210,344 $68,359,365
$8,422,265
7,845,969
1,127,864
24,686,863
1,128,279
$7,978,4381
6,839,241
1,080,580k 44,162,094
24,635,180j
1,107,873
$43,191,239 $41,641,314 $44,162,094
Net operating revenue
Outside Operations-net deficit
$22,787,232 $21,578,031 $24,197,271
15,907
7,737
38,999
Total net revenue
Taxes accrued
$22,771,325 $21,539,032 $24,189,534
2,714,632
2,464,734
2,582,823
Operating income
$20,056,693 $18,956,209 $21,724,800
Other IncomeRents-credits
$63,825 •$142,120
$65,181
Dividends on stocks owned
1,730,789
1,903,510
1,886,192
Interest on funded debt owned
3,462
3,150
2,837
Int. on other securities, loans & accts.
406,893
881,903
549,421
Miscellaneous income
•5,007
46,828
50,430
Total other income
$2,554,061
$2,899,276 •$2,288,271
Gross income
$22,610,755 $21,855,485•$24,013,071
DeductionsRents-debits
$818,848
$290,711
$460,159
Interest accrued on funded debt__ _ 7,603,025
7,502,172
7,749,187
Other interest
901
931
3,012
Sinking funds_ __
224,500
225,000
225,500
Other deductions
28,187
25,950
•6,676
Total deductions
$8,675,461
$8,216,794 •$8,272,506
Net income
$13,935,293 $13,638,691 $15,740,566
Dividends on common stock,7% - - - - $6,972,903 $6,972,072 $6,118,577
_ _ 1,791,600
Dividends on preferred stock, 8
1,791,600
1,791,600
Balance, surplus
$5,170,790
$4,874,419
$7,830,388
The figures for the corresponding items have been revised for the year
1907-08. but those given for 1906-07 are repeated from last year's report,
since the general results are not affected, the changes amounting in
1907-08 only to about $10,000 in the items of "other income" and "other
deductions."
j
GENERAL BALANCE SHEET.
1903.
1907.
'• 19091
1906,
Assets$
$
$
Road and equipment_ _ _260,930,188 245,556,389 237,730,204 227,754,296
Bonds, stocks & advan_d50,175,501 61,432,280 50,784,427 37,393,832
Agents and conductors_ 2,818,881
2,968,330
2,176,598
2,510,308
U. S. Government
496,584
512,349
231,835
426,452
Various persons
175,483
279,864
218,101
167,051
Bills receivable
104,387
2,185
68,738
188,184
Materials, fuel, 4oc
5,829,863
4,514,556
5,091,313
3,733,412
Cash on hand
18,389,358 11,506,293 27,320,937 16,835,919
'Sinking funds
e8,391,671 10,343,020
9,439,609
8,980,840
Land accounts
11,527
1111
345,047,147 336,016,536 333,534,519 297,990,294
Total
Liabilities101,952,731 101,952,731 101,952,731 77,516,745
Stock, common
22,398,954 22,398,954 22,398,954 22,398,054
Stock, preferred
172,173,000 164,923,000 165,214,000 164,214,000
Bonded debt
Dividends declared __- - 3,934,467
3,934,236
3,077,244
3,934,075
Sinking funds paid and
accretions thereto_ _ _ - 0,391,671 10,343,021
8,980,840
9,439,609
Current bills,pay-rolls,&c 4,160,292
3,286,843
3,644,798
4,401,163
1,720
Equipment renewal fund
859,501
1,148,681
1,175,287
114,733
Uncollected coupons,&c.
106,838
116,666
131,581
Accrued & accruing int_ 1,966,855
1,839,707
1,905,155
1,954,388
Due transp'n & tel. cos..
942,277
448,283
941,247
619,441
Miscellaneous
212,919
338,287
198,854
118,863
Land income account_ 54,653
242,851
RR. Income account_ - - 30,672,159 26,632,455 21,787,208 13,956,820
Total
.345,047,147 336,916,536 333,534,519 297,990,204
d Consists of C. & N. W. Ry. deb. of 1909, $10,000; M. L. S. & W. Ry.
ext. and impt. bonds, $40,000: Sou. Iowa fly. 1st M. bonds, $431,000;
C. & N.W. Ry. 335
, % gen. M. bonds of 1987, $1,835,000; $3,000 M. L. S.
663
& W. By. 20-year convertible debs. of 1907 on hand, $3.000; $741,000
Cedar Rapids & Missouri River mtge. bonds on hand, $134,000; C. & N. W.
sinking fund bonds of 1879 on hand, $8,087,000: C. & N. W. gen. M. gold
bonds of 1987 due from trustee in exchange for bonds retired; balance cost
of securities and advances account sundry proprietary cos., $11,607,207;
real estate In suspense and advances account new Chicago passenger terminal, $11,032,992: 147,000 shares stock Chic. St. Paul M. & 0. Ry.,
$10,000,000; 41,715 shares Union Pacific preferred stock, $3,910,576;
common stock and scrip C. & N. W. By. Co.. $2,333,892; preferred stock
and scrip C. & N. W. Ry. Co., $3,835; miscellaneous, $6,000.
e These Sinking fund accounts include in 1909 only live securities and cash
held by trustee on account of sinking funds. Heretofore they only included
payments made for sinking fund bonds taken up and canceled. Such payments have been eliminated from both sides of above balance sheet.V. 88, p. 1252.
Canadian Pacific Railway.
(Report for Fiscal Year ending June 30 1909.)
Below will be found the comparative income account and
also the balance sheet. The remarks of Sir Thomas G.
Shaughnessy, President, will be given another week.
OPERATIONS AND FISCAL REPORTS.
1908-09.
1907-08.
1906-07.
1905-06,
Miles operated •
9,878
9,426
9,154
8,777
OperationsPassengers carried_ ..No. 9,784,450
9,463,179
8,779,620
7,753,323
Passenger mileage
1071149528 1052010356 1064564999 870,339,686
Rate per pass. per mile_
1.88 cts.
1.89 cts.
1.83 cts.
1.84 cts.
Earns. per pa,ss. train m.
$1.49
$1.56
$1.63
$1.49
Freight (tons) carried
16,549,616 15,040,325 15,733,306 13,933,798
Fgt. (tons) carried 1 m_.6372269174 5865089008 5946779981 5342248625
Rate per ton per mile_ _ _
0.76 cts.
0.75 cts.
0.7Z cts.
0.74 cts.
Earns, per fgt. train m_
$2.27
$2.20
$2.29
$2.07
Earnings$
$
$
$
Passenger
20,153,001 19,900,432 19,528,878 16,041,616
Freight
48,182,520 44,037,598 45,885,968 39,512,973
Mail, express, &c
7,977,800
7,446,143
6,802.682
6,115,160
Total earnings
ExpensesTransportation & traffic
Maint. way & structures
Maint. of equipment
General & miscellaneol
76,313,321
71,384,173
72,217,528
61,669,758
27,692,850 25,846,800 23,765,138
10,074,049 10,410,752 10,110,957
11,080,886
9,358,138
9,083,249
3,976,117
4,509,963
3,954,875
18,785,696
9,105,250
7,369,566
3,435,934
Total expenses
53,357,748
Per cent of operating
expenses to earnings_
(69.92)
Net earnings
22,955,573
Int. on deposits, bonds,
excess SS. earns., &c_ 2,306,488
49,591,807
46,914,219
38,896,446
(69.47)
21,792,366
(64.96)
25,303,309
(62.75)
22,973,312
2,654,633
2,364,480
1,969,447
Total
25,262,061 24,446,999 27,667,789 24,942,759
DeductInt. & sink, funds, incl.
div. on O.&(4.Ry.stk. 3,482,079
3,388,427
3,388,427
3,577,427
Int. on debenture stock_ 5,034,631
4,441,132
4,175,418
3,806,399
Rentals & miscellaneous
910,323
940,518
947,912
986,719
Dividend on common_a (6)9,000,000 (6)7,300,800(6)7,300,800 (6)6,084,000
Dividend on preferred (4)2,107,867(4)1,916,407 (4)1,736,228 (4)1,660,133
For. SS. and pension fd_
880,000
880,000
780,000
580,000
Total
Balance, surplus
21,414,900
3,847,161
18,867,284
5,579,715
18,328,783
9,339,006
16,674,678
8,288,081
a Also 1% extra paid in 1907, 1908 and 1909 from interest on land sales,
viz.: 36% April 1 and
Oct. 1.
x This is the miles operated at close of year on which operations given
are based.
BALANCE SHEET JUNE 30.
1909.
1908.
1907.
Assets$
$
6
Cost of road and equipment
302,196,638 285,088,099 253,711,218
Steamships and appurtenances
18,085,886 17,826,983 16,416,695
Acquired securities held
63,153,544 57,418,369 53,457,913
Payments on subscriptions to Minn.
St. Paul & Sault Ste. Marie stock
1,221,139
Real estate, hotels, &c
5,566,633
4,656,080
3,414,259
Due on land sold and town sites_ __ _ 16,353,674 14,022,666 15,854,613
Advances and investments
6,474,829
6,023,728
Agents, conductors, &c
1,737,483
1,615,695
8,981,973
Miscellaneous accounts receivable
3,953,597
3,960,818
Advances to lines under construction 3,964,847
3,523,720
6,702,046
Materials and supplies
10,669,440 11,110,843
9,425,613
Temp'y invest't in Dom.Govt.securl's 4,861,902
Cash
21,078,813 18,821,630 21,394,952
Total assets •
459,318,424
LiabilitiesCommon stock
150,000,000
Subscriptions to new stock
Preference stock
52,696,868
Consolidated debenture stock
128 930,132
Bonds (see "Ry. & Indus." section)_ 39,621,967
Current accounts
13,663,577
Interest and rentals
1,403,564
Sales of land and town sites
27,567,267
Equipment replacement fund
974,015
Equipment obligations
1,630,000
Approp, for additions ec improve'ts
3,530,500
Reserve fund for contingencies
995,239
Steamship replacement fund
3,140,667
Surplus
35,164,830
Total liabilities
424,068,631 389,339,282
121,880,000 121,880,000
19,85.1,436
48,803,332 43,936,666
115,657,078 106,045,411
39,621,967 40,238,087
11,389,518 14,355,682
1,336,001
1,386,145
22,401,530 21,748,422
870,283
1,131,360
1,912,987
2,240,036
6,489,656
4,232,652
1,320,974
1,540,667
2,340,666
30.390,203 30,713,153
459,318,424 424,068,631 389,339,282
• In addition to the above assets, the company owns 8,937.594 acres
of land in Manitoba, Saskatchewan and Alberta (average sales the past
year *13 52 per acre) and 4,503,505 'acres in British Columbia.-V. 89,
p. 592, 407.
Interborough Rapid Transit Co., New York.
(Report for Fiscal Year ending June 30 1909.)
President Theodore P. Shonts, New York, Sept. 1 1909,
writes in substance:
Mileage.-There was one mile added to the length of the Subway structure during the year, represented by the opening of the Van Cortlandt Park
extension for operation on Aug. 1 1908. The total net increase in singletrack mileage,including second and third tracks and sidings, was 2.69 miles.
General Results -The earnings were $25,775,392,an increase of $1,718,093.
or 7.13%, the result of a gain on the Subway Divilson of $1,896,775, or
18.93%, and a loss on the Manhattan Division of $180,682, or 1.29%.
During the first six months there was a decrease in Manhattan By. Divsion earnings of $367,123, as compared with corresponding period of previous year, while during the last six months earnings increased $186,441,
resulting in a net decrease for the year of $180,682 as above shown. The
number of passengers carried on the Subway Division during the year
Increased 37,990,370, or 18.95%, while on the Manhattan Division the
number of passengers carried decreased 6,595,668, or 2.33%, the decrease in
the latter being due primarily to the business depression prevailing during
the first six months of the fiscal year. The increase on the Subway was
due in a large measure to the opening up and development of new territory,
664
[VOL. Lxxxix.
THE CHRONICLE
While gross earnings increased 7.13%, operating expenses increased only
0.23%. This favorable result was due to economies and improved methods
and to a material reduction in the amount paid out for injury and damage
claims. Net earnings show an increase of $1,691,344, or 12.68%.; an increase on the Subway Division of $1,772,468, or 31.67%, which was
partially offset by a decrease on the Manhattan Div. of $81,123,or 1.05%.
Interest, rentals and taxes were increased $966,654, or 14.52%, due
to an increase on the Subway Division of $939,604. or 28.39%, and an
increase on the Manhattan Division of $27,050, or 0.81%. The increase
of $966,654 is explained as follows:
Increase in interest and sinking fund charges on city bonds.$179,038
Less decrease caused by the retirement of Metropolitan
Elevated By. first mtge. 6% bonds, due July 1 1908,
and the issue by the Manhattan Ry. Co. of 4% consol.
179,235
mtge. gold bonds
STATEMENT OF EARNINGS,ETC.,FOR FISCAL YEARS ENDED JUNE 30
1905 TO 1909,INCLUSIVE.
1905.
1906.
1907.
1908.
1909.
$
$
$
$
Year ended June 30$
Earnings from operation_25,775,392 24,059,299 22,363,802 19,695,594 16,837,370
10,747,443 10,722,694 9,593,331 8,400,824 7,397,384
Operating expenses
8197
Making net decrease of
Increase due to the issue on May 1 1908 of $25,000,000 3-year 6%
3-year
4%
of
on
that
515,000,000
date
retirement
notes and the
749,282
gold notes
184,949
Increase in special franchise taxes, Manhattan By. Division •
32,620
Other increases (net)
stock
By.
Co.
on
Manhattan
guaranty
7%
for
providing
after
Surplus,
and 9% dividend on Interborough Rapid Transit Co. stock, was $1,439,823,
as compared with $550,659 last year, an increase of $889,164, or 161%.
Funded Debt.-There were issued, and sold on June 28 1909. 310,000,000
of the 45-year gold mortgage 5% bonds, and the proceeds deposited with
the Morton Trust Co., trustee, to retire on Sept. 1 1909 the $10,000,000 of
.3-year 5% gold notes, dated March 1 1907, which will reduce the funded
debt as of Sept. 1 1909 to $35,014,000. (Compare V. 89, p. 103.)
The $23,424,000 of 3-year 6% gold notes dated May 1 1908 are exchangeable for 45-year gold mortgage 5% bonds on any interest day not
later than Nov. 1 1910 at the rate of $99 in notes for $100 in bonds.
Sinking Fund.-The trust agreement dated Nov. 1 1907, securing the
Issue of $55,000,000 bonds, provides for the creation of a sinking: fund of
at least $300,000 per annum, beginning with Nov. 1 1909, which fund may
be increased from time to time, at the option of the company, to an amount
not exceeding 1% of the total amount of principal of bonds and gold notes,
at the time of sach payment outstanding, the first payment to be made to
the trustee Nov. 1 1910.
Real Estate.-Your company owns and controls between four and five
million dollars' worth of real estate not required for operating purposes.
A considerable part of this real estate is owned by the Manhattan Railway
Co., and under the terms of the lease the proceeds can only be expended
for the payment of its obligations and in making improvements on its lines.
All of this property will be sold, as favorable opportunity offers, and the
proceeds applied for the corporate purposes of the respective companies.
Several pieces of property have been rented or sold on advantageous terms
during the past year. and other sales and leases are in process of negotiation.
Additions and Betterments for Year ended June 311 1909.-The Items
oharged to capital account aggregate $1,817,707. including:
1. Manhattan Division (chargeable to Manhattan Ry. construction acco(int).-Additions to station platforms, preliminary
expense for new cars, &c.,also land damages and legal expenses $253,449
2. Subway Division (chargeable to In R. T. fixed capital account).-Additional signals and station lighting, installation
of one 5,000 k. w. low-pressure turbine, installing side doors
on subway cars, preliminary work for additional cars 1909
type, payment on account of excess cost of constructing the
Brooklyn-Manhattan Rapid Transit RR. (over amount paid
1,564,258
by City of New York), &c
Increased Express Service to Brooklyn -Commencing Feb. 23 1909 both
Broadway and Lenox Ave. trains were operated through the East River
tunnel to Brooklyn, thus increasing our express service to that borough
by approximately 100%. This necessitated considerable additional construction at Bowling Green station and the inauguration of a shuttle service
between Bowling Green and South Ferry.
Increased Power Supply.-At the 59th St. power house we installed a
low-pressure steam turbine to operate in connection with the reciprocating
engines. The tests made on this combination were eminently se.ccessful,
best steam
greatly surpassing our expectations of a saving of 15% over the installation
This
turbines and 20% over the best reciprocating engines.
all
of
in our
the
include
units
to
extended
of low-pressure turbines can be
have
power houses, and when installed the capacity of power houses will
against
as
kilowatt
installed,
per
50
$35
of
cost
a
at
80%
increased
been
capaThis
only.
increased
turbines
$87 per kilowatt Installed with steam
buildings.
.city can be secured without any additions to our present
traffic,
Additional Power and Equipment.-In anticipation of increased
additional
your directors have authorized the purchase of the following
of 60
equipment, &c.: For the Elevated Division, 100 cars, consisting
of
motor and 40 trailer cars; for the Subway Division, 250 cars, consisting
turbine
190 motor and 60 trailer cars; also two 7,500 k. w. low-pressureand one
equipments, one 5,000 k. w. low-pressure turbine equipment,
1,350 gallon boiler feed pump for the 59th St. power station, and two
3,000 k. w. rotary converters for sub-stations.
Adjustment of Claims.-With an increase of 31,304,702 in the number
of one in the number of persons
_of passengers carried, there was a decreasethe
amount expended for injuries
Injured and a decrease of over $50,000 in
cases
tried and settled, as against
347
with
courts
the
In
and damages.
in the aggregate verdicts of 35.4%. In
345 last year, there was a decreaserecovered
in 26% of the cases tried, a
the Supreme Court the plaintiffs the courts the
plaintiffs' recoveries were
reduction of 38.1%, and in all of
verdicts, while at the same time
32%, a reduction of 35.4% in plaintiffs'
of 53.6% in the Supreme
company
the
for
verdicts
in
increase
an
was
there
reduced the number
Court anti of 27.3% in all courts. Quick settlements
of 12% in all of the courts,
of actions 6%,although there was an increase
the
But
of active litigavolume
actions.
petty
of
amount
larger
due to a
and
tion pending was nevertheless reduced 25% during the year by trials
compromises.
Injuries and Damages.
1908. Decrease
P.C
1909.
$222,088 $261,514 $39,426 15.0%
Claims, suits and judgments
9.8%
105,417
116,917
11,499
Expenses
Net Income
Dividends
$327,505 $378,431 $50,925 13.4%
Total accident cost
Subway and Elevated Extensions.-In response to the need for additional
rapid transit facilities in Greater New York this company submitted on
Service Commission,
June 30 1909 the following proposition to the Public
covering new subways and elevated additions and extensions, based on
the new laws enacted by the last Legislature: "The construction of a fourtrack subway from Times Square south under Seventh Ave. and connecting
this
streets to West Broadway and Canal St., two tracks to continue from
subway loop,and two tracks
point to the Battery, making use of the present
Flatbush
Manhattan
to
Bridge
across
and
St.
Canal
under
to diverge easterly
of a four-track subway
and Atlantic avenues, Brooklyn; the construction36th
prix ate
branching off from the present subway at or aboutunder St. through Ave.
to
Lexington
north
Ave.,
property to 42d St. and Lexington
this point northerly under
about 46th St., two tracks to continue from diverge,
going
private
under
to
tracks
two
and
St.
129th
to
Ave.
Lexington
and north under
property between 46th and 49th streets to Third Ave.
to a connection with
Third Ave. and Morris Ave., as an express Subway,
York
& Long Island
New
the
of
sale
the
St.;
149th
at
the present Subway
RR. (Steinway Tunnel) to the city and its operation as a part of the
Long Island
enlarged subway system, with a single fare of 5 cents between
City and all subway stations; the proposed third-tracking of the Second
and Third Ave. Elevated railroads; the extension of the Elevated ItR. from
a point at or near 149th St. and Eighth Ave. north across Macomb's Dam
Bridge to Jerome Ave. with a two-track route in a northerly direction over
Jerome Ave. to 194th St., with provision for a third track between 162d St.
and 194th St.; the construction of a third track on the Ninth Ave. Elevated
in Greenwich St. between Gansevoort and Cortiandt streets and the exten"sion of the Second Ave. Elevated RR: across Blackwell's Island Bridge,
elevated system,
. the bridge extension lobe operated as a part of the existing
with a single fare of 5 cents between Long Island City and all Elevated RR.
stations."
These routes were laid out with a view to furnishing greater facilities than
combination.
could possibly be offered by any other transportation
lines.'
The pamphlet report contains a map of the proposed the
from
Public Service
received
was
a
• On Aug. 27 1909 communication
Commission suggesting certain modifications and changes in the routes
is now
which
communication
described,
above
application
our
by
covered
being considered.
Net earnings
Other income
15,027,949 13,336,605 12,770,471 11,294,770 9,439,986
491,040
815,833' 715,503
1,384,644 1,220,170
16,412,593 14,556,775 13,586,304 12,010,273 9,931,026
Gross income
Int. on bonds and rentals
(Including Man. guar.) 10,022,063 9,269,650 8,491,895 7,450,823 6,307,371
1,799,807 1,586,466 1,377,965 1,390,560 1,203,734
Taxes
Total int. rent'is&taxes 11,822,770 10,856,116 9,869,860 8,841,383 7,511,105
4,589,823 3,700,659 3,716,444 3,168,890 2,419,921
•(9%)3,150,000(9)3,150,000(9)3,150,000 2,887,500 2,362,500
57,421
281,390
566,444
550,659
1,439,823
Surplus
43.93%
42.65%
42.89%
44.57%
41.69%
P.C.expenses to earn.s_ _
514,680,342 483,285,640449,287,884 395,716,386339,104,820
Passengers carried
ANALYSIS OF FIXED CHARGES, YEAR ENDED JUNE 30 1909,
AGGREGATING $10,022,962.
Int. on Manhattan Ry.bds$1,630,444 Int.on I.R.T. notes & bds.3-yr. 5% notes, called
Manhat. Ry. rental (org.)
10,000
$500,000
Sept. 1 1909
Guar. div. 7% on Man3-yr.6% notes,due1911 1,469,240
hattan By. stock
4,200,000
514e5-1y9r62mtge. bonds,
1,683,023
Interest on city bonds_
30,042
Sinking fund, city bonds_
488,000
12,213
Amort. of debt. disc., &c_
l
1
BALANCE SHPET JUNE 30 1909.
a
AssetsLiabilities35,000,000
Fixed capital
38,914,234 Capital stock
Investments
19,605,256 Three-year 5% notes,dated
10,000,000
March 1 1907
Securities deposited under
Manhattan Fly. lease_ _ _ 2,411,549 Three-year 6% notes,dated
23,424,000
May 11008
Advances to sub-cos_ _ 11,172,035
Materials and supplies_ _ _ 1,295,194 45-year gold mtge. 5%
11,590,000
bonds
Prepaid insurance
73,544
377,323
Rentals paid in advance
11,985 Manhat. Ry. lease acct_
1,652,665
433,940 Accounts payable
Cash
Notes receivable
106,000 Int. & rentals accrued_ _ _ 1,654,571
30,117
Accounts receivable
1,229,625 Coupons not presented,&c
30,117 Div. July 1 1909 M.Ry.Co. 1,050,000
Depos. to meet coup., &c_
Div. July 1 1909,I.R.T.Co. 787,500
For city. July 1 1909, Man.
287,530
Ry.Co
1,050,000 Taxes accrued
Advance income receiptsFor div. July 1 1909, Int.
1,993
787,500
unearned proportion__ _
R. T. Co
701,041
63,358 Taxes in litigation
Interest and dills. accrued
65,306 Unamortizeu premium on
Items awaiting distribut'n
50,000
debt
33,431
Voluntary relief fund_ __ _
2,993,445
Profit and loss-surplus
State taxes paid under pro484,729
test
Deposit to retire Sept. 1
1909 $10,000,000 5%
notes of 1907 at 101 and
10,350,000
interest
12,682
Disc. & exp. amortiz.fund
Unamort. debt disc.& exp. 1,469,701
Total assets
89,600,186
Total liabilities
89,600,186
• "Advances to companies a majority of vhose stock is owned," consisting of notes receivable $6,735,830, and operating accounts, $4,436,205.
89, p. 528, 527.
Cuba Railroad Company.
(Report for Fiscal Year ending June 30 1909.)
President W. C. Van Home, Aug. 20 1909, writes:
Good crops and the settlement of political conditions resulted in a
revival in business in Cuba during the last half of the year and in increased
earnings to the railways. The gross earnings were $2,157,165, compared
with 52,039,468 for the year before, an inceease of $117,697. The working
expenses were $1,207,976, compared with $1,318,180, a decrease of
$111,104. The net earnings were $950,089, compared with $721,288, an
increase of $228,801. The proportion of working expenses to gross earnings
was 55.95%, compared with 64.63',v . The working expenses include
s not pertaining to the business of
'
$96,000 for extraordinary replacement
the year.
The saving in working expenses was mainly due to the extensive improvements in the railway and its equipment which have been made
within the past two or three years. The property was well maintained
and its improvement continued during the year.
The replacement of the original pine cross-ties with native hard-woods is
now well advanced and the remaining expenditure for this purpose can
be spread over a considerable time. The line having been laid with a
much larger number of cross-ties than is customary in Cuba, the number
of new hard-wood ties is now quite equal to the total number of cross-ties
per mile in the other railways. These replacements once completed, no
further expenditure for such renewals will be required for many years.
Among other additions and improvements may be mentioned a large freight
house of concrete at Santiago and an extensive plant for the handling of
molasses at Antilla. A large and handsome passenger station, with provision for general offices. Is approaching completion at Camaguey. Additional equipment amounting to $35,642 was provided during the year.
At the cost of operation an aggregate length of 2,670 feet of the original
pine bridges have been renewed in native hard-wood. At the cost of
capital 87 timber bridges of various kinds of an aggregate length of 4,613
feet have been made permanent with steel, masonry and earth filling, and
71 bridges of an aggregate length of 4,155 feet are nearing completion.
The eastern end of the Bayamo branch was completed in December from
San Luis to Palma Soriano, a distance of 20 kilometers (12 miles), and the
western end of the same branch had already been completed from Marti to
Tana, 1034 kilometers (6% miles). The section between Tana and Palma
from this from.
Soriano, 19534 kilometers (12134 miles) and a branch
Bayamo to Manzanillo, 53 kilometers (33 miles), are now under construction and are expected to be completed within a year from this time.
In aid of the construction of these lines the Government of Cuba has
granted to your company a subsidy of $5,000 per kilometer ($8,000 per
mile) to the extent of 248% kilometers (1543i miles). The district to be
served by these new lines is one of the richest in Cuba and the greater part
of it-that south of the Cauto River-is one of the oldest settled sections
of the island and has a large population. Among the towns reached are
Bayamo with 4,000 inhabitants and Manzanillo with 14,000. A good
traffic is certain from the outset.
The coining sugar crop promises to be an exceptionally large one and
the tobacco crop on your lines has already become an important source of
earnings. New traffic is develorting on all sections and the coming year
should afford gratifying results. Under the presidency of General Jose
Miguel Gomez, Cuba enjoys an admirable government, and peace and quiet
prevail throughout the island.
OPERATIONS AND FISCAL RESULTS.
1906-07,
1907-08.
1905-06.
1908-09.
Gross Earnings808,589
898,086
873,790
928,242
Passenger
53,000
65,703
64,280
73,979
Mall
58,930
78,891
74,248
81,818
Express and baggage
588,078
826,474
802,545
896,759
Freight
28,976
35,347
27,658
30,961
Car kilometerage
14,739
44,073
50,420
46,495
Hire of equipment
61,418
14,936
18,197
13,348
Tugs and lighters
50,791
18,218
41,181
Antilla terminals
- 11,562
25,167
23,961
44,382
Miscellaneous
Total
2,157,105
2,039,488
1,953,310
1,019,082
SEPT. 11 1909.J
THE CHRONICLE
1907-08.
1906-07.
1905-06.
304,904
183,363
575,774
106,877
36,158
382,321
206,206
569,899
111,666
48.088
409,973
206,870
560,239
105,477
12.306
325,817
169,288
479,478
81,973
Total
1,207,076
Ratio of operating expenses to
gross earnings
(55.95)
Net earnings
950,080
Interest on funded debt, &c
399,290
1,318,180
1,294,955
1,056,556
(64.63)
721,288
365,864
(66.30)
658,354
325,930
(65.26)
562,526
274,665
355,424
332,424
287,861
1908-09.
Operating ExpensesMalnt. of way and structures _
• •Maintenance of equipment_ _ _
Conducting transportation_ _ _
General expenses and taxes_ _
Antilla terminals
Net income
550,799
TOTAL DEFICIT TO JUNE 30 1909.
Profit and loss account per ledger to Aug. 1 1908
Interest on bonds to Aug. 1 1908
Loss of construction equipment by floods
Taxes, 7 months to Aug. 1 1909, approximated
Miscellaneous
Deficit Aug. 1 1908
Loss, 11 months to June 30 1909
665
$14,821
63,373
24,946
2,672
369
$106,181
46,238
Deficit June 30 1909
$152,419
BALANCE SHEET JUNE 30 1009.
AssetsLiabilitiess
Cash
9,813 First mortgage bonds
750,000
Bills and accounts receiv_ _
10,573 Second mortgage bonds__ _ 256,000
Insurance prepaid
205 Bills payable
217,313
Supplies
1,020 Accounts payable
4,814
Real estate, general
67,431 Accrued taxes and interestCottages and hotel
12,999
Taxes, approximate, for
Plant No. 1
1,463,140
6 months
2,290
Plant No. 2
939 Int. on 1st M. bds,8 mos_ _
25,000
Sub-stations
44,768 Int. on 2d M. bds, 6 mos_ _ ' 7,680
Transmission line
228,424 Int. on notes, approximate
5,592
Furniture, fixtures, &c_..
3,955 Capital stock
750,000
Franchises
25,000
Investments
5,000
Profit and loss deficit, as
above
152,419
• The figures for maintenance of way and structures include extraordinary expenses not pertaining to the particular years as follows: 1909,
$90,000; 1908, $156,093; 1907, $157,738; 1906, $113,982.
GENERAL BALANCE SHEET JUNE 30.
1909.
1908.
1909.
1908.
