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finattriai
The
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Ofl1flhitC tl
INCLUDING
r
Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)
VOL. 87.
State and City Section(Semi-Annually)
Electric Railway Section(Thr-gaTdr)
SATURDAY, SEPTEMBER 12 1908.
The Thronicle.
Week ending Sept. 5.
Clxartngs at-
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CHICAGO OFFICE-P.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
P.O.Box MS. Front. Pine and Deooyster Sta., Now York.
Published every Saturday 1110111illy by WILLIAM B. DANA COMPANY.
William B. Dana,President; Jacob Seibert Jr.,Vice-Pres. and See.; Arnold
•G. Dana,Treas. Addresses of all,Office of the Company.
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. 12 have been $2,129,039,160, against $2,638,695,312 last week and $2,768,943,984 the week last year.
1908.
1907.
%
$988,579,808
93,054,935
82,074,466
16,780.900
162.677,128
43,746,469
10,087,917
$1,350,997,442
117,438,253
114,244,379
20,706,716
206,465,730
58,107,053
13,127,617
-26.9
-20.8
-28.2
-19.0
-21.2
-24.7
-23.2
Seven cities,5 days
Other cities, 5 days
$1.397,001,623
302,764,118
$1,881,087,190
414,064,298
-25.7
-26.9
Total all cities, 5 days
All cities, 1 day
$1,699,765,741
429.273,419
$2,295,151,488
473,792,496
-25.9
-9.4
$2,129,039,160
$2,768,943,984
-23.1
New York
Boston
Philadelphia
Baltimore
'Chicago
St. Louis
New Orleans
Total all clUes for week
Note.-The large decrease is due to the occurrence of labor day holiday in the
week this year.
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Sept. 5, for four years.
Week ending Sept. 5.
Clearings 011908.
I
1907.
Inc. or
Dec.
1906.
1905.
$
$
1,617,805,940 1,223,128,569 +12.3 1,854,759,173 1,413,186,722
New York
138,188,6291 123,423,624 +12.0 125,786,450 107,643,082
Philadelphia _.
41,221,335
43,873,030
38,817,8011 43,811,544 -11.4
Pittsburgh
22,779,134
24,332,806
21.126,6961
Baltimore
27,124,677 -22.1
6,266,248
6,256,304
Buffalo
7,216,733 +0.9
7,282,3231
3,625,567
4,344,897
Washington .. _
4,829,9921
4,841,303
3,813,176
4,363,043
Albany
4,594,6011
4,799,793 -4.3
2,796,163
Rochester
3,221,971
3,230,292 +3.4
3,340,5401
1,405,629
-1.2
1,550,000
Scranton
2,079,2151
2,103,650
1,317,642
25.3
1,597;lj
1,419,925
2,137,851
Syracuse
880,597
1,145,355
Reading
1,059,980 +5.6
1,ti0',90)y
919,002
987,666
Wilmington
1,276,013 -16.4
l,066,644
1,037,182
+13.4
_
850,304
1,075,7 ,
948,719
Wilkes-Barre _
775,109
984,618
1,032,711 +36.9
Wheeling
l,4li,2tl
800,026
1,271,145
1,150,001
Harrisburg
.a3,283
562,400
596,229 -5.4
564,17
Erie
430,888
-14.3
511,263
514,622
1,440.778lI
Chester
420,000
479,400
518,900 -23.4
,l12Q0Jl
Binghamton _ _ 497,283
554,298
517,019 -3.3
£b,0OoY1
Greensburg
214,929
225,000
255,035 -1.9
0 0091 I
Franklin
756,569 +4.3
8,935
York
14 434761) ot included In total
Trenton
45644 Not Included In total
Altoona
k
Total Middle__ 1,847,440,92511,450,564,978 4-27.4 2,077,007,929 1,609,922,971
135,483,698 120,025,872 +12.8 132,379,002 120,924,579
5,453,300
5,069,800
5,310,400 +1.4
5,383,700
2,304,556
3,195,751
2,769,992 +9.4
3,029,796
1,866,307
2,084,276
1,954,839 +2.8
2,009,070
1.617,243
2,127,249
1,967,093
1,886,203
1,383,409
1,527,879
1,698,016 -13.2
1,473,511
1,218,240
-7.1
1,129,595
1,424,781
1,323,583
636,156
660,354
787.880 -23.9
599,815
441,079
550,307
601,482 -2.3
587,403
390,291
449,140
510,534 -7.4
472,694
373,665
-14.1
399,115
431,499
370,757
Boston
Providence
Hartford
New Haven
Portland
Springfield
worcester
Fall River
New Bedford_-Holyoke
Lowell
Total New Eng.
152,620,2301 1137.482.3881 +11.0
1907.
1908.
PUBLISHED WEEKLY.
Clearings-Returns by Telegraph Sept.12.
NO. 2255.
149,542,4681 136,608,825
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville
Kalamazoo
Springfield, Ill _
Fort Wayne - Lexington
Akron
South Bend
Bloomington..Canton
Youngstown _
Rockford
Decatur
Quincy
Springfield, O.__
_Mansfield
J_acksonville, Ill_
Jackson
Ann Arbor
Adrian
Danville
Inc. or
Dec.
1906.
1905.
223,452,923 216,727,788 +3.1
24,174,550 -7.9
22,257,850
18,418,742 -7.9
16,958,866
12,207,720 -7.5
11,296,239
10,408,148 -2.0
10,196,310
7,189,200 +0.2
7,201,202
5,499,500 -14.8
4,683,900
3,722,803 +8.8
4,051,283
3,039,998 -15.9
2,557,826
2,007,334
2,133,036 -5.9
1,807,445 +20.1
2,170.000
1,662,327
1,756,014 -5.9
911,272
884,606 +3.0
851,666
915.622 -7.0
699,309
711,252 -1.7
534,253
551,800 -3.2
620,000
565,000 +9.7
449,561
551,974 -48.6
431,478
523,268 -17.5
516,712 +60.2
827,707
634,303
489,161 +29.7
412,880
486,985 -15.2
376,196
477,696 -21.2
550,343
466,397 +18.0
393,398 +1.9
400.707
355,374
368,390 -3.5
341,202 -31.3
234,415
266,311 -9.9
240,000
131.431
110,607 +18.8
20,920
20,000 +4.6
319,054 Not included In total
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
784,158
814,797
677,469
519,698
442,299
410,272
401,215
451,977
478.625
462,655
313,086
334,871
328,994
374,336
293,686
215,000
122,584
172,376,326
19,329,650
11,686,906
9,490,054
6,913,657
5,890,247
4,447,300
4,011,316
3.049,998
1,842,163
1,996,178
1,432,413
627,306
890,145
630,416
522,872
357,600
329,834
506,623
362,045
519,234
406,523
349,474
420,338
417,800
335,136
321,998
210,765
111,911
+0.5
276,983,983
249,786,228
38,645,461 -5.5
9,618,942 -11.8
9,286,786 -11.6
6,403,682 +1.6
4,748,830 +0.7
5,143,877 +18.2
4,443,780 -10.9
2,630,314 -38.4
811,635 -14.8
543,078 -5.1
490,000 -3.1
430,848 -8.6
600,000 -1.5
Norincluded In total
Not included In total
Not'included In total
Notiincluded In total
Not;included In total
45,075,418
10,354,352
8,819,774
5,300,000
3,628,742
4,191,805
3,442,438
2,989,799
640,881
464,823
431,710
328,840
29,142,805
7,814,229
5,146,529
4,266,127
3,068,965
2,907,520
2,935,888
-5.9
85,668,582
57,525,367
33,758,197 +7.7
19,717,569 -12.3
10,312,058 +7.0
6,791,236 1+15.8
7,916,313
6,204,516
3,227,002 -16.9
2,126,228 04+2.1
1,276,356 -21.8
1,257,968 -23.6
1,203,607 -23.3
1,091,599 +18.0
652,219 -22.8
620,582 +36.6
1469,095 -7.0
401,136 -17.7
23,601,270
16,489,395
8,836,508
6,808,178
5,771,638
4,564,007
2,949,988
1,832,063
1,152,223
781,327
24,209.7!
14,224,004
7,504,922
" 5,040,753
4 987,442
4:385,683
gm 2,543,311
in 1,619,441
IM 1,030,505
SIP 634,534
Tot. Mid.West.