AssetsPreferred stock .10,000,000 10,000,000
Cost of road and
equipment ____25,569,791 24,686,540 *Common stock__ 6,126,000 6,126,000
The CubaCo.,N.Y_ 103,390
103,390 1st mtg. bds., 5%,
Treasury bonds_
due July 11952_ 8,399,000 7,843,000
100,000
Material &supplies 404,137
362,101 Vouchers pending_
30,923
35,446
Cash
269,506 Wages
81,569
415,699
87,655
Cash on deposit to
Interest on bonds
Total
2,018,688
pay bond int_ _ _ 210,400
Total
due July 1
193,600
2,018,688
209,975
193,575 -V.
89, p. 596.
Due from agents
Misc. current acct.
18,146
26,628
and conductors_
9,132 Deferred & suspen9,345
Due from cos. and
ded liabilities65,128
Govt. of Cuba
individuals
478,790
43,717
612,689
206,934
Reserve against
Loans on security_
149,502
Due from foreign
passible claims
44,260
RAILROADS, INCLUDING ELECTRIC ROADS.
56,687 Profit & loss, surp. 1,644,085 1,093,287
lines
76,943
'Taxes paid in adv.
2,278
2,278
Albany & Hudson (Electric) RR.-Sold.-At the fore-.
Insurance premium
4,286
7,244
paid in advance.
closure sale in Hudson, N. Y., on Sept. 8 the
GENERAL INVESTMENT NEWS.
Total assets_ _26,988,488 26,082,540
Total liabilities_26,988,488 26,062,540
--* $3,874,000 additional common stock will be due to the Cuba Co. on the final
adjustment of accounts between the companies. V. 89, p. 162.
Associated Merchants' Company.
(Report for the Half-Year ending Aug. 11909.)
6 months to 6 months to 6 months to 6 months to
Aug. 11909. Aug. 1 1903. Aug. 11007. Aug. 1 1906.
Net earnings
$601,021
$538,663
$605,835
$710,867
Dividends on11t pref. (see below).. _ (3)178,155(2)-)150,858 (3)181,725 (3)183,783
Pref.
(see
below)
al
(3 M)178,318 (3)152,214(3 M)177,583(3 M)177,583
For common stock_ _
$244,548
$235,591
$351,559
$334,469
Div.on com.(see below)(4 3-)278,082(336)214,893(436)274,092(436) 268,975
Reritainder
a def.$34,576
Surplus brought forward 1,666,428
a520,647
1,645,781
a$76,766
1,526,297
a$65,210
1,287,669
Surplus
$1,666,428 $1,666,428 $1,603,063 $1,352,879
a Including $1,043 "adjustment of interest extinguished" in half-year
ending Aug. 1 1909; $51 in half-year ending Aug. 1 1908; $701 in half-year
ending Aug. 1 1907, and 5283 in half-year ending Aug. 11906.
Note.-The dividends shown above, in accordance with our usual method,
include the "extra" dividends paid for the several half-years. The company
in its statement for the recent half-year charges against the earnings of that
period only the regular dividends paid (3% on first preferred, 336% on
second preferred and 4 M % on common stock), leaving a surplus above
the same of $82,386, which is carried to "extra dividend account," making
with the $216,782 set aside from last season's surplus (V. 88, p. 683, 566),
a total of $299,168. The extra dividends paid for tile half-year amounted
to 4116,962, the difference between $82,386 and that amount being
$34,576, as shown above, reducing the "present extra dividend account"
to $182,206.
BALANCE SHEET AUGUST 1.
Assets1909.
1908.
1907.
-Cash
$998,634
$816,428
$753,063
Cash £10,000 for importations in transit
48,700
48,700
45,001 shares (out of 00,000) of the
stock of H. B. Claflin Co. a
5,000,000
5,000,000
5,000,000
All the primary securities of J. McCreery & Co., N. Y.; Stewart & Co.,
Balto.; J. N. Adam & Co., Buffalo,
and $2,400,000 debenture bonds of
O'Neill-Adams Co., N. Y. (aggregate par value)
8,100,000
8,100,000
8,100,000
-Junior securities, yielding more than
10% annual income_b
5,000,000
5,000,000
5,000,000
Total
LiabilitiesFirst preferred capital stock
Second preferred capital stock
Common capital stock_ _ __ __ _
Importations in transit (110,000)_ _
Extra dividend account
Surplus
$19,147,334 $18,965,128 $18,853,063
$5,498,500
5,115,800
6,635,700
48,700
182,206
1,666,428
$6,033,900
5,073,800
6,142,300
48,700
$6,041,600
5,073,800
6,134,600
1,666,428
1,603,063
Total
$19,147,334 $18,965,128 $18,853,063
The securities owned as above give the Associated Merchants' Co.entire
ownership of James McCreery & Co., Stewart & Co. and J. N. Adam & Co.
and ownership of four-fifths of the debenture bonds, two-thirds of the income bonds and four-fifths of the capital stock of O'Neill-Adams Co. and
lour-fifths of the common stock of C. G. Gunther's Sons. During the halt
year 420 shares of the first preferred stock were converted into second pre
ferred stock, and 4,616 shares into common stock.
a Tile shares of the H. B. Claflin Co. had a book value as of July 1 1909
of $5,308,289; July 1 1908, $5,392,270; July 1 1907, $5,439,154. b The
Income on $5,500,000 in both periods.--V. 88, p. 1375.
Juniata Water & Water-Power Co., Huntingdon, Pa.
(Balance Sheet June 30 1909.-Profit and Loss Account for
11 Months ended June 30 1909.)
Without making a detailed examination of the accounts,
Lybrand, Ross Bros. & Montgomery of Philadelphia reported as follows under date of July 12 1909 (compare default, &c., V. 89, p. 569):
PROFIT AND LOSS ACCOUNT FOR ELEVEN MONTHS ENDED
JUNE 30 1909.
$52,515 Generating expenses
$17,898
1,102 Distributing expense
6,031
General expenses
11,119
Total earnings
$53,617 Total expenses
$35,048
Profit from operation ___ __ ____ _ ______________________ __ _ __ _ 518,569
Taxes, approximated for 11 mont-h-s
$4,199
Interest: (On notes, &c., approximate, -E-1-2-,153; on -first
mortgage bonds, 11 months, $34,375; on second mortgage
bonds, 11 months, $14,080)
60,608 64,807
Loss for 11 months carried down
$46,238
Sale of current, net
Rents and miscellaneous_ _
property was
bid in by I. W. Day, Secretary of the reorganization committee, for $550,000. The plan of reorganization (V. 89,
p. 223) recently approved by the Public Service Commission
was declared operative some time ago.-V. 89, p. 468.
Atlantic Coast Line RR.-Jointly To Guarantee WinstonSalem Southbound Bonds.-See report in last week's issue,
page 598.-V. 89, p. 161.
Buffalo & Susquehanna Ry.-Best Month.-The company
reports that the freight movement in August was the heaviest
in the history of the road. Compared with October 1908,
the best previous month, the total of loaded cars handled
increased from 7,567 to 8,574 cars, or 13.3%. The principal increases in commodities moved were in general merchandise, coke, pig iron and building inaterial.-V. 89, p.
469, 347.
Burlington County Ry., Mt. Holly, N. J.-Receiver.Judge Rellstab in the Federal Court at Trenton, N. J., on
Sept. 7, on application of the Bougher estate of Philadelphia,
which owns the controlling interest, appointed John G.
Horner of Mt. Holly as receiver.-V.89, p. 284.
Canadian Northern Ry. Co.-Winnipeg Terminals Bonds
Offered-Guaranteed by Province of Manitoba.-Wm. A.
Read & Co., New York, Chicago, Boston and Baltimore,
and the Dominion Securities Co., Toronto, Montreal and
London, are offering at 99%
2 and interest, yielding over 4%
income, the unsold portion of $3,000,000 Winnipeg Terminals
30-year mortgage 4% guaranteed gold bonds, a direct obligation of the Canadian Northern Ry. Co., dated July 1 1909,
due July 1 1939. Par $1,000, or the sterling equivalent,
£205 9s. 7d. (c*). Interest payable J. & J. at New York,
Toronto and London. Principal and interest guaranteed by
endorsement by the Province of Manitoba. An agreement
has been executed by the Coininissioners of the National
Transcontinental Ry. (property of the Government of
Canada) and the Grand Trunk Pacific Ry. Co., providing
for the payment to the Canadian Northern Ry. each year of
rentals, aggregating about $97,500, for the use of the Winnipeg passenger and local freight terminals, being equal to
about 80% of the interest ($120,000) on this issue. These
bonds are also acceptable for deposit with the Canadian
Insurance Department at Ottawa.
Abstract of Letter from President Wm. Mackenzie. Toronto, Aug. 4 1909.
Purpose and Security of Issue.-The proceeds of the present bond issue
are to be used entirely for the construction of the new station and for improvements on and extension of the Winnipeg terminals. The value of
the mortgaged properties will be practically twice the amount of the bonds
outstanding. The bonds are a direct obligation of the Canadian Northern
Ry., specifically secured by a mortgage on approximately 169 acres of the
freight and passenger terminals of the Canadian Northern Ry. at Winnipeg.
The passenger and local freight terminals are situated in the heart of
the business district of the city and comprise about 69.93 acres. It
is estimated that the improvements now being made, including passenger
station, offices, tracks, freight sheds, &c., will, when completed, amount to
over $2,000,000 The mortgage also secures the bonds upon approximately 99.13 acres of freight terminals within the city limits, comprising
extensive shops, yards, freight tracks and other terminal facilities representing an improvement expenditure of over $1,000,000.
Guaranty.-The payment of principal and interest of the terminal bond
is unconditionally guaranteed by the Province of Manitoba by endorsement
upon every bond, under the terms of an Act passed by the Legislative Assembly of 1909. In accordance with the conditions of the Guaranty
Act, additional bonds may be issued and guaranteed, but only upon prior
authorization of the Legislative Assembly of Manitoba and for expenditures
on the terminals.
Rentals.-The value of the lands comprising the passenger terminals,
apart from improvements, based on a valuation which was made on behalf
of the Grand Trunk Pacific fly., the National Transcontinental Ry. (which
Is owned by the Canadian Government) and the Canadian Northern Ry. Co..
made for the purpose of determining the rental value of the property, together with the cost of two subsequently acquired properties, is over $2,500,000. The Grand Trunk Pacific and the National Transcontinental Ry.
(which when completed are to be operated as one) have agreed to use the
city terminals for their passenger and local freight business, paying therefor
as rental an amount equivalent to interest at 4% on one-half of $2,625,000
and a further amount equal to one-half of the interest at 436% on the
expenditures for improvements. This agreement has been confirmed by
an Act of the Parliament of Canada of 1907, Chapter 52, and covers a
period of 999 years from Jan. 1 1907. The terminal rental payable by the
National Transcontinental Ry. and the Grand Trunk Pacific By. amounts
to approximately $97,500 from these tenant railways as against the total
interest of $120,000 accruing on the $3,000,000 terminal bonds now authotized. Should it be arranged to allow additional railways to use the
terminals, the amount of rentals would be increased.
666
THE CHRONICLE
Terminal Property.—The passenger terminals are most advantageously
located in the city of Winnipeg on the main street and at the door of the
business district. About 45 acres of the passenger terminals are owned
by the Canadian Northern Ry. Co. in fee simple, and the remainder, about
24 acres, is held under a 999-year lease from the Northern Pacific Ry. Co.
The freight terminals, approximately 99.13 acres In extent, are equipped
with modern facilities for the handling of an extensive freight business.
These terminals are in part subject to a mortgage for $300,000 given by
the Winnipeg Land Co.,Ltd., which formerly owned part of the lands,as a
security for certain first mortgage bonds; said bonds were acquired by the
Canadian Northern Ry. Co., and are now held by the trustees of the mortgage securing the company's 4% consolidated debenture stock.
Winnipeg is the third city in Canada, with a population estimated at
125,000, ranking next to Montreal and Toronto. It is the metroplois of the
western provinces of Canada,which have been developing at a rapid rate
In recent years.
Compare map of Canadian Northern System on page 23
of "Railway & Industrial Section."—V. 89, p. 285.
Chicago Rock Island & Pacific Ry.—Equipment Notes
Sold.—Speyer & Co. have purchased from the company
$5,300,000 4%% equipment gold notes, series "C," maturing
in 20 semi-annual installments of $265,000 each from April 1
1910 to Oct. 11919. The equipment purchased consists of
about 85 locomotives, 100 passenger cars and about 3,000
other cars.
Earnings of R. I. & P. Lines Proper for Year ending June 30.
Other
Taxes
Balance,
Interest
Net
FiscalGross
Paid.
Income. and Rentals. for Divs.
Year. Earnings. Earnings.
1908-09_57,386,846 17,415,401 2,187,531 1,105,450 10,405,107 5,928,213
1907-08_54,604,116 15,151,061 1,693,047
Dividends of 5 Vs.% yearly call for $3,930,019 in 1908-09, against $3,929,785, leaving a surplus in 1908-09 of $1,998,194.
The above figures are for the C. Ft. I. de P. Railway Co. alone. The statements given in the annual report cover all of the Rock Island lines.
Listed.—The New York Stock Exchange has listed $1,494,000 additional refunding mortgage 4% bonds, due 1934,
which were used to refund the series G bonds that matured
May 1 1009, making the total listed to date $79,922,000.
—V. 88, p. 822.
Columbus (0.) Railway & Light Co.—Dividend Increased.
—This company, which since Jan. 15 1906 has paid regular
dividends at the rate of 2% per annum on its common stock
3 of
(now $3,000,000), has declared a quarterly dividend of %
1%, payable Oct. 1 to common stockholders of record
Sept. 15, thus increasing the rate to 3% per annum.—V.88,
p. 1499, 1436.
Columbus Marion & Bucyrus RR.—Receirership.—This
company, whose $500,000 bonds are guaranteed by the
Columbus Delaware & Marion Ry. Co. (V. 89, p. 592), was
at Marion, 0., on Sept. 9, upon application by the Cincinnati Trust Co., the mortgage trustee,. placed by Judge
Babst, in the Common Pleas Court, in the hands of George
Whysall of Marion and E. M. West of Columbus, as receivers.
The trust company alleges that the defendant owes the
complainant $7,500 borrowed money and has defaulted on
the semi-annual coupons due Sept. 1.
Duluth-Superior Traction Co.—First Dividend on Common
Stock.—An initial dividend of 1% has been declared on the
$3,500,000 common stock, payable Oct. 1 to holders of record
Sept. 15 at the Farmers' Loan & Trust Co., New York.—
V. 89, p. 285.
Eastern RR. of Cuba.—Sold.—This property has been bid
in at foreclosure sale by I. McD. Garfield and P. C. Anderson of New York, representing the reorganization committee.
See plan in V. 88, p. 295.
El Paso & Southwestern Ry.—New Stock.—This company,
controlled by the same interests as the Phelps-Dodge (Copper) Co.(V. 88, p. 1496, 1503), filed at Santa Fe, N. M., on
Sept. 2 a certificate of increase of stock from $18,000,000 to
$25,000,000. See El Paso & Northeastern RR. on page 53
of "Railway & Industrial Section."—V. 81, p. 210.
Grand Trunk Pacific Ry.—Lease of Winnipeg Terminals.—
See Canadian Northern Ry.—V. 89, p. 286, 224.
. Houghton County (Mich.) Traction Co.—First Dividend on.
Common Stock.—Stone & Webster announce that a semiannual dividend of 3% on the preferred capital stock ($207.200) and an initial dividend of 2% on the $750,000 common
capital stock have been declared, payable Oct. 1' 1909 to
stockholders of record Sept. 18 1909.—V. 87, p. 614.
Kansas City Terminal Ry.—Ordinance Approved.—At the
special election on Thursday the ordinance permitting the
construction of the new union station was ratified by the
electors. Under the terms of the ordinance the station is to
be completed in four years.—V. 89, p. 163.
Louisville Henderson & St. Louis Ry.—New President.—
Lucien J. Irwin, formerly General Superintendent, has been
elected President to succeed the late Attilla Cox.--V. 85,
p. 1575.
Norfolk & Western Ry.—To Jointly Guarantee WinstonSouthbound Bonds.—See report in last week's issue,
,Salem
S
page 598.—V. 89, p. 590, 597, 529.
Norwich & Westerly Street Ry., Connecticut.—Default—
Plan.—Interest was defaulted Sept. 1 on the issue of $750,000 first mortgage 5% gold bonds. A press dispatch from
Norwich to the 'Boston Transcript" on Sept. 4 said:
The default was not unexpected, for the company has for a considerable
period been unable to earn enough to meet its fixed charges. Recently
some Boston capital was introduced into the property and a change of
officials was effected; but the conditions have been found to be such as to
render a readjustment necessary. A tentative plan of reorganization, to
which more than two-thirds of the bondholders and three-fourths of the
creditors have informally assented, has been mapped out. The scheme calls
for a considerable reduction in the volume of fixed charges, and if the plan
is accepted no foreclosure proceedings will be instituted.
A. E. Locke of Boston is President, C. D. Noyes of Norwich is Secretary
and H. P. Phelps of Norwich Treasurer. The United Railways Co. of
[VoL. moaux.
New Jersey is the dominant influence in the corporation. The construction of the road cost approximately $1,250,000. The outstanding securities of the company, in addition to the bonds, include $450,000 stock,
of which $168,200 represents preferred shares. Compare bond offering,
dec., in V. 82, p. 1497; V. 86, p. 920.
Oregon Trunk Line RR.—Hill Interests Acquire Control.—
This road, which is under construction from The Dalles,
Ore., through the canyon of the Deschutes River to Madras
in central Oregon, 122 miles, has been acquired by the Hill
interests from Porter Brothers, the railroad contractors, of
Spokane, Wash., John F. Stevens, the representative of the
new interests, being on Monday elected President. The
company was incorporated in Aug. 1907. An extension, it
is said, will be built from Madras southwest via Eugene to
Coos Bay, on the Pacific Coast, about 200 miles from Madras.
At The Dalles the road will have river connections on the
Columbia River to Portland and Lewiston.
Pennsylvania RR.—Use of New York Terminal and Tunnel.
—The company has notified the Post Office Department that
it expects to begin running trains through the Hudson River
tunnel into New York City early in December. Only a few
trains from the West will run into the new station at first,
but the number will gradually be increased until February
1910, when it is hoped to send all trains over the Pennsylvania
lines into the new structure. The Long Island trains will
probably be using the station on or before Jan. 1.—V. 89,
p. 529, 163.
Philadelphia Rapid Transit Co.—President Parsons Made
Chairman of Board.—John B. Parsons, it is announced, will
retire as President Sept. 15, the board having created a new
office, Chairman of the Board, which he will fill.—V. 89, p.
287, 225.
Santa Fe Raton & Eastern RR.—See Yankee Fuel Co.
under "Industrials" below.—V. 89, p. 163.
Seaboard Air Line Ry.—Plan Operative.—The adjustment
plan outlined in V. 89, p. 43, has been declared operative.
The time for depositing bonds has been extended to and
including Oct. 1.
Right to Subscribe.—The advertisement declaring the plan
operative which appears on another page of this issueealso
gives notice that stockholders of record Sept. 28 will be permitted to subscribe for the $18,000,000 new adjustment
bonds at 70 in accordance with the plan (V. 89, P. 46) on
the company's warrants,at its office,24 Broad St., N. Y.City,
to the extent of 30% of the par value of their respective
holdings. Subscriptions are payable $150 per bond on or
before Oct. 15 and the remaining $550 on or before Oct. 30.
Stockholders of the Seaboard Company of record Sept. 28
will be permitted to subscribe direct to the extent of 30%
of their holdings.—V. 89, p. 594, 470.
Southwestern Traction Co., London, Ontario.—Judicial
Sale.—The property of the company will be sold on Oct. 20
at the office of the London & Western Trusts Co., Limited,
the trustee under the mortgage dated April 1 1906 (under
which $700,000 5% bonds are outstanding), and also the
receiver, under a judgment of the High Court of Justice
for the Province of Ontario, dated August 12.
The road extends from London to Port Stanley via St. Thomas, 28 miles
of which 14 miles are on private right of way, Including the entrance into.
London, and the remainder on public highways. The property is to be
sold subject to liens claimed on cars and equipment by various parties,.
aggregating $77,726.
Tennessee Central RR.—New President.—Ashbelt R.Newel
of Chicago, formerly Superint endent of National Railways:
of Mexico, has been elected President to succeed George W.•
Ristine, who resigned.—V. 88, p. 1561, 1063.
Toledo Columbus Springfield & Cincinnati (Electric) Ry.—
The following directors were elected on Wednesday:
M. Seyfang, S. C. Heston, A. Beesch, Dr. S. S. Thorn and William P..
Heston.
The company proposes to build an electric road from Toledo to Cincinnati
via Lima, Bellefontaine, Columbus and Springfield. Secretary W. P.
Heston states that about 85% of the right of way between Lima and Bellefontaine has been secured and 90% of that between Toledo and Lima, and
that some grading has been done. Prior to the recent business disturbance
the company had placed a contract for the construction of about 40 milea
of track, but It was found necessary to give up the project for the time
being.---V. 81, p. 000.
• Union Pacific RR.—Death of Mr. Harriman—Leading
Interests in Full Accord.—The death of President E. H. Harriman was made public on Thursday after the Stock Exchange
had closed. Yesterday it was announced that Kuhn, Loeb
& Co., National City Bank interests and other leading
interests are acting in unison in Union Pacific affairs, and
request stockholders to execute the proxy bl anks they have
already received, and forward them to the officers of the company.—V. 89, p. 412, 226.
Western Maryland RR.—Extension of Time.—The time
for deposit of stock and the purchase of new common stock
by the holders of certificates of deposit for general lien and
convertible mortgage bonds, under the terms of the reorganization plan (V. 89, p. 287), has been extended to and including Sept. 27.
Listed.—The New York Stock Exchange has listed $7,225,000 additional first mortgage 4% bonds, due 1952,
making the total amount listed $42,518,000.
Purposes for which $7,225,000 Bonds Listed have been used.
To provide terminals and terminal facilities In and adjacent to
$136,000
the city of Baltimore
For expenditures for equipment, extensions and development of
233,000
roperties
______
the construction of
or improvement-s, ficciniiing" exneriditiires --------the Cumberland Extension between Big Pool (opposite Cherry Run) and a,
point near Cumberland, Md.; in the construction or acquisition of additional shops, depots, terminals, yards, roiling stock and equipment; and
in the betterment, improving and development of the railroad and other
property, subject to the lien of the mortgage.
D
SEPT. 11 1909.,
THE CHRONICLE
Income Account for Year ending June 30 1909.
1908-09.
1908-09. 1907-08.
'Gross RR.earns.5,952,696 5,648,278 Rentals leased
lines, &c
175,821
Op.exp. & taxes3,903,729 3,775,098
Int. on station &
other loans_ _ _ 122,433
Net earns. RR2,048,967 1,873,180
120,374 Miscell. charges_ 134,258
Miscell. credits__ 119,917
Additions and
Net profits coal
betterments
98,172
502,021
& other dep'ts 430,011
Total net Inc_2,598,895 2,495,575
DeductInterest on b'nds2,043,220 2,264,893
-V. 89, p. 594, 287.
1907-08.
144,931
336,830
90,795
18,116
Balance, surplus or def_sur. 24,991 df.359,990
West Jersey & Seashore Ry.-Dividend Rate Increased.A semi-annual dividend of 23'% has been declared on the
$9,461,600 common stock, payable Oct. 1 to holders of
record Sept. 15, comparing with 2% semi-annually as in
March and Sept. 1908 and April 1909, 3% from Sept. 1905
to Sept. 1907 and 23'% Sept, 1896 to March 1905 inclusive.
-V.88, p. 1123.
Western Ohio (Electric) Ry.-Sale of Notes.-The company
has sold to Hayden, Miller & Co. of Cleveland, it is stated at
par, an issue of $360,000 3-year 6% notes, dated Sept. 1,
to pay the $360,000 floating debt. The notes may he called
at 101 during the first year, 1003
4 during the second year
and at 100M ,thereafter up to June 11912. Interest is payable quarterly at the Cleveland Trust Co., trustee. The
new notes were largely taken by Cleveland banks.
The notes are secured by deposit of $500,000 of the first mortgage 5%
bonds held in the treasury and $270,000 preferred and $500,000 common
stock loaned to the company by large stockholders. The company agrees
to pay into a sinking fund, to be applied to the retirement of the principal,
on the 15th of each month, the sum of $1,000 a month, beginning Sept. 15
for the first year; 81,500 a month the second year and $2,500 a month for
the third year, thus providing a total of $60,000 by the time the notes
mature. The notes will take care of the entire floating debt, which, it is
stated, has been reduced during the last two or three years out of earnings
from $400,000 to $360,000.-V. 88, p. 626.
667
& Telegraph Co., by delivery of 3,800 shares American
Telephone & Telegraph Co. stock, this block of stock will be
distributed to the shareholders of the CumberlandTelephone
& Telegraph Co. of record Sept. 15 on the basis of 2% of
holdings. Stockholders of record Sept. 15 will also receive
on Oct. 2 the usual quarterly dividend of 2% in cash.-V.89,
p. 531.
Detroit Mackinac & Marquette Land Grant.-Income Bond
Dividend.-A trustee for the income land grant bonds says
there will probably be distributed 1% to the bondholders
Oct. 10, though no official action has yet been taken. The
last payment was made in April 1908, when the same amount
was disbursed.-V.89, p. 345.
Edison Electric Illuminating Co. of Boston.-Report.Gross
Net
Miscel. Interest Al iscel.
earnings. earnings. Income. paid. Charges.
g
Year1008-9_4,111,342 1,345,313 45,360 86,846 20,797
1907-8_4,229,239 1,538,820 38,442 54,989 125,368
-V.88, p. 1132.
Dividend Balance,
(11%). Sur. or Def.
1,424,389 def.141,359
1,390,796 sur. 6,109
Edison Light & Power Co. Wichita, Kan.-Change inControl.-See United Gas Co. of'
Wichita below.-V.87,p.289.
Globe-Wernicke Co., Cincinnati.-$1,000,000 Second Preferred Stock Proposed.-The stockholders will vote Oct. 9 on
authorizing an issue of $1,000,000 6% cumulative second
preferred ;lock to be used from time to time in increasing
the number of branch stores and enlarging factory sites.
The assets, it is stated, now approximate $3,800,000, while
the net earnings for the past five years have averaged
$402,253 per annum. For the present year the net income is
expected to exceed $500,000.
The present authorized capital stock consists of $1,000,000 6% cumulative
preferred and $2,500,000 common stock; par of shares $100. Half of the
new stock, It is said, will be issued in the near future in connection with
extensive improvements at the plant in Norwood.-V.87, p. 345, 99.
Winston-Salem Southbound Ry.-To Issue 50-Year 4%
Guggenheim Exploration Co.-First Dividend of ConGold Bonds Jointly Guaranteed by Proprietary Roads.-See trolled Property.-See Yukon Gold Co. below.-V.88,p.1316.
Norfolk & Western Ry.in "Chronicle" last week, page 598.Laurentide Paper Co., Grand Mere, Que.-New Stock.V. 89, p. 165.
The stockholders voted on Sept. 7 to increase the capital
stock from $2,800,000 to $3,800,000 by raising the common
INDUSTRIAL, GAS AND MISCELLANEOUS.
stock from $1,600,000 to $2,600,000. Compare V. 89, p.473.
American Light & Power Co.,New York.-Proposed HoldLos Angeles Gas & Electric Corporation.-New Bond Issue.
ing Company -The Electric Bond & Share Co., New York, -This company, recently formed with $30,000,000 of
it is stated, is pr()posing to organize a holding company with authorized capital stock, to take over the property of the
this name, and with $15,000,000 of authorized capital Los Angeles Gas & Electric Co. and the Pasadena Constock, of which $5,000,000 to be 6% cumulative preferred, solidated Gas Co., has filed a certificate giving notice of the
the present issues to be $5,500,000 common and $2,500,000 creation of a new issue of $15,000,000 5% bonds dated
preferred stock. No bonds. The underwriting is being Sept. 1 1909 and due Sept. 11939.
A sufficient amount ($4,000,000) of the new bonds will be held to retire
secured for preferred stock at par with a bonus in common
underlying bonds, which were at last accounts: $999,000 Los Angeles
stock. The new company, it is understood, will take over the
Lighting Co. 5s, due April 1 1924; $500,000 Los Angeles Electric Co. 5s,
the Home Light, Heat & Power Co. of Pittsburg, Kan., the due Jan. 1 1928 (sinking fund April 1 1909 aggregated $60,487); $2,501,000
general mortgage 5s of the Los Angeles Gas & Electric Co., due July 1 1934
United Gas Co. (see below) and the Edison Light & Power (sinking
fund April 1 1909, $76,585); $225,000 Eureka Lighting Co. 5s of
Co., both of Wichita and the Ansonia Electric Co. of 1907, clue July 1 1937, but callable at 105 (compare V. 79, p. 630.)Ansonia, Ore. The net earnings of the four companies for V. 89, p. 107. 47.
Northern Indiana Gas & Electric Co.-Sale of Bonds.the year ended May 31 of this year are stated to have been
$170,000 after all charges of every kind had been paid. The C. H. Geist Co., Land Title Building, Philadelphia, confirms the statement that a contract has been closed with
Other companies may be acquired later.
American Telephone & Telegraph N.-Stock Deposited.- prominent banking interests for the purchase of $1,000,000
first refunding mortgage bonds of the Northern Indiana Gas
The following has been confirmed:
& Electric Co., controlled and operated by the Geist company.
About 90% of the stockholders of the New York & New Jersey Telephone
Co., the Bell Telephone Co. of Pennsylvania, the Central District & Print- The purchasers are hankers in Philadelphia, New York,
ing Telegraph Co. of Pittsburgh and the Bell Telephone Co. of Buffalo New Haven, Boston, Pittsburgh, Chicago and St. Louis.
have presented their stock certificates in exchange for stock of this company. While the time or deposits has not been extended deposits are The securities will be offered to the public in the near future.
still being received.-V. 89, p. 330, 472.
Brunswick (Ga.) Dock & City Improvement Co.-Plan
Approved.-The shareholders voted on Sept. 7 to adopt the
plan described in V. 89, p. 530, for changing the name to
the Brunswick Terminal & Railway Securities Co., to increase
the capital stock from $5,000,000 to $10,000,000, and to
issue a portion (about $2,000,000) of the new stock for the
purchase of all of the capital stock of the Mutual Light &
Water Co. and the acquisition of the stock and bonds of
the street railway, the Brunswick & Suburban RR., now
being constructed in the city of Brunswick. An exchange
journal has the following:
The Mutual Light & Water Co. Is earning about 15% on its capital.stock
of $25,000, and supplies gas, electric light and water to the city of Brunswick under a contract with the municipality. The Brunswick & Suburban
RR., which has Just been completed, will operate six miles of track as a
belt line, running through all parts of the Brunswick Company's property,
and improving the local transportation facilities greatly. The new automobile road from Jacksonville, which is being constructed by the city and
county. will run through Brunswick and is expected to bring the town into
closer touch with surrounding localities.