317,177,875
San Francisco.._ _
Los Angeles
Seattle
Portland
Salt Lake City_ _
Spokane
Tacoma
Oakland
Helena
San Jose
Sioux Falls
Fargo
Stockton
Sacramento
San Diego
Fresno
Billings
North Yakima _
36,523,154
8,505,164
8,209,347
6,504,749
4,781,785
6,077,215
3,961,509
1,620,455
691,110
515,173
475,000
394,266
591,000
852,906
785,000
466,000
166,040
Total Pacific_ _
78,849,927
83,797,253
Kansas City _ _ _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Davenport
Topeka
Lincoln
Wichita
Colorado Springs
Cedar Rapids _ _ _
Pueblo
Fremont
36,367,409
17,287,958
11,035,556
7,867.939
7,700,000
4,947,245
2,681,245
2,171,840
997,735
961,644
923,538
1,288,341
503,340
847,479
436,331
330,138
96,347,738
97,025,681
-0.7
76,766,500
68,977.6.47
70,817,382
59,164,731 +19.7
11,715,293 -10.8
10,448,773
10,398,123
11,839,859 -12.2
11,108,075
9,187,232 +20.9
7,276,000
6,904,000 +5.4
5,455,501
4,997,066 +9.2
3,173,368
4,121,860 -22.5
3,443,077
3,805,302 -9.5
3,263,834
3,262,176 +0.05
3,053,797
3,795,623 -19.8
5,137,593
3,194,041 +60.9
1,687,366
1,936,007 -12.8
1,614,299
1,975,348 -18.3
1,435,000
1,595,346 -10.0
1,339,792 -8.7
1,222,473
927,461
1,312,144 -29.3
1,100,000
1,305,000 -15.7
+0.6
1,137,681
1,144,975
1,106,330 -18.5
901,415
1.028,487 -4.6
980,804
-15.2
686,444
810,000
471,215 +0.8
474,991
457,059 +10.9
506,906
607,493 Not included In total
207,281 Not included in total
54,496,995
12,776,359
10,581,368
10,731,036
5,585,500
5,365,948
3,811,027
3,646,983
2,852,252
2,851,831
3,035,476
2,006,119
1,564,362
1,417,554
1,213,470
1,453,208
1,177,701
1,217,387
886,738
701,450
749,752
350,000
558,306
50.005511
1
,
11,502,291
9,922,038
9,898,937
5,258,500
4,099,194
7,319,245
3,046,579
3,316,953
2,755.356
2,134,822
1,581,192
1,439,782
1,165,907
1,060,202
1,061,888
867,303
2,054,592
746,855
Tot.oth.West_
St. Louis
New Orleans_ _
Louisville
Houston
Galveston
Richmond
Savannah
Atlanta
Memphis
Nashville
Fort Worth
Norfolk
Birmingham _ _
Knoxville
Jacksonville _ _
Mobile
Chattanooga _ _ _
Augusta
Little Rock
Oklahoma
Charleston
Beaumont
Macon
Austin
Vicksburg
Total Southern
Total all
315,725,325
1
Total Canada
298,940
524,749
"
7,
i.823:12.3
I 756,232 'T
:
4528.240
514,754
552,116 111
P 374,661
335,474
0299,442 'I P281.577
1,206,932
350.205
591,950
146,285,617 136,461,592 +7.2 128,986.822 121,385,998
2,638,695,312 2,221,057,217 + 18.8 2,794,956.284 2,244,207,036
997,928,648
+2.3
940,997,111
831,020,324
31,752,345
24,636,283
9,112,127
3,739,799
2,967,262
2,350,179
1,578,496
1,383,745
1,503,765
1,061,582
1,093,323
661,066
827,078
26,196,773
19,624,653
10,543,895
3,880,370
2,516.979
1,848.788
1,770,878
1,664,070
1,164,571
1,232,587
1,171,378
1,032,985
862,645
+21.2
+25.5
-13.6
-3.6
+17.8
+27.5
-10.8
-17.0
+29.1
-13.9
-6.7
-36.0
-4.1
27,873,825
18,662,915
8,832,707
2,603,999
2,462,697
1,857,128
1,934,068
1,454,722
1,023,332
1,107,516
980,355
512,442
817,751
21,03711M
17,566,309
5,633,855
1,891,531
2,314.668
1,658,188
1,767,462
1,184,540
945,773
843,961
82,673,050
73,510,572 +12.51
70,123,457
55,405,327
Outside N. Y__ 1,020,889,372
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Edmonton
Victoria
I
919,615
561,2a8
640
THE CHRONICLE
THE FINANCIAL SITUATION.
The country is getting warmed up materially in a
political way. That would ordinarily tend to decrease
industrial activity, because increased interest in politics would naturally lead to a growing tendency to
wait for the event upon which interest is centred
before venturing upon new enterprises. That would
be the inclination on this occasion were it not that
confidence in Taft's election and in his conservatism
grows contemp9raneously with the added interest.
There are also other factors working towards a better
feeling. The iron trade, strangely enough, has begun
to give signs of an uplift. That is a development
which comes almost as a surprise. It was hardly
expected that the steel and iron markets would show
an increase in demand until our railroad incomes
had developed. Even yet that great industry, railroad traffic, lags behind, showing fearful losses in
gross earnings. Net,too, which shows a much smaller
loss, is secured only by stricter economies, and hence,
presumably, smaller disbursements for rails, &c. But
there are other matters of general influence which
have a gratifying look. An important one was the
decision, made public Thursday, of the United States
Circuit Court for the Eastern District of Pennsylvania
dismissing the suits of the Federal Government to
enforce the commodities clause of the Hepburn Railroad Act against several of the anthracite-coal-carrying roads. Judge Gray, who delivered the opinion of
the Court, stated among other things that "from
every point of view which we have been able to approach the question, the unreasonableness and consequent invalidity of this so-called commodities clause
is apparent." Of course the decision does not settle
the issue; it will be appealed from and carried to the
highest court; hence this adjudication is only a first
step in a lengthened prosecution. We review the decision on a subsequent page.
Another incident was the French and German sensitiveness growing out of the Moroccan situation. It
has been felt in all our markets. Foreign exchanges
were so completely reversed as to make gold exports for .the moment possible, though not as yet
profitable. Sometimes when exchange is in that state,
a banker who is desirous of a little free advertising
sends out the gold. We hardly think the strain will
reach that movement at present especially in view of
the downward turn in sterling'yesterday.. The rise in the
rate for money on 'call at the Stock Exchange to 2%
on Thursday was one of the attendant incidents.
No satisfactory reason was assigned for the advance,
except as being due to a mere flurry, the result of apprehension lest gold might be exported in some volume,
in which case the sentimental effect would be greater
than that caused by currency losses to the interior.
Something of considerable moment may grow out of
the taxpayer's action, brought in the name of A. C.
Grubner,.and asking fora preliminary injunction to
restrain the City Comptroller from paying about a
million dollars for the estimated expenses of the
Public Service Commission during the next year,
which came up on Thursday. Counsel for the complainant attacks the law on several grounds—among
them, that it imposes a local tax for a State purpose
and that it contains more than one subject, some-
IY0L. Lxxxvu.
thing specifically prohibited. His argument was addressed especially to the last-named objection. Judge
Gerard said he deems the suit an important one,
which /Ought to be decided with the least possible
delay; but that he would give a week to enable counsel
on both sides to prepare briefs on the law points involved. He added, however, that he is inclined to
think the law may be unconstitutional, under the rulings
of Justice Folger of the Court of Appeals. The decision referred to was a unanimous one, back in 1870,
and covered a case (now cited as substantially the same.
as this one) in which an attempt was made to collect
a tax from one. part of the State for application to a
general purpose. The points raised in this suit do
not touch questions of discrimination in application,
confiscation of private property, and others which
may be raised; but, whatever the result of this proceeding, it serves to remind us that so extraordinary
a law as this will have to meet severe judicial scrutiny.
One interesting feature this week was a sharp rise
in sterling exchange to within about A of 1% of the
rate at which, possibly, gold might be profitably exported hence either to London or, through arbitration
operations, to Paris. This condition of the market
attracted attention chiefly because it showed a complete reversal of the foreign exchange situation compared with that existing a fortnight ago. Then, or on
Aug. 29, exchange rates for sterling were so low that
bankers calculated that if the time-cost were to beeliminated—through its being disregarded because
interest and discount rates here and abroad were practically at parity—gold could be profitably imported
from 'London if exchange should fall half a cent
per pound sterling. Gold imports did not occur,
for reasons which we then explained in this column.
Since then an urgent and persistent demand for exchange has brought about a substantial recovery in
sterling. This movement has carried exchange this
week to almost exactly the opposite point, or to within
a fraction of a pound sterling of the gold-export price.
Then, however, firmer time money rates caused a
downward reaction in exchange, sterling fell off almost
as sharply as it had advanced, and expectations of gold
exports, at least at present, were no longer entertained.
That gold will be exported does not, at the moment,
seem likely, unless, indeed, there shall be some new
development in the political situation abroad arising
out of some new phase of the Moroccan incident.
That cause for new friction may develop is, however,
possible, and it seemed this week to be indicated by a
sharp advance in open market discounts at Paris
and at Berlin. Early in the week it was officially reported by cable from Paris that Spain and France
had reached complete accord wit irt,;,:ard to the Moroccan note. Later in the week • svn,itated that the
German Consul at Tangier had eellied that Mulai
Hafid, the new Sultan of Morocdp, could count upon
the support of Germany, and tha'‘ thatiCountry would
undertake to assure the integrity of Morocco and aid
the Sultan in recovering from his embarrassments.
This declaration of Germany's purpose will probably
account for the rise in French discounts, for naturally
further political complications would have a disturbing financial influence. Though Great Britain and
he other signatory Powers tolthe Algeciras act might
SEPT. 1:2 1908.1
THE CHRONICLE
611
and while it was proven that the moral obligation of
trusteeship had not been quite fully lived up to, the
Mutual trustees held a large line of profitable and
desirable stocks, exactly such as every man would
like for himself or his wards. Then came a peremptory
order from statute to suspend the further exercise of
the discretion which the owners of these funds had
conferred on their trustees and still desired (so far as
appeared)to remain with them,and to sell out all stocks.
But changes which neither the framer of this command
nor any other man could have foreseen came into the
situation. As a consequence of forcible acts in a line
of alleged moral purification (in which the Armstrong
laws themselves were one part) investments have
declined. The insurance trustees found themselves
confronted, in general, by a falling market. One
unforeseen situation—in which they were forbidden
by those laws to join in a reorganization agreement
and yet such action was necessary as an alternative
to loss—was cured by a hasty amendment during the
last session; but the rest remains. The block of stock,
once sold, has to be taken back; two of the allotted
five years are nearly gone, and compliance with the
mandate to sell appears as difficult as ever.
No sound investor, for himself or for another. would
ever think of binding himself in such a rigid manner, surrendering (for a term of years) his own
discretion to act. But a foolish statute, laying
forcible hands upon the property of private persons, peremptorily fixes a course in advance.
These stocks have not been sold because they could
not be; shall they be slaughtered? The mandate requires that "in each year" the company "shall make
such reduction . . . as may be approved in
writing by the Superintendent of Insurance." The
word "shall" is imperative, but the interpretation of
The announcement of the failure of an arrangement the whole is not clear. Is his approval required as a
made about a year ago to dispose of the block of condition of sale; is he empowered and directed to
U. S. Mortgage & Trust Co. Stock held by the decide the amounts sold; is some sale annually reMutual Life is of more than passing interest, quired; or may the compani es do what they have
for. it again recalls to mind a situation pro- done—wait, in hope of more favorable conditions.
The situation is suggestive as to the folly and misduced by foolish legislation, and still to be dealt
with. This block of stock was one of the Mutual's chief of hurried emotional legislation; but there is
gilt-edged list, being a little over a million at par and another point. It is entirely certain that modified
worth at the time of sale a little over 49 millions. legislation upon insurance must be at some date
The syndicate that took the block has failed to com- carried through. In the meantime the question is
plete the transaction, because of changed conditions imminent, who will be made Superintendent when Mr.
which have largely reduced market values; but the Kelsey's term expires? Will his successor be disposed
money paid down is to stand as purchasing the stock to put the severest interpretation on this particular
as far as it will go, and the company finds itself still part of the laws and on every other? Mr. Kelsey has
owner of the remaining seven-eighths. Just now, as dealt with them moderately; is it tolerable to have
it happens, details of the largest ownerships in the these harsh and absurd statutory interferences exeNew York & New Haven Railroad have been gathered cuted to the letter?
and published, and the Mutual is the largest owner,
A question of this week has been whether the
haying 35,640 shares, exactly what it had two years
ago. The matter we wish to recall is that the framer Long Island Railroad shall be allowed to discontinue
of the Armstrong laws in his imagined wisdom decided its service by annex boat between its terminal and
that stocks are highly dangerous and bonds are safe the down-town water front. The doctrine now adinvestments for life insurance companies, and accor- vanced seems to be that if a carrier once establisheF
dingly ordered the companies to dispose of their a convenience of this sort, or even an additional
stock holdings, whether the best in the land or not, train on its schedule, with the expectation that it
will prove profitable in the business sense, it is estopped
by the close of the year 1911.
The funds of life insurance companies belong to from ever discontinuing such service on the ground
private persons (not one corporation being among of having found it unprofitable, so long as anybody
them) and most of these persons,as we may once more finds it convenient. As we have already remarked,
incidentally remark, are outside the jurisdiction of the line which determines the minimum amount of
New York. These funds are in charge of trustees; convenience that constitutes reasonable public ser-
give France moral support as against Germany, it appears doubtful if French military demonstrations,
should they be necessary, would be authorized by
the French Parliament. Political opposition to the
Moroccan invasion developed at the last session, but
no appropriations for military operations were urged.
But little more information seems to be obtainable
than that which was given by us Aug. 29 about the
Russian loan. It is suggested that the diversion of
public interest in France to the affairs of Morocco and
the continued silence of the St. Petersburg journals
and the Russian Government are sufficient reasons for
the absence of definite news of the contemplated issue.
Herr Rudolph Havenstein, the Chairman of the
Directorate of the Imperial Bank of Germany, has
been chosen for the distinction of appointment of Imperial Privy Councillor on the completion of his first
year in his position. This was done in recognition of
the policy which he so successfully pursued in inducing
gold imports, giving advances free of interest for six
weeks on expected arrivals. He has also introduced
reforms in connection with the renewal of bills which
have done much to free the Bank of doubtful paper.
A cable this week reports that the gold now in transit from Australia to Germany, amounting to about
5 million dollars, will be intercepted at Suez and transferred to Egypt. This report seems likely to be true;
the gold was bought for the reinforcement of the Reichsbank's cash reserve, and this object will be accomplished by the use of the proceeds of the metal as effectually as if the gold itself were to be placed in the
Bank. The importation of the metal has doubtless
been effected at such comparatively low cost as to give
the Bank a profit on the operation through its sale
to Egypt.
642
THE CHRONICLE
vice is still indefinite; the Public Service Commission
has not yet decided where that line runs. If a large
enough number of persons want the particular piece
of service, it is profitable to the carrier and is continued voluntarily, so that no case arises; if the convenience of a single person suffices to command, then
it may be bad for the carrier, and the natural effect
must be to make carriers move very slowly to offer
conveniences which they can never withdraw.
Some persons complain about this annex, as some
will always complain when grievances are publicly
advertised for, and one good citizen, who probably
does not realize how much he is influenced by his own
personal comfort, rushes into print to aver that
the North Side branch is the best-paying one on
Long Island and its users ought to be favored accordingly. He seems to forget that the company
cannot be oblivious to this fact, if it is a fact, nor does
he say whether he and his associate objectors would
be willing to pay such an extra price as would make
the ferry remunerative. He goes further and borrows
trouble by protesting against a reported intention
to discontinue the 34th Street ferry also when the
Pennsylvania's tunnels are in operation, a step which
he thinks discontinuance of the annex boats may encourage the road to take. This, he says, would make
Long Island "unpopular as a place of residence to the
aesthetic people who have their country places there
now," a majority of whom would rather cross the
East River in boats than through a subway. In his
view, "it is a short-sighted policy to carry passengers
through a dark hole because the hole is there and the
passage is cheap," and he thinks the railroad "should
provide the most pleasant carriage it can."
This doleful forecast does not need any studied
reply. The fact that the Hudson River ferries continue notwithstanding the McAdoo tunnel is open,
is not relevant to this different case; the ferries are
still required, traffic being quite ample for both.
The Pennsylvania came into the Long Island road,
and has made vast investments in local construction,
largely for the express purpose of building up the
almost unknown territory of Long Island; this policy
has been deeply studied, and the road may be safely
left to discover and avoid, for itself, any arrangements
that tend to defeat the policy. The comparative desirability of passage above and passage under river
beds is a question of individual taste, coupled with
such considerations as swiftness of movement and convenience of access. Nobody can lay down a rule
which will bind others, but the public demand in
these days is clearly for subways, tunnels, and anything which will cut out minutes.
The claims of individual comfort may be pushed
too far. Long ago, when the legal-tender note was
a burning issue—and later, when the silver dollar
was an issue—it was pointed out that discharging
debts with depreciated yet legal dollars resembles
burning gunpowder, in that it can be done only once.
A creditor who had not contracted for some specific
medium of payment might be forced to accept depreciated dollars, yet that could not be accomplished a
second time; the contingency would be taken care of
in prices and in making new contracts. Likewise,
capital now invested in transportation may be coerced, but it will retort by being wary hereafter.
A permanent divorce between ownership and control
[VOL. Lxxxvn.
is impossible. At present, under government by commissions, we are having a delightful time (as many
persons seem to imagine) in coercing things from
common carriers, for the benefit of the common people.
This scheme of having one set of persons own a property and a half-dozen other persons manage it, is
in a sense charming, but absolutely unnatural; therefore, it cannot last. The man who fails to perceive
that it cannot, can set the matter straight before his
own mind by asking himself how much of his savings
he would put into a new enterprise on the avowed
basis that a politically constructed commission should
determine its details of management and what return
he should be allowed to get on his money.
For several years now past we have all been in a
great term of emotion and excited talk, resulting in
much hasty and unconsidered action. We are still
in it, although the intensity of it is visibly diminishing. It is quite time we sat down quietly and began
to think hard and soberly.
Public hearings under the Commission, upon the
still vexed problem of transfers between the Metropolitan and the "Belt" lines in this city, were resumed on Wednesday. Discussion and hearings can
easily prove—what was in no doubt before—that
there is a general desire for a transfer at the single
rate of fare and a general indifference as to how
the two lines divide that fare or how they are affected
by doing it. The Commission has not gone further
than to order them to make some joint agreement,
which they would cheerfully do at a ten-cent rate;
but this would be pronounced trifling with the diginty
of that body and the public demand. Since it is
practically certain that the courts must take the
subject up, perhaps passing upon the apparent
conflict involved between State and Federal jurisdictions, and giving also—what evidently cannot
be much longer deferred—some determination how
far the Commission has power, in practice, to push
its compulsory interventions, and how far the extraordinary law itself can bear the calm scrutiny of
the judiciary, all thrashing of the subject may be
taken as leading up to rather than making an end
of it.