About $3,000,000 of the new stock will be kept as treasury reserve.
-V. 89, p. 530.
The Northern Indiana Gas & Electric Co. Is a combination of various
gas and electric properties serving the territory extending eastward from
the Chicago City line along the south shore of Lake Michigan to and including Michigan City, both east and west of Gary, Ind. Among the communities served are Hammond, West Hammond, Whiting, East Chicago,
Indiana Harbor, Dune Park, Porter, Chesterton and Michigan City. Compare V. 88, D. 1134.
Ohio Fuel Supply Co.-New Stock-Stock Dividend, &c.The directors have declared the regular quarterly dividend
of 2 M% and a stock dividend of 320,000 shares, being, it is
understood, the one dollar shares of the United Fuel Gas Co.
(see V. 89, p. 415). The stockholders of the Supply Company, it is stated, will be asked to vote on increasing its
capital stock from $8,000,000 to $10,000,000, $1,000,000 of
which will be used to acquire additional property.
Arrangements, it is understood, have been completed, or about completed, to acquire through the medium of the United Fuel Gas Co. (V. 87,
p. 1305) the control of the United States Natural Gas Co. (V. 81, p. 851;
V.82,p. 105), guaranteeing its $2,298,500 6% first mortgage bonds and
paying $76 per share for the $100 shares, of which about 27,500 are outstanding.-V. 89, p. 415. 48, 39.
Ontario Power Co.-Earnings, &c.-We have received this,
The seventh unit of 12,000 h. p. capacity is now completed. Earnings
for July and August were: Gross, $106,658, and net, $79,085, an increase
of 55% over 1908. Net earnings are now at the rate of twice interest on the
first mortgage bonds. Output for the two months, 43,347,200 kilowatt
hours, or at the rate of over 260,000,000 k.w. h. per annum. Compare
V. 89, p. 352. 532.
Colonial Steel Co.-Stock Offered.-Scully, Painter &
Beech, People's Building, Pittsburgh, in behalf of the underwriters, offer at par ($100 per share) $350,000 of the authorized issue of $750,000 pref. 7% cumulative stock, preferred
Pressed Steel Oar Co., Pittsburgh.-Strike Ends.-After
both as to assets and dividends and sharing equally with the an eight weeks' contest, hi which eight lives were lost and
common stock after same has received 7%. An adver- many persons were injured, the strike at the McKees ROCU
tisement says:
plant was officially declared off on Sept. 7. General ManThis issue is to reimburse the company for their additions to the plant aaer J. B. Rider made the following statement:
and to push
their patent copper-covered metal. In this line the Standard
Underground Cable Co. has entered into contract to take the output of
copper-covered rods to draw down into the different sizes of wire, as, at a
glance, any person will see the many and great advantages this new material has. The company has no bond issue, and nothing can be put ahead
of the stock without a 75% vote of said stock. Having carefully investigated the plant, the new copper process and everything connected with the
management of the company, we can unhesitatingly recommend the stock
as a sate and excellent investment. Compare V. 89, p. 531.
Cumberland (Bell) Telephone & Telegraph Co.-Special
Distribution to Shareholders.-The board of directors of the
East Tennessee Telephone Co. having voted to reduce the
indebtedness of that company to the Cutnberland Telephone
The company has not agreed or promised at this time to increase the
wages of its workmen, but does expect that as general business conditions
improve its workmen will share in the benefits resulting therefrom. Up to
the present time, while there have been additional orders for cars, there
has been no improvement in prices.
The company has not promised to abandon the "piece pooling system,"
but if it develops that this system can be improved by increasing the number of pools and reducing the number of men in a pool, this will be done.
The company has arranged that the amount deducted for accident Insurance shall be plainly stated on the pay envelope and the men receive
cards certifying that they are entitled to benefits under the insurance plan.
The company,has established an information bureau for the investigation
of any complaints its employees make, and all complaints have been and
will be promptly investigated. The company will not tolerate any graft
or other ImposItton.-V. 89, p. 353.
668
THE CHRONICLE
St. Clair County Gas & Electric Co. (East St. Louis and
Belleville, Ill.)-Bonds Offered.-Spencer Trask & Co. New
York, Albany, Chicago and Boston, are offering at 93A and
interest the unsold portion of a block of $250,000 first consolidated mortgage 5% guaranteed gold bonds, dated
March 1 1909, due March 1 1959. Denomination $1,000c*.
Interest M.& S. Guaranteed,principal and interest, by the
American Gas Co., which has paid consecutive dividends
upon its capital stock at the rate of 6% per annum since
1886, with the exception of three interest periods in 1894 and
1895; at present there is $1,798,200 capital stock outstanding. (V. 88, p. 1251, 1255, 1315). Central Trust Co. of
Illinois, Chicago, trustee. A circular says in substance:
Issue of First Consols, Limited to $5,000,000-Present Total Funded
Debt $1,450,000.
First consolidated mortgage 5% bonds outstanding, including
$250,000 bonds now offered
$660,000
Reserved to refund1527,000 East St. Louis Gas Light Co. first
M. 5s, due Sept. 1 1922, but subject to call after Sept. 1 1912
at 105 and interest
527,000
Reserved to refund $263,000 Belleville Gas & Electric Co. first
mortgage 5s, due Sept. 1 1922
263,000
To be issued in amounts of not less than 50 bonds at any one time
when the net earnings for the 6 months preceding shall be equal
to 73i% per annum upon all bonds outstanding and to be
issued
$150,000
To be issued under the carefully guarded restrictions
for improvements, extensions, acquisitions, &c., at
the ratio of 90% of cost when the net earnings for the
6 months preceding shall be equal to 7 M% per annum
upon all bonds outstanding and to be issued
3,400,000
The capital stock authorized and issued is $3,500,000, all of one class.
The company has efficient gas and electric plants adequate for its present
needs. In order, however, to provide for the future and to lower the cost
of production by combining into one works the manufacture of gas for
both cities, a new plant which will raise the storage capacity to 1,960,000
cu. ft. is being constructed. The company has 114 miles ot iron pipe gas
mains, 60 of which are laid under brick on a concrete foundation.
The bonds are a mortgage upon the entire property, subject to only
$790,000 bonds, for the retirement of which first consolidated mortgage 5s
are reserved. Of these $790,000 bonds, $527,000 are redeemable after
Sept. 1 1912.
A consolidation in February 1907 of the East St. Louis (Ill.) Gas Co.
and the Belleville (Ill.) Gas & Electric Co. Owns and operates the gas
works of East St. Louis and the gas and electric works.of Belleville, combined population of upwards of 75,000.
The East St. Louis gas works are located in the northwestern part of the
city. Recently the company purchased 9 acres of land some 2 yi miles
distant and in a well-located section of the city, upon which it has already
erected a new steel tank of 1,500,000 cu. ft. capacity, and contemplates the
construction of a thoroughly modern gas plant. The new plant will enable
the company to supply gas both to East St. Louis and Belleville from the
same works, and will provide adequate facilities for future growth. In
addition the company has three steel tanks, and as soon, as the new storage
holder now being constructed is completed, the daily capacity will be
about 1,960,000 cu. ft. The sales of gas have increased during the past
four years at an average rate of over 17% a year, the sales for 1908 having
been 132,792,600 Cu. ft. The street mains comprise over 83 miles of
iron pipe, including over 12 miles of 12-Inch main to be used as a pumpingline connection with Belleville. Number of meters in service July 1 1909
was 6,463; gas arc lamps, 1,496.
The Belleville Gas & Electric Works are well located, being about onehalf mile from the business centre of the town. When the new gas plant
at East St. Louis is constructed, it is the intention to abandon the gas works
at Belleville. The street mains in Belleville comprise over 31 miles; number
ot meters in service June 30 1909 2,339. In 1908 the sales of gas were
39,199,600 Cu. ft.
The Belleville power station is built of pressed brick, steel trussed. The
engines comprise one 450-h.p. Hamilton-Corliss steam engine, direct connected to two General Electric Co. generators; one 150-h.p. Russell 4-valve
engine, belted to a General Electric Co. generator: one 850-h.p. Allis-Corliss
steam engine, direct connected to a Bullock Electric Manufacturing Co.
generator, and one 250-h.p. Russell 4-valve engine, belted to three General
Electric Co. generators. There are 552 recording Watt meters of various
sizes, 121 transformers, 12,826 incandescent lamps of various sizes, 154
commercial and 325 street arc lamps.
The company has perpetual franchises granted by the State for the manufacture and sale of gas in East St. Louis and Belleville. The company does
all of the gas business, including the city lighting, in East St. Louis. The
electric lighting franchise in Belleville expires in 1932.
Comparative Statement of Earnings.
1908.
1907.
1907.
1908.
Gross earnings__ _$254,071 $246,010 Interest on bonds_ $60,000 $51,200
52,914
57,643
Net, after taxes__ 112,914 108,843 Surplus
-V.85, p. 164. 44.
4I•
San Francisco Gas & Electric Co.-Called Bonds.-This
company, controlled by the Pacific Gas & Electric Co. of
San Francisco, has called for redemption on Nov. 1 1909 at
105, at the Union Trust Co. of San Francisco, trustee, $100,000 bonds secured by mortgage dated Nov. 1 1903.-V. 88,
p. 159.
Shreveport (La.) Home Telephone Co.-Sold at Auction.This independent company's property, said to have been
valued at $200,000, was sold at auction on Sept. 4 for $15,000 cash to a committee representing the bondholders. The
Security Savings & Trust Co. of Toledo, Ohio, is the mortgage trustee.-V. 77, p. 1877.
Southern California Edison Co., Los Angeles.-Property
of Edison Electric Co. of Los Angeles Taken Over.-This coinpany, which filed articles of incorporation under the laws of
California in July last, its authorized capital stock being
$30,000,000, took over on Sept. 2 all the property of the
Edison Electric Co. of Los Angeles, of late years a Wyoming
corporation, having the same capital stock. The stockiholders of the old company in Feb. last authorized a bond
assue of $30,000,000, but none of the bonds was ever issued,
nd the step just taken is preliminary to the authorization
f a bond issue by the new company to take the place of that
ormerly authorized. (Compare V. 87, p. 1666; V. 88, p. 55,
1315; V. 85, p. 1084; V. 82, p. 932.)
Tennessee Copper Co.-Notes Ofiered.-William Salomon
& Co., New York and Chicago, are offering at par and interest the unsold portion of the present issue of $600,000 3-year
6% gold notes; total authorized issue, $1,000,000; dated
Aug. 2 1909 and due Aug. 11912, but entire issue redeemable at 1024 and interest on 30 days' notice. Interest payable Feb. 1 and Aug. 1 in New York. Denomination
$1,000c*. The capital stock of the company ($5,000,000
authorized and outstanding) is listed on the New York Stock
Exchange,. and at its present quotation of about $37 per
$25 share gives the equity junior to these notes a value of
$7,400,000, or about eight times the funded debt.
[VOL. Lxxxxx.
Abstract of Letter from President F. Lewisohn, New York, Aug. 4 1909.
The $600,000 3-year 6% gold notes are part of an issue limited to $1,000,000, the proceeds of which are to be used for the erection of an additional sulphuric acid plant now being constructed. The contemplated
expenditure for the additional plant is estimated at $800,000, and it is
expected that current earnings will provide the balance necessary for its
completion without the issuance of additional notes beyond the $600,000
sold you. No mortgage can be placed on the properties during the life
of the notes other than the present mortgage securing $350,000 bonds.
The real estate, plants, equipment, ore lands, &c. of the company are
4carried at a book valuation of $6,339,964. We believe the actual value
to approximate $10,000,000. In addition, the current assets on Dec. 31
1908, including cash, accounts receivable, inventories, &c., emcceded bills
payable and other current liabilities by $826,294. Against 'these assets
the only obligations outstanding are the notes of this issue and the abovementioned $350,000 5% bonds, due July 1 1922 (part of an original issue
of $500,000, the balance having been retired by sinking fund). The net
tangible assets are therefore nearly eight times the entire funded debt.
The capital stock authorized and outstanding consists of 200,000 shares
of $25 each, a total par value of $5,000,000. Dividends averaging over
7% per annum have been paid since 1903.
Earnings Available for Interest Charges (as now Increased to $53,500).
1905.
1903.1904.
1906.
1902.
1907.
8
0,174
$270,367 $450,065 $216,996 $494,781 $852,828 $830,674 $31693
Average earnings, 7 years, $496,983. Present interest charges, $53,500,
viz.: $350,000 5% bonds, $17,500; $600,000 6% notes, $36,000. During
the .7-year period above shown the company distributed out of its surplus
earnings $2,056,250 in dividends and added to its surplus $1,193,661.
The property is located in Polk County, Tenn. and comprises: Smelting
plant, consisting of 7 furnaces and power buildings of brick and steel construction with an annual capacity of 20,000,000 pounds; sulphuric acid
plant, now producing at the rate of about 60,000 tons per annum; over
12,000 acres of lands owned in fee; three completely equipped mines, with
an aggregate daily capacity of 2,000 tons; standard-gauge railroad line
between mines and plants, connecting with Louisville & Nashville RR.,
and equipped with 5 locomotives and 69 ore cars. The output of sulphuric
acid will be increased as additions to the present plant and construction of
the new plant progress, and on completion of tile plant on or before June 1
1910 it is expected that the annual capacity will be 230,000 tons. The ore
reserve blocked out Dec. 31 1908 was 3508,856 tons, as compared with
1,500,000 tons Dec. 31 1901, being sufficient for operation of the smelting"
and acid plants at present rate for at least 7 years. Drillings and prospectings indicate further ore reserves estimated to be sufficient at present.
rate of productions for at least 25 years.
•
Comparative Statement of Production.
,34g
169
01
08.
,631
139
83
07.
,741
1904.
1905.
06.
139
63
Tons ore mined_ _ 144,799 212,831
476,167
389,603
Tons ore sm'ited___ 241,855
362,900
229,116
Lbs. copper prod'ed8,617,697 7,977,982 11,319,591 12,599,019 14,464,585
The plants are of steel and brick construction and equipped with modern
electrical and labor-saving appliances. The cost of copper produced in
1908, including freight, selling, administration expenses and taxes, was
10.59 cents per lb., delivered at New York City. [Compare statement
under caption "Amalgamated Copper Co." in V. 89, p. 471-Ed.] Sulphuric acid is now produced at a cost of about $3 per ton, which, it is exct8e0,
d,pw.
considerably reduced by operation of the new plant.605.
kr.
United Gas Co. of Wichita, Kan.-Change in Control.-The
United Gas Co.(V.89, p. 167) and the Edison Light & Power
Co. (V. 87, p. 289) of Wichita. Kan., have just been sold to
the Electric Bond & Share Co. of New York. The consideration is reported to have been about $2,000,000. The
parties interested decline to make any statement at this time'
regarding their plans, but it is understood that the electric
light and gas properties at Wichita and in a number of other
growing Western cities have been purchased for a syndicate
which is under the management of the Electric Bond &
Share Co. See American Light & Power Co. above.V. 89, p. 167.
Waters-Pierce Co.-Arkansas Suit Settled.-Press dispatches state that in the anti-trust proceedings against the
company, brought by the State of Arkansas, an agreed
judgment for $45,000 against the company was filed on Sept.7
in t he Jackson Circuit Court, which terminates the civil
as well as the criminal cases,the State agreeing not to prosecute the indictment against the company.
The judgment, It is said, recites that it is not to be taken as an admission
of guilt, and a denial of all the State's charges is maintained.-V.88,p.1139.
Welsbach Company.-Report.-For year ending April 30:
Deductions
Div. Balance,
Sinking
Period
Bond
Gross
DeCoveredIncome. preen. Interest. Fund. (2%). Surplus.
1608-09 (year)
$642,883 $58,277 $326.605 $105,360 $70,000 $82,641
1907-08 (year)
8,132 40,173 32 ,
96,580 70,000 107,862
1906-07 (11 mos.)_ _ 606,449 32,899 299,108
-V.87, p. 681.
Western Union Telegraph Co.-Quarterly Report.-For 3
months ending Sept. 30 (partly estimated in 19091);
Dividends
atance,
Interest
Net
Surplus.
Paid.
934073
Charge.
Revenue.
$819,451
(%%)$747,486
$433,062
$2,000,000
86,
9/120
4.
8,7
)20
0, 618
(,V
1990098
06
02
4
33
031,0
1,864,955
p. 1474.
Total surplus (estimated) Sept.
3 Mo. end.
Sept. 30-
The net earnings for the 3 months ending June 30 last
(actual figures) were $1,867,194) compared with the estimated results, $1,700,000, heretofore published, and the
surplus after dividends, $2,875,422, against estimated surplus
of $2,708,220. See V. 88, p. 1503.
President CloNvry has issued the following statement:
The figures for the present quarter ending Sept. 30 1909 , not including
the cost of construction or betterments, which have not been included in
the regular quarterly reports, show a net profit of 1.57%, or at the rate
of 6.28% per annum. Including the cost of construction or betterments,
-y
thene8t0p
,ro
p.t6
fl f3
o3
r,the quarter is 1.11% or at the rate of 4.44% per annum.
Yukon Gold CO.-First Dividend.-An initial quarterly
dividend of 2% (10 cents per $5 share) has been declared
on the $17,500,000 stock, payable Sept. 30 to holders of
record Sept. 17, placing the stock on an annual basis of 8%.
President S. R. Guggenheim makes the following announcement:
This year the company could not operate much more than 50% of the
capacity of the mining apparatus and machinery now installed in the
Yukon field. The new water supply system will be in full operation early
next spring and the plant in full operation. Our engineers are certain
that the output of gold for 1910 will be about double this year's clean-up.
There is no question that during the season of 1910 the company will be
able to take out of the ground at least $2,500,000. The life of the property
will be more than 50 years, as there is enough high-grade gold-bearing ore
in sight to keep the equipment at work during this period.
' No official figures of this year's output will be given out
until after the mining season closes, about Oct. 10.-V. 88,
p. 450.
SEPT. 11 1909.1
THE CHRONICLE
669'
CHICAGO 86 NORTH WESTERN RAILWAY COMPANY.
FIFTIETH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1909.
The results of the operations of the Chicago & North
PASSENGER TRAFFIC.
Western Railway Company for the fiscal year ending June 30
The details of Passenger Traffic for the v
year ending June
1909 were as follows:
30 1909, compared with the preceding year, were as follows:
7,635.49
Average number of miles operated
-
Operating
Freight Revenue
Passenger Revenue
Other Transportation Revenue
Non-transportation Revenue
$43,619,091 27
16,875,668 43
5,146,621 49
337,089 84
ease %
Amount.
$1,141,061 12 7.25
Percentage of
1908.
1909. Increase.
Passengers Carried
25,994,182
26,951,319
3.68
Passengers Carried One Mile
869,455,637 932,232,161 7.22
Average Fare Paid per Passenger ___
61 cents
63 cents 3.28
Average Rate Paid per Passenger per Mile_ 1.81
cents
1.81 cents _ _ _ _
Average Distance Traveled per Passenger_
Mileage of Revenue Passenger and Mixed 33.45 miles 34.59 miles 3.41
Trains
17,851,424
18,498,671 3.63
Average Passenger-Train Revenue per
Train Mile
$1 11
$1 14 2.70
1908.
Passenger Revenue_$15,734,607 31
$65,978,471 03
.
Total Operating Revenues
Operating Expenses (65.46 per cent of Operating Revenues)_ 43,191,239 41
$22,787,231 62
Net Operating Revenue
Outside Operations-Net Deficit
15,906 54
Total Net Revenue
$22,771,325 08
Taxes Accrued (4.11 per cent of Operating Revenues)
2,714,631 79
Operating Income
$20,056,693 29
Other IncomeRents-Credits
$65,180 75
Dividends on Stocks Owned
1.886,102 00
Interest on Funded Debt Owned
2,837 50
Interest on Other Securities, Loans and Accounts
549,421 42
Miscellaneous Income
50,429 83
1909.
$16,875,668 43
MAINTENANCE OF WAY AND STRUCTURES.
The total Operating Expenses of the Company for the
year ending June 30 1909 were $43,191,239 41; of this
Total Other Income
2,554,061 50 amount $8,422,265 28 was for expenditures pertaining to the
Gross Income
$22,610,754 79 Maintenance of Way and Structures. Included in these exDeductions from Gross Incomependitures is a large part of the cost of 39,735 tons of steel
Rents-Debits
$818,848 13
Interest Accrued on Funded Debt
rails, the greater portion of which was laid in replacement of
7,603,025 00
Other Interest
900 96
rails of lighter weight in 317.16 miles of track; also the cost
Sinking Funds
224,500 00
of 2,314,949 new ties.
Other Deductions
28,187 15
The expenditures for Maintenance of Way and Structures
Total Deductions from Gross Income
8,675,461 24
also include a large portion of the cost of ballasting 24.41
Net Income
$13,935,293 65
Dividends (8% on Preferred and 7% on Common Stock)_
8,764,503 00 miles of track with crushed stone, 157.63 miles with gravel
Balance Income for the year
$5,170,790 55 and 96.62 miles with cinders and slag; the erection, in place
The results as compared with the preceding fiscal year of wooden structures, of 34 new steel bridges on masonry,
and 8 on pile supports, aggregating 4,712 feet in length and
were as follows:
containing 2,776 tons of bridge metal; and the replacement
Freight Revenue increased
$1,669,461 73
of other wooden structures with masonry arch and box culPassenger Revenue increased
1,141,061 12
Other Transportation Revenue increased
41,716 08
verts and cast-iron pipes, the openings being filled with earth.
The wooden structures replaced by permanent work aggre$2,852,238 93
Non-transportation Revenue decreased
93,112 09
gate 9,430 feet in length.
The expenditures on account of Maintenance of Way and
Increase in Operating Revenues
$2,759,126 84
Operating Expenses increased
$1,549,925 78
Structures for the year ending June 30 1909, compared with
Taxes Accrued increased
131,809 01
the preceding year, were as follows:
Increase in Operating Expenses and Taxes
Accrued
$1,681,734 79
Net Deficit from Outside Operations decreased_
23,092 06
1,658,642 73
$1,100,484 11
Increase in Operating Income
MILES OF RAILROAD.
The total number of miles of railroad owned June 30 1909
was
7,515.05
In addition to which the company operated:
Through Ownership of Entire Capital StockPrinceton & Western Railway (Wyeville to
Necedah, Wis.)
16.06 miles
Wolf River Valley Railway (Junction east of
Elton to Van Ostrand, Wis.)
1.98
18.04
Under LeaseSt. Paul Eastern Grand Trunk Railway (Clintonville to Oconto, Wis., and branches) _
60.02
De Pue Ladd & Eastern Railroad (Ladd to
Seatonville, III.)
3.25
63.27
Under Trackage RightsPeoria & Pekin Union Railway (in the city of
Peoria, Ill.)
2.02
Chicago Indiana & Southern Railroad (Churchill
to Ladd, III.)
2.80
Union Pacific Railroad (Broadway Station,
Council Bluffs, Iowa,to South Omaha, Neb.) 8.73
Chicago St. Paul Minneapolis de Omaha Rail24.70
way (Blair to Omaha, Neb.)
Missouri Valley & Blair Railway & Bridge
Company's track
3.36
41.61
Total miles of railroad operated June 30 1909
miles
"
"
"
7,637.97 "
The above mileage is located as follows:
In Illinois
In Wisconsin
In Michigan
In Iowa
In Minnesota
In South Dakota
In North Dta
In Nebraska.....................................
In Wyoming
685.02
1,976.85
519.88
1,579.71
650.30
978.96
14.28
1,102.51
130.46
Total ________________________ _________________
7.637.97
miles
"
"
"
"
"
"
Rails Laid in RenewalsNew steel rails laid
Usable rails laid
1908.
47,425 tons
16,329 "
Total tons laid
63,754 "
Ties Laid in RenewalsNumber
1,940,409
Cost of RailsNew steel rails
$1,333,313 01
Usable rails
381,510 19
$1,714,823 20
Less value of old rails and
other items
1,327,924 12
Net charge for rails
$386,899 08
Cost of Ties
1,121,215 31
Cost of Ballast
104,039 70
Cost of Other Track Material 436,932 00
Roadway and Track Labor
and Other Expenses
3,683,791 16
Total Charges for Roadway
and Track
$5,732,877 25
Other Expenses Account Maintenance of Way and Structures were as follows:
Bridges, Trestles and Culverts 732,597 00
Road Crossings, Fences, &c_
183,695 30
Signal and InterlockingPlants 148,392 60
Buildings, Fixtures and
Grounds
577,667 36
Docks and Wharves
45,253 90
Superintendence
355,959 76
Roadway Tools and Supplies
48,412 22
Sundry Miscellaneous Charges 153,583 23
Total Charges Account Maintenance of Way and Structures
$7,978,438 62
1909.
21,735 tons
18,000 "
Inc. (-I-) or
Dec. (-).
-25,690 tons
+1,671 "
39,735 "
-24,910 "
2,314,949
+374,540
$616,709 10 -$716,603 91
+54,180 48
435,690 67
$1,052,399 77 -$662,423 43
716,150 91
-611,773 21
$336,248 86
1,324,617 07
115,894 81
299,078 02
-$50,650 22
+203,401 76
+11,855 11
-137,853 98
3,586,929 30
-96,861 86
$5,662,768 06
-$70,109 19 •
990,094 47
248,587 27
155,602 05
+257,497 47
+64,891 97
+7,209 45
708,235 05
91,300 47
364,363 63
76,188 60
125,125 68
+130,567 69
+46,046 57
+8,403 87
+27,776 38
-28,457 55
$8,422,265 28
+8443,826 66
The above expenditures for Maintenance of Way and
Structures for the current year amount to 19.50% of the
total Operating Expenses, as compared with 19.16% for
the preceding fiscal year.
14
MAINTENANCE OF EQUIPMENT.
FREIGHT TRAFFIC.
The details of Freight Traffic for the year ending June 30
The expenditures on account of Maintenance of Equip1909, compared with the preceding year, were as follows:
ment for the year ending June 30 1909, compared with the
Increase
preceding year, were as follows:
1908.
Amount.
1909.
Freight Revenue_ _$41,949,629 54
1908.
Tons of Freight Carried
30,600,322
Tons of Freight Carried One Mile_ _ _4,837,041,063
Average Revenue Received per Ton_
$1.37
Average Revenue Received per Ton
per Mile
.87 of a cent
Average Distance Each Ton was
Hauled
158.07 miles
Mileage of Revenue Freight and
3/fixed Trains
18,485,673
Average Number of Tons of Revenue
Freight Carried per Train Mile__ 261.66
Average Number of Tons of Revenue
Freight Carried per Loaded Car
Mile ..,_
14.86
Average 'Freight Revenue per Train
Mile
$2 27
$1,669,461 73 3.98
Percentage of
Inc. (-I-) or
1909. Dec.(-).
32,793,418 +7.17
4,863,589,654
+.55
$1.33 -2.92
$43,619,091 27
.90 of a cent
+3.45
148.31 miles -6.17
18,696,827
+1.14
260.13
-.58
14.60
-1.75
$2 33
+2.64
1908.
Locomotives
$2,917,287 50
Passenger-Train Cars
658,680 03
Freight-Train Cars
2,780,562 57
Work Equipment
64,334 55
Shop Machinery and Tools 163,046 00
Superintendence
196,970 65
Sundry Miscellaneous
Charges
58,359 91
Total charges accountliaintenance of Equipment $6,839,241 21
1909.
83,121,699 26
702,134 68
3,519,113 05
115,293 01
139,446 32
202,844 13
Inc. (-I-) Or
Dec. (-).
+8204,411 76
+43,454 65
+738,550 48
+50,958 46
-23,599 68
+5,873 48
45,438 10
-12,921 81
$7,845,968 55
+$1,006,727 34
The above expenditures for Maintenance of Equipment
for the. current' year amount to 18.17% of the total Operating Expenses, as compared with 16:42% for the preceding
fiscal year.
THE CHRONICLE
610
$10,281,000 00
Brought forward
C. & N. tv. Ry. Gen. Mort. Gold Bonds of 1987, Due from
Made
Expenditures
Construction
Trustee on ACCOUra of
1,000.000 00
During the Year
REPLACEMENT OF EQUIPMENT.
At the close of the preceding fiscal year there
was a balance to the credit of the Equipment
$859,501 01
Replacement Accounts of.
During the year ending June 30 1909 there
was credited to the Equipment Replacement
Accounts on account of charges to Operating
1,871,767 68
$2,731,268 69
And there has been charged during the year
against the above amount the cost of Equipment acquired for Replacements and other
items, as follows:
2,729,549 05
Leaving a balance to the credit of the Equipment Replacement Accounts on June 30 1909
$171061
of
CAPITAL STOCK.
During the year ending June 30 1909, $6,600 00 Common
Stock obtained by the purchase and conversion of scrip certificates was sold, and $100 Common Stock Scrip outstanding was purchased, resulting in a net increase of $6,500 in
the amount of Common Stock and Scrip outstanding and a
corresponding net. decrease in the amount of such Stock and
Scrip owned by the Company.
There was no change in the Preferred Stock or Scrip.
The Company's authorized Capital Stock is Two Hundred
Million Dollars ($200,000,000 00), of which the following has
been issued to June 30 1909:
$22,395,120 00
Preferred Stock and Scrip outstanding
3,834 56
Preferred stock and Scrip owned by Company
322,398,954 56
Total Preferred Stock and Scrip
$99,618,838 82
Common Stock and Scrip outstanding
Common Stock and Scrip owned by Company 2,333.892 15
Total Capital Stock and Scrip June 30 1909
CONSTRUCTION.
for the year ending June 30 1909
charges
construction
The
were as follows:
On Account of Additional Main Tracks, viz.:
Miles.
2.84
Third Track, Mayfair Cut-Off, Ill
Second Track, Sheboygan Cut-Off, Wis4.12
consin
Third and Fourth Tracks, Fulton Cut-Off,
4.95
Illinois
$697,597 10
729,510 64
457,504 90
167,490 61
606,616 94
4,000 00
66,828 86
Total Common Stock and Scrip
Total Bonds In the Treasury and due from Trumtee.
$11,281,000 00
June 30 1909
Net Decrease during the year in Bonds in the Treasury
$6,421,000 00
and due from Trustee
Expenses and for salvage
55 Locomotives
1,100 Box Freight Cars
500 Gondola Cars
300 Platform Cars
751 Ore Cars
2 Steam Shovels
Other Items
[VOL. Lxxxix
' 101,952,730 97
$124,351,685 53
FUNDED DEBT.