There is, however, a possible way out by agreeing on a joint rate of seven or eight cents, and it
might even be that the Commission itself would
be quite willing to defer a little longer the crucial
test of its own status. A former treasurer of a surface line has come forward with the opinion that the
two lines could easily and profitably agree on the
basis of
and 1M cents if they were not playing
to establish a joint 8-cent rate, which he declares
"would be simply robbery". Such a rate is no
novelty, for "an eight-cent check" (as it is called
there) has been in use for years in Boston as a means
of compounding for a second fare. The transfer
ought, normally, to be available only for continuing
a trip around a single angle—for instance, along
an "L" and in no case having one transfer exchangeable for a second one; but in Greater New York it
grew to such abuse that a person who had studied
and learned the game could actually ride nearly
all day on a single fare. Let us admit this local
evil and its consequences to be one case where really
"the railroads have brought it on themselves;" but
SEPT. 12 1908.1
THE CHRONICLE
is such error of giving a larger accommodation
and in hope of profiting by it quite an irretrievable
one?
The annual report of the Brooklyn surface system
comes just now, and while not declaring intention to
immediately act on this subject, a strong hint is
given that free travel per transfers has brought
income and outgo so close that this "cannot long
continue without serious results alike to the public
and the transportation companies." The radial and
long lines, and the great length of the average trip,
make the Brooklyn system very hard to manage
profitably; as for Manhattan, the passenger now goes
from the Long Island station in Flatbush Avenue
to the Bronx Park terminus of the subway for a single
fare, and he would not hesitate (if he were allowed)
to come back to the down-town district on a transfer.
There is no limit to what people would accept, in
the guise of completing a continuous ride, and after
they have had a concession they naturally deem it
a vested right and denounce as "robbery" any move
to return to a former status.
It needs no public hearings to find out the public
demand. The •streets are open to free travel; the
bridge has been made a street for pedestrians; there
is an attempt to argue that the ferries are continuations of streets and should be free ,to the public;
it is easy to attempt a wide jump from the free street
to the proposition that riding as well as walking
should be free. This would be convenient, and
how it would be a "boon" has been argued, inferentially, by the plea lately made that the joint trip
over the Metropolitan and the Belt is necessary to
the work of dispensaries and hospitals. It is easy
to call for more free gifts, and very dangerous to
incite the call by yielding to it, since the hard fact
is that everything must be paid for by somebody.
What is perfectly clear in all the turmoil is that
the very attempt to force new grants to the public
at the expense of capital associated for transportation,
by means of a government by commissions, will
bring settlement of the whole subject upon natural
and immovable lines more quickly.
Many weeks ago, in discussing the yet unsettled
problem of the East River ferries, we suggested that
a practical solution might perhaps be found by
establishing a line of boats to be run on a less expensive basis and exclusively or especially for vehicle
carrying. This seems a natural experiment, inasmuch
as the demand that the city must assume these ferries is
based upon the c'ontention that the city has virtually
created the situation by providing better means which
have diverted the passenger traffic, yet the trucking
remains and the needs of business along and near the
shores make it imperative to take care of this trucking.
If passenger traffic is gone, it is important to consider
only the business traffic which remains. Now the
announcement comes (evidently put out as a feeler)
that some parties contemplate establishing, in the
spring,a vehicle ferry on the Hudson, to ply from some
downtown pier near Franklin Street to a pier near
125th Street, with one or two intermediate landings,
the business to be carrying trucks and other heavy
and slow-moving vehicles.
Old residents of New York may remember the
side-wheel boats which, about thrty years ago, plied
643
between Fulton St. or Peck Slip on the East River and
what was then a street far uptown on the East Side,
landing also at Astoria. The elevated roads put an
end to this mode of escape from the slow-moving horsecar and there is no prospect of ever resuming the
attempt to take passengers up and down by way of
the rivers; yet the idea of carrying trucks thus seems
feasible. The promoter of this plan remarks that if
a truck load Of groceries, for example, leaves the lower
Hudson Street district early in the morning, bound
for retail stores in upper Harlem, the emptied vehicle
cannot get back before night or very late in the
afternoon. A horse cannot travel the distance with
a load any more rapidly now than formerly, and the
congestion which may hinder is on the increase. It is
claimed for the motor truck that it can pull somewhat
faster, but it is not yet largely in use. The tide must
serve in one direction or the other, and the transverse
maximum distance to be traversed is so short compared with the distance between far downtown and
far uptown that the plan of truck ferries seems worth
careful consideration.
Building construction returns for August 1908
from leading cities of the United States do not bear
out the expectations of continued improvement in
that important industry which the favorable showing made in July caused to be entertained. July's encouraging exhibit, as we pointed out a month ago,
was of course largely due to marked activity in
construction work in the Borough of Manhattan
alone, but it was taken as indicating a turn in the
tide generally, and future months, it was anticipated,
would evidence the spread of better conditions,
until what might be termed a normal situation in
building operations was again reached. But, whereas
last month's (July's) favorable showing was ascribable to operations in Manhattan, August's unsatisfactory aggregate exhibit is due to lessened activity
in the same locality. The basis for the foregoing
comments is a compilation covering 50 leading cities
of the country, returns from 40 of which were secured
by the "American Contractor", and to which we
have added results for 10 other important municipalities. The compilation shows that construction
. a total
work arranged for in August 1908 calls foi
$56,556,095
against
$50,723,871,
only
of
expenditure
for the month of 1907, or a decrease of 10.3%.
This loss, while noticeably less than the decreases
of early months of the year, compares unfavorably
3 % gain the July aggregate disclosed.
with the 14
Furthermore, in the present tabulation of 50 cities
there are hut 18 reporting an augmentation in construction work, whereas a month earlier there were
no less than 31 to be so classed. The conspicuous
feature of the July exhibit, as already intimated,
was the appreciable increase in building operations
in the Borough of Manhattan, for which work permits
had been issued representing an outlay 82% greater
than in 1907. The August showing, however, is in
sharp contrast, the expenditure arranged for totaling only $4,448,155, against $7,776,195 in the same
period last year, or a loss of 42%. In the other
boroughs of Greater New York operations planned
bear a closer relation to 1907, the result in the Bronx
being a gain of 6-10 of 1% and in Brooklyn a loss of
8.2%, but for the Greater City the decrease is 26.2%.
644
THE CHRONICLE
Signs of renewed activity are not wanting in the
compilation to which we have referred, but they are
not as numerous as in the July statement. At such
representative Southern cities as Louisville, Memphis,
Nashville, Mobile and San Antonio operations for
August this year were much larger than last, and the
same is true of Far Western localities like Salt Lake
City, Denver and Davenport. In the .Middle West
more or less conspicuous gains are shown at Chicago,
Indianapolis, Peoria, Grand Rapids and Canton,
but in the East very few cities exhibit increases in
construction work as compared with August 1907.
Combining the results for August with those for
the preceding seven months the apathy in building
construction work which has characterized the year
1908 is clearly defined. Contemplated outlay at
50 leading cities for the eight months aggregates
only $284,351,000, against $399,050,000 for 1907,
or a falling off of 28.7%, and compared with the
same period of 1906 the decline is much greater.
Many cities record heavy losses, the decrease in
Greater New York being 33%, expenditures falling
from 141 millions to 94 millions. At a number of
points the falling off is, of course, merely nominal,
but there are hardly half a dozen localities whose
figures exceed those of a year ago.
The grain-crop report of the Department of Agriculture for Sept. 1 was issued on Tuesday, and, while it
showed deterioration in all crops from the condition
as given one month earlier, the falling off was strictly
moderate in all cases except oats. In that crop the
'decline was very noticeable, and sufficient to remove
expectations, heretofore entertained, of a yield materially in excess of the previous season. The report
issued made the average condition of corn 79.4,
against 82.5 on Aug. 1 this year, 80.2 on Sept. 1 1907
and a 10-year mean of 81.0. The deterioration of 3.1
points noted above was not out of line with general
expectations, private reports having indicated injury
by drought in various sections of the country. While
the condition this year is only eight-tenths of a point
below last year and 1.6 points lower than the ten-year
average, it is much less satisfactory than in either
1906, 1905 or 1904. By comparison with 1906,
when corn made its record yield, there is a drop in
condition of 10.8 points, so, even making allowance for
the addition to area in the interval (4.4%), no expectation of a yield approximating closely to the 2,927
millions of bushels then secured can be entertained.
But as between 1907 and 1908 the greater area should
be effective. It is, therefore, fair to assume that, with
favorable future weather, a product close to 2,600
million bushels can be obtained—a nominal increase
over last year. Condition on Sept. 1 in the larger
producing States was reported as follows: Iowa, 80
against 76 a year ago; Kansas, 72 against 72; Illinois,
72 against 86; Nebraska, 82 against 75; Texas, 85
against 80; Missouri, 72 against 86; Oklahoma, 78
against 71, and Indiana, 69 against 84.
The average condition of spring wheat at time of
harvest is given by the Department as 77.6, contrasted
with 80.7 on Aug. 1 this year, 77.1 when harvested in
1907, 83.4 in 1906, 87.3 in 1905, 66.2 in 1904 and a tenyear average at. harvest of 77.9. The further deterioration during the month, consequently, reduces
the prospective yield of spring wheat to approximately
[VOL. Lxxxvit.
240 million bushels, which, while slightly greater than
in 1907, and about on a par with 1906, shows a moderate decline from 1905. The leading spring-wheat
States make the following comparison of condition
this year and last: North Dakota, 75 Sept. 1 this year
against 71 a year ago; South Dakota, 83 against 79;
Minnesota, 81 against 77, and Washington, 55 against
97. Combining the prospective spring-wheat result
with the preliminary winter-wheat total of 425,940,000 bushels, as given a month ago by the Department,
we have an aggregate yield of this cereal of 665 million
bushels in 1908, which compares with 634 millions in
1907 and 735 millions in 1906. In 1901, the record
year, the crop was 748M million bushels.
Oats condition, as already intimated, is reported
quite materially lower Sept. 1 than a month previously,
the condition when harvested being stated at 69.7,
against 76.8 on Aug. 1 this year, 65.5 Sept. 1 1907 and
a ten-year average at harvest time of 80.7. Dry
weather was responsible for very noticeable deterioration in some States, the drop in Nebraska, Iowa and
Minnesota ranging from 10 to 15 points. Comparison
between this and last year in States of heaviest yield
is as follows: Iowa, 65 against 65; Illinois, 55 against
62; Minnesota, 65 against 74; Nebraska, 69 against
62; Wisconsin, 83 against 61, and Indiana, 56 against
52. The outlook, based on the Government report,
is, therefore, much less promising than earlier in the
season, being for a crop of only- about 825 million
bushels, or moderately greater than in 1907 or 1903,
but materially less than in 1900, 1902 or 1904 to 1906
inclusive.
So far as oats go to the feeding of horses or cattle,
the reduced yield is in part made up by a crop of hay
in excess of anything before recorded. The Department's preliminary estimate of that crop is 67,743,000
tons in 1908, against 63,677,000 tons in 1907 and 57,145,959 tons in 1906. The potato crop is another
important one that, according to official sources, will
make a rather poor yield this season. On Sept. 1
condition was reported at only 73.7, against 82.9 on
Aug. 1, 80.2 on Sept. 11907, 85.3 in 1906 and a tenyear average of 80.8. The indications, therefore, seem
to be for a crop smaller than in any year since 1901.
Crop reports issued by State agricultural departments and by reliable individuals are well in accord
with those issued from Washington, but as the General
Government merely gives percentages of condition,
the other authorities state the causes to which the
changes are ascribable. The deterioration in condition of the crops, corn and oats in particular, is said
on all hands, as already pretty generally known,
to have been due to dry weather, and especially to
droughty conditions following the excessive moisture
of the spring.
Crossing the border into Canada,we find no important retrogression in August from the very satisfactory crop outlook of the beginning of the month.
The weather during harvest time is reported quite
generally favorable, and in consequence crops have
been secured in good condition. Estimates of yield
continue well up to or in excess of former records.
Those recently current put the wheat crop of the Dominion at about 135,000,000 million bushels, against
96,852,000 bushels last year; the product of oats is
expected to reach the record total of 269,254,000
bushels, as compared with 216,615,000 bushels a
SEPT. 12 1908.1
THE CHRONICLE
year ago; 51,690,000 bushels of barley are counted upon,
and 8,780,000 tons of hay.
The grain-crop situation abroad, as we learn from
cable and mail advices, has undergone no marked
change during the past month. In most sections of
Europe the weather has favored the harvesting,
threshing or moving of grain, but as regards wheat
nothing has transpired to cause any particular modification of crop estimates. In Russia and Italy,and at
some other points, latest advices indicate improvement
in the outlook for corn,.but both wheat and oats are
expected to make a smaller yield than in 1907. Australian wheat acreage shows an increase of about 5%
over last year, and, the crop having been greatly
benefitted by recent rains, the prospects are good. A
summing up of the world's wheat situation would seem
to point to smaller contributions this year than last
from Europe, Asia and Africa, increased supplies
from the United States, Canada—in fact, from North
America and South America generally—and Australia,
and an aggregate world's crop differing little either
way from that of 1907. The world's rye crop will also,
according to most reliable advices, be somewhat
under that of a year ago. On the other hand, corn
oats and barley are each expected to give greater yields
than in 1907, corn and oats to the extent of 250 million bushels or more. Consequently, the present outlook is for an aggregate yield of cereals in the world
approximately 500 millions of bushels greater than
in 1907—a fairly gratifying result, all things considered, but nevertheless appreciably below early expectations.
Under a special appropriation by the last session of
Congress, a lump sum is now available by the InterState Commerce Commission for employment of experts to probe into the books and accounts of common
carriers,to find whether they are complying with the
bookkeeping system prescribed by the Commission.
But the suitable experts have not come forward, and
an issued bulletin says that, "owing to the Commission's inability to secure a sufficient number of competent applicants, qualified persons are urged to apply
for this examination," the date for the test now being
set for the 7th of October. The reason for the lack
of such experts is, plainly, that their number is not
very large and they already have more desirable employment—perhaps in the service of the corporations
which are to be probed; but would it be unjust to suggest that the purpose can be accomplished by a class of
persons not so well qualified, and such as might be
attracted by compensation at the rate of $1,800 to
$3,000 a year? For the real object of the inquiry, as
of the existence of the Commission itself under the enlarged powers conferred upon it, is to force down or,
at least, to keep down, rates. The expectation, or,
at least, the hope, is that such an inquiry will find
the railroads guilty of not using the prescribed system.
Is there any injustice done in regarding this as one
more example of the too frequent investigation for the
purpose of finding a pre-determined condition? One
mode of inquiry seeks to find whatthe facts are; the other
sets out to find a particular sort of facts. It is never
very hard to find the facts which are wanted,and a very
ordinary grade of expertness may answer the purpose.
Nobody ventures to deny that the carrier must live
and capital invested must feel sure of a reasonable
645
return. This is admitted to be a truism, but the convenient retort is that the just return must not be
figured upon over-capitalization. We were notified,
months ago, that the holder of bonds or stocks knew,
or might or should have known, at the time of purchasing, whether any "water" had got into the
system; hence that there are no innocent holders.
This easy way of disposing of the rights of innocent
holders was intended to sweep away the objection to
the general physical re-valuation which is still held
over us as a possibility. The same suggestion is made
here in New York, that all difficulty in granting
transfers to the utmost public desire, and still making
a reasonable return on capital, would vanish if the
property were brought down to a basis of real cost.
Whether (and if so, when) an attempt will be made to
have such a re-valuation, either in this city or on a
wider scale, is probably one of the things which will
be determined by the political movements of the next
twelve months and the gradual return of the habit of
sober thinking.
But let us suppose such a work to be attempted..
It would certainly be attempted on the assumption_
that there is a large over-capitalization and that this
is all which stands in the way of an era of cheaper
transportation service and of increased general prosperity, so far as the former can bring the latter. For
if rates were as low as anybody demanded, not a word
would be said about the capitalization. The property
would stand convicted in advance by an assumption,
and the inquiry would be like the "third degree" examination by the police, in that it would be expected
to produce a confession. A physical examination is
a sort of estimating, and both the difficulty of positively determining what it would now cost to reproduce a given road and the injustice of holding that
road to such a standard of judgment, if we had it, can
be dismissed. For in the imagined case of an attempt
to re-value, we should have this situation: that a
certain general result would be intended in advance,
by the nature of the case; that anybody can make
estimates, no high grade of expertness being required;
that there would, therefore, be no very great difficulty
in finding persons for the job. If we could suppose
that the present rage against wealth and all aggregations of capital will continue, we may imagine with
what alacrity the agitators would rally for such an
expected triumphant disposition of the whole issue.
A transfer of $100,000 currency through the SubTreasury to New Orleans, following a like movement
in the previous week, seems to indicate that requirements for money for the distribution of cotton have
begun, and it is expected that the movement will
increase in volume in the near future. Exchange
on New York at interior cities reflects a prospective
demand for money for grain distribution, but the
requirement is as yet comparatively small. There
seem, however, to be continued indirect withdrawals
from banks at this centre by those in the interior
which are depositaries of internal revenue collections.
The excess of such collections, as has been heretofore
noted, as they accumulate, are remitted to Washington through the New York correspondents of these
depositories, the latter thus employing the equivalent
of such excess in localities where it is needed for crop
distribution or for business. Banks in large Western
646
THE CHRONICLE
cities are meeting t he demand for money in contiguous
agricultural sections; there are, however, no indications of intended withdrawals by these banks from
their correspondents in the East, though inquiries are
made as to the supplies of certain kinds of money
that are available. Treasury officials report a shortage
of standard silver dollars against which certificates
may be issued, and as crop gathering progresses, it is
thought that it may be necessary to distribute subsidiary coin, of the larger denominations, in lieu of
one dollar certificates; these coins will be acceptable,
at least to banks, for they will be transmitted to applicants free of charge.
Money on call, representing bank and trust company balances, loaned at the Stock Exchange this
week at DA% and at 1%,averaging about 13.1%; the
higher rate was recorded on Thursday. Time money
was quiet, and while there was no inquiry for the
sixty-day maturity, borrowers relying upon the callloan branch of the market for accommodation, there
was a fair demand for ninety-day loans which will
fall due at the end of the year, and thus tide over
the period of active crop-moving requirements and of
the Presidential election. There was a good demand
for over-the-year money, but offerings thereof were
not liberal. Commercial paper was ;n request for the
choicest names; these being in limited supply, rates
ruled low and buyers were therefore disposed to
accept paper of a slightly inferior grade, which is
classed as "good." Rates for time contracts on good
/
1% for
mixed Stock Exchange collateral were 2@21
sixty and 23/2% for ninety days, WI% for four and
4 @3M% for five to six months. Commercial paper
33-,
of the ordinary classification was quoted at 39@4%
for sixty to ninety-day endorsed bills receivable and
for four months' single names; six months' unendorsed
paper was 43/2%. The choicer grades of mercantile
notes sold at concessions from the above rates.