The changes in the Outstanding Bonds of the Company for
the year ending June 30 1909 were as follows:
Matured Bonds RedeemedM. L. S. & W. By. 20-Years Convertible Deben$3,000 00
tures of 1907, 5%
Rochester & Northern Minnesota By. First
00
200,000
Mortgage, 7%
100,000 00
Plainview RR. First Mortgage, 7%
150,000 00
Minnesota Valley Ry. First Mortgage, 7%
Ottumwa Cedar Falls & St. Paul By. First Mort1,600,000 00
gage, 5%
Cedar Rapids & Missouri River RR. Mortgage
741,000 00
of 1884, 7%
$2,794,000 00
•
Bonds Redeemed with Sinking Fund Payments$57,000 00
C. & N. W. By. Sinking Fund of 1879,6%
79.000 00
0. & N. W. By. Sinking Fund of 187.9, 5%
136,000 00
On Account of Elevating Tracks, viz.:
Balmoral Avenue to Howard Avenue, Chicago,
Iii
In the City of Evanston, Ill
North 46th Avenue to Austin Avenue, Chicago,
Illinois
Austin Avenue to Harlem Avenue, Oak Park,
Illinois
South Branch Track, 550 feet east of Western
Avenue to Canal Street, Chicago, Illinois__ _
In the City of Milwaukee, Wis. (Madison Division)
$30,913 29
13,702 70
158,460 29
$203,076 28
$56,377 69
547,931 28
475,060 24
291,565 15
169,444 24
194,015 87
1,734,394 47
Sundry ConstructionRight of Way and Additional Depot and Yard
$56,064 85
Grofinds
296,185 57
Buildings, Furniture and Fixtures
15,797 44
Docks and Wharves
46,244 28
Tools
and
Shop Machinery
Permanent Bridges (cost of new over old)-- 1,170,870 89
197,358 85
Interlocking and Signal Apparatus
New Sidings, Yard Tracks and Spurs to In273,182 91
dustries (34.48 miles)
495,699 54
Betterment of Roadway and Track
143,806 45
St. Francis Cut-Olf, Wisconsin
82,708 36
Thatcher-Valentine Cut-Off, Nebraska
Account New Chicago Passenger Terminal_ _ 3,007,373 42
Miscellaneous Construction, including Road
114,159 48
Crossings, Signs and other items
Additional EquipmentOne Locomotive, 10 Chair Cars, 25 Vestibuled
Coaches, 2 Composite Baggage-Buffet Cars,
4 Parlor Cars, 2 Observation Parlor Cars,
1 Dining Car, 10 Mall and Baggage Cars,
10 Baggage Cars, 500 Box Cars, 2 Steam
Wreckers, 2 Steam Shovels and 1 Litting
Crane
Cost of Milwaukee & State Line Railway
Cost of Manitowoc Green Bay & North Western Railway
Total Charge to "Cost of Property" for the Year
5,908,452 04
858,808 59
$8,704,731 38
2,938,106 71
3,866,961 29
$15,509,799 38
NEW PASSENGER TERMINAL IN THE CITY OF
CHICAGO.
Satisfactory progress has been made during the year in the
construction of the Company's new Passenger Terminal and
approaches in the City of Chicago. In the Terminal Section,
between Lake, Madison, Clinton and Canal streets, the caisson foundations for the new station building have been completed and the granite and structural steel is in place to and
including the second story; the foundations for the train shed
and track structure, south of Lake Street, are practically
.$2,930,000 00 completed; the retaining walls and abutments between MilTotal Bonds Redeemed
Assumed
Bonds Sold or
waukee Avenue and Jefferson Street are completed, and the
C. & N. W. By. General Mortgage Gold Bonds
steel work is being erected. On the West Approach, from
of 1987,3;5%,sold to reimburse the Company,
for past expenditures made In redeeming manear Ashland Avenue to Jefferson Street, the retaining walls,
$10,351,000 00
tured bonds
steel viaducts and sand filling for the roadway
abutments,
Mortgage,
First
Co.
By.
Line
Milwaukee & State
2,500,000 00
have been substantially completed, and the
3
assumed
embankment
Manitowoc Green Bay & North Western Ry.
ballasting are in progress. On the North
and
track-laying
00
3,750,000
assumed
Co. First Mortgage, 335%,
from near Carpenter Street to Jefferson Street,
Approach,
16,601,000 00
Total Bonds Sold and assumed
the retaining walls and abutments are nearly completed and
$13,671,000 00 the erection of the steel viaducts and the sand filling for the
• Net Increase in Outstanding Bonds
roadway embankment are well advanced.
BONDS IN TREASURY AND DUE FROM TRUSTEE.
TRACK ELEVATION IN THE CITY OF CHICAGO AND
At the close of the preceding fiscal year the
VICINITY.
,
amount of the Company's Bonds in its 'treasury
$17,702,000 00
and due from Trustee was
The elevation of the Company's South Branch tracks, parto South
The above amount of Bonds has been decreased
allel to Sixteenth Street, from near Western Avenue
during the year ending June 30 1909 as follows:
Canal Street, in the City of Chicago, a distance of 2.36 miles,
C. & N. W. By. Sinking Fund of 1879, 5%,
to which reference was made in the last annual report, has
$1,000 00
retired
been substantially completed.
C. ec N. W. By. General Mortgage Gold Bonds
of 1987, 3;5%, sold to reimburse the ComPursuant to an ordinance adopted by the City Council of
rein
made
pany for past expenditures
Evanston, Illinois, the Company has undertaken the con10,351,000 00
deeming matured bonds
10,352,000 00 tinuation of the elevation of the main tracks on its Milwaukee
city, a distance of 3.95 miles, and also the
$7,350,000 00 line through that
elevation of the main tracks on its Mayfair Cut-Off, in that
have
The Bonds on hand and due from Trustee
city, for a distance of one mile. On the Milwaukee line, the
been increased during the year as follows:
work includes the elevation of three tracks to a maximum
Bonds Redeemed and Not Retiredheight of 16 feet, the construction of 6,200 feet of retaining
M. L. S. de W. By. 20-Years Convertible De$3,000 00
wall, 18 subways, 5 depots and 1 freiOt house. On the
bentures of 1907, 5%
Cedar Rapids & Missouri River RR. Mortgage
Mayfair Cut-Off the two main tracks will be elevated to a
741,000 00
of 1884, 7%
maximum height of 143-i feet, and six subways will be con57,000 00
C. & N. W. By. Sinking Fund of 1879,6%-- - 77,000 00
C. & N. W. By. Sinking Fund of 1870, 5%
structed.
878,000 00
The elevation of the main tracks of the Galena Division
. C. & N. W. Ry. Gen. Mort. Gold Bonds of
1987. Due from Trustee in exchange for
from North 46th Avenue to the western limits of the City of
Bonds Retired, viz.:
Chicago at Austin Avenue, a distance of 1.77 miles, to which
Rochester & Northern Minnesota By. First
3200,000 00
reference was made in the last annual report, has been subMortgage, 7%
00
100,000
Plainview RR. First Mortgage, 7%
completed. An ordinance adopted by the Village
stantially
150,000 00
Minnesota Valley By. First Mortgage, 7% _
requires the continuation of this elevation
First
St.
Park
Oak
&
of
By.
Paul
Falls
Cedar
Ottumwa
1,600,000 00
Mortgage, 5%
from Austin Avenue to Harlem Avenue,
Village
that
through
3,000 00
C. & N. W. By. Sinking Fund of 1879. 5% - - - by this
2,053,000 00 a distance of 1.55 miles. During the year covered
SEPT. 11 1900.1
THE CHRONICLE
report, 4 tracks have been elevated to a maximum height of
123/ feet, and carried over street crossings on temporary
bridges from Austin Avenue to Oak Park Avenue, a distance
of one mile, the retaining wall on the north side of the elevation has been constructed for the entire distance between
Austin Avenue and Harlem Avenue and three depots have
been nearly completed. There remain to be completed
between Austin Avenue and Oak Park Avenue 8 permanent
subways, the laying of two additional main tracks and the
construction of a retaining wall on the south side of the elevation.
TRACK ELEVATION IN THE CITY OF MILWAUKEE.
In compliance with an ordinance adopted by the City
Council of Milwaukee, Wisconsin, the Company has inaugurated the work of elevating its Madison Division tracks in
that City from a point near Chicago Avenue to Greenfield
Avenue, a distance of 1.62 miles, including the elevation of
its Barclay Street and Chase Yards, containing 6.55 miles of
track, the reconstruction of the Kinnickinnic River Draw
Bridge, the construction of subways at Kinnickinnic Avenue,
Becher Street, Lincoln Avenue and Chicago Avenue, and
the construction of a brick freight station and team yard at
Lincoln Avenue.
SUNDRY CONSTRUCTION.
Among the more important sundry betterments and additions to the property of the Company during the fiscal year
are the following:
An aggregate of 34.48 miles of sidings, yard tracks and
spurs has been added to serve industries and develop traffic.
A third track on the Mayfair Cut-Off from Foster Street,
Evanston, to Weber Station, a distance of 2.84 miles, is
nearing completion.
At Racine, Wisconsin, a second main track has been constructed between Tenth and Maple Streets, and the bridges
over Ninth Street, the Root River and Sixth Street have
been reconstructed as double-track bridges.
The second main track between Janesville and South
Janesville, Wisconsin, constructed during the preceding year,
has been extended through the City of Janesville, a distance
of 0.99 miles.
Third and Fourth main tracks, 4.95 miles in length, are
being constructed from a connection with the main line of the
Galena Division, at a point about three miles east of Fulton,
Illinois, to the east end of the Company's new bridge across
the Mississippi River between East Clinton, Illinois, and
Clinton, Iowa. The construction of these tracks will serve as
a cut-off and result in a saving in distance of 1.19 miles and a
material reduction in curvature as compared with the Company's present line between these points.
The main line of the Nebraska and Wyoming Division
between Thatcher and Valentine, Nebraska, is being revised
and a cut-off, 5.73 miles in length, located south of the present
main line, is being constructed between these points. This
work involves the construction of a new bridge 1,300 feet in
length across the Niobrara River, and will result in a material reduction in grades at this point.
A double-track (cut-off) railroad, 2.38 miles in length, connecting the Wisconsin and Madison Divisions and located
just south of the City of Milwaukee, has been completed.
The installation of automatic signals on the Company's
main line between Chicago and Omaha has been completed.
The new double'track bridge across the Mississippi River
between East Clinton, Illinois, and Clinton, Iowa, referred
to in the last annual report, was completed, and fully opened
to traffic on April 11 1909.
The double-track single-leaf bascule bridge and approach
across the North Branch of the Chicago River near the Wells
Street Passenger Depot, Chicago, and important changes in
the track system at this point have been completed.
NEW RAILWAYS AND EXTENSIONS.
The Company has acquired by purchase during the year
the following railways, which were constructed in its interest
and formerly operated by it under lease:
The Manitowoc Green Bay & North Western Railway,
extending from Manitowoc to Eland Junction, Wisconsin,
and from Pulaski to Gillett, Wisconsin, in all 123.20 miles.
The Milwaukee & State Line Railway (double track), extending from near Lake Bluff, Illinois, to near St. Francis,
Wisconsin, a distance of 50.24 miles.
The cost of constructing these railways was included in the
General Balance Sheet of June 30 1908, in the account "Balance Cost of Securities and Advances on account of Sundry
Proprietary Companies," and has now been transferred to
"Cost of Property."
LANDS.
The sale of the timber lands in the Company's Wisconsin
and Michigan Land Grants has been discontinued for the
purpose of re-examination and re-appmisement. The total
number of acres remaining in the several Grants June 30 1909
amounted to 377,282.92 acres, of which 4,877.73 acres were
under contract for sale, leaving unsold 372,405.19 acres.
Appended hereto may be found statements, accounts and
statistics relating to the business of the fiscal year, and the
condition of the Company's affairs on June 30 1909.
MARVIN HUGHITT,
President.
(For statistical tables see'under Annual Reports on a preceding page.)
671
Toututertial Timrs.
COMMERCIAL EPITOME.
Friday Night, Sept. 10 1909.
The fact that prices for iron and steel are in some cases
nearing the import level shows plainly enough the expanding
tendency of business in these products. Trade in other
directions is also gradually broadening, though the curb of
conservatism is still everywhere in evidence.
LARD.-The light offerings and the firm views of holders
have restricted business. Prime Western 12.80c., Middle West
12.70c., refined Continent 13c., prime City steam 12c.,
South America 13.25c., Brazil, in kegs, 14.25c.. Speculative prices in the West show a slight loss as a result .of
heavy realizing sales, a still bigger break being prevented
by the buying by packers. The strength in corn was a
sustaining factor late in the week.
DAILY CLOSING PRICES
Sat.
September delivery_12.27M
October delivery
12.27%
January delivery10.62;4
OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri,
Holl- 12.323 12.20
12.17% 12.15
day. 12.30
12.15
12.15
12.1”i
10.62% 10.5734 10.67
10.75
PORK.-The volume of business has been small, owing
to the higher prices and the meagre supply. Mess $23 75@
$24. Family $22 50@$23, clear $23@$24. Beef fairly
active at steady prices; family $14@$14 50, packet $12®
$12 50, mess, $11@$11 75, extra India mess $20 50@$21.
Pickled hams dull and steady, 123.c. Bellies strong on
scarcity, 133c. Tallow dull; city 5%c. Stearines quiet
at an advance; oleo 123
4c. lard 13c. Butter strong, especially choice; creamery ext!ras 31c. Cheese firm and fairly
active; State, f. c., small or large, colored or white, 15%c.
Eggs are in liberal supply, Western firsts 23@24c.
OIL.-Linseed is quiet at unchanged prices but there is
said to be some disposition to make concessions. Buyers
are holding off, but the consumption is said to be good; city,
raw, American seed, 57@58c.; boiled, 58@59c; Calcutta,
raw, 75c. Cottonseed slightly easier; winter 6@6.30c., summer white 5.98@6.20c. Olive $1@$1 20. Lard is strongly
held, owing to light supplies, resulting in considerable substitution; prime 93@96c. extra No. 1 56c. Cocoanut quiet
and steady; Cochin 88%c.,
44
1
Ceylon 7,34@8c., Palm, Lagos,
®6c. Peanut, yellow, 65®70c. Cod steady with
ordinary demand; domestic 38c., Newfoundland 40c.
COFFEE.-Spot business has been slow. Brazilian offers
have been small, owing to holidays there. Milds have been
inactive but firmly held, although there is said to be a good
inquiry. Rio No. 7, 7% ®73Ac.; Santos No. 4, 8N ®83
/0.;
fair to good Cucuta, 8/
5 s@9c. Speculative business has
been slow, owing to holiday intervention. Prices show a
small gain as a rule, possibly reflecting the steadiness in
European and Brazilian markets, despite the unprecedentedly large increase in the visible supply. Closing prices are:
September __5.50@5.55 January __5.40@5.45
October
5.3505.40 February
ry
0
_5.405.45
November
5.350 5.40 March
5.4505.50
December _ _5.40®5.45 April
5.45®5.50
May
June
July
August
5.45@ 5.50
5.50 5.55
5.505.55
5.50@5.55
SUGAR.-Offerings were small all week, while bidding
was more active. The firm views of holders checked business at times, but finally a bid of 4.20c. secured 5,000 bags
of Cuba centrifugals, and the market is now firm at the advanced basis. Centrifugal, 96-degrees test, 4.20c.; muscovado, 89-degrees test, 3.70c.; molasses, 89-degrees test,
3.45c. Refined prices have also been advanced. This has
resulted in small business for new orders, but there have been
good withdrawals on old contracts. Refined now quoted at
5.05c. Spices have been much more active at advancing
prices. A good trade is reported in teas at firmer figures.
Wool has been firm and fairly active.
TOBACCO.-A cheering feature has been the greater activity noticeable in the market for Havana leaf, resulting in a
fairly satisfactory volume of business. As far as domestic
tobaccos are concerned, it is reported that Connecticut dark
wrappers from the 1908 crop have enjoyed the greatest activity, being in request for binding, and one large manufacturer alone took 2,000 cases, it, was stated. The recent crop
developments have been discouraging. It is reliably reported that the frosts noted last week in the upper Wisconsin
counties had a damaging effect on the tobacco crop, estimates
as to the proportion injured ranging from 50 to 66%. It is
feared that there will be more or less unseasonably early harvesting. The consensus seems to be that next crop will not
only be short in quantity but unsatisfactory as to quality.
PETROLEUM.-While the domestic demand has increased, the most encouraging feature has been the more
lively inquiry for export account, embracing refined oil as
well as engine oils. Refined, barrels 8.25c., bulk 4.75c.,
cases 10.65c. Gasoline, 86-degrees test, in 100-gallon drums,
189..c.; drums $7 50 extra. Naphtha, 73 to 76-degrees test,
in 100-gallon drums, 169c.; drums $7 50 extra.
COPPER.--Prices show little change for the week, hut
the tone is easier, as there seems to be some pressure to sell,
while consumers are indifferent. Lake 13®13c., electrolytic 12%®13c., casting 12%®13c. Lead quiet and steady;
spot car-lots 4.35@4.37/
1
2c. Spelter steady and fairly active; spot car-lots 5.65ft5.75c. Iron has been strong and
active in all markets, prices having advanced close to the
import point; in fact, Chinese pig iron has been sold in Pacific markets. Last month's new record for production is expected to be exceeded this month.,
[VoL.Lxxxix
THE CHRONICLE
672
On Shipboard, Not Cleared for-
COTTON.
Friday Night, September 10 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
154,356 bales, against 81,420 bales last week and 34,162
bales the previous week, making the total receipts since
Sept. 1 1909 197,060 bales, against 181,165 bales for the
same period of 1908, showing a decrease since Sept. 1
1909 of 16,795 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Great
Sept. 10 at- Britain. France
Other CoastGermany. Foreign wise.
Leaving
Stock.
Total.
____
1,562
1,221
243
_ _
98
New Orleans__
1,151 41,836
3,450 8,5,50 15,294 13,391
Galveston ____
6,762
6,762
-6,762
____
Savannah--------------____
__
-_
Charleston_
------37 4,537
---Mobile4
5,200
5,200
---------------Norfolk
4,100
____
2,200
1,200
200
500
New York_
5,500
___..
500
3,000
____
2,000
Other ports
33,604
27,489
56,754
9,084
3,165
803
66,789
16,690
6,048 13,250 26,499 17,312 6,388 69,497
15,561 11,184 16,278 15,628 6,609 65,260
2,379 12,735 40,772
6,217
5,264
14,177
214,378
183,203
268,085
Total.
Total 1909_
Total 1908_
Total 1907_
5,529 11,221 55,051
8,622 19,286 6,635
3,758
Galveston
Port Arthur__
2,50-8
----2,368
---------------Corp. Christi, Fie.
1,179 1,114
7,446
2,220
553
358
2,022
New Orleans_. _
Gulfport
542 1,392 4,554
712
1,556
39
Mobile
313
__
Pensacola
----------55
55
-----------Jacksonville, &c.
9,325 9,403 55,972
9'768
9,094
9,128
Savannah
9,254
3,905 3,905
Brunswick
1,636 2,891 11,153
2,271
1,334
2,081
940
Charleston
Georgetown
1-,8r78 1,66 2;665 9-,6156
.
3,166
i _-_-_
587
Wilmington
487
295
669
24
3.619
Norfolk
---38
38
-------------------N'port News, &c.
___
New York
--------218
____
--------118
---100
Boston
Baltimore
36
9.5
159
30
------_--Philadelphia_ _ _ _
------Total this wk_ 17,325 20,421 35,741 23,897 20,794 36,178 154,356
Speculation in co tton for future delivery has been fairly
active, and at the oustet the trend was upward; but, owing
to recessions later, the net changes for the week show some
decline. The early buoyancy was due to adverse crop advices and bull speculation, but the advance met with numerous setbacks, due to the pressure of realizing sales and of
aggressive short selling. The ginning, too, as noted in the
first census report of the season, was unexpectedly large
in Georgia and South Carolina. The decline in the stock
market coincident with alarming reports concerning the
condition of Mr. E. H. Harriman also had a somewhat depressing effect, there being, as every one knows, a certain
community of interest, so to speak, among the big speculative markets, so that whatever profoundly affects one is
apt to affect all to a greater or lesser degree. American
be buying
The following shows the week's total receipts, the total spinners, moreover, while in some cases they may
awaitsince Sept. 1 1909, and the stocks to-night, compared with rather more freely, seem as a rule to be holding aloof,
ing the effect on prices of the early movement of the crop.
last year:
Many expect the movement to be large. Not a few are
1908.
1900.
Stock.
skeptical as to the possibility of sustaining prices at their
Receipts to
present level should September and October receipts prove
This Since Scp This Since Sep
September 10.
1908.
1909.
Week. 11009. Week. 11908.
heavy and spinners very generally adhere to the policy of
too, is not extensively
72,187 67,539 102,370
65,541 buying sparingly. The outside public,
69,325
55,051
Galveston
interested in the speculation. On the other hand, Liverpool
Port Arthur
2,666
2,368
Corp. Christi, &c_
advices have been distinctly bullish. Its daily spot sales
7,660
7,753
30,817
8,400
7,446
35,166
New Orleans
as a rule have been large. Manchester news has recently been
Gulfport
8,705 much more cheerful, and crop advices, particularly from the
4,207
5,088 3,294
7,702
4,554
Mobile
Pensacola
western part of the belt, have continued to be unfavorable.
•
952
926
55
55
Jacksonville, &c_
77,107 41,060
55,711
63,516
55,972
53,537 Adverse reports have come from Texas, Arkansas, OklaSavannah
1,323
5,355
5,410
3,905
Brunswick
10,244 homa, Mississippi and Alabama, offsetting in the minds of
12,506 4,283
9,084
4,569
11,153
Charleston
Georgetown _ _ _ _
many the cheerful crop news from Georgia and the Carolinas.
6,466
64
.
10,4
1,946
1,914
10,031
9,690
Wilmington
under the
4,059 English spinners, it is said, are becoming restive
6,003
1,896
1,851
4,443
3,619
Norfolk
155
185
155
38
bad crop reports and the persistency with which prices in this
Newport News,&c
60,470
70,889
New York
The last Government
3,959 country keep above the 12-cent mark.
3,020
583
297
484
218
Boston
2,039 report
2,037
306
putting the condition of the crop at the
290
128
128
Baltimore
1,213
1,259
70
159
70
159
Philadelphia
figure of 63.7 is supposed to have had
---------- unprecedentedlY low
-----154,356 197,960 128,934 181,165 283,875 248,463 the effect of inducing British, if not Continental, spinners to
Total
increase their purchases. Certainly the activity and strength
In order that comparison may be made with other years, of the Liverpool market over the Labor Day holidays was
by many considered significant. The conjecture this season
we give below the totals at leading ports for six seasons:
of a moderate crop and a relatively large consumption is ex1904.
1905.
1906.
1908.
1907.
1909.
pected by not a few to bring about higher prices sooner or
Receipts at76,220 later, even if the early crop movement causes a setback in
76,689
73,860
67.539
55.051
33,470
Galveston
201
546
427
2,368
148
values for a time. Liverpool buying, with that by spot inPt.Arthur,&-c.
17,040
10,902
17,727
4,432
7,068
7,446
New Orleans_
5,309 terests and by operators in the South and West was a signal
5,778
3,294
4,554
3,808
1,759
Mobile
59,218 factor in the early advance. On Thursday came a sharp
76,697
41,060
33,010
41,178
55,972
Savannah
3,462
4,867
3,186
279
3.905
Brunswick__ _
14,125 break, owing to reported increased Southern offerings, a de11,954
6,429
3,848
•11,153 • 4,283
Charleston,&c
4,745 cline in Southern markets and sympathy with the stock
6,732
1,914
14,230
1,842
9.690
Wilmington .
6,584
2,393
1,851
11,713
1,870
3,619
Norfolk
death. To167 market, affected by rumors of Mr. Harriman's
264
99
155
107
38
N'port N., ecc
262 day prices were from 7 to 15 points higher temporarily, de236
1,770
2,751
2,186
560
_
All others_
mand being stimulated by the firmness in the stock market,
154,356 128,934 100,227 139,521 215,738 187,343
Total this wk_
and reports of extremely warm weather in Texas and Okla197,960 181,165 140,195 212,582 387,189 343,360 homa, accompanied by hot winds. Moreover, news from
Since Sept. 1_
•
Southern spot markets was decidedly stronger in character.
The exports for the week ending this evening reach a total This latter caused October deliveries to be especially strong
of 46,601 bales, of which 9,524 were to Great Britain, here, sending them up to a small premium over January
4,892 to France and 32,185 to the rest of the Continent. as compared with a similar discount on Thursday. The early
demand being satisfied, the market broke readily in the afterBelow are the exports for the week and since Sept. 11909:
noon under the weight of liberal offerings by leading bear
Week ending Sept. 10 1909. Front Sept. 1 1909 to Sept. 10 1909.
traders, and prices fell to about the level of the previous
Exported toExported toclose. •
Exports
Great
ContiContiGreat
fromTotal. I
Britain. Ffnce. nent. Total. Britain. France. nent.
The official quotation for middling upland cotton in the
New
York market each day for the past week has been:
13,883
14,992
8,59
37,441
21,345
Galveston ____ 5,575 4,577 11,1931
Port Arthur_
2,090
Corp.Christi,dtc
6751
New Orleans__
Mobile
Pensacola
Fernandina
Savannah
Brunswick
4,000
Charleston
Wilmington
Norfolk
Newport News.
315 5,700
284
New York
281
3,133
Boston
Baltimore - Philadelphia _
Portland,Me_
San Francisco_
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit
Total
Total 1908
2,090
1,207
4,000
6,299
3,414
9,524 4,892 32,185 46,601
14,00
2,102
650 20,866 35,516
284
3,133
5ii
2,090
5,284
2,090
7,386
8,246
8,246
4,000
4,000
11,083
281
11,682
3,414
Sat.
Mon. Tues. Wed. Thurs.
HOLIDAYS. 13.00
12.90
12.65
Fri.
12.75
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept.10 for each of the past 32 years have been as follows:
1909_c
1908
1907
1906
1905
1904
1903
1902
12.75
9..)0
13.05
9.80
10.85
10.90
12.25
8.88
1901_c
1900
1899
1898
1897
1896
1895
1894
8 50
10.62
6.44
_‘... 5.81
7.50
8.88
8.38
6.88
1893_c
1892
1891
1890
1889
1888
1887
1886
US
8.68
10.62
11.38
10.50
10.12
9.25
10.00
10.88
10.12
12.81
12.68
11.68
12.38
11.88
igN c
1883
1882
1881
1880
1879
1878
MARKET AND SALES AT NEW YORK.
•
Spot Market
Closed.
14,115 15,307
18,497
9,81
44,837
74.259
57,583
85,809
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.
Sept. 4 to Sept. 10Middling uplands
Futures
Market
Closed.
Sales of Spot and Contract.
ConSpot.
Holiday
Holiday
300
Quiet 15 pts. adv__ Steady
Steady 10 pts. dec.- Barely steady 8,664
Quiet 25 pts. dec. Barely steady
Saturday_ _
Monday.._ _
Tuesday _ _
Wednesday
-Thursday _
Friday__ _ _ Quiet 10 pts. adv.- Steady
Total _
8,964
Contract.
100
7'otal.
400
8,664
100 9,004
SEPT. 11 1909.1
THE CHRONICLE
673
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York the past week have been as follows:
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.
I 6P I C' gr1igag
1
2o
go
.o
,flom.o
mg I 4.71
,
-Ta I 601 gn
ET.1,
trgle
I sl
)Ott
ranF
iln•Ti5.-1*,C7i2C
i
agiZ*>1:›M,
,
CA 4`.1
??,000417'8r,,ZEt• c°0f4e4 ;
,1
° 'nil V0(cr;."2
.0
o Fcigir,t0v5nas
).ggin
.
EeDo0e,,D.6.1800,o
g,
TR,
'1
• z.
•
O'Y'r1W:',:g44 g 4§C)Vg Allge
.P gaaP
.
°'4 W C:11",2
4
C
F
0"
c.
8
7qt' 0
ar
FD--
o• - •
•
Si, •
M
o
432
(91
V
I@ I@
®
I
•cr,
CC@
I® I®
19
II II
II II
50
I I
NN
1,71
I@
NN
14.
0
0.
NN
TT
5,31
;7;1
II
II
II
4,6
ow
1.1
I®
00
I 0
NN
C44
19
*N
NO
t7.
4
.
04
OW
II It; II IF', II
co I
NN
TT
I®
.
1
4®
OW
NN
61.
ow
I@
I@
NN
C0@
I
NN
e46
NN
e46
'."
14
NN
u6
NN
e46
o.
?
(-0
I59
I(t I@ I®
N
II
II
II
I:
ir II 1E3
1(0
1,
3
ci
I -4
0
W 05..,,
..'
.
.
aL7.•
g -
....
...
N
I
(.0.
•
...
,,,,...,••
'is,:r..-4 ,
0, "1 0 ...
N .
W .....1W
.
N 5300(9
,G,
-'000 za.
,..,,
.....,,,,,,,..... ..,,,,,,,
,...., ow,
,....., .p..
to
-. ca.
ca ..00, coo , ..v.wo.0000. zu. tv en..loweAe...00000
ea e.,
o
c., vi...1 na oe.
en oz 4,...... '•
.
PC4
.
. •
ea
0 14.4... ... 0 0.WN
N. CO
..N.
01...004.......0 a'0'0'
Op .
.P
.
C005'-" .
....ace:t. mOMTD.wivo c:("
1)
CO 000.OWOUWOONO0001.4.0OWOO...P.IWO.A0W.4.01
O ...M.
..
W.., 000,00..04.0.4.0"1.4.00WOWW0
W
,
10OWNW4.
CO
0
N
. . NNW . 5.100 l
r
es,• :.1, 4.1 it. 1
.10.N.....N0.
0WN....N.4..NO
,
0.W.
.
ON07
0
.
0
.
0 t
W
0, 0, 0 ..00,100N ,
000000000N.000WW&O .'
...1
0, 01 .40,..0000000000000000.4.4.004.0.40 •
e4
N I
z„
•
Ir.' Ir.'
09
..1
'
Iv
TZ
NN
09 54
540.1 09.5O. a'a,
...
te
.
V
0
..1
a"
'
- a'
-,... -,.- -Cis,: -...„ :... ... 1. ........
I®
N
61
.41
.... '
'‘,
te
.
W 0 . ...
.
"
..lo .
..1M6 4
v0
,eo , .4...r,
... aa'-'00+ .P. N N 0.71 N 0.000.0...`0001,
303 4
,
.. IN ..10..1
IANCA, 00.