VOL.I
Lxxxvi
effected by strong syndicates, and it was regarded as
unlikely that these bankers would defer the procurement of exchange until now, for the indications have,
since the development of the Moroccan incident,
strongly pointed to high rates for exchange. Moreover, it has been understood that the New York City
revenue warrants that were sold abroad last spring
had been provided for in advance of their maturity in
October and November. Hence it seemed probable
that credits to meet these, as well as the earlier issued
municipal bonds, had been accumulated; indeed, such
accumulations were authoritatively admitted. The
development of discount tension at Paris and at Berlin
on Wednesday was, as above noted, another factor
contributing to activity and strength in the exchange
market, for it seemed to reflect more or less political
unrest which might affect the international exchanges.
When the market advanced on Wednesday to within
half a cent of the gold-export point, the movement
was regarded as not likely to result in gold engagements, at present at least; on Thursday there was a
further sharp rise in exchange, but even then no
preparations were made to export the metal. On
Friday higher rates for money naturally contributed
to a fall in exchange to figures below the gold-export
point.
The market was irregular on Saturday of last week
and, compared with Friday, long was 10 points higher
at 4 8450@4 8475; short was 10 points lower at
4 86@4 8605, and cables 5 points at 4 8625@4 8635.
Monday was a holiday; on Tuesday long fell 20 points,
on higher London discounts, to 4 8435@4 8455, short
rose 20 points to 4 8620@4 8625, and cables 15 points
to 4 8635@4 8650. On Wednesday long advanced
25 points to 4 8460@4 8470, short 15 points to
4 8635@4 8640 and cables 20 points to 4 8655@
4 8670. On Thursday the tone was quite strong at
ari advance of 20 points for long to 4 8480@4 8485, of
15 points for short to 4 8650@4 8665 and of 30 points
for cables to 4 8680@4 87. On Friday long rose 10
points while short fell 10 and cables 15 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
The Bank of England rate of discount remains unchanged at 23/2%. The cable reports discounts of
sixty to ninety-day bank bills in London 1%©
19%. The open market rate at Paris is 19@1%%
Frt.. Mon., Tues.. Wed., Thurs., Fri.,
Sept.4 Sept.7 Sept.8 Sept.9 Sept. 10 Sept. 11
and at Berlin and Frankfort it is 33 @3%%. According
85
8534
60 days 4 85
8534
8534
to our special cable from London, the Bank of England Brown
Brothers
86%
87
Sight_ - 4 8634
87%
8734
PeaKidder,
85
4
60
85
8554
days
85%
8534
lost £192,072 bullion during the week and held £38,- body & Co
86%
8634
4
87
Sight_ 87%
87%
British
85%
60 days 4 85%
85%
8534
85%
153,368 at the close of the week. Our correspondent Bank
_ Sight_ - 4 87
North America
87
87
87
87
HOLIof
85%
Bank
60 days 4 8534
85%
85%
85%
DAY.
further advises us that the loss was due wholly to Montreal
87
87
Sight_ - 4 87
87
87
Canadian Bank
85%
60 days 4 8534
85%
85%
85%
of Commerce
87
87
Sight_ - 4 87
87
87
exports to South America. The details of the move- Heldelbach,
Ickel85
60 days 4 85
85%
8534
85%
Co
heimer
&
4
86%
86%
Sight_ 87
87%
87%
ment into and out of the Bank were as follows: Im- Lazard
60 days 4 85
85
85%
85%
8534
Freres
86%
Sight- _ 4 86%
87
87%
87%
ports, £125,000 (of which £100,000 from Australia, Merchants'
Bank
60 days 4 85%
85%
85%
85%
8534
Canada
87
4
of
87
87
87
87
£10,000 from Ecuador, £10,000 from other South
America and £5,000 from South Africa); exports, The market closed on Friday at 4 8490@4 85 for
£444,000 (of which £390,000 to South America, £40,- long, 4 8640@4
8650 for short and 4 8675@4 8685 for
000 to Roumania and £14,000 to Gibraltar), and cables.
Commercial on banks 4 8455@4 8465 and
receipts of £127,000 net from the interior of Great documents
for payment 4 84@4 84%. Cotton for
Britain.
payment 4 84@.4 843/s, cotton for acceptance 4 8455@
4 8465 and grain for payment 4 843/2@4 849'.
The foreign exchange market was active and higher
this week. There was a good, and at times, an urgent
The following gives the week's movement of money
demand for remittance. It was assigned as one
to and from the interior by the New York banks.
reason for the strong tone that provision was being
Shipped by
Received by
Net Interior
made for the payment, at maturity in November, of
Week ending Sept. 111008.
N. Y. Banks. N. Y. Banks.
Movement.
—
New York City revenue bonds which had been market- Currency
$5,102,000 Loss
$4,469,000
$633,000
Gold
1.101,000 Loss
947,000
154.000
payable
were
by
fall
and
that
abroad
last
the
terms
ed
Total gold and legal tenders
$5,416,000
$6,203,000 Loss
$787,000
of their sale in London; these emissions were, however,
SEPT. 12 1908.i
THE CHRONICLE
647
With the Sub-Treasury operations the result is as such a union as the basis on which this great Government rests? Moreover, did not his mouth run
follows.
away with him when he justified violence by labor,
Net Change in
Out of
Into
Bank Holdings.
Banks.
Banks.
Week ending Sept. 111908.
claiming as an excuse that "the employer has some$787,000
$6.203,000 Loss
Bald& interior movement, as above_ $5,416,000
23,500,000 Loss 2.000,000 times employed his position to secure an unfair share
21,500,000
Sub-Treasury operations
$26,916,000 $29,703,000 Loss $2,787,000 of the 'joint product'"? "An unfair share" is a
Total gold and legal tenders
_
pretty difficult problem to settle off-hand.
The following table indicates the amount of bullion
Passing these thoughts, and going back to a proper
in the principal European banks.
appreciation of the day we have this week celebrated,
Sept. 12 1907.
Sept. 10 1908.
consider what is meant by Labor Day. Who are we
Banks of
Total.
Silver.
Silver.
Gold.
Total. I Gold.
to understand as the toilers which the day was made
—
£
I
£
£
£
I
38,654,101 to signalize and honor?
Mr. Bryan says we ought to
38,153,368; 38,654,101
England__ 38,153,368:
France _ 128,808,2871 36.022,915 164,831,202,111.677.954 38,644,212 150,322,166
Germany 38,846,000, 15,958,000 54,804,000; 30,438,000 12,433,000 42,871,000 "strive to assist in dignifying in every possible way
Russia-- 116,379.000 7,907,000 124,286.000 116,071,000 6,295,000 122,366,000
Aus.-Hun- 47,841,000 13,149,000 60,990,0001 45,274,000 12,109,000 57,383,000 the honest toil upon which our nation properly rests."
Spain _ 15.708,000 34,229,000 49,937,0001 15,526,000 25,770,000 41,296,000
Italy
37,118,000 4,500,000 41.618,000, 34,352,000 4,977,300 39,329,300 On Sept. 8 Mr. E. H. Harriman was the guest at the
Neth'Iands 7,706,000 4,060,100 11,766,100' 6,035,300 5,461,700 11,497,000
Nat Beig.- 4,126,6671 2.063,333 6,190,000 3,277,333 1,638,667 4,910,000 Fairmont Hotel, San Francisco,"which was attended
4,249,000
Sweden
4,081,000 4,249,000
4,081,000
1,982,000
Switeland 4,556,000;
4,556,000 1,982,000
1,805,000 by a large number of the leading merchants, bankers
Norway
1,731,000;
1.731,000 1,805,000
516,670,567
and business men of the neighborhood." Immediately
Total week 445,054,322 117,889,348562,943,6701409,341,688 107,328,879
Prey.week 444,026,546118,266.052562,293,5981410,064,454 108,313,779518,378,233
after the reception, in response to the hearty welcome
Mr. Harriman received, he said: "I believe in fair
dealing and a fair return of capital invested and
THE OUTCROPPINGS OF LABOR DAY.
true
the
minimize
the thoughts, brain work, nervous force and work
Politicians seem to be straining to
They
Day.
of
that must be put in large enterprises. We are enLabor
purposes and opportunities
union
of
parades
it
titled to something for them. We are more than a
to the
would apparently confine
seekers
office
by
mere machine, and just as human as the rest of you
labor and airings of exaggerated claims
we
class,
worthy
very
are. Do you ever think of the amount of nervous force
of that class of our citizens—a
fraction
large
by
a
not
any
means
and energy that have to be put into the work of a large
assume, but even so
for
toilers,
our
within
the
of
contained
ranks
enterprise? I have often thought whether it was really
of those
as
as
well
York,
Day
was
New
made.
worth while; whether it would not be better to settle
whom Labor
characteristics
the
in comfortable circumstances and live in quiet
in
the
States,
down
locality
exhibited
any
institution.
and
the
But there is something in man
contentment.
real
of
the
of
belongings
Monday
on
or
alone,
to go on, to finish what he has
him
not
want
makes
that
of
an
because
exodus,
noteworthy
It was
chiefly, of individuals, but of families,and of couples, started. It is such meetings as this that seem to
bent on innocent, health-giving fun, the tide sweeping make it worth while to go ahead."
Mr. Harriman has proved himself to be one of the
in and out—mainly out, as it should—not so very
many being left within the city except paraders and pioneer builders of the country. He has been of
others, which fixed conditions made necessary. Added infinite service in opening and peopling a very large
to the foregoing was an open, clear and cloudless sky section of our great West. Were a body of men
of luminous blue, comprising altogether the surround- about to start a new development in any part of
ings of a heaven-made day used as Labor Day ought the globe, leadership of that character would be the
only one in demand; yet, many who have been
always to be used.
The political aspect of the day was notably on exhi- foremost in our industrial works during past years
bition in Chicago, and proved so by the presence of Mr. have been pursued bitterly, and may we not say, in
Bryan, he becoming the centre of attraction and lead- many cases brutally, by Government officials, while
ing to a baptism and re-christening of the institution speakers with glib tongues have risen to eminence
of Labor Day,so that it became nothing more or less with no better recommendation than that gift used
than a Bryan day. Bryan began his address by quot- to help persecute some of the best of our workers and
ing from Proverbs, "As a man thinketh in his heart, toilers.
But what of the future? Have we gained through
so is he"; but,as his speech is reported, he made no
use of his text. Descartes' maxim runs somewhat the 1908 celebration? Is there literally nothing in the
along the same lines—"Cogito, ergo sum","I think, events of the day which will encourage the people in
therefore I am." He might have adopted those words, their enterprises? We find a few crumbs and we
or clung again to Proverbs profitably. Had he done make haste to record them. Mr. Taft, who is, as we
the latter, another text would have proved timely presume all our readers know, a Presidential candi"He that keepeth his mouth, keepeth his life." But date of large promise, and, judging from his past, of
neither of these suggestions was referred to; indeed, if decidedly conservative tendency. Mr. Taft, the daily
we are not mistaken, "his mouth" ran away with press tells us, made a great speech at Sandusky on
him. We wonder if he believes the idea these words Labor Day. We have read it through and through
of his convey, to wit: "We all ought to strive to to cull out words of cheer. The choicest bit we
assist in dignifying in every possible way the honest find is the following, with which he began the speech
toil upon which our nation properly rests." Mr. He said, "he wished to follow with a word regarding
Bryan was at the time speaking to and for union Mr. Herrick's reference to the panic of last year.
labor, and had, as report says, just secured a mighty Confidence, he said, was a plant of slow growth.
shout of approval, when he reached out and caught in The people of the country—farmer, laborer, capitalist
his hand a cigarmaker's union badge that was thrown —were all in the same boat. The investment of
to him by some one in the crowd. Did not his mouth money was necessary for the return of prosperity,
run away with him in designating at such a moment and confidence was necessary."
648
THE CHRONICLE
That is to the point. It would certainly seem to
indicate a conservative spirit still, and a knowledge of
the breadth of the problem before the voters, if we are
to enjoy another term of progress during Mr. Taft's
term of office. We are sorry not to find more along
the same lines. On the whole, however, we are inclined not to be too critical at the present time, when
every candidate is saturated with politics. We accept
the foregoing as encouraging and hopeful. And yet
the Taft address is so chock full of dependence on
Roosevelt policies, it sounds much like a back number.
THE NEW "TURKISH QUESTION."
On the 14th of next November the new Turkish
Parliament will convene at Constantinople, under the
constitution granted last month by the Sultan. In
the meantime there are numerous indications that
the "Young Turk" party does not propose to leave its
own projects in abeyance pending the gathering of the
legislators. Some remarkable interviews, published
this week in this city from one of the large financial
backers of the revolutionary movement, and from the
Turkish Charge d'Affaires at Washington, declare
positively the purpose of unseating the present Turkish sovereign before the November date.
The language of these statements is unusual.
The capitalist declared of the Sultan that "he is absolutely in the power of the Turkish people, who have
merely to raise a finger to make him tumble from the
throne"; that he "reigns now by sufferance only," and
that "nobody respects him, nobody will fight for him,
and everybody despises him." More striking, perhaps, because of its utterance from an official source,
was the statement of Mundji Bey, the diplomatic
representative of Turkey at Washington:,"I consider
myself," he said, "not the personal representative
of Abdul Hamid, but of the whole Ottoman Empire,"
and of the Sultan he remarked that "he is a man without a vestige of real power; a detested autocrat, mindful only of his personal safety." The forced abdication of the sovereign thus described was taken for
granted in this interview.
Considering that the Sultan is not only the political
but the religious head of the Turkish people, this language may appear somewhat remarkable. As a matter of fact, however, the Turkish conception of the
Sultanate has always been rather one of respect for
the office than of respect for the man who occupies it.
Abdication, revolution and assassination have played
a considerable part in the changing occupancy of the
throne during the past half century, and in most
cases the removal of an offensive autocrat has been
based, as the proposed action is based on this occasion,
on the objectionable character of the existing Sultan.
Abdul Hamid,in fact, cuts a figure such as could hardly
awaken the slightest instinct of respect or loyalty on
the part even of an ultra-conservative Turk, not to
mention an enthusiastic young revolutionist. A character made up of craftiness, cruelty, shiftiness and
cowardice can hardly impress itself on the imagination of a people. The very fact of his sudden and ignominious yielding to the demand of the Liberal Turks,
the instant he was advised that disaffection had penetrated his army, and no sooner, would go far toward
removing ordinary respect for the man, and his reported public declaration that he himself would head
the revolution could have deceived nobody.
[VOL. Lxxxvu.
Under such circumstances, a proposition to remove
him absolutely from power involves nothing strange
or surprising. A liberal government with the present
incumbent still on the throne would be something not
far distant from absurdity. Apparently, the present
purpose of the revolutionists is, not to establish a republic,but to install on the throne the younger brother
of the present Sultan, a man of mature years and in
sympathy with the constitutional movement. Supposing such a program to be successfully carried out,
it is obvious that from one point of view the prospects
for smooth sailing in the new constitutional career
of Turkey would be better than in Russia,. where the
Czar, having consented unwillingly to a demand for a
constitution, immediately put in operation obstructive
and restrictive machinery. On the .other hand, even
granting a ruler in sympathy with the general purposes
of the liberal party, it may fairly be asked whether
the constitutional enthusiasts may not be reckoning
on too much.
Certainly, history proves that the glowing expectations entertained in the first days after a successful
revolution are rarely fulfilled completely in the end.
Sometimes, as in the case of the French revolutionists,
there is a relapse into anarchy. Sometimes, as in the
case even of the English revolution of 1640, an army
despotism, dispensing with an impracticable Parliament,is the sequel. In the case of Russia, it was manifest that even had the Court party been more willing
to concede the legitimate demands of the new Douma,
the legislative assembly was itself largely unworkable,
because of the multitude of vague theories and unpracticable ideas to which a great part of its membership was given over.
To judge the prospects of the new Turkish Parliament is perhaps even more difficult than it should
have been to judge the outlook in any of the three instances just referred to. It is a new phase of Turkish
character which has come suddenly into the view of
the world during the past few months, and it has made
necessary a rather radical revision of popular conceptions. Hitherto, the prevalent idea has been that the
people of the empire were brave in battle, but inert
and sluggish in affairs of every-day life; that they were,
in fact, cursed with the Oriental dreaminess and indecision which have so long made the people of these
Eastern countries ready and helpless subjects of imperial tyranny. Whether this idea of Turkish character did or did not misjudge the people, remains to
be seen. The new Legislature is confronted with no
simple task. The nation is bankrupt, and to a large
degree in the hands of its creditors; yet the taxes are
oppressive in a degree probably not witnessed elsewhere in the modern world. That faith should be
kept with the nation's foreign creditors is a prime
diplomatic necessity in the situation. Yet to do this,
and still to relieve the burden of taxation, is a problem
which might have baffled a Necker or a Witte.
It involves, undoubtedly, the entire reorganization
of the tax-gathering methods, and in all probability
a revision of the tax system generally. These are
achievements which are not accomplished in a day;
yet delay in relieving the burden on the Turkish taxpayer involves a certain amount of danger to the new
regime itself, since a good part of the support which
brought the Young Turk movement to victory must
have been based on popular expectation of immediate
SEPT. 12 1908.1
THE CHRONICLE
649
manufactured products thereof, manufactured, mined
or produced by it, or under its authority, or which it
may own in whole or in part, or in which it may have
an interest, direct or indirect, except such articles or
commodities as may be necessary, or intended for its
use in the conduct of its business as a common
carrier." The law was directly aimed at the anthracite
carriers,though being general in its nature and therefore having a wide application, and its object and
purpose was to force the coal carriers, both anthracite
and bituminous, to dispose of their holdings in and
connection with the coal-mining business.