,.0
,
0000.0,1COON004.,0..00.20,10.2000.3..1.0
c.
it I
NN
NN
6:P.
C. 05.4
I@
.
.
:;t®
NN
MM
OW
NN
NN
.
C41.
N. ,
10
0
0
....
...
.4
0 V1 N C4 ..
. 0.4
...I.
t.
CO
.011.11.6....:*0.,.0,..., b
N. "0
.y0 .N. 0
-.
00
0. .1.00, 14.45., .0N0(1
,
., .W00.W..0.00N0005-4.4.0
0 0..4010., W,Cc0"10500,14.0
.40W.C.0NO"1W000004.N.4
'JO
ON
MM
00
II Ir.'
I® I® I®
NN
66 64
50 .0
..
.
1
NN
NI
6
5,909 6
C@
iv
Lei)) I®
'
17,7;1
NN
66
NM
NN
Cr®
I@
I®. ,@
09
TT 00
N. NC4
ON
T 14
0
,
1
NN
C7,6 I
66
7'
04
I@
09
OW
NN
TM
011
,
.0
ow
NN
14:4
.=
ow
66
No
No
TX
NN
1.M
OW
ON
140
OW
I r
)
e
I@
NN
014
I@
14
1.1
TT
00
a.
,I=.
is,
CO I
,
1-
. -, -
1@
-4
O
lp:o
N
0, 0
W
.
•
0.4
'
F.
"1
CR
..
W
M
....
0
WI
.0.
I
,•'.
,i'
'
.
.
.
. NNO . ti,....1W
N
N
N
.olAw6.o46e.65.1.o.
Co .
,-oo
.
w
.
moolv.w6
.
o
.
o
0 "1000,..00M,1"1....100050.,P0040400.00. .
ON001,10NUN04.0WC04.00WOW.0.40
,
1N0N
5
I
ta.
N
ta
=a0)
N.0
I
IN,C,C4
bizetvc.4..
...1 na eaiv"en.
iv 1..,..1
wen:410
0, W., tO , ....0C.•1"1050CA.."1"1. 00.WW05"10:5000N0.0
.. 0, 0. .4.0.,.714.N0.00, e..004.0.500N00.00,
3000
Movement to September 10 1909. 11 Movement to September 11 1908.
V I
r.
le®
1
II II
II II
NN
1414
11.C4
5
gi?
II' II
=
P.
-
-0 Cr
•
THE VISIBLE SUPPLY OF COTTON to-night, as made
0
up by cable and telegraph, is as follows. Foreign stocks,
M. '.0 W.,0, W.P...1N..N ..NW
.NN
CAN
1.; 0; .c.1 4is.......4 .
070g.....10
- 0005.1,2 .
as well as the afloat, are this week's returns, and conseN7-.10
.
0C7. V"
0
.
.-...W W.
,W.
V.
Iv
ea. 0, to..1 ,0o.e.30.oszo,e4.0oeacecox.com
motoecaotmoso
• l
t
0
"1.0, 0W00.4.40WMOWOCO.10.00.4000.1,4.000
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
The above totals show that the interior stocks have into-night (Friday), we add the item of exports from the United
creased during the week 23,420 bales and are to-night 26,251
States, including in it the exports of Friday only.
bales more than at the same time last year. The receipts
September 101909.
1908.
1907.
1906.
Stock at Liverpool
bales. 781,000 334,000 664,000 327,000 at all the towns have been 8,294 bales less than the same
Stock at London
13,000
29,000
12,000
13,000 week last year.
Stock at Manchester
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
49,000
35,000
46,000
34,000
843,000
12,000
92,000
133,000
3,000
19,000
11,000
4,001)
372,000
25,000
128,000
62,000
4,000
16,000
13,000
18,000
739,000
20,000
100,000
103,000
4,000
15,000
18,000
38,000
374,000
22,000
50,000
51,000
4,000
6,000
13,000
11,000
274,000
266,000
298,000
152,000
647,000 1,037,000
57,000
124,000
164,757
77,218
18,000
21,000
53,000
20,000
364,000 485,000
248,463* 308,857
133.120
101,611
4,626
12,364
526,000
57,000
170,607
15,000
27,000
565,000
249,651
121,033
16,741
Total European stocks
1,117,000
India cotton afloat for Europe_ _ _
49,000
Amer. cotton afloat for Europe.. 119,190
Egypt,Brazil,&c.,aflt.for Europe_
24,000
Stock in Alexandria, Egypt
41,000
Stock in Bombay, India
158,000
Stock In U. S. ports
283,875
Stock in U. S. interior towns_ ___ 106,869
U. S. exports to-day
5,619
Total visible supply
1,904.553 1,689,966 2,187,050 1,748,032
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
hales. 686,000
232,000
555,000
234,000
Manchester stock_ __ _
36,000
25,000
43,000
30,000
Continental stock
236,000
199,000
200,000
94,000
American afloat for Europe
119,190
164,757
77,218
170,607
U. S. -port stocks
283,875
248,463 308,857
249,651
U. S. Interior stocks
133,120
106,869
101,611
121,033
U. S. exports to-day
4,626
5,619
12,364
16,741
Total American
1,473,553 1,006,966 1,298,050 916,032
East Indian, Brazil, &c.
Liverpool stock
102,000
95,000
109,000
93,000
London stock
12,000
29,000
13,000
13,000
Manchester stock
10,000
3,000
13,000
5,000
Continental stock
67,000
98,000
38,000
58,000
India afloat for Europe
57,000
124,000
49,000
57,000
Egypt, Brazil, &c., afloat
18,000
21,000
24,000
15,000
Stock in Alexandria, Egypt
53,000
20,000
41,000
27,000
Stock in Bombay, India
158,000 364,000 485,000
565,000
Total East India, &c
431,000 683,000 889,000 832,000
Total American
1,473,553 1,006,966 1,298,050
916,032
Total visible supply
1,904,553 1,689,966 2,187,050 1,748,032
Middling Upland, Liverpool
5.47d.
6.83d.
7.10d.
5.63d.
Middling Upland, New York_ _ _ _ 12.75c.
9.40c.
12.80c.
9.80c.
Egypt, Good Brown, Liverpool_ _ 10 3-16d. 8 7-16d. 11 1-16d.
10
nd.
Peruvian, Rough Good, Liverpool
8.70d.
8.35d.
12.00d.
8.50d.
Broach, Fine, Liverpool
6 5-111d.
6Ud,
5d.
5y,(1.
Tinnevelly, Good, Liverpool_ __ _ 6 1-16d.
4 %d. 5 15-16d. 5 1-16d.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
---- 1909-----,nce
Week. Sept. 1.
1,111
1,250
242
1,002
111
111
173
228
40
-itio
520
607
685
September 10ShippedVia St. Louts
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, ece
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c_
Between interior towns
Inland, &c., from South
Total to be deducted
Leaving total net overland*
1908---Since
----Week. Sept. 1.
2,665
4,007
599
1,623
74
258
259
778
168
346
468
493
423
523
2,664
3,836
4,656
8,038
505
173
541
584
173
1,024
844
45
532
959
45
1,582
1,219
1,781
1,421
2,586
1,445
2,055
3,235
5.452
rati to Canada.
The foregoing shows the week's net overland movement
has been 1,445 bales, against 3,235 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 3,397 bales.
* Including mov-ment by
1909
In Sight and Spinners' •
Since
Takings.
Week. Sept. 1.
Receipts at ports to Sept. 10
154,356
197,960
Net overland to Sept. 10
1,445
2,055
Southern consumption to Sept. 10_ _ 52,000
78,000
Week.
128,934
3,235
38,000
Total marketed
Interior stocks in excess
170,169
15,762
207,801
23,420
Came into sight during week
Total in sight Sept. 10
278,015
23,706
231,221
1908---Since
Sept. 1.
181,165
5,452
58,000
185,931
262,542
301,721
Northern spinn's takings to Sept. 10 18,320
244,617
17,925
28,265
29,567
32,163
Movement into sight in previous years:
Week-
Bales.
Since Sept. 1-
Bales.
163,588 1907-Sept. 13
13
254,324
Continental imports for the past week have been 69,000 1907-Sept.
1906-Sept. 14
210,42011906-Sept. 14
337,926
bales.
1905-Sept. 15
289,403 1905-Sept. 15
535,266
243,011 1904-Sept. 18
The above fignres for 1909 show an increase over last week 1904-Sept. 16
457,634
of 3,186 bales, a gain of 219,587 bales over 1908, a decrease . NEW ORLEANS OPTION MARKET.-The' highest,
of 282,497 bale§ from 1907, and a gain of 156,521 bales lowest and closing quotations for leading options in the New
over 1906
Orleans cotton market for the past week have been as follows:
THE CHRONICLE
674
Monday, Tuesday, Wed'day, Thursd'll, Friday,
Sat'dal
Sept. 4. Sept. 6. Sept. 7. Sept. 8. Sept. 9. Sept. 10.
SeptemberRange
Closing
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
MayRange
Closing
ToneSpot
Options
-@-
-12.50 • 12.43 • 12.19 • 12.24 •
12.51-.64 12.46-.65 12.20-.43 12.15-.36
12.54-.55 12.47-.48 12.23-.24 12.27-.28
-@ .62-- p .4412.58-.60 12.50-.52 12.27-.28 12.31-.32
12.62-.74 12.56-.75 12.20-.53 12.21-.41
12.63-.66 12.57-.58 12.31-.32 12.32-.33
HOMDAY.
• Nominal.
12.67-.69 12.61-.81 11.33-.59 12.29-.47
HOLI- 12.68-.69 12.62-.63 12.38-.39 12.37-.38
DAY.
-- -- -- -- 12.72-.74 12.67-.70 12.41-.43 12.41-.42
12.83-.92 12.79-.98 12.50-.75 12.44-.63
12.84-.85 12.79-.80 12.53-.55 12.54-.55
--12.92-.03 12.58-.81 12.50-.69
12.87-.89 12.61-.62 12.61-.63
12.92
Quiet.
Steady. Steady. .Easy.
Steady. Steady. Steady. Steady.-
{VOL. Lxxxix.
cipitation reaching thirty-six hundredths of an inch. The.
95 and thethermometer has averaged
, 84, the highest being
lowest 74.
Montgomery, Alabama.-The week's rainfall has been.
nineteen hundredths of an inch, on two days. The thermometer has averaged 82, ranging from 67 to 95.
Selma, Alabama.-We have had rain on two days during
the week. The rainfall reached seven hundredths of an inch..
The thermometer has ranged from 73 to 94, averaging 83.
Memphis, Tennessee.-Rains were beneficial to cotton,.
which is opening fast. Picking will be general next week.
It has rained on three days during the week, to the extent of
one inch and forty-nine hundredths. The thermometer has.
ranged from 64.2 to 94.1, averaging 78.8.
Madison, Florida.-The week's rainfall has been twentyfive hundredths of an inch, on two days. The thermometer
has averaged 81, ranging from 71 to 93.
Augusta, Georgia.-There has been rain on two days
during the week, the rainfall being eight hundredths of an
inch. The thermometer has ranged from 58 to 92, averaging 76.
Savannah, Georgia.-Rain has fallen ort four days of the
week, the rainfall being thirty-nine hundredths of an inch.
Average thermometer 77, highest 94, lowest 66.
Charleston, South Carolina.-The week's rainfall has been
ten hundredths of an inch, on one day. The thermometer
has averaged 77, the highest being 85 and the lowest 67.
Charlotte, North Carolina.-There has been rain on one day
during the past week, to the extent of twelve hundredths of
an inch. The thermometer has averaged 71, ranging from
60 to 80.
INDIA COTTON MOVEMENT FROM ALL PORTS.
WEATHER REPORTS BY TELEGRAPH.-Advices to
US by telegraph this evening from the South indicate that on
the whole favorable picking weather has prevailed during
the week. In many sections there has been no rain and at
points where rain has fallen the precipitation has as a rule
been light. Picking, in conseqdence, is actively in progress
and the movement of cotton to market has been quite free.
Galveston, Texas.-The week's rainfall has been twentyfour hundredths of an inch, on one day. The thermometer
has averaged 84, ranging from 80 to 88.
1907.
1908.
1909.
September 9.
Abilene, Texas.-It has rained on one day of the week, the
Since
Since
precipitation reaching fifty-eight hundredths of an inch.
Since
Receipts atWeek. Sept. 1. Week. I Sept. 1. 1Veek. I Sept. 1.
The thermometer has ranged from 70 to 94, averaging 82.
Brenham, Texas.-Rain has fallen on one day of the week. Bombay
5,000 6,0001 13,000
2,000 3,0001
2,0001
The rainfall reached twenty hundredths of an inch. Average
thermometer 84, highest 98 and lowest 70.
Since September 1.
For the Week.
Corpus Christi, Texas.-There has been rain on one day
Exports
Japan
ContiGreat
of the week,to the extent of four hundredths of an inch. The
fromGreat Conti- Japan,
neat. t China. Total.
Britain nent. &Chino Total. Britain.
thermometer has averaged 81, highest being 88 and lowest 74.
Cuero, Texas.-There has been no rain during the week. Bombay5,000
4,00
1.000
2,000
1909____ 1,00
1,000
The thermometer has averaged 84, ranging from 68 to 100.
13,000
1,000
12,00
6,000
1908____
6,000
39,000
5,000
34,00(
Dallas, Texas.-We have had rain on one day during the
8,000
1907_ ___
8,000
week. The rainfall reached twenty-six hundredths of an Calcutta
1,000
1,00
1,000
1909_ _
1,000
1,000
1,00(
inch. The thermometer has ranged from 70 to 104, averag1,000
1908
1,000
3,000
3,00
1,000
1907_ _ _ _
1,000
ing 87.
Madras
week
2,000
2,00(
Fort Worth, Texas.-It has rained on one day of the
2,000
1909_
2,000
2,00()
2,00
2,000
1908_ __ _
2,000
to the extent of one inch and forty-two hundredths. Aver1,000
1,00
_
_
1.000
1007._
1,000
age thermometer 83, highest 96, lowest 70.
All others10,000
10,00
7,000
1909
7,000
Henrietta, Texas.-There has been no rain during the week.
10,000
10,00
7,000
1908___
7,000
The thermometer has averaged 85, the highest being 99 and
6,000
5,00
1,000
1,000
1907_ _
the lowest 70.
week.
past
all-'Raul
Huntsville, Texas.-There has been no rain the
13,000
1,000 12,00(
8,000
1,030 7,000
1909___
26,000
1,000
25,00,
16,000
The thermometer has averaged 83, ranging from 67 to 98.
i6,000
1908_ _ _
49,000
5,000
43,0
1,000
week.
11,000
the
1907_ _ _ i.000 10,000
Kerrville, Texas.-There has been no rain during
The thermometer has ranged from 60 to 93, averaging 77.
week.
Lampasas, Texas.-Rain has fallen on one day of the
ALEXANDRIA RECEIPTS AND SHIPMENTS.
the rainfall being fifteen hundredths of an inch. Average
Alexandria, Egypt,
thermometer 84, highest 101, lowest 66.
1907.
1908.
1909.
September 8.
Longview, Texas.-We have had no rain during the week.
100
Receipts (cantars)The thermometer has averaged 86, the highest being
23,000
6,000
6,000
This week
29,000
and the lowest 71.
6,400
6.000
Since Sept. 1
Luling, Texas.-It has been dry all the week. The thermometer has averaged 82, ranging from 68 to 95.
This Since
This Since
This I Since
Nacogdoches, Texas.-It has been dry all the week. The Export
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
(bales)thermometer has ranged from 67 to 100, averaging 82.
1,000 2,250 4,250
2,750 2,750
To Liverpool
Palestine, Texas.-Dry all the week. Average thermom3,250 3,250
1,750 1,750
To Manchester
4,66.
6 2,250 5,250
3,500
4,250
eter 84, highest 96, lowest 72.
4,250
To Continent
700
300
*
750
750
To America
Paris, Texas.-There has been no rain the past week.
5,000 8,050 13,450
3,500
Thermometer has averaged 87, the highest being 102 and
9,500
9,500
Total exports
lowest 71.
San Antonio, Texas.--It has been dry all the week. The
MANCHESTER MARKET.-Our report received by
thermometer has averaged 82, ranging from 70 to 94.
to-night from Manchester states that the market is
cable
the
during
week,
Taylor, Texas.-It has rained on one day
yarns and quiet for shirtings. The demand for
for
firm
The
therinch.
to the extent of two hundredths of an
trade and foreign markets is improving. We
home
both
83.
averaging
mometer has ranged from 70 to 96,
for to-day below and leave those for preprices
give
the
day
of
one
the
on
Weatherford, Texas.-Rain has fallen
and last year for comparison.
this
of
weeks
vious
an
inch.
Averof
week, the rainfall being two hundredths
74.
age thermometer 86, highest 97, lowest
1908.
New Orleans, Louisiana.-The week's rainfall has been
834 tbs. Shirt- Col'n
Coen
Shirtlbs.
831
The
days.
three
on
thirty-four hundredths of an inch,
ings, common Mid.
328 Cop
323 Cop
Lags, common Mid.
to finest.
Twist.
Upl's
thermometer,has averaged 84.
to finest.
Twist.
a
only
of
trace
been
has
Vicksburg, Mississippi.-There
d.
s. d.
5.s.
d.
d.
a. d. d.
d.
d. a. d.
rain during the week. The thermometer has ranged from July
4
11
©8
1
934
6.02
@
856
6.73
3
934
4
1034
09
44
30 9%
71 to 95, averaging 83.
a 934 4 11 P8 0 6.26
Helena, Arkansas.-Most crops are suffering for moisture. Aug. 9
0.69 8%
0 0% 4 10 09 2
5.92
0 034 4 1034448 0
the
preweek,
6.72 8%
the
during
0 9% 4 10 09 2
13 9
There has been rain on one day
9 4 10 447 1034 5.59
6.67 8
44
3
449
4
1034
9%
934
0
20
but
in
more
inch,
an
of
834 4 9 (0 10
cipitation reaching ten hundredths
6.25
44
6.73 734
27 93-16 44
93. 4 11 449 4
the vicinity. The thermometer has averaged 80.6, the Sept
f_1% 4 9 447 1034 5.25
44
6.83 734
5
449
0
5
10
5-16
9
3
44
highest being 93 and the lowest 67.
5.47
6.83 7 15-160 0 4 10 08 0
1034 5 1 049 6
10 9 7-16
Little Rock, Arkansas.-It has rained on two days of the
AND
ON
,
DISTRIBUTI
PRODUCTION
COTTON
of
hundredths
seventy-nine
week, the precipitation reaching
an inch. The thermometer has averaged 82.5, ranging MANUFACTURE.-Our Annual Cotton Crop and Spinners'
Report, which we have prepared so many years, we give
from 07 to 98.
The
Mobile, Alabama.-Continued dry and hot weather in the to-day in the editorial columns of the "Chronicle." of the
interior with a few scattered rains. Cotton is opening report covers, as usual: (1) Our elaborate .compilationending
rapidly and picking is making good progress in most sections. yield of cotton in the United States for the year cottonThere has been rain on one day during the week, the pre- August 31 1909; (2) an exhaustive history of the
spinning industry of the United States for the same year;
(3) a similar 'review of the production of cotton goods in
Europe; (4) complete and detailed statements for a long
series of years of the consumption of cotton and the production of cotton goods by the mills of the United States,
Great Britain, the Continent, and a briefer notice of the consumption and production of every other minor manufacturing
State; (5) elaborate compilations of cotton supply and distribution, besides divers other matters connected with and
throwing light upon the yield and uses of the staple-past,
present and prospective.
-This week's issue of the "Chronicle" contains our
annual statement of the Cotton Crop for the year ending
Sept. 1 1909, and in this connection we publish the cards
of a number of the largest dry goods commission merchants
and mill selling-agents in the country. Those represented.
are Woodward, Baldwin & Co., Farber-Drewry no., Fleitmann & Co., Lawrence & Co., Catlin & Co., William Iselin &
Co., the Textile Commission Co., L. F. Dommerich & Co.,
G. A. Stafford & Co., William Whitman & Co. and Harding,
Tilton & Co. The business cards also of a large number of
representative cotton commission and brokerage houses of
New York and other cities will he found in the paper.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1908.
1909.
Cotton Takings.
Week and Season.
Week.
Season.
Week.
Season.
1,700,552
1,901,327
Visible supply Sept. 3
1,714,982
1.931,022
Visible supply Sept. 1
262,542
301,721 185,931
American in sight to Sept. 10_ _ 231,221
5,000
3,000
2,000
2,000
Bombay receipts to Sept. 9_ _ _ _
13,000
10,000
6,000
8,000
Other India ship'ts to Sept. 9.. _
1,000
1,000
1,000
Alexandria receipts to Sept. 8_ _
1,000
3,000
2,000
3,000
2,000
Other supply to Sept. 8_ _a
2,143,548 2,246,743 1,902,483 1,999,524
Total supply
DeductVisible supply Sept. 10
10904,553 1,904,553 1,689,966 1,689,966
238,995
197,995
41,000
Total takings to Sept. 10
Of which American
Of which other
342,190
282,190
60,000
212,517
157,517
55,000
309,558
232,558
77,000
a Embraces receipts in Europe from Brazil, Smyrna, West Indies, ece.
NEW YORK COTTON EXCHANGE.-Revision of Differences between Grades.-On Wednesday Sept. 8 the Revision
Committee of the New York Cotton Exchange, after extended
-discussion, made revision of the rates on and off middling as
follows, comparison being made with the Dld rates.
-Rates
Noe. 18. Sept. 8.
1909.
1908.
Grade1.50 on 1.50 on
:Fair
1.30 on 1.30 on
Strict middling fair
1.10 on 1.10 on
Middling fair
Strict good middling...0.66 on 0.66 on
0.44 on 0.44 on
Good IrlddlIng
0.22 on 0.22 on
Strict middling
Basis.
Middling
0.30 off 0.25 off
Strict low middling
1.00 off 0.75 off
Low middling
Rates
Nov. 18. Sept. 8.
1908. 1909.
GradeStrict good ordinary..1.50 off 1.20 off
2.50 off 2.00 off
Good ordinary
Strict good mid. t'ged__0.35 on
Good middling tinged_ _ValueSof midging
Strict middling tinged__0.20 off 0.1500
0.30 off 0.25 off
Middling tinged
Strict low mid. tinged_ _1.00 off 0.75 off
Low middling tinged __2.25 oft 1.75 off
1 0000 1.00 off
Middling stained
SHIPPING NEWS.
Total bales.
84
NEW YORK-To Liverpool-Sept. 3-Cedric, 84
200
To Manchester-Sept. 3-Thespis, 200
315
To Havre-Sept. 4-Chicago, 240 upland, 75 Sea Island
5,000
To Bremen-Sept. 8-George Washington, 5,000
200
To Antwerp-Sept. 3-Kroonland, 200
500
To Genoa-Sept. 8-Nfoltke, 500
4,240
GALVESTON-To Liverpool-Sept. 8-Dictator, 4,240
875
To London-Sept. 8-Cayo Manzanillo, 875
4,577
To Havre-Sept. 7-Montauk, 4,577
460
To Hull-Sept. 8-Cayo Manzanillo, 460
11,193
To Bremen-Sept. 4-Helgoland, 11,193
2,000
Sept.
Mexico,
4-Norhelm,
2,090
CITY-To
TEXAS
532
NEW ORLEANS-To Liverpool-Sept. 4-Civilian, 532
600
To Oporto-Sept. 4-Cataline, 600
75
To Barcelona-Sept. 4-Catalina, 75
7,550
SAVANNAH-To Bremen-Sept. 4-Etheiwolf, 7,550
196
To Hamburg-Sept. 4-F,theiwolf, 196
500
To St. Petersburg-Sent. 4-Ethelwolf, 500
4,000
4.000
CHARLESTON-To Bremen-Sept. 10
?1,514___Sept.
6-Saxonia,
Liverpool-Sept.
BOSTON-To
3,133
Bohemian, 1,619
281
To St. John-Sept. 6-Calvin Austin, 281
46,601
Total
LIVERPOOL.-The week'ssales,stocks,&c.,are asfollows:
Aug. 20.
41,000
Sales of the week
Of which speculators took-----Of which exporters took__ _ 2,)
37,000
Sales, American
5,000
Actual export
45,000
Forwarded
-Total stock-Estimated
879,000
Of which Aznerican-Est_ _ _791,000
Total imports of the week_ __ _ 18,000
Of which American
16 000
Amount afloat
53,000
Of which American
17,000
Aug. 27.
59,000
-,bob
51,000
7,000
52,000
850,000
754,000
34,000
7,000
41,000
10,000
Sept. 3.
73,000
1,000
1,000
63,000
2,000
54,000
836,000
743,000
15,000
10,000
31,000
5,000
Sept. 10.
83,000
1,000
2,000
66,000
6,000
69,000
781,000
686,000
19,000
34,666
13.000
The tone of the Liverpool market for spots and futures
,each day of the past week and the daily closing prices of
,spot cotton have been as follows:
Saturday.
Spot.
1
Fair
Market,
1215 } business
doing,
P. Id. J
Monday.
Tuesday.
Wed'day.
Thursday.
Friday.
Large
buslne s
doing.
Large
!mines
doing,
Good
business
doing.
Large
business
doing.
Large
busines
doing.
Mid.Upl'els
6.96
7.01
6.69
7.01
6.95
6.83
Sales
Spec.&exp.
16,000
300
15,000
1,000
12,000
500
15,000
500
15,000
500
15,000
500
Futures.
Market
opened
Market
4
P. DI.
n-
1
I
1
Steady at Firm at Qulet,unch. Steady at
1 to 2
5 points 3360536 to 1 point
advance. pts. adv. advance. pts. dec.
Firm at
} 1034012
J pts. adv.
675
THE CHRONICLE
SEPT. 11 1909.j
Easy at
Weak at
708 pts. 9010 Dts.
decline.
decline.
Quiet at St'y at lpt. Quiet at 36 Easy at
M©336 dec. to % pt. dec. to 10013
pts. adv. pt. adv. 1 pt. adv. pts. dec.
Steady at
73609%
pts. dec.
The prices of futures at Liverpool for each dly e g Yen
below. Prices are on the basis of upland, goo o ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus, 6 81 means 6 81-100d.
Fri.
Thurs.
Wed.
Sept. 4
4
12 M 12% 12 3.4 4 123-i 4 128% 4 128% 44 123
to
Sept. 10. p.m. p.m. P.m. p.m. P.m. p.m. p.m. p.m. P.m. P.m. P.m. P.m.
Sat.
d.
Sept
Sept.-Oct.
Oct.-Nov.
Nov.-Dcc.
Dec.-Jan.
Jan.-Feb.
Feb.-Mch.
Mch.-Apr.
Apr.-May.
May-June
June-July
July-Aug_
Mon.
Tues.
I
d.
d.
d.
d.
d.
d.
d.
d.
d.
a.
d.
679 81
793 76 788% 81% 793-6 75 69% 63 62
73 76 73% 68 61 M 54% 53
673 75 73 M 71
6 70% 743 72% 70 713-6 733-6 718% 653-6 60 53 518%
513-6
671 74i 73 703-6 72 748% 72% 66 60 53
72 75 728% 66 60 53 51 34
671 75 73 71
54 5234
6 71 % 76 73 3- 72 733-6 76 733-6 66% 61
6 71 31 76 74 72% 74% 763-6 74 668% 618% 54 53
6 71 % 77 74 36 73 75 773-6 75 67 62 54 53
671 77 743-6 73 75 773-6 75 67 62 54
533-6
6 703-6 76M 74 34 73 75 773-I 75 67 62 54 538%
6 70'- 76 743-6 73 '75 773-I 75 67 62 54 5334
6 69J.' 75 73 72 733-6 76 738% 653-6 608% 52 51
BREADSTUFFS.
Friday Night, Sept. 10 1909.
Flour has been irregular but with few, if any, noteworthy
changes. There was, however, much doubt and unsettlement because of the wide breach between buyer and seller.
The widening of this gap was largely traceable to the scarcity
of export orders and the lack of interest among local dealers.
Nearly all buyers were showing dissatisfaction mainly because
mill representatives had refused to make further concessions
on cost, and especially in the instance of winter wheat,
which distributors consider dear as compared with spring.
Apparently they have ignored or overlooked the fact that
receipts of winter wheat have been relatively light and as
a consequence prime winter, and especially the soft variety,
has been slightly higher than a week ago, while spring was
more plentiful and cheaper. Owing to the facts described,
numerous buyers were inclined to use a bigger percentage
of spring-wheat flour.
Wheat has been lifeless, with narrow variations. Of
course the holiday intervention and the resultant unsettlement has had much to do with the smaller volume of business.
Temporarily almost all the leading operators were apathetic,
and consequently the market was for the time being without
leadership, and this led a great many small traders to await
developments. At the outset this lack of interest was partly
chargeable to the scarcity of influential domestic influences
and partly to the uncertainty as to the tenor of the official
monthly crop report. For a short time there was a preponderance of bearish sentiment among scalpers and regular
room traders, mainly based on the expectation of heavy
receipts at spring-wheat primary points, but partly on the
discouraging cables, European markets being depressed by
the unexpected increase in the quantity on passage brought
about by the larger world's exports than estimated. This
-excess was largely the result of uneXpectedly heavy contributions from Russia and the Danube. Notwithstanding all
these adverse influences, prices did not decline appreciably
because there were a few counterbalancing factors which
served to prevent a sharp break. For one thing the receipts
in winter-wheat primary points were comparatively light,
while the milling and shipping demand was fairly good, and
hence shipments into consumptive channels were relatively
large, and this prevented a material increase in the visible
supply. Afterwards there was more firmness; and a small
recovery ensued. This was not attributable to any noteworthy improvement in the demand, but rather to a scarcity
of sellers. It was the general impression that the rally was
largely chargeable to the unexpectedly huge loss in the corn
crop, although partly to the reduction in the condition of
spring wheat which was not anticipated. This loss amounted
to 3% and suggested a crop of 280,000,000 bushels, whereas
most private estimates called for 290,000,000 to 300,000,000
bushels.
To-day the market was excited and higher, prices rising
with rapidity, making it evident that short sellers had been
too numerous and over-confident. Hence the market was
in an over-sold condition. September contracts in Chicago
were especially buoyant as there was said to be a big short
interest there unsettled. Here December was nic. for the
week. Exporters'were fair buyers of duruin for the first
tinio in weeks.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red winter, I. o. b
10834 10834 1098% 112
Holt- Holt- 10634 10634 1083-( 11034
September delivery
day 10234 1033.6 1043.4 10534
day
December delivery
1048% 1043j 1068% 10734
May delivery
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
98'% Holi- 988% 9934 101 M 1033
94 M 9534 96 M 97 %
9434 day
December delivery
97 M 9834 995% 1008%
97 M
May delivery
Corn was dull and narrow early but subsequently advanced sharply. The quietude at the outset was partly
caused by the holiday intervention and partly because
nearly all traders were cautious and disinclined to take sides
pending the issuance of the monthly crop report of the
Department of Agriculture. Naturally there was more than
usual hesitancy on this occasion consequent upon the highjy
conflicting estimates as to the extent of the damage because
of the protracted drought. It was, of course, plainly evident
that serious harm had been done, and more especially west
of the Mississippi River, but there was a decidedly wide
difference of opinion as to the loss in bushels. Some con-
676
THE CHRONICLE
servative dealers made various estimates ranging between
100,000,000 and 300,000,000 bushels, while prejudiced
traders predicted a shrinkage of from 400,000,000 to 600,000,000 bushels; but naturally these latter were generally
ignored. It was, therefore, small wonder that much bewilderment obtained. After the report was issued prices
advanced rapidly as sellers for the decline became exceedingly anxious to cover, as the report showed a loss in condition of practically 10%, or 74.6, against 84.4 Aug. 1, which
which suggested only 2,700,000,000 bushels, a reduction of
fully 300,000,000 bushels compared with early enthusiastic
estimates, which again demonstrates the dan*er of placing
too much reliance on brilliant prospects early in the season,
as deterioration almost invariably takes place, and particularly when there is a lack of moisture. To-day the market
was buoyant, as offerings were light and shorts uneasy.
December was up 4c. in the week.
American
Canadian
Lxxxnc.
Wheat,
bush,
9,167,000
849,000
Total Sept. 4 1909_10,016,000
Total Aug.28 1903 9,133,000
Total Sept. 5 1908_18,808,000
SUMMARY.
Corn,
Oats,
bush,
bush,
1,868,000 7,382,000
44,000
468,000
1,912,000
1,841,000
2,066,000
7,850,000
5,512,000
4,131,000
Rye,
bush.
239,000
Barley,
bush.
707,000
62,000
239,000
769,000
202,000
282,000
331,000 1,564,000
THE DRY GOODS TRADE.
Oats were inactive early in the week and the fluctuations
were rather slow and inconsequential, there having been a
scarcity of potent influences, although there was a big increase in the visible supply; but this created no surprise, in
view of the heavy receipts last week. Moreover, this increase was partly offset by a decrease in receipts, with predictions of a further falling off, it being claimed that farmers
were making smaller deliveries to country stations. Then,
too, the late settling down of cash prices to a new-crop basis
has resulted in a decided increase in the volume of business on spot and to arrive. Afterwards there was a stronger
trend, but this was almost wholly in sympathy with the
buoyancy in corn. It was naturally argued that with a
much smaller corn crop than previously expected, corn
values would probably rule comparatively high, and this
might easily lead to an increased consumption of oats. . According to the official report, the oats crop is the largest on
record, but nevertheless a firmer feeling was developed and
to-day prices were higher.
New York, Friday Night, Sept. 10 1909.
In textile markets no material change in conditions has
been noted during the week. The primary cotton goods
market has continued strong, but with only a moderate
volume of business done, buyers and sellers still being apart
in their views on contracts. With the price of raw material
maintained well above 12c., mills have shown no signs of
,weakening, while buyers, even though their prospective needs
are becoming more apparent, have been disposed generally
to await developments. As previously pointed out, therefore, it seems that either higher prices must be paid by
buyers of goods or else the staple must reach a lower level,
before much forward business is accomplished; present indications appear to favor the former as the solution of the
problem. On some lines converters have operated a little
more freely at the prices asked by mills for delivery in the
latter part of this year, and the fact that not a few converters have brought prices of their finished lines neater a
parity with the cost of gray goods is taken as evidence of a
reduction in stocks of finished goods. Printers have also
been in the primary market, but their purchases have not
reached large proportions. Jobbing houses, as a rule, have
enjoyed a fair volume of trade in domestic cottons, but have
not themselves been doing much in the way of replenishing
stocks; wherever it has been necessary to duplicate, they have
been obliged, it is understood, to pay full prices. Export
trade both with the Far East and with miscellaneous ports
has continued quiet. Outside of a fair demand for prompt
and near-by delivery of seasonable lines, men's wear and
dress goods markets have ruled rather quiet.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Sept. 4 were 2,044
packages, valued at $158,126, their destination being to the
points specified in the table below: •
--1909-- ---1908--
DAILY CLOSING PRICES OF OATS IN NEV YORK.
Thurs. Fri.
Sat. Mon. Tues.
Wed.
Holl- HoltNo. 2 white
44
44
4434
4434
day
White, clipped, 34 day
to 36 lbs
45-46
45-46
4234-4434 4234-4434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
3834 Ho!!- 3834 3834 3934 4034
December delivery
3734 3834 3934 393
3834 day
42
May delivery
- - 4034
4034 4034 41
New York to Sept. jGreat Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs, Fri.
Holt- Ho!!- 78% 78
79
79
75% 76
day
day
76% 76
8734 6834 69 34 7134
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
6634 Holt- 6634 66 34 67% 67 34
December delivery
5734 day
5734 5934 60% 60
59
May delivery
58
6034 6234 6234
Cash corn
September delivery
December delivery
The following are closing quotations:
FLOUR.
Winter, low grades__ _ _$4 25Q $4 50 Kansas straights,sacks_$4 85®5 25
5
_
_
5
new_
75 Kansas clears, sacks _ .... 4 50@ 4 75
patents,
25®
Winter
5 20 City patents
Winter straights, new__ 4 90
6 00@ 6 25
4 50c 4 80 Rye flour, bbis
Winter clear, new
4 00 ® 4 45
5 75
6 10 Graham flour
Spring patents
4 15 ® 4 40
4 75® 5 00 Corn meal, kiln dried_ _
Spring straights
® 3 70
4 75Q 5 25
Spring clears
Total
Since
Since
Week. Jan. 1.
Week. Jan. 1.
1,115
10
6
590
762
___
4
743
__ _
3 148,342
17,461
11,173
6,688
-- -_
20,206ai 21,258
11,008
5714
6,437
225
28,801
820
16,684
1,117
30
11
1,178
223
9,550
110
10,968
36,043
579
49
27,138
12,671
167
343
13,858
2,044
280,878
948
123,003
The value of these New York exports since January 1 has
been $15,027,629 in 1909, against $7,897,484 in 1908.
No substantial increase in the demand for domestic
cottons has developed, the business passing consisting mostly
of filling-in orders. In bleached goods some lines appear to
have worked to a stronger position under a continued
GRAIN.
steady call, while available supplies of the best-known brown
Cents. I Corn, per bushelWheat, per bushelCents. sheetings and drills have been further reduced, and sellers
No. 2 mixed
108 4
, N. Duluth, No. 1, new
elev. 79
are very firm on contracts. Staple prints have been in comNo. 2 yellow
10834
N. Duluth, No. 2
elev. 80
paratively light request, but napped cottons, flannellettes
No. 2 white
fr_l_Red winter, No. 2 new_f.o.b. 112
elev. _ _
Rye,
per
114
bushel
RHard "
" new
and specialties have met with a good sale in small lots. DurNo. 2 Western, new__ .f.o.b. 76
Oats, per busheling the week new prices were announced on a leading line of
State and Jersey
Nat. white, 26 to 28 lbs. 41 42
Nominal
Barley-Malting
41 42
Kt Mixed, 26 to 32 lbs
staple and dress ginghams which were considered satisfacNominal
Feeding, C. I. f., N. Y_
White clip. 34 to 36 lbs. 45Q 46
52
tory by the trade. Linings have been quiet, with considFor other tables usually given here see page 647.
erable irregularity reported in the demand. Owing to the
recent heavy buying, the market for duck has not shown
The visible supply of grain, comprising the stocks in much activity, with the exception of single filling numbers,
granary at principal points of accumulation at lake and for which there has been a somewhat better demand. In
seaboard ports Sept. 4 1909, was as follows:
print cloths, wide goods have been taken steadily but in
AMERICAN GRAIN STOCKS.
moderate quantities for delivery during the last month of
Oats,
Corn,
Rye,
Wheat,
Barley, this year; narrow goods, however, remain comparatively
bush.
bush.
bush.
bush.
bush. quiet, as printers appear to be pretty well covered for the
516,000
21,000
New York
508,000
8,000
26,000 present; prices of both regulars and standard wide goods
10,000
Boston
8,000
20,000
1,000
are quoted unchanged.
88,000
Philadelphia
97,000
1,000
385,000
Baltimore
57,000
571,000
57,000
1,000
175,000
WOOLEN GOODS.-The men's wear market has been
New Orleans
143,000
403,000
Galveston
319,000
7,000
without any special development; trade has been rather*dull,
171,000
Buffalo
8,000
88,000
185,000
65,000
595,000
Toledo
24,000
20,000
935,000
1,000 owing partly to the fact that wholesale clothiers are un227,000
229,000
Detroit
34,000
111,000
1,000 certain regarding the future demand for their lines. Some
Chicago
569,000
4,000
252,000 3,140,000
62,000
Milwaukee
1,000
99,000
31,000
19,000 belated orders as well as duplicates have been received from
Duluth
30,000
87,000
433,000
42,000
219,000 wholesalers, although the aggregate is not large. Cancella176,000
Minneapolis
12,000
189,000
7,000
140,000
St. Louis
1,000
205,000
1,633,000
49,000
13,000 tions recently have been on a larger scale than many agents
Kansas City
233,000
88,000
1,869,000
had expected and in some quarters it is stated that a sub•
Peoria
2,000
911,000
98,000
27,000
stantial part of the initial light-weight business has been
I ndianapolis
273,000
105,000
619,000
On Lakes
185,000
244,000
664,000
221,000 wiped out, leaving mills in a quandary as to how they can
On Canal and River__ _
168,000
77,000
at this late day secure business to take the place of such
•,
Total Sept. 4 1909... 9,167,000
239,000
1,868,000 7,382,000
707,000 cancellations. The dress goods market is more or less
Total Aug. 28 1909_ _ 8,362,000
202,000
1,774,000 5,184,000
217,000 'quiet at the moment, but selling agents are looking
forward
CANADIAN GRAIN STOCKS
to good re-orders on fall lines; the demand for spring has
,Wheat,
Rye,
Corn,
Oats.
Barley, shown little, If any, improvement.
bush,
bush
bush.
bush
bush.
402,000
44.000
Montreal
468,000
'
62,000
• FOREIGN DRY, GOODS.-The call for imported broltdFort William'450,000
'cloths for fall and winter, also for finished and unfinished
109,000
Port Arthur
188,000
ther Canadian
worsteds,
has been well maintained. Linens have continued
44,000
Total Sept. 4 1909_ 849,000
468.000
62,000 strong with no abatement in the demand. Business ini bur67.000
Total Aug. 28 1909_- .1,,771,000
laps
has been slow and featureless, with prices unchanged.
328,000
65,000
,
THE CHRONICLE
SEPT. 11 1909.]
677
Aquilla Independent School District (P. 0. Aquilla), Hill
County, Tex.-Description of Bonds.-We are informed that
the $8,500 5% 40-year school-house bonds registered by the
State Comptroller on July 15(V.89, p. 238) are in denominaMUNICIPAL BOND SALES IN AUGUST.
tion of $500 each and are dated May 14 1909. Interest
Municipal bonds sold in August reached a total of $21,- annual.
536,375. The only August output exceeding that figure
Baldwinsville, Onondaga County, N.Y.-Bond Offering.was in 1898, when the bonds sold aggregated $25,029,784. Pgoposals will be received until 8 p. m. Sept. 13 by Otis M.
Bigelow,
Village Treasurer, for the $50,000 33'% registered
During August 1909 $1,500,000 4% Philippine Island bonds
refunding water bonds mentioned in V. 89, p. 548.
Canadian
issues
amounting to $3,841,818
were placed.
Denominations $500 and $1,000. Interest in March and September at
the Hanover National Bank in New York City. Maturity 20 years, from
were also disposed of. There were negotiated $5,155,000 $1,000
to $2,000 to be retired yearly. Certified check for 2%, payable to
loans of a temporary nature. The last three amounts are the Village Treasurer, is required. Bonded debt on Sept. 1, $60,000. No
floating debt. Assessed valuation 1909, $1,407,750.
in addition to the total reported for the month, that amount
Bedford, Cuyahoga County, Ohio.-Bond Sale.-On
including only long-term issues of places in the United States.
Aug. 23 the $4,230 43/2% coupon street-improvement bonds
The largest sale was made by Philadelphia. That city described in V. 89, p. 425, were sold to Otis & Hough of
disposed of $7,239,700 4s on a basis of about 3.857%. Cleveland for $4,252 (100.52) and accrued interest.
Among the other large issues floated were $1,075,000 4s
Billings, Yellowstone County, Mont.-Bond Sale.-On
of Milwaukee, Wis., $635,000 4s of Knoxville, Tenn., and Sept. 1 the four issues of 10-20-year (optional) coupon bonds,
aggregating $80,000, described in V.89, p.425, were awarded
$500,000 41/is of Memphis School District, Tenn.
to N. W. Halsey & Co. of Chicago at 100.025 for 434,s. The
The number of municipalities emitting bonds and the bids were as follows:
number of separate issues made during August 1909 were N. W. Halsey & Co., Chic__a$80,020'McCoy & Co., Chicago
b$82,525
MeNear & Moore,
l Uien, Sutherlin & Co.,
244 and 328 respectively. This contrasts with 306 and 397 Woodin,
Chicago
a80,0151 Kansas City
b 82,300
for July 1909 and with 287 and 386 for August 1908.
a For 43s. b For 55.
For comparative purposes we add the following table,
Birmingham, Ala.-Bond Offering.-Proposals will be reshowing the aggregates for August and the eight months ceived until 12 m. Sept. 15 by George B. Ward,
Mayor, for
for a series of years:
$200,000 5% school bonds. These securities are part of the
Month of
For the
For the
Month of
August.
Eight Mos.
Eight Mos. issue of $350,000 bonds, $150,000 of which were sold on
August.
$21,536,375 $245,036,494 1900
1909
$7,112,834 $93,160,542
April 8. See V. 88, p. 1017.
18,518,048 208,709,303 1899
1908
5,865,510 87,824,844
STATE MID CITY
1907
1906
1905
1904
1903
1902
1901
20,075,541
16,391,587
8,595,171
16,124,577
7,737,240
8,009,256
15,430,390
151,775,887
144,171,927
131,196,527
187,226,986
102,983,914
108,499,201
84,915,945
DtPAIRTMENTi
1898
1897
1896
1895
1894
1893
1892
25,029,784
6,449,536
4,045,500
8,464,431
7,525,260
2,734,714
4,108,491
76,976,894
97,114,772
54,535,959
80,830,704
82,205,489
37,089,429
57,340,882
Date July 1 1909. Interest semi-annual. Maturity 30 years. Certified
check for 1% of bonds bid for, payable to the "City of Birmingham," is
required. Bid must be unconditional and be made on a form furnished by
the city. The bonds will be delivered Oct. 15 1909. The favorable opinion of Dillon & Hubbard of New York City as to legality of the issue will be
furnished to the purchaser. The genuineness of the bonds will be certified
to by the Columbia Trust Co. of New York City. Purchaser to pay accrued interest. H. E. Shropshire Jr. is City Clerk.
Owing to the crowded condition of our columns, we are
The official notice of this bond offering will be found among
obliged to omit this week the customary table showing the
the
advertisements elsewhere in this Department.
month's bond sales in detail. It will be given later.
Bloomington, McLean County, Ill.-Bond Election.-An
election will be held Sept. 14 to vote on the question of
News Items:
issuing $150,000 4% 10-20-year (optional) coupon waterNorth Carolina.-Bonds Declared Valid by State Supreme supply-improvement bonds.
$1,000. Date Nov. 1 1909. Interest semi-annually at
Court.-The State Supreme Court on September 9 declared theDenomination
City Treasurer's office.
valid the $500,000 4% coupon asylum and State institution
Brainerd, Crow Wing County, Minn.-Bond Sale.-On
bonds awarded in June to the Raleigh Savings Bank. The
validity of the Legislative Act authorizing the issue was Aug. 16 the $10,000 5% 10-year coupon improvement bonds
questioned by certain parties. The case was brought up described in V. 89, p. 425, were awarded to the First Nafrom the Superior Court, where the issue was declared valid tional Bank and the Citizens' State Bank of Brainerd at
their unconditional bid of par and accrued interest.
on July 23. See V. 89, p. 238.
Breda, Carroll County, Ia.-Bond Sale.-C. H. Coffin of
Republic of Cuba.-First Installment of New Loan Largely
Over-Subscribed.-It is announced that the $5,500,000 Chicago was awarded on August 18 the $8,000 5% 15-year
414% gold coupon bonds,offered until 3 p. m. Sept. ,f3 at coupon water-works bonds described in V. 89, p. 425, at
95 and accrued interest by Speyer & Co. in New York City. 101.013 and expenses.
Broken Bow, Custer County, Neb.-Bonds Voted.-It is
and Speyer Bros. in London, were many times over-subscribed. The subscriptions received in London alone stated that an election held Aug. 29 resulted in favor of a
amounted to over $20,000,000, and the bonds are selling proposition to issue $35,000 high-school-building bonds.
there at 3% premium. On Sept. 8 the bonds sold in New
Buffalo, N. Y.-Bond Sale.-We are advised by wire that
York at 96%. The bonds just sold constitute the first on Sept. 10 the $145,000 4% 1-20-year (serial) registered
installment of the $16,500,000 loan awarded to the Speyers water refunding bonds described in V. 89. p. 612, were
by the Cuban Government on July 30 (V. 89, p. 361.)
bought by A. B. Leach &, Co. of New York City at 100.40
The issue is authorized by a decree of ex-Governor Charles E. Magoon
Bonds Not Sold.-Our informant further states that no
under the terms of which the proceeds are to be used to retire $2,106,585
outstanding 6% bonds, to defray the cost of sewering and paving, extend bids were received for the $176,806 91 4% registered taxand improve the watter supply and install a water and sewer system in loan bonds offered on the same day (Sept. 10).
the city of Cienfuegos. It is provided that'not more than $5,500,000
Canadian, Hemphill County, Tex.-Bonds .Voted.-An
bonds can be issued in any one year. Denomination $1,000. Date
Aug. 2 1909. Interest Feb. 1 and Aug. 1. Maturity Aug. 1 1949. The election held recently, it is stated, resulted in favor of the
bonds are redeemable on the first day of any month at 105 and accrued
interest upon not less than 30 days' previous notice, and on and after issuance of $20,000 school-building bonds.
Aug. 1 1919 will be subject to drawings at par and accrued interest for the
Canton, Stark County, Ohio.-Bond Sale.-On Aug. 28
sinking fund, unless obtainable at or below par and interest in the market.
The principal and interest is payable in New York in gold coin at the the $13,000 4% 20-year coupon (with privilege of registraoffice of Speyer & Co., or at the holder's option in London at $4 86 per £
sterling, or in Frankfort-o-Main or Berlin at the rate of M.4.20 per dollar, tion) refunding bonds described in V. 89, p. 486, were
or in Paris at the rate of Fr. 5.18 per dollar. It has been agreed that the awarded to the Western-German Bank of Cincinnati at 100.40
principal and interest shall be exempt from all Cuban taxes, stamps, duties
or assessments (whether of the Republic of Cuba or of any province or and accrued interest. Following are the bids:
municipality therein) that exist at present or may be imposed hereafter.
The advertisement offering these bonds for sale is printed
on a preceding page of this issue as a matter of record.
Bond Proposals and Nedotlations this week
Nave boon as follows g
Alliance, Siqark County, Ohio.-Bond Offering.-Proposals will be received until 12 m. September 17 by Chas. 0.
Silver, City Auditor, for the following street-improvement
bonds:
Western-German Bk., Cin.$13,052 001Seasongood & Mayer, Cin.$13,033 75
Breed & Harrison, Cin___ 13,034 40 Fifth-Third Nat. Bk., Ctn. 13,028 75
9% street-improveDescription of Bonds.-The $76,600 43/
ment bonds awarded on Aug. 23 to Hayden, Miller & Co.
of Cleveland at 100.77 V. 89, p. 612) mature on March 1
as follows: $13,000 in each of the years 1911 and 1912,
$14,000 in 1913 and $36,600 in 1914.
Denominations: $1,800, $1,700, $1,600, $1,500, $1,400, $1,200, $1,000.
$900, $700, $600. Date March 1 1909. Interest semi-annually at the
City Treasurer's office. Bonds are tax-exempt.
Carthage (P. 0. Cincinnati), Ohio.-Bond Election.-According to Cincinnati papers an election will be held Sept. 21
to vote on the following bonds: $25,000 for sewer-system,
$7,000 for real estate for disposal plant, $13,000 for a town
hail, $7,000 for real estate for town hall and $1 ,000 for
equipment of town hall.
Central City, Merrick County, Neb.-Bond Offering.Proposals will be received until 12 m. Sept. 13 by C. F. NewAlpine Independent School District (P. 0. Alpine), Brew- myer, City Clerk, for the $18,000 5% coupon electric-light
ster. County, Tex.-Bond Sale.-The $30,000 5% 5-40-year and heating-plant bonds voted on July 20 (V. 89, p. 299).
(optional) school-building bonds mentioned in V. 89, p. 548, _ Denomination $500. Date Aug. 2 1909. Interest payable at the City
were sold on Aug. 21 to F. L. Fuller, & Co. of Cleveland at Treasurer's office. Maturity 20 years, subject to call after 5 years. Cercheck for 5% of amount bid, payable to the City Treasurer, is repar. Denomination $1,000. Date July 1 1909. Interest tified
quired. Bonded debt, not including this issue, $24,000. No floating debt.
semi-annual.
Assessed valuation, $401,074.
$5,000 43% city's portion bonds. Maturity $2,000 on Oct. 1 1915 and
$3,000 on Oct. 1 1917.
assessment bonds. Denomination $500. Maturity $2,700
13,500 5%
yearly on Oct. 1 from 1910 to 1914 inclusive.
Date Oct. 1 1909. Interest semi-annually at the City Treasurer's office.
Certified check on a national or State bank for 5% of the bonds bid for,
payable to the City Treasurer, is required. Purchaser to furnish blank
bonds at his own expense and pay accrued interest. Bids must be made
on blanks furnished by the City Auditor.
6'78
[VOL. Lxxxxx.
THE CHRONICLE
• Chardon, Geauga County, Ohio.-Bond Sale.-We see it
reported that the First National Bank of Chardon purchased
two issues of 43% street-improvement bonds, aggregating
$3,800, on Sept. 7 for $3,862-the price thus being 101.631.
Chattanooga, Tenn.-Purchaser of Bonds.-The City
Treasurer writes us that the purchaser of the $125,000 sewer
and $150,000 school 43/2% 30-year coupon bonds disposed of
on Aug. 25 (V. 89, p. 549) was the Hamilton National Bank
of Chattanooga. The price paid was 102.408 and accrued
interest-an interest basis of 4.356%.
Chaves County (P. 0. Roswell), New Mex.-Bond Sale.An issue of $125,000 5% 20-30-year (optional) court-house
and jail bonds, authorized by a vote of 419 'for" to 356
"against" at an election held August 31, has been sold to
E. H. Rollins & Sons of Denver.
Cincinnati, Ohio.-Bond Sale.-On Sept. 7 this city
awarded the $50,000 4% 1-year street-improvement bonds
described in V. 89, p. 425, to the Western-German Bank of
Cincinnati at 100.03. This, we are informed, was the only
bid submitted.
Clay Township, Montgomery County, Ohio.-Bond Sale.On August 7 the Fifth-Third National Bank of Cincinnati
purchased the $15,000 5% coupon road-improvement bonds
described in V. 89, p. 300, for $16,207-the price thus being
108.046-a basis of about 4.143%. Maturity $1,000 yearly
on Sept. 1 from 1914 to 1928 inclusive.
Cleveland County (P. 0. Shelby), No. Car.-Bids Rejected.
-All bids received for the two issues of 30-year road bonds,
aggregating $125,000, offered on Aug. 16 (V. 89, p. 300)
were rejected.
Clinton County (P. 0. Wilmington), Ohio.-Bond Offerings.-Proposals will be received until 11 a. m. to-day
(Sept. 11) by J. M. Fisher, County Auditor and Clerk of the
Board of County Commissioners, for $6,100 6% W. E.
Thompson Road improvement bonds.
Douglas County(P.0. Alexandria), Minn.-Bond Offering.
-Proposals,will be received until 10 a. m. Oct. 2 by E. J.
Brandt, County Auditor, for $46,000 Judicial Ditch No. 2
construction (county's portion) bonds at not exceeding
5% interest.
one bond of $300. Date Sept. 18 1909. Interest semi-annual.
on Sept. 18 as follows: $500 in 1910 and $800 in 1911.
John H. Watkins, N. Y
101.45 IC. W. Foote, Bridgeport____100.399
Hincks Bros., Bridgeport__ _100.899 I Kountze Bros., New York._ _100.08
Authority Section 18, Chapter 230, General Laws of 1905 and Acts
amendatory thereof. Denomination $1,000. Date Oct. 2 1909. Interest
Feb. 1 and Aug. 1 at arty bank in the United States which is agreed upon.
Maturity Oct. 2 1919. Cettified check for $250, payable to the County
Treasurer, 13 required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Durant, Bryan County, Okla.-Bond Sale.-On Sept. 1 an
issue of $50,000 5% 20-year improvement bonds was awarded
to John Nuveen & Co. of Chicago at par. Denomination
$1,000.
Eden, Hancock County, Me.-Bond Sale.-This town
awarded $30,000 4% bonds offered on Aug. 4 to E. M.
Farnsworth & Co. of Boston at 103.35.
Ennis, Tex.-Bond Election.-Reports state that an
election will be held October 5 to vote on the question of
issuing $12,000 5% 10-40-year (optional) water-workssystem-completion bonds.
Escondido School District, San Diego County, Cal.Description of Bonds.-We are advised that the $18,000 5%
1-18-year (serial) school-building bonds awarded on Aug. 5
to E. H. Rollins & Sons of San Francisco at 105.89 (V. 89,
p. 487) are dated July 9 1909. Denomination $1,000.
Interest annual.
Fairfield, Clay County, Neb.-L--Desrciption of Bonds.We are advised that the amount of 4% 5-20-year (optional)
water-works and electric-light bonds recently disposed of
(V. 89, p. 550) was $32,000. The issue was sold to the
State at par. Denomination $500. Date August 2 1909.
Interest annual. ,
Authority Section 4846, Revised Statutes. Denomination $500, except
Fairfield County (P. 0. Bridgeport), Conn.-Bond Sale.one bond of $100. Date Sept. 11 1909. Interest semi-annual. Maturity
on Sept. 11 as follows: $1,000 in each of the years 1910 and 1911, $1,100 in On Sept. 8 the $145,000 4% 20-30-year (optional) gold
1912 and $1,500 in each of the years 1913 and 1914.
coupon (with privilege of registration) refunding bonds
In addition to the above proposals will also be received described in V. 89, p. 550; were awarded to John H. Watkins
until 11 a. m. Sept. 18 by the County Auditor for $1,300 6% of New York City at 101.45-a basis of about 3.895% to
the optional date and 3.918% to full maturity. Following
William Haley Ditch improvement bonds.
Authority Section 4479, Revised Statutes. Denomination $500, except are the bids:
Maturity
Coffeyville School District(P.0.Coffeyville), Montgomery
Fayette,Fulton County, Ohio.-Bond Offering.-Proposals
County, Kan.-Bond Election.-An election will be held will be received until 4 p. m. Sept. 13 by C. D. Hause, Vil$32,000
5%
issue
Sept. 14 to vote upon a proposition to
lage Clerk, for the $13,860 432% coupon Fayette Street imschool-building bonds maturing in 1934.
provement bonds voted on July 19 (V. 89, p. 301).
Denomination: 10 bonds of $1,000 each, 9 bonds of $400 each and 1 bond
Coleraine, Itasca County, Minn.-Bond Offering.-Proposof
$200. Date Sept. 1 1909. Interest semi-annually at the Village Treasals will be received until 8:30 p. m. Sept. 15 by W. J. Stock, urer's
office. Maturity on Sept. 1 as follows: $1,200 in 1911 and $1,400
Village Clerk, for $40,000 5% jail, village-hall and fire-hall yelrly from 1912 to 1920, inclusive. Certified check for 5% of bonds bid
fo
ciuri,red.
drawn on a bank in the village and payable to the Village Clerk, is rebones.
Authority election held Aug. 19, vote of 85 "for" to none "against."
Fayette County (P. 0. Connersville), Ind.-Bonds Not
Denomination $1,000. Interest semi-annual. Maturity $2,000 yearly
from 1911 to 1919 inclusive and $22,000 in 1929, bonds unpaid after i919 Sold.-No satisfactory bids were received on Sept. 8 for the
being subject to call. Certified check for $800, payable to the Village
$5,605 41 % coupon gravel-road bonds, a description of
Council, is required.
Colorado.-Certificates Not to be Re-Offered.-The Treasurer which was given in last week's issue.
Flint, Genesee County, Mich.-Bond Offering.-Proposals
has advised us that the $950,000 3% 20-year certificates of
indebtedness offered but not sold on July 20 (V. 89, p. 239) will be received until 12 in. Sept. 13 by D. E. Newcombe,
City
Clerk, for the $49,700 paving and $33,000 sewer 4%
will not again be offered for sale.
Colusa, Colusa County, Cal.-Bonds Voted.-A recent elec- bonds voted (V:89, p. 487) on August 18.
Denominationim$500. Date October 1 1909. Interest semi-annually
tion resulted in favor of the issuance of $50,000 water-works Maturity
$5,000 yearly beginning October 1 1914. Certified check fo
2% of bonds bid for, payable to the City Clerk, is required.
and $50,000 sewer-system bonds.
Foster
Ga.-Bond
Sale.
Commerce,
-C. W. Hood of this place
County (P. 0. Carrington), N. D.-Bond Sale.was the successful bidder on August 15 for the $8,000 5°4 This county on Aug. 14 awarded the $75,000 4% 20-year
coupon sewerage bonds described in V. 89, p. 362. The court-house bonds described in V. 89, p. 363, to the State of
price paid by him was 100.75. Maturity part yearly from North Dakota at par.
1914 to 1921 inclusive.
Glendale, Hamilton County, Ohio.-Bond Offering.-ProCuyahoga County (P. 0. Cleveland), Ohio.-Bond Sale.- posals will be received until 12 in. Sept. 13 by J. G. Gutting,
The Western-German Bank of Cincinnati was the successful Village Clerk, for $14,000 43-i% coupon funding bonds.
Authority Sections 96 and 97, Municipal Code, and Section 2701, Rebidder on Aug. 21 for the $17,316 432% Murphy Bridge
vised Statutes. Denomination $500. Date Aug. 1 1909. Interest semibonds offered on that day and described in V. 89, p. 301. annually
at the People's National Bank in Lockland. Maturity Aug. 1
The price paid was 103.326. Maturity $316 Oct. 1 1910 and 1929. Bonds are tax-free. Certified check for 23-',% of the bonds bid for,
payable to the Treasurer, is required. Bonds will be delivered Oct. 11900.
$1,000 yearly on Oct. 1 from 1911 to 1927 inclusive.
Purchaser to pay accrued interest. Bonded debt, including this issue,
Hayden, Miller & Co. of Cleveland are reported as having $63,000. No floating debt. Assessed valuation $913,570.
purchased on Sept. 8 the $13,243 assessment and the $45,750
Grant Township (P.0. Grant), Newaygo County, Mich.county's portion 43% coupon Ridge Road No. 2 improve- Bond Offering.-Proposals will be received until 12 m. to-day
ment bonds described in V. 89, p. 486, for $13,521 (102.099) (Sept. 11) by Geo. Osborn, Township Clerk, for $7,500 5%
and $46,632 (101.927) respectively. Maturity part of each highway bonds.
Date Sept. 4 1909. Interest on March 1 and Sept. 1. Maturity on
issue every six months from Oct. 1 1910 to Oct. 1 1919
March 1 as follows: $400 yearly from 1910 to 1014 inclusive, $500 yearly
inclusive.
from 1915 to 1919 inclusive and $600 yearly from 1920 to 1924 inclusive.
Daytona, Fla.-Bond Sale.-An issue of $35,000 5% 20Hallettsville Independent School District (P. 0. Hallettsyear bonds was disposed of at par and accrued interest on ville), Lavaca County, Tex.-Bond Sale.-The Lavaca
Daytona.
of
the
Bank
16
to
Aug.
Merchants'
Denomina- County National Bank of Hallettsville was the successful
tion $1,000. Date April 1 1909. Interest annual.
bidder on Aug. 31 for the $18,000 5% 5-40-year (optional)
Delphos, Allen and Van Wert Counties, Ohio.-Bond school bonds described in V. 89, p. 487.
Offering.-Proposals will be received until 1 p. In. Sept. 13
Hancock, Houghton County, Mich.-Bond Sale.-An issue
by S. E. Groty, Village Clerk,for $17,000 5% street-improve- of $21,345 47 6% 1-5-year (serial) paving assessment bonds
ment bonds.
was sold on Aug. 20 to the First National Bank and the
Authority Section 2835, Revised Statutes. Denomination $1,000. Date Superior National Bank, both of Hancock, at their joint
July 1 1909. Interest semi-annual. Maturity July 1 1914. Certified
check for 5% of bonds bid for, payable to the Village Treasurer, is required. bid of par and accrued interest.
Purchaser to pay accrued interest.
Denison, Tex.-Description of Bonds.-The $50,000 5%
1-20-year (serial) water-works-extension bonds registered by
the State Comptroller on July 2(V.89, p. 239) are in denomination of•$500 and are dated July 11909. Interest semiannual. Maturity $2,500 yearly.
Denomination $4,269 09.
Date August 1 1909.
Interest semi-annual.
Hardin County (P. 0. Kenton), Ohio.-Bond Sale.-On
Aug. 9 Breed & Harrison of Cincinnati bought the $32,390
5% pike bonds described in V. 89, p. 363, for $32,934 50the price thus being 101.681. Maturity part yearly from
1910 to 1914 inclusive
SEPT. 11 1909.1
THE CHRONICLE
679
to the Village Clerk, Is required. Bonds_[are exempt from taxes. Pur
Hawkins County (P. 0. Rogersville), Tenn.-Bond Offer- chaser
to pay accrued interest.
ing.-Proposals will be received until 1 p. m. Sept. 17 by
Louisville, Stark County, Ohio.-Bonds Voted.-An electhe Board of Commissioners, J. R. Sanders, Secretary, for
tion held Sept. 8 resulted in favor of a proposition to issue
$40,000 5% bonds.
$32,000 sanitary sewer bonds. The vote was 259 "for" to
Authority Chapter 518 Acts of 1907. Interest semi-annual. Certified
111 "against."
check for $1,000 is required.
McMinnville, Yamhill County, Ore.-Bonds Re-Awarded.Hendersonville, Henderson County, No. Car.-Bond Election.-On Sept. 25 the citizens will vote on a proposition to The $30,000 5% 10-20-year (optional) electric-light-plant
and water-system bonds recently disposed of to A. B. Leach
issue bonds for cement sidewalks.
& Co. of Chicago (V. 89, p. 488) were re-awarded on Aug. 28
Irrigation
District
(P.
0.
Las
Animas), Colo.- to Morris Bros. of Portland at par. We are informed
Highland
that
-Proposals
will
be
Offering.
received until 10 a. in. Leach & Co. subsequently withdrew their bid. DenominaBond
Sept. 18 by Jno. A. Murphy, District Secretary, for $100,000 tion $1,000. Interest semi-annual.
6% coupon irrigation-works-construction bonds.
Marion County (P. 0. Marion), Ohio.-Bond Offering.Denomination $1,000. Date Oct. 1 1909. Interest payable in June
and December of each year at the County Treasurer's office in Las Animas Proposals will be received until 12 m. Sept. 18 by John H.
or at the First National Bank in New York City. Maturity part yearly Clark, Attorney, for $6,250 5% coupon Everett Free Turnon Oct. 1 from 1919 to 1929 inclusive. Certified check for $5,000 ,payable pike
Road bonds.
to the Secretary of District, is required.
Authority, Section
Revised Statutes. Date Oct. 11909. Intere s
Hill County (Hillsboro), Tex.-Bond Election.-The voters semi-annually at the 4808,
County Treasurer's office. Maturity as follows:
• of this county will decide Sept. 18 on the question of issu- $220 on Mch. 1 1910 $260 on Mch. 1 1914 $320 on Mch. 11018
220 on Sept. 1 1910 260 on Sept. 1 1914 320 on Sept. 1 1918
ing $250,000 4% road bonds.
230 on Mch. 1 1911 280 on Mch. 1 1915 330 on Mch. 1 1919
230 on Sept. 1 1911 280 on Sept. 1 1915 330 on Sept. 1 1919
Hillsdale Township (P. 0. Hillsdale), Bergen County, 240 on Mch. 1 1912 290 on Mch. 1 1916 405 • on Mch.
1 1920
N. J.-Bond Offering.-Proposals will be received until 240 on Sept. 1 1912 290 on Sept. 1 1916 405 on Sept.
1 1920
250 on Mch. 1 1913 300 on Mch. 1 1917
Sept. 15 for $15,000 5% bonds.
250 on Sept. 1 1913 300 on Sept. 1 1917
Certified check on a bank in Marion for $100, payable to the Board of
Holly Beach City, Cape May County, N.J.-Bond Offering.
Road Commissioners, is required. Bonds will be delivered to the pur-Additional details are at hand relative to the offering on chaser on Oct. 1 1909.
Mauston, Juneau County, Wis.-Bonds Voted.-It is reSept. 14 of the $52,000 5% coupon funding bonds described
in last week's issue. Proposals for these bonds will be re- ported that a recent election resulted in favor of a proposition
to issue $26,000 paving and sewer bonds.
ceived until 8 p. in. on that day by Harry S. Hewitt, Borough
Mayfield, Graves County, Ky.-Bonds Re-Awarded.-The
Clerk.
$75,000 5% school bonds awarded on May 10 to McCoy &
Authority, an Act of the Legislature approved Feb. 11 1901 and Acts
supplementary thereto and amendatory thereof. Denomination $1,000. Co. of Chicago, but subsequently refused by them (V. 89,
Date Sept. 1 1909. Interest semi-annually at the Marine National Bank p. 242), have been re-awarded to local investors.
in Wildwood. Maturity Sept. 1 1939. Bonds are tax-exempt. Certified
Memphis, Tenn.-Bonds Proposed.-A resolution asking
check for $500. payable to the "Borough of Holly Beach City," is required.
The official notice of this bond offering will be found among that immediate steps be taken to issue $1,000,000 4% general
liability bonds for the erection of an independent municipal
the advertisements elsewhere in this Department.
lighting plant passed both boards of the Legislative Council
Hubbard County (P. 0. Park Rapids), Minn.-Bond on Sept. 2.
011ering.-Proposals will be received until 10 a. in. Sept. 15
Merced County (P. 0. Merced), Cal.-Bond Election.-Paby J. F. Delaney Jr., County Auditor, for $40,500 bonds at pers state that an election will be held in this county on
not exceeding 5% interest.
Sept. 20 to vote on a proposition to issue $750,000 highway.
Authority Chapter 245, Laws of 1909. Denomination $2,700. Interes
bonds. Denomination $1,000. Interest semi-annual. Masemi-annually at the County Auditor's office. Maturity $2,700 yearly on
Dec. 1 from 1910 to 1924 inclusive. Certified check for $500, payable to turity from 3 to 40 years.
required.
is
County,
Hubbard
Monroe School District, Fresno County, Cal.-Maturity of
Hutchinson Reno County, Kan.-Bond Sale.-On Sept. 3 Bonds.-We are advised that the $7,000 6% building bonds
20-year registered funding bonds offered awarded on Aug. 13 to James H. Adams Sr, Co. of Los
'
the $66,000 4M%
on Sept. 1 and described in V. 89, p. 551, were awarded, it is Angeles at 106.364 and accrued interest (V. 89, p. 552)
mature $1,000 yearly on Aug. 4 from 1912 to 1918 inclusive.
stated, to the Commerce Trust Co. of Kansas City at 101.
Jefferson County School District No. 4, Mont.-Bonds Not The bonds were sold on an interest basis of about 4.768%.
Sold.-Advices received Sept. 10 state that no award has Denomination $1,000. Date .Aug. 4 1909.
Muskogee, Muskogee County, Okla.-Bond Sale.-The
been made of the $5,000 5% coupon school-building bonds
offered on Aug. 21. See V. 89, p. 488, for description of $60,000 25-year fire-protection bonds offered on Aug. 16
and mentioned in V.89, p. 427, were awarded to the Westernthese securities.
Krum Independent School District (P. 0. Krum), Denton German Bank of Cincinnati at 103.283 for 5s-a basis of about
County, Texas.-Bond Offering.-Proposals will be received 4.78%. Denomination $1,000. Date Sept. 1 1909. Interest
until 7 p. In. Sept. 15 by 0. E. Evans, President School semi-annual.
Napa, Napa County, Cal.-Bond Offering.-Proposals will
Board, for $10,000 5% school bonds.
Denomination $500. Date Aug. 1 1909. Interest semi-annually at the be received until Sept. 14 for the $15,000 5% 20-year bridge
State Treasurer's office or at the Bank of New York, N. B. A., New York. bonds mentioned in V. 89, p.
552. Authority, vote of 418
Maturity Aug. 1 1929, subject to call after 5 years. Certified check for
$100, payable to the District Treasurer, is required. No bonded debt at "for" to 96 "against" at election held Aug. 16.
present. Assessed valuation 1908. $461,414.
Napoleon, Henry County, Ohio.-Bond Offering.-ProLake County (P. 0. Painesville), Ohio.-Bond Sale.-The posals will be received until 12 m.Sept. 13 by G. E. Rafferty,
$30,000 5% 1-year coupon refunding court-house and jail Village Clerk, for $1,194 5% Local Sanitary Sewer No. 3
bonds described in V. 89, p. 488, were sold on Sept. 8 to assessment bonds.
Hayden, Miller & Co. of Cleveland at 100.675.
Authority, Sections 1536-100 and 1536-251, Revised Statutes. Denomi$398. Date Sept. 1 1909. Interest semi-annual. Maturity $398
Lakewood, Cuyahoga County, Ohio.-Bond Sale.-On nation
yearly on Sept. I from 1910 to 1912, inclusive. Certified check for $50,
Sept. 8 the three issues of 5% improvement assessment bonds, payable to the Village Treasurer, is required. Purchaser to furnish blank
aggregating $25,391, described in V.89, p. 488, were awarded lithographed bonds at his expense.
North Sterling Irrigation District (P. 0. Sterling), Logan
to the First National Bank of Cleveland at 102.93 and accrued interest. Following is a list of the bidders and the County, Col.-Bond Sale.-Farson, Son & Co. of New York
City have purchased the $2,080,000 6% ditch and reservoir
premiums offered by the same:
First Nat. 13ank, Cleveland_ _5744 001Seasongood & Mayer, Mein_ $686 75 bonds mention of which was made in V. 88, p. 324.
Otis & Hough, Cleveland_ _ _ _ 725 50 Hayden. Miller & Co., Clev_ _ 662 00
Cleveland Tr. Co., Cleveland_ 690 05W. R. Todd & Co., Cincin__ _ 230 00
Leeds School District, Washington County, Utah.-Bond
Sale.-This district sold $1,000 5% 10-year improvement
bonds last month to the State of Utah at par. Date
June 15 1909.
Lehi City, Utah County, Utah.-Bond Sale.-During
August $8,000 water-works and $13,000 improvement 5%
20-year bonds dated Aug. 2 1909 were purchased by the
State of Utah at par.
•
Lodi, Bergen County, N. J.-Bond Sale.-An issue of
$80,000 5% 30-year water bonds was awarded on Sept. 7 to
R. E. Robinson at 105.391.
Denomination $500. Date June 1 1909. Interest semi-annually at the
County Treasurer's office in Sterling or at the office of Farson. Son & Co.
of New York City. Maturity on June I as follows: $104,000 in 1920: $125.000 in 1921: $146,000 in 1922: $167.000 in 1923; $186,000 in 1924; $208,000
in 1925; $229,000 in 1926; $277,000 in 1927; $313,000 in 1928, and $325,000
in 1929.
Nueces County (P. 0. Corpus Christi), Texas.-Bond
Election Postponed.-An election which was to have taken
place Sept. 11, to vote on propositions to issue $150,000 courthouse-construction and $10,000 bridge-building bonds was
postponed as it was found that notice of the same could not be
given for 30 days as required by law.
Omaha, Neb.-Bond Sale.-On Sept. 7 the $50,000 43-%
20-year coupon city-hall-renewal bonds, a description of
which was given in V. 89, p. 489, were awarded to R. L. Day
Denomination $1,000. Date Oct. 1 1909. Interest semi-annual.
& Co. of New York at 105.919 and accrued interest-a basis
Cal.
Beach,
-Bonds Voted.-The proposition to issue of about 4.065%.
Long
the $245,000 41/6% municipal-water-frontage bonds menThe followinz bids were received:
p.
551, carried by a vote of 1,235 to 278 at R. L. Day dc Co., Boston$52,959 50 O'Connor & Kahler, N. Y.$52,439 50
89,
tioned in V.
N. W. Halsey ec Co., Chic_ 52,785 00 Bankers' Life, Omaha_ _ _ _ 52,375 00
the election held Sept. 3.
W.R.Compton do Co.,St.L 52,776 00 Blodget, Merritt & Co.,Bos.52,335 00
Loudonville, Ashland County, Ohio.-Bond Offering.- B. H.Rollins & Sons,Chic. 52,758 00 Icountze Bros., N. Y
52,241 50
Boston 52,655 00 C. E. Denison & Co., Clev_ 52,186 75
Parkinson
Proposals will be received until 12 in. Sept. 13 by B. Strauss, A. B. Leachdc&Burr,
Co., Chicago 52,537 50 Seasongood & Maser,Cln_ 51,590 00
Village Clerk, for $8,035 70 43% coupon Water Street im- Woodin,McNear&Moore,Ch52,525 00
provement bonds.
Osceola County Drainage District No. 9, Iowa.-Bond
Denomination $400, except one bond of $435 70. Date Aug. 1 1909. Sale.-This district on Aug. 30 sold $10,839 60 bonds to the
Interest March and Sept. at the Village Treasurer's office. Maturity
Savings Bank & Trust Co. of Toledo at 102.781.
$435 70 on March 1 1910 and $400 each six months from Sept. 1 1910 to Security
Sept. 1 1919 inclusive. Certified check for 5% of bonds bid for, payable Purchaser to pay accrued interest and furnish printed bond,.
*-
THE CHRONICLE
680
Following is a list of the bidders and the premiums offered
by the same:
Sec. Say. Bk.&Tr.Co., T0l__a$301 50
First National Bank, Tol__ 3257 00
a201 00
W. T. Steiner, Sibley
Pearsons-Taft Land-Credit
185 96
Co., Chicago
H. E. Walton, 1Sibley__- $150 00
A. W.Garberson,J
A. J. Hood & Co., Detroit_ _c$110 00
Farmers'Loan &Tr. Co.,Wat_ 105 00
S. A. Kean & Co., Chicago_ c101 30
51 00*
First Nat. Bk., Barnesville_
a Also pay accrued interest and furnish printed bonds. 0 And accrued
interest. c And furnish printed bonds.
Osceola School District (P. 0. Osceola), Mississippi
County, Ark.—Bond Offering.—Proposals will be received
until 1:30 p. m. Sept. 15 for $20,000 6% 20-year schoolbuilding bonds. Certified check for $500 is required. Assessed valuation $1,000,000. L. A. Morris is Secretary
Board of Education.
Palo Alto, Santa Clara County, Cal.—Bond Offering.—
Further details are at hand relative to the offering on Sept. 13
of the following 5% gold coupon improvement bonds, aggregating $14,000, mentioned in V. 89, p. 552: $7,000 for an
iron water tank, $3,500 for street-lighting-extensions and
$3,500 for an automatic fire-alarm system. Proposals will
be received until.8 p. m. on that day (Sept. 13) by A. G.
Walker, City Clerk.
[VOL. Lxxxlx.
Denomination $500. Date Aug. 1 1909. Interest semi-annual. Maturity on Aug. 1 as follows: $10,000 in 1919 and $2,500 yearly from 1920
to 1939, inclusive.
Portage County Drainage District, Wis.—Bond Sale.—The
sale of the $100,000 6% 6-10-year (serial) coupon drainage
bonds which was to have taken place Aug. 16 (V. 89, p. 303)
was postponed until Aug. 24. They were awarded on that
day to W. W. Hammond, acting as agent for investors of
Peoria, at par.
Denomination $1,000 and $500. Date June 1 1909. Interest annually
at place designated by purchaser. Total debt, not including this Issue,
$141,000.
Porter County (P. 0. Valparaiso), Ind.—Bond Sale.—On
Sept. 1 $17,000 bridge bonds were awarded, it is stated, to
J. F. Elliott & Sons of Indianapolis for $17,500, the price
thus being 102.941.
Princeton Independent School District (P. 0. Princeton),
'Collin County, Tex.—Bond Sale.—The $12,000 5% 20-40year (optional) coupon school-building bonds described in
V. 89, p. 428, were sold on Sept. 1 to Ulen, Sutherlin & Co.
of Chicago at98.75. These securities were registered by the
State Comptroller on Aug. 31.
Ripley, Tenn.—Bond Sale.—An issue of $18,000 coupon
Authority, election held May 22 1909. Denomination $350. Date
been disposed of, it is reJuly 1 1909. Interest semi-annually in Palo Alto. Maturity $350 yearly school bonds recently voted has
on July 1 from 1910 to 1949, inclusive. Bonds are exempt from taxation. ported, to local investors at par.
We are advised that there has never been any controversy or litigation conRochester, N. Y.—Temporary Loan.—On Sept. 8 $125,000
testing the validity of any bond issue of this city. Certified check, payable
to the City Clerk, is required.
431% 8 months' notes Were awarded to Bond & Goodwin of
Pensacola, Escaanbia County, Fla.—Bond Offering.—Pro- New York for a premium of $11 50.
posals will be received until 12 m.Sept. 29 by R. M. Bushnell,
Ross School District (P. 0. Ross), Mann County, Cal.—
gold Bond Sale.—On Aug. 4 an issue of $2,500 5% school-building
Chairman Board of Bond Trustees, for $100,000 4
coupon paving bonds.
bonds was awarded to the First National Bank of Selma,
Authority, Chapter 5530, Laws of 1905. Denomination $1,000. Date
Jan. 1 1906. Interest semi-annually at the U. S. Mortgage & Trust Co. in Cal., at 101.
Denomination $500. Date July 26 1900. Interest annual. Maturity
New York City. Maturity Jan. 11936. Certified check on a bank in Pensacola for 2% of the bonds bid for, payable to the Board of Trustees, is re- $500 yearly on July 26 from 1910 to 1914 inclusive.
quired. The bonds will be certified as to their genuineness by the U. S.
Sandusky County (P. 0. Fremont), Ohio.—Bond OfferMortgage & Trust Co. of New York City. The legality of the issue will be
approved by Dillon & Hubbard of New York, a copy of whose opinion will ing.—Proposals will be received until 12 m. Sept. 13 by the
be delivered to the purchaser.2Bids must be made on blank forms furnished County Commissioners for the following 4 M% road bonds:
by the city. Bonds will be ready for delivery in New York at 12 m. Oct. 6.
$25,000 Luther Gibbs Road improvement No. 3 bonds. Date Aug. 10.
Purchaser to pay accrued interest.
1909. Maturity $5,000 on Sept. 1 1910 and $2,500 each six months
Pittston, Lucerne County, Pa.—Bond Sale.—On Aug. 10
from March 1 1911 to Sept. 1 1914 inclusive.
N. W. Harris &. Co. of New York City purchased $66,000 11,500 Frank 1Halbeisen Stone Road improvement No. 4 bonds. Date
Sept.
1909.
Maturity as follows: $1,500 on March 1 and $1,000 on Sept. 1 in 1911
432% school bonds at 103.09 and accrued interest—a basis
and in 1912, $1,000 March 1 and $1,000 Sept. 1 In 1913, $1,500 March 1
of about 4.259%.
NEW LOANS.
$4,700,000
CITY OF ST. LOUIS
Public Buildings and Public Improvement
4%
TWENTY-YEAR GOLD BONDS
ST. LOUIS, August 16, 1909.
By virtue of Ordinance No. 22,674, the undersigned are authorized to issue and sell for the City
of St. Louis four million seven hundred thousand dollars ($4,700,000) of St. Louis Public Buildings
and Public Improvement Bonds, and sealed proposals for the purchase of said bonds, issued for the
following purposes, and hereinafter described, will be received at the Mayor's Office in the City of
St. Louis, until 12:00 o'clock noon. of the 17th day of September. 1909, and publicly opened by the
undersigned at said place and hour:
$3,000,000 00
MUNICIPAL BRIDGE,and purchase of land for approaches
100,000 00
FIRE DEPARTMENT (Engine Houses and Lots)
600,000 00
BRIDGES AND VIADUCTS and purchase of land
1,000,000 00
PUBLIC SEWERS and purchase of land
$4,700,000 00
Total
Said bonds will be dated October 1st, 1909, and will each be of the denomination of $1,000 United
States Gold Coin, payable twenty (20) years after their date, and will bear interest from their date
at the rate of four (4) per cent per annum. Semi-annual interest coupons, payable on the 1st day of
April and October, respectively, will be attached to each bond, and both bonds and coupons will be
payable to bearer, as he may elect, either at the National Bank of Commerce. in New York, in United
Lane, London, England.
States Gold Coln, or at the National Bank of Scotland, Limited, 37 Nicholas
In pounds Sterling, at the rate of four dollars, eighty-six cents, six and one-half mills ($4.8665) per
pound Sterling. The bonds will contain the condition that in payment of principal and interest,
will be calculated at the present standard of
the United States Gold Dollar and the Pound Sterling
weight and fineness. The bonds may be exchanged for registered bonds at any time.
Bidders are requested to state in their proposals the price offered per bond the par and premium
to be stated as one amount.
No bid will be considered that is not made on blank furnished by the Comptroller.
Proposals must be accompanied by a cashier's or certified check, payable to the order of the
equal to five (5) per cent of the nominal amount of the bonds
Comptroller (and subject to his approval)
if the proposal is not accepted, otherwise to be rebid for: said deposit to be returned immediately
in event of failure on the part of the bidder to comply with
damages
liquidated
tained by the City as
as part of the purchase money. A deposit in the
his proposal, or, in case of compliance, to be retained
required amount to the credit of the City of St. Louis, in the National Bank of Commerce, in New
will be accepted as full compliance with the re1909,
16th,
September
York, on or before Thursday,
quirements relating to deposits. No interest will be allowed on earnest money deposited.
and reservations of this advertisement, and must
Proposals will be subject to all the conditions part
of the bidder.
refer to same as a portion of the agreement on the
Proposals should be enclosed and addressed to the undersigned and endorsed "Proposal for PurBonds."
City
Louis
of
chase
St.
The undersigned reserve the right to reject any or all bids.
The Bonds will be delivered against payment therefor in current funds, at the office of tile Compin
the City of St. Louis, or, if the bidder so elects in his proposal, at the National Bank_of
troller
Commerce in New York, on the 1st day of October, 1909.
The opinion of Messrs. Dillon & Hubbard, Attorneys and Counselors at Law, New York City,
as to the validity of the bonds, will be furnished the successful bidders by the City.
A sample bond can be seen and further information obtained at the office of the Comptroller.
FREDERICK H. KREISMANN, Mayor.
B. J. TAUSSIG, Comptroller.
NEW LOANS.
$500,000
CITY OF SPOKANE
25-Year 4%
Water Extension Bonds
Sealed proposals will be received by the Sinking
Fund Commission of the City of Spokane, Washington, at the office of the City Comptroller of
said city, up to 11 o'clock a. m. of the 16th day of
September. 1909, for the purchase of all or any
portion of a $500.000 bond issue of said city.
Said bonds are issued by said city for the purpose of paying off outstanding warrants issued
against the Water Extension Fund and constructing a force main to be used in the general water
system, and bear date of July 1. 1909, payable
25 years after said date, and bear interest at the
rate of 4% annually, payable semi-annually
at the fiscal agency of the State of Washington in
New York City.
Said Commission reserves tho right to reject any
and all bids, and each offer must be accompanied
with a certified check for 2% of the amount of
the bid, and must be for at least par and accrued
interest.
ROBERT FAIRLEY.
City Comptroller.
$52,000
Borough of Holly Beach City,
Cape May County, N. J,
5% FUNDING BONDS
NOTICE is hereby given that the Borough
Council of the Borough of Holly Beach City, Cape
May County, N. J., will receive sealed bids for
the sale of Fifty-Two Thousand Dollars ($52,000)
5% thirty (30) year funding bonds, according to
Ordinance No. 73.
Each bid will be accompanied by a certified
check for the sum of Five Hundred Dollars ($500)
and to be marked proposal for the sale of Bonds,
and addressed to Harry S. Hewitt, Borough Clerk.
Bids will be opened Tuesday. September 14.
1909, at eight o'clock p. m., in the Borough Hall.
Council reserves the right to reject one or all
bids which is to the best interest of the said
Borough of Holly Beach City, N. J.
H. S. HEwirr. Borough Clerk.
M. Smith & Co.
JOHN H. WATKINS Charles
CORPORATION AND
MUNICIPAL
H. C. Speer & Sons Co.
MUNICIPAL BONDS
AND
First Nat. Bank Bldg., Chicago
RAILROAD BONDS
FIRST NATIONAL BANK BUILDING
CITY, COUNTY
OSIOAGO
AND SCHOOL BONDS No. 2 WALL SiltEET NEW YORE
ESTABLISHED 1885
SEPT. 11 1909.1
THE CHRONICLE
1914, $1,000 Sept. 1 1914, $1,000 March 1 1915 and $1,000 Sept. 1 1915.
Authority Section 22b, Revised Statutes. Denomination $500. Interest
on March 1 and Sept. 1 at the County Treasurer's office. S. M. Fronizer
Is County Auditor.
San Diego County (P. 0. San Diego), Cal.-Bond Offering.-Proposals will be received until 10 a. in. Sept. 20 (not
Sept. 30 as first reported) by Wm. H. Francis, Clerk of the
Board of Supervisors, for the $1,250,000 4
gold highway
bonds mentioned in V. 89, p. 553.
Denomination $1,000. Date Oct. 1 1909. Interest semi-annually in.
San Diego. Maturity $31,000 yearly on Oct. 1 from 1910 to 1939 inclusive and $32,000 yearly from 1940 to 1949 inclusive. Certified check
on a national bank for $25,000, payable to John F. Schwartz, County
Treasurer, is required. Bonds will be delivered as follows: $250,000
Oct. 1 1909, $250,000 July 1 and $100,000 Oct. 1 in 1910, $150,000 Jan. 1,
$100,000 April 1, $150,000 July 1 and $100,000 Oct. 1 in 1911, and $150,000 Jan. 1 1912.
San Mateo Homestead Sanitary District(P.0.San Mateo),
San Mateo County, Cal.-Bond Offering.-Proposals will be
received until 7:30 p. m. Sept. 20 by the Sanitary Board for
$15,000 5% gold bonds. Certified check for 10% of amount
bid is required. William Sty-an is District Secretary.
Santa Anna, Coleman County, Tex.-Bonds Registered.The State Comptroller registered an issue of $22,500 5%
30-year water-works bonds on Aug. 30.
Schenectady, N. Y.-Certificate Offering.-Proposals will
be received until 11 a. In. Sept. 21 by 0. S. Luffman, City
Comptroller, for $100;000 certificates issued in anticipation
of the receipt of taxes.
681
Sheboygan, Wis.-Bonds Not Sold.-This city failed to
sell an issue of $120,000 4% refunding bonds offered. on
Aug. 10. Date May 1 1909. Interest payable March 1 and
Sept. 1 in New York City.
South Side Irrigation District(P.0.Fruita), Mesa County,
Col.-Bond Sale.-We are advised that the $15,000 bonds
which were offered but not sold on June 7 (V. 89, p. 244),
have been disposed of.
Sparta, Monroe County, Wis.-Bond Ofiering.-Proposals
were asked for until 2 p. m. yesterday (Sept. 10) by W. H.
Blyton, City Clerk, for $6,000 5% coupon water-works extension bonds.
Denomination $500. Date June 1 1909. Interest annually on March 1
at the Bank of Sparta. Maturity $2,000 on March 1 in each of the years
1916, 1917 and 1918. Bonded debt, not including this issue, $27,600. No
floating 'debt. Assessed valuation 1909, $2,331,902. The result of this
offering was not known to us at the hour of going to press.
Streator, La Salle County, Ill.-Bond Election.-An ordinance was passed on Aug. 23 providing for an election to be
held Sept. 18 to vote on the issuance of $40,000 5% coupon
Vermillion River bridge bonds.
Denomination $1,000. Date Jan. 2 1910. Interest annually at the
City Treasurer's office. Maturity $2,000 yearly on Jan. 2 from 1911 to
1930 inclusive.
Superior, Wis.-Bond Sale.-The $125,000 4% 20-year
gold coupon high-school-building bonds described in V. 89.
p. 491, were awarded on Sept. 7 to S. A. Kean & Co. of
Chicago "at par less some expenses."
Authority Section 78, Chapter 55, Laws of 1909. Denomination to suit
Sunflower County (P. 0. Indianola), Miss.-Bond Sale.purchaser. Date Sept. 21 1909. Interest (rate to be named in bid) payable
in New York exchange at the City Treasurer's office or at the Importers' ec The $50,000 4
20-year coupon road and bridge bonds
Traders' National Bank in New York City at the option of the successful offered on Aug.2 and described in V.89,
p. 244, were awarded
bidder. Maturity Feb. 21 1910. Certified check on a bank or trust company for 1% of certificates bid for, payable to the City Comptroller, is re- to John Nuveen & Co. of Chicago at 100.20.
quired. Purchaser to pay accrued interest.
Tripp, Hutchinson
S. D.-Bond Offering.-ProScotia, N. Y.-Bond Sale.-On Sept. 7 four issues of re- posals will be receivedCounty,
until p. m. Sept. 16 by John Mcbonds,
newal
aggregating $11,600, were awarded to Isaac Clain,Town Clerk,for $10,0008
5% coupon water-works bonds.
W. Sherrill of Poughkeepsie as 4s.
Authority, Article 5, Chapter 26, Political Code of 1903; vote of
Denomination $1,000, $800, $700 and $600. Date Aug. 11909. Interest semi-annual. Maturity $2,000 in 1922, $4,600 in 1923 and $5,000 in
1924.
100 to 4 at election held April 29 1909. Interest Jan. and July in Chicago.
Denomination $500. Maturity 1929. Certified check for $500, payable
to the Town Treasurer, is required. Total debt, including this issue, $15,000. Assessed valuation for 1908. $179,058. These bonds were offered
without success on June 7. See V. 88, p. 1516.
Senoia, Ooweta County, Ga.-Bond Election.-An election
will be held to-day (Sept. 11) to vote upon a proposition to
Valley, Douglas County, Neb.-Bond Sale.-The $12,000
issue $10,000 5% electric-light bonds. Maturity $1,000 water and the $5,000 electric-light 5-20-year (optional) bonds
every even year from 1912 to 1930 inclusive.
offered on Aug. 24 were awarded to the State of Nebraska at
NEW LOANS.
NEW LOANS.
NEW LOANS.
$ 1 0,000
$46,000
$500,000
Douglas
County,
Minnesota,
Village of White Plains, N. Y.
CITY OF SPOKANE
BONDS
Macadamizing and Paving Certificates
of Indebtedness
Notice is hereby given that the County Board
of Douglas County,State of Minnesota,at a special
session beginning on Saturday, the second day of
October, 1909, at ten o'clock in the forenoon,
the office of the County Auditor in the Court
Public notice is hereby given that sealed at
House in the City of Alexandria, in said county,
proposals will be received by the Board of Trustees will
receive and consider bids for the purchase of
of the Village of White Plains on FRIDAY,
bonds of the said Douglas County, State of
SEPTEMBER 24, 1909, at 4 o'clock in the after- the
Minnesota, in the aggregate sum of forty-six
noon, at the Corporation Rooms, Grand Street, thousand
dollars, and negotiate the sale thereof;
in said Village, for ten macadamizing and paving said bonds
have been unanimously voted and
certificates of indebtedness of the Village of shall be issued
by the said County Board pursuant
White Plains, each of said certificates to be in the to the authority
of, and in strict accordance with.
sum of $1,000, said certificates to be dated the
October 1st, 1909. and to become due and payable the provisions of Section 18 of Chapter 230 of
General
Laws
of the State of Minnesota for the
on the 1st day of October, 1914, with Interest year 1905,
and Acts amendatory thereof, and sold
at the rate of 5% per annum, payable semisecure funds for defraying its pro rata share
annually on the 1st days of April and October in to
of the costs and expenses of locating, establisheach year.
ing and constructing the Judicial Ditch No. 2,
No proposals will be received for less than par. located
in Douglas and Todd counties; said bonds
All proposals must be accompanied by a certified to be issued
denominations of one thousand
check upon a State or national bank or trust dollars, datedin the 2nd day of
on
October, 1909.
company for 5% of such proposal.
due and payable on the 2nd day of October, 1919.
Checks of unsuccessful bidders will be returned and b ar ng ‘nt re t at a rate not to
(xceed
to them. The Board of Trustees reserves the (5) per
centum per annum, payable semi-annually
right to reject any and all proposals.
on the first day of February and August, principal
By order of the Board of Trustees.
and interest payable in current funds at any
Dated, White Plains, N. Y.
agreed bank in the United States.
September 9, 1909.
Said bonds shall be executed in forms to be
provided by the purchaser thereof, subject to
FREDERIC S. BARNUM,
the approval by the County Attorney of said
woo *lilt 01.
President.
county, and the said county shall be security
EARLE P. RITE, Clerk.
for the whole of the principal and interest therein
provided to be paid.
A true and correct statement of the condition
of said county on the date thereof is as follows:
Total debt, including this issue
$121,400 00
Assessed value for 1909, real estate_ _ 4,588,837 00
Assessed value for 1909, personal
property
995,012 00
Actual value, estimated by State Tax
Commission
13,452,000 00
Population, census 1905
Sideybalk Certificates of Indebtedness
18,780
Present population, estimated
19,300
The sale of said bonds shall be public, and bids
Public notice is hereby given that sealed may be either open or sealed,
but no sealed bids
proposals will be received by the Board of Trustees shall be opened before the
conclusion of all open
of the Village of White Plains, at the Corporation bids.
Rooms, Grand Street, FRIDAY, SEPTEMBER
Certified approved check for the sum of two
24, 1909, at 4 o'clock in the afternoon for seven- hundred fifty dollars ($250),
payable to the Treasteen sidewalk certificates of indebtedness of the urer of Douglas County,
Minnesota, shall be
Village of White Plains, each of said certificates placed in the hands of the
Chairman
of said Board
to be in the sum of $1,000,to be dated October 1st, by each bidder, such check
and the amount thereof
1909, and to become due and payable October 1st, to be forfeited to said
in case said bonds
1914, with interest at the rate of 5% per annum, shall be refused on anycounty
ground, except illegality,
Payable semi-annually on the 1st days of April by the bidder to whom same
shall be awarded.
and October of each year.
The right to reject any or all bids is hereby
No proposals will be received for less than par. reserved to said Board.
All proposals must be accompanied by a certified
Dated this 3rd day of September, A. D. 1909.
check on a State or National Bank or Trust
E. J. BRANDT,
Company for 5% of such proposal.
County Auditor, Douglas County, Minn.
Cheeks of unsuccessful bidders will be returned
to them. The Board of Trustees reserves the right
to reject any and all proposals.
By order of the Board of Trustees.
Dated, White Plains, N. Y.,
ROK ER
September 0, 1909.
44 AND 46 WALL STREET, NEW YORR
FREDERIC S. BARNUM,
President.
INVESTMENT SECURITIES.
EARLE P. RITE, Clerk.
Correspondence Invited.
$17,000
Village of White Plains, N. Y.
OTTO JULIUS MERKEL
25-Year 4%
Bridge Construction & Repair -Bonds
Sealed proposals will be received by the Sinking
Fund Commission of the City of Spokane, Washington, at the office of the City Comptroller, of
said city, up to 11 O'clock A. M. of the 15th Day
September, 1909, for the purchase of all or any
portion of a $500.000 bond issue of said city.
Said bonds are issued by the said city to pay
for the construction and repair of bridges across
the Spokane River, and bear date of July 1. 1909.
and payable 25 years after said date, and draw
Interest at the rate of 4% annually, payable semiannually at the fiscal agency of the State of
Washington in New York City.
Said Commission reserves the right to reject
any and all bids, and each offer must be accompanied by a certified cehck for 2% of the amount
of the bid, and must be for at least par and
accrued interest.
ROBERT FAIRLEY,
City Comptroller.
Blodget, Merritt & Co.
BANKERS
STATE, CITY
AND
RAILROAD BONDS
6o State Street, - Boston
30 Pine Street, - New York
T. W. STEPHEN
& 00,
^
Investment Bonds
2 WALL STREET, NEW YORK,
[VOL. Lxxxix.
THE CHRONICLE
62
par for 43's. Denomination $500. Date Nov. 1 1909.
Interest semi-annual.
Vinland School District, Fresno County, Cal.—Description
of Bonds.—We are informed that the $2,000 6% 2-5-year
(serial) building bonds sold on Aug. 13 to the American
Savings Bank of Los Angeles at 103.825 and accrued interest
(V. 89, p. 553) are in denomination of $500 each and .are
dated Aug. 4 1909.
Wagoner, Wagoner County, Okla.—Bond Sale.—On Sept.
6 the $105,000 5% 25-year coupon water, light, city-hall and
jail bonds described in V. 89, p. 617, were awarded to the
Wagoner Water Co.,the Wagoner Light & Power Co.and the
Citizens' State Bank of Wagoner at par and accrued interest.
Washington, Beauford County, No. Caro.—Bond Election.
—An election will be held Sept. 14 to vote on the question of
issuing $25,000 street-improvement bonds.
Wathena, Doniphan County, Kan.—Bond Offering.—This
city is offering for sale $7,000 5% bonds.
Webb City, Jasper County, Mo.—Bond Sale.—According
to reports N. W. Halsey & Co. of Philadelphia have purchased $8,500 5% sewer bonds.
White Plains, N. Y.—Certificate Offering.—Proposals will
be received until 4 p. m. Sept. 24 by the Board of Village
Trustees, Frederic S. Barnum, President, and Earl P. Hite,
Clerk, for $17,000 sidewalk and $10,000 macadamizing and
paving 5% certificates of indebtedness.
Denomination $1,000. Date Oct. 1 1909. Interest semi-annual. Maturity Oct. 1 1914. Certified check on a State or national bank or trust
company for 5% of bid is required.
The official notices of this bond offering will be found among
the advertisements elsewhere inthis Department.
Woodward, Iowa.—Bonds Voted—Bond Offering.—This
place on Sept. 6, by a vote of 130 to 27, authorized the issuance of $9,000 5% water-works bonds. Proposals are asked
for these bonds until Sept. 13. Maturity 10 years.
Worcester, Mass.—Bond Sale.—Dispatches state that
$50,000 20-year and $75,000 10-year 33/2% bonds have been
awarded to Perry, Coffin & Burr of Boston at 101.18 and
100.27 respectively.
NEW LOANS.
Canada,its Provinces and Municipalities.
Chechow School District, Sask.—Debenture Sale.—H.
O'Hara & Co. of Toronto recently purchased $800 53i%
debentures maturing part yearly for 10 years.
Coaticook, Que.—Debentures Authorized.—The issuance of
$14,000 electric-light debentures was recently authorized.
Cote des Neiges, Que.—Debenture Sale.—St. Cyr, Gonthier & Frigon of Montreal have purchased $15,000 432%
debentures.
Deloraine, Man.—Debenture Sale.—During August G. A.
Stimson & Co. of Toronto bought $6,000 5% debentures,
due part yearly for 20 years.
Dresden, Ont.—Debenture Sale.—We see it reported that
Brent, Noxon & Co. of Toronto have been awarded the
$20,000 432% coupon school debentures mentioned in V. 89,
p. 431. Maturity part yearly for 20 years.
Gobert School District No. 1951, Alberta.—Debenture Sale.
—We are advised that on July 23 $1,500 5% 10-year schoolhouse debentures were purchased by the Canada Landed &
National Investment Co. of Winnipeg at par. Date Aug. 20
1909. Interest annual.
Great West School District No. 2316, Sask.—Debenture
Sale.—J. Addison Reid of Regina recently purchased $1,400
532% 10-year school-house and site-purchase debentures at
100.50. Date July 23 1909. Interest annual.
Heyhorito School District, Sask.—Debenture Sale.—Debentures to the amount of $1,000 have been sold to H.
O'Hara & Co. of Toronto. They carry 5U% interest and
mature part yearly for 10 years.
High River School District (P. 0. High River), Alberta.—
2%
Debenture Sale.—This district has awarded $3,500 53/
debentures to H. O'Hara & Co. of Toronto. Maturity part
yearly for 10 years.
Innisfil Township, Ont.—Debenture Sale.—This township
recently sold $1,000 5% school debentures, due part yearly
for 5 years, to Brent, Noxon & Co. of Toronto.
Killarney, Man.—Bids.—The following bids were received
for the $10,000 5% gold coupon municipal-building debentu res
NEW LOANS.
NEW LOANS.
$300,000
$47,500
$200,000
City of Birmingham, Ala. CITY OF NATCHEZ, MISS., CITY OF CHARLESTON,S.C.
SCHOOL BONDS
Refunding,_Bonds
SEWER BONDS
Sealed bids for the sale of $200,000 00 City of
Birmingham, Alabama, School Bonds (balance
of an authorized issue of 8350,000 00) will be
received by the Mayor at his office In Birmingham,
Alabama, until 12 o'clock noon. September 15th,
1909. Said bonds are dated July 1st, 1909, and
bear Interest at the rate of 5% per annum, payable semi-annually, and mature thirty years
from date.
Bids wanted for 850,000 00
100,000 00
150,000 00
or the entire 200,000 00
Bonds to be delivered and paid for, October 15th,
1909.
No bids will be accepted for less than par and
accrued interest, and each bid must be accompanied by a certified check for 1% of the par
value of the bonds bid for.
The right Is reserved to reject any and all bids.
H. E. SHROPSHIRE Jr..
City Clerk.
Public notice is hereby given that the City of
Natchez offers for sale its Refunding Bonds to the
amount of $47,500. These bonds are In denominations of $500, are payable to bearer, and
mature twenty years from date of Issuance—
September 15th, 1909. They bear five per cent
interest payable annually. Persons desiring
to purchase will please Ole with the City Clerk
their sealed bids, either for the whole series or
part of same, before 5 o'clock p. m. on WEDNESDAY. SEPTEMBER 15th, 1909. Bids for less
than the entire series should be made in multiples
of $500. The bids will be opened and disposed
of at the regular meeting of the Mayor and the
Board of Aldermen on September 15th, 1909.
No bids for less than par will be considered.
Certified check for $100 must accompany each
bld.
W. G. BENBROOK, Mayor.
TREASURY DEPARTMENT.
EICIEL.FLES'T & C.
CANADIAN
BANKERS
MUNICIPAL BONDS
Municipal Bonds
WEBB & CO.,
INVESTMENT SEOURrrIES.
74 BROADWAY, NEW YORK
PHILADELPHIA, PA.
& COMPANY
McCOY
Formerly MaoDonald. McCoy & Co.
Municipal and
Corporation Bonds
181 La Salle Street, - Chicago
P. J. GOODHART & CO.,
Bankers
Albert Kleybolte & Co.,
409 Walnut Street,
CINCINNATI, 0.
Municipal,
County, State,
and High-Grade Public Service
Securities
Correspondence Solicited
NATIONAL LIGHT,
HEAT & POWER CO.
GUARANTEED
W. A. MACKENZIE & CO., 421 CHESTNUT ST.,
TORONTO, CANADA
gr Sealed bids will be received by the undersigned
until 12 o'clock M. Wednesday, September 15.
1909, for Three Hundred Thousand Dollars,
or any part thereof, City of Charleston Sewerage
Bonds, bearing Interest at the rate of 4 per cent
per annum, payable April 1 and October 1 in
each year.
The Bonds are to be of the denomination of
$1,000 and $500, and will run for 20 years from
October 1, 1909. A Sinking Fund is provided by
Ordinance for the Redemption of these Bonds.
The right to reject any or all bids is reserved.
Bids should be forwarded to
J. 0. LEA,
City Treasurer. Charleston, S. 0.
37 BROADWAY . . NEW YORK
Telephone 2240 Rector
326 Walnut St., Cincinnati
Bank and Trust Co. Stocks
INVESTMENTS
BONDS
All Issues
N. H. Bickmore & Co.,
BANKERS
New York
30 Pine Street,
Perry, Coffin & Burr,
INVESTMENT BONDS,
60 State Street,
BOSTON.
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLIOATION
Edward Lowber Stokes SEASON GOOD & MAYER
104 South Fifth St. PHILADELPHIA
Mercantile Library Building
CINCINNATI
SEPT. 11 1909.1
THE CHRONICLE
683
awarded on Aug. 10 to Aemilius Jarvis & Co. of Toronto at for 10 years. H. O'Hara & Co. of Toronto were the successful bidders.
99.03 and accrued interest. V. 89, p. 494:
Aemillus Jarvis & Co., Tor_ __$9,903 J. Addison Reid & Co.,Reg.$9,652 00
Ottawa, Ont.-Debenture Sale.-On Sept. 2 the 9 issues of
Dom. Secur. Corp., Toronto__ 9,807 Nay & James, Regina_ _ 9,634 00
Bank of Hamilton, Hamilton_ 9,775 Ontario Sec. Co., Toronto_ 9,601 00 4% improvement debentures aggregating $419,420 60, deHawkey, Somerville & Co..
Brent ,Noxon & Co., Tor__ 9,572 52 scribed in V. 89, p. 124,
were awarded to the Bank of Ottawa
Indian Head
9,764 H. O'Hara & Co., Toronto_ 9,390 00
at par. The following bids were received:
James B. Noble
9,750
Bk.
of
Ottawa,
Ottawa_ ..$419,420 60 Wood,Gundy&Co..Tor_ $411,283 84
Lethbridge Protestant Public School District No. 51, Alta. Ontario Sec. Co.,
Toron_ 416,946 00 Brent, Noxon&Co., Tor_ 411,169 00
-Debenture Sale.-On Aug. 30 the $39,000 5% debentures W.A.Mackenzie&Co.,Tor415,900 00 Dominion
Sec. Corp., Tor.407,509 06
described in V. 89, p. 494, were awarded to W. A. Mackenzie Hanson Bros.. Montreal. 415,488 53 AemillusJarvis&Co.,Tor. 394,716 72
Peachland, B. 0.-Bond Offering.-Proposals will be re& Co. of Toronto at 101.566 and accrued interest. The
ceived until 6 p. m. Sept. 16 (not Sept. 13 as first reported)
bids were as follows:
W. A. Mackenzie & Co., Tor $39,611)Dominion Sec. Corp.. Toronto$39,339 by H. McDougall, Municipal Clerk, for $9,500 water, $7,300
39,277
Brent, Noxon & Co., Toronto 39,511 Nay & James, Regina
39,277 light, $3,000 road and $1,000 fire 5% coupon debenture.
J. Addison Reid & Co., Regl'a 39,487 Ontario Sec. Co., Toronto
Wood, Gundy & Co., Toronto 39,411 Mfrs.' Life Ins. Co., Toronto_ 39,241
Maturity yart yearly for 30 years.
Denomination $1,000. Date Sept. 1 1909. Interest payable semiannually at the Bank of Montreal. Maturity part yearly for twenty years.
Magrath, Alberta.-Price Paid for Debentures.-We are
advised that the price paid for the $14,000 5% road-improvement and town-hall debentures awarded in August to the
Dominion Securities Corporation, Ltd., of Toronto (V. 89,
p. 556), was 98.03 and accrued interest.
Milton, Ont.-Debenture Sale.-This place disposed of
$5,000 5% debentures last month to G. A. Stimson & Co.
of Toronto. Maturity part yearly for 10 years.
Monastyr School District, Sask.-Debenture Sale.-H.
O'Hara & Co. of Toronto were recently awarded $1,000
5h% debentures. Maturity part yearly for 10 years.
Morris, Man.-Price Paid for Debentures.-We are advised
that the price paid for the $12,000 5% debentures recently
awarded to the Dominion Securities Corporation, Ltd., of
Toronto (V. 89, p. 556) was 101.24 and accrued interest.
Maturity part yearly for twenty years.
Neelon and Garson Townships, Ont.-Debenture Sale.Brent, Noxon & Co. of Toronto were the successful bidders
for $5,000 5% good-road debentures due part yearly for
15 years.
New Westminster, B. 0.-Debentures Voted.-By-laws
providing for 6 issues of 5% debentures aggregating $398,000
were favorably voted upon Aug. 28. Maturity July 11959.
Olesza School District, Sask.-Debenture Sale.-This district recently sold $1,000 53% debentures, due part yearly
Streetsville, Ont.-Debenture Sale.-The $5,500 43'%
bridge-building debentures, proposals for which were asked
until Aug. 16 (V. 89, p. 307), were disposed of to Brent,
Noxon & Co. of Toronto. Maturity part yearly for 20 years.
Taber, Alberta.-Debenture Sale.-The $55,000 5% waterworks debentures offered on Aug. 31 (V. 89, p. 556) were
purchased by W. A. Mackenzie & Co. of Toronto at 98.17.
Maturity part yearly for 20 years.
Tay Township, Ont.-Debenture Sale.-School debentures
to the amount of $4,500 carrying 43% interest have been
disposed of to Brent, Noxon & Co. of Toronto. Maturity
part yearly from 1912 to 1921 inclusive.
Thetford Mines, Que.-Debenture Sale.-An issue of $45,579 71A-year debentures was sold during the month of
August to G. A. Stimson & Co. of Toronto.
Thurlow Township, Ont.-Debenture Sale.-The $6,500
5% school debentures voted in July (V. 89, p. 124) have
been sold to Brent, Noxon & Co. of Toronto. Maturity part
yearly for 10 years.
Verdun, Que.-Bond Sale.-The $150,000 5% 30-year
bonds mentioned in V. 89, p. 124, have been awarded, it is
stated, to St. Cyr, Gonthier & Frigon of Montreal at 106.06.
Vermilion, Alberta.-Debenture Sale.-An issue of $6,500
53% debentures, due part yearly for 20 years, has been disposed of to Brent, Noxon & Co. of Toronto.
MISCELLANEOUS.
MISCELLANEOUS.
OFFICE OF THE
HUNT, SALTONSTALL & CO.,
ATLANTIC MUTUAL INSURANCE COMPANY.
Members Now York Stock Exchange
New York, January 21st, 1909.
The Trustees. in conformity with the Charter of the Company, submit the following statement of Us affairs
on the 31st of December, 1008.
$3,307,807 24
Premiums on Marine Risks from 1st January, 1908, to 31st December, 1908
743,389 01
marked
off
1st
January. 1908
Premiums on Policies not
Investment Securities
60 STATE STREET
BOSTON
$405119625
Total Marine Premiums
$3,333,483 55
Premiums marked off from 1st January, 1908, to 31st December. 1008
$307,823 39
142,032 22
Interest received during the year
Rent less Taxes and Expenses
$449,855 61
Losses paid during the year which were estimated in 1907
$420,655 46
and previous years
1,274,822 22 $1,695.477 68
Losses occurred, estimated and paid in 1908
Less Salvages
Re-insurances
A. B. Leach & Co.,
BANKERS,
149 Broadway, NEW YORK
140 Dearborn St., CHICAGO
28 State St., BOSTON
421 Chestnut St., PHILADELPHIA
WE OWN AND OFFER
MUNICIPAL BONDS
Tax Exempt Anywhere In the United States
Write for Particulars
ITLEN SITTHERLIN & 001
617 First Nat. Bank Bldg,CHICAGO. ILL.
BLACKSTAFF & CO.
INVESTMENTS
1332 Walnut Street
PHILADELPHIA
LIST OF SPECIALTIES ON REQUEST
$279,988 33
199,555 37
479,543 70
$1,215,933 98
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery,
newspapers, advertisements, etc
$51,930 45
$344,266 85
LIABILITIES.
ASSETS.
Estimated Losses and Losses UnUnited States & State of New York
$2,310,433 00
settled
Stock, City. Bank and other Se717,712 70
$5,442,792 0 Premiums on Unterminated Risks_
curities
Special deposits in Banks 3GTrustCos. 800,000 0 Certificates of Profits and Interest
280,822 85
Unpaid
Real Estate cor. Wall & WilliamSts.,
121,473 65
Return Premiums Unpaid
& Exchange Place.$4,299,426 04
Certificates of Profits Ordered ReOther Real Estate &
deemed. Withheld for Unpaid
claims due the com22,339 35
Premiums
75,000 00 4,374,426 04
pany
Certificates of Profits Outstanding
7,363,410 00
Premium notes and Bills Receivable 1,377,905 06
270,000 00
Real Estate Reserve Fund____
Cash in the hands of European
Bankers to pay losses under poli399,031 95
cies payable in foreign countries_
429,950 18
Cash in Bank
Aggregating
$12,824,105 23
Aggregating
$11,066,191 05
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the issue of 1903 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the second of February next,from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the net earned premiums of the Company for the yew
ending 31st December, 1008, for which, upon application, certificates will be issued on and aftez
By order of the Board.
Tuesday the fourth of May next.
Secretary.
TRUSTEES.
GRIGGS,
NICHOLAS F. PALMER.
HERBERT L.
GUSTAV AMSINCK.
HENRY PARISH,
CLEMENT A. GRISCOM.
FRANCIS M. BACON,
DALLAS B. PRATT,
ANSON W. HARD.
JOHN N. BEACH,
GEORGE W. QUINTARD.
LEWIS CASS LEDYARD.
WILLIAM B. BOULTON,
A. A. RAVEN.
FRANCIS H. LEGGETT,
VERNON H. BROWN,
CHARLES D. LEVERICH,
JOHN L. RIKER,
WALDRON P. BROWN,
DOUGLAS ROBINSON.
LEANDER N. LOVELL,
JOHN CLAFLIN,
GEORGE H. MACY,
GUSTAV H. SCHWAB.
GEORGE C. CLARK
WILLIAM SLOANE.
CHARLES H. MARSHALL,
CLEVELAND H. DODGE,
ISAAC STERN,_
W. H. H. MOORE.
CORNELIUS ELDERT,
WILLIAM A. STREET.
RICHARD H. EWART
A. A. RAVEN, President.
CORNELIUS ELDERT. Vice-President.
SANFORD E. COBB, 2d Vice-President.
•
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART. 4th Vice-President.
G. STANTON FLOYD-JONES,
[VoL. Lxxxix.
THE CHRONICLE
684
finangial.
winangtal.
ginaniciat.
NATIONAL BANK
OF CUBA
Capital, Surplus and
$6,000,000
Undivided Profits •
Deposits - - - - • - 16,000,000 0(
- 6,200,000 OC
Cash in Vaults -
Ft.SZ ffs' COMPANY
Collections a Specialty
Sole Depositary for the Funds of the Republic rt
Cuba
United States Depositary in Cuba
Cable Address—Baneonac.
ESTABLISHED 1876
BAN KERS
206 LA SALLE ST, CHICAGO
HEAD OFFICE—HAVANA
Branches
84 GALIANO ST., HAVANA
226 MONTE ST., HAVANA
CARDENAS,
MATANZAS,
CIENFUEGOS
SANTIAGO,
CAIBARIEN,
MANZANILLO,
GUANTANAMO
SAGUA LA GRANDE
SANTA CLARA,
CAMAGUEN,
PINAR DEL RIO, SANCTI SP(RITUS.
CAMAJUAN1.
NEW YORK AGENCY-1 WALb
E. H.ROLLINS&SONS
BONDS
BONDS FOR
INVESTMENT
for Investment
Fiscal Agents for Cities and Corporation?!
LIST ON APPLICATION
cHicaGo CITY MORTGAGES.
HIGH-GRADE INDUSTRIAL BONDS.
ammo REEL ESTATE BONDS.
CORPORATION & RAILROAD BONDS.
CHICAGO
SAN FRANCISCO
BOSTON
DENVER
SEND FOR CIRCULARS.
HOUGHTELING 8, CO.
H.T. HOLTZ & CO. PEABODY,
181 La Salle Street,
Municipal School
Public Service Corporation
CHICAGO.
ESTABLISHED
BANKERS
1865.
BOSTON. MASS.
and
Railroad Bonds
171 La Salle St., Chicago
GEO. H. BURR & CO. Hi ceh
- Grade Investments.
BANKERS
Commercial Paper
43 Exchange Place
Chas. S. Kidder & Co.
MUNICIPAL & CORPORATION BONDS
182 LA SALLE STREET,
CHICAGO
-
St. Louis
Chicago
Boston
Kansas City
Phiadelohia
San Francisco
SULLIVAN BROTHERS & CO.,
ghoitiiibt
First National
Bank Bldg
Chicago
BONDS
50 Congress St.
Boston
A MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPALITIES, BANKS, RAILWAYS
AND OTHER PUBLIC SERVICE CORPOAT/ONS.
TO_BE FOUND /N ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS' OFFICES.
130NI)S
427 CHESTNUT STREET,
PHILADELPHIA, PA.
Members 01 tho Ne7t York and Phladelphia Stock Exchanges.
P. O.
BOX 27, MAIN OFFICE
WASHINGTON. D. C.
OFFICIAL ORGAN OF THE ASSOCIATION OF
AMERICAN GOVERNMENT ACCOUNTANTS.
Members of New York and Boston Stock Exchange,
New York
Municipal and Corporation
plc Gottermrcent Aggountant
F. H. PRINCE & CO.,
DEVITT. TREMBLE & CO.
BONDS FOR INVESTMENT
FIRST NATIONAt. BANK BLDG.
CHICAGO
PHILA. NATIONAL BANK BLDG.,
PHILADELPHIA
Sample 'copy 15 cents. PerAnnurn $1.80
t Established 1863.1
W. T. HATCH & SONS,
BANKERS AM! BROKERS,
71 Broadway. 1.11E11111E1LS
New York,
OF
NEW YORK STOCK. EXCHANGE.
CLEMENT & SMITH
Successors to HAVEN & CLEMENT,
1 Nassau Street.
Strongest in Working Capital
CENTRAL TRUST COMPANY
of NEW YORK
54 Wall Street
corner Wall Street.
Members of the New York iitock Exchange.
Bonds, Stocks, Cotton, Grain,
Dominic% a Dominick
I lb BROADWAY
Aenther New York StOcic Exchange
Capital and Surplus, $18,000,000
(of which $17,000,000 has been earned)
Authorized to act as Executor, Trustee, Administrator or Guardian.
Receives Deposits, subject to check, and allows Interest on Daily Balances.
Acts as Transfer Agent, Registrar and Trustee under Mortgages.
United Bank Note Corporation Stocks
CEO B. EDWARDS
BROKER AND COMMEROIAVAGENT
Negotiations, Investigations, Reports,
United States, Canada, or Foreign
Tribune Building, 154 Nassau Street
Telephone 4218 BeektrAn
NEW YORK. N. Y.
@FedFRASER