But the coal transportation lines in originally acquiring their interest in, and their hold on,the coal mines
tributary to their lines, acted entirely within the scope of
the powers granted them by the States under whose
jurisdiction they were organized. On the strength of
the powers thus granted, important property interests
have been built up and vested rights established. All
this, Congress, through the Commodity Clause, proUNCONSTITUTIONALITY OF THE COMMODITY poses to take away. As far as the anthracite roads
are concerned, joint ownership of the mines and of the
CLAUSE OF HEPBURN LAW.
The decision which the United States Circuit Court means of transportation was practically a necessity.
for the Eastern District of Pennsylvania (composed The anthracite companies are frequently termed a
of Judge George Gray of Delaware and Judges George monopoly. If that be true, conditions have made
M. Dallas and Joseph Buffington) handed down on them so. The anthracite fields are exceedingly limThursday, declaring unconstitutional what is known ited. Those controlling the mines in any given disas the Commodity Clause of the Hepburn Rate Law trict can route the product over any line connecting
of 1906, is just what well-informed persons had looked with such district. With the mines in antagonistic
for. We doubt, however, that many expected quite hands it might readily happen that after a road had
so sweeping a condemnation of that provision of the gained access to the coal fields it would be left without
statute. We have not seen the full text of the the traffic counted on and thus the whole investment
opinion, which was written by Judge Gray (Judge rendered unprofitable. Or, having the traffic, it
Dallas concurring and Judge Buffington dissenting), might lose it through the passing of the mines into
but from a summary of the points of the decision given new hands. Thus common control of mine and of
in the "Public Ledger" of Philadelphia, it appears road grew up naturally and inevitably. The securities
that the Commodity Clause is repugnant to the provi- issued on the properties, both stock and bonds, derived
sions and the spirit of the Federal Constitution on their chief value from this joint ownership. Compel
many and on diverse grounds, just as was urged when the companies now to sever this connection and we
the clause was under consideration in Congress. It have an act which borders on confiscation, nullifies
is held that the prohibition sought to be imposed does and destroys the obligation of contract, takes away
not come within the power delegated to Congress to the freedom of the individual, and invades the rights
regulate commerce between the States; that it does of the States from whom the companies got their
not regulate, but prohibits an immensely valuable grant of authority.
This is the way it has all along appeared to the laytraffic; that it is arbitrary and despotic, depriving
in
law,
and this is also the view to which the Court in
of
man,
process
due
without
citizens of property
Congives expression. Judge Gray very propdecision
Federal
its
the
to
Amendment
the
Fifth
violation of
of
on the fact that the States by their
erly
rights
lays
emphasis
reserved
the
of
violative
is
it
that
stitution;
of
the very policy which Congress
laws
have
fostered
corporations
deprive
would
it
that
States;
the
Clause, undertakes to
Commodity
now,
the
through
conformity
in
acquired
have
which
they
rights
vested
with franchises granted them by the State; that it is denounce and make criminal. That is, they have
violative of the intent of the framers of the Constitu- conferred powers permitting the connection between
tion that there should be entire liberty of innocuous mine and road in order to promote the development
commerce between the States; that it is drastic and of their resources. The general situation is, said Judge
unreasonable, even considered as a remedy for evils of Gray, that for half a century or more it has been the
discrimination, and a better remedy is easily available; policy of the State of Pennsylvania, as evidenced by
that it is discriminative, and in a measure retroactive. her legislative Acts, to promote the development of
What is the Commodity Clause? It is a provision her natural resources, especially as regards coal, by
forbidding a carrier from transporting over its lines encouraging railroad companies and canal companies
in inter-State commerce any commodity (save only to invest their funds in coal lands, so that the product
lumber) in which it may have any ownership or inter- of her mines might be conveniently and profitably
est, direct or indirect. It provides that "from and conveyed to consumers in Pennsylvania and in other
after May 1 1908 it shall be unlawful for any railroad States. Two of the companies who are defendants
company to transport from any State, territory or the in the present action, he points out, were created by
District of Columbia to any other State, territory or the Legislature of Pennsylvania, one of them threethe District of Columbia, or to any foreign country, quarters of a century ago and the other half a century
any article or commodity, other than timber or the ago, for the express purpose that their coal lands
reduction in the taxes. The geographical position of
Turkey on a main highway of the commercial world,
and the natural fertility of its soil, are two great elements of strength in any plan for reconstruction of its
internal finances; the problem how to use them is
involved, as it was in the case of Russia, largely in the
other problem, whether competent statesmen are to
come to the front and undertake the task in the light
of modern fiscal science. Were this to be achieved,
and were the Turkish people meantime to be patient
under an unexpected though temporary continuance
of the status quo in the matter of taxation, the future
of the State would be full of dramatically interesting
possibilities. One need only run his mind back over
the "Turkish question",as it has occupied the minds of
European diplomats during the past half-century or
more, to realize what a change would come about
if a free, enlightened and progressive State were to rise
on the wreck of the imperial autocracy.
j650
THE CHRONICLE
might be developed and that coal might be transported to the people of Pennsylvania and of other
States. Nor can it be questioned that, in pursuance
to the State's general policy, investments have been
made by all the defendant companies in coal lands and
mines and in the stock of coal-producing companies,
and that coal production has enormously increased
and that economies have resulted from the facilities
of transportation thus brought about.
This being the situation, it is not to be wondered at
that Judge Gray is moved to say that no assertion by
Congress hitherto of the power claimed for it under
the Commerce Clause of the Federal Constitution has
been so far-reaching or has affected in so serious a
degree the individual liberty and property rights enjoyed under the Constitution and laws of a State
as is attempted in the Commodity Clause of the Hepburn Rate Law. No one, declares Judge Gray, can
deny that the right of these roads to carry, in interState commerce, coal which they own in whole or in
part, or which is mined or produced by them or under their authority, or by coal companies in which
they are stockholders, was, until the passage of the
Hepburn Act, a lawful right; that it was a common
right of property, neither denied nor disputed by the
common or statute law of Pennsylvania; that it was a
most important property right, the enjoyment and
exercise of which was neither criminal nor immoral, and
subject only to the restraints imposed upon its possessors by the common or statute law of the State or
by the then existing statutes of the United States,
so far as such carriers were engaged in inter-State commerce. Continuing, he finds the law unconstitutional
in the following pregnant words:
From every point of view which we have been able
to approach the question, the unreasonableness and
consequent invalidity of this so-called "commodities
clause" is apparent. It invades the rights of the
State by striking down the liberty, hitherto innocently
enjoyed by its citizens under the laws and usages of
the commonwealth, to engage in inter-State commerce
to the fullest extent, as to all harmless articles, whether
owned or not owned by the carrier, and deprives of
their property these defendants, contrary to the letter
and spirit of the Fifth Amendment to the Constitution.
If the enactment in question be warranted by the
commerce clause of the constitution, it is hard to see
what bounds may be set to the expenditure of that
power. It will, indeed, be an open door through
which the forces of a centralization hitherto unknown
may enter at will, to the overthrow of that just balance
between Federal and State power for which the makers
of the Constitution so wisely provided, as an essential
to the preservation of our dual form of government.
Judge Dallas wrote a concurring opinion and he is
even more emphatic in his condemnation of the clause
in question and of attempts to stretch Constitutional
provisions and to override Constitutional safeguards.
He says no court has authority, under the guise of
interpretation, to change the Constitution for the
purpose of meeting a supposed requirement of present
conditions. The covert tendency of any usurpation
of any such authority, he declares, would inevitably
be to transform the Government of enumerated powers
established by the Constitution into a Government
with all power vested in its legislative and executive
branches. He then adds the following words of caution:
The inclination sometimes manifested to centralize
power in the General Government results, in great
VOL.
Lxxxvix.
measure, no doubt, from the apparent expediency of
committing to it the correction of ills which it is
supposed that the States cannot so readily redress,
but the achievement of no presently desired end,
however salutary, can justify the infraction of our
fundamental law or warrant its perversion by insidious
construction, The Constitution of the United States
is a written instrument, not a progressive development,
and the often quoted epigram that "constitutions are
not made, but grow," should not apply to it.
The assertion here made that the Constitution of
the United States "is a written instrument, not a
progressive development," cannot be too strongly
emphasized or too often reiterated nor too constantly
kept in mind. In view of this declaration, however, it
is pertinent to ask what becomes of President Roosevelt's plea for a system of "constructive jurisprudence"
with the purpose of constantly enlarging and expanding
the powers of the legislative and executive branches of
the Government?
MILWAUKEE & ST. PAUL'S STRONG INCOME
SHOWING.
The fact which impresses one most in an examination of the report of the Chicago Milwaukee & St. Paul
Railway Company is its favorable income showing for
the twelve months. The company is paying 7%
dividends on both classes of shares. After allowing for
the $9,308,040 required to pay these dividends, and
also for all fixed charges, a surplus remains above the
dividends on the operations of the twelve months
in the sum of $3,269,242. For a year like that under
review, the last half of which was marked by business
depression which, in intensity, has never been exceeded in the history of the United States, such a favorable outcome must certainly be regarded as highly
gratifying. In other words, notwithstanding the adverse conditions experienced—and there were some
that did not flow out of the depression in business—
the Milwaukee & St. Paul Co. was able to maintain the
full 7% dividends on the present outstanding amount
of stock and yet carry forward a credit balance in
amount of over 314 million dollars.
It must not be supposed that the report does not
give evidence of the unfavorable circumstances and
conditions experienced, nor that the road did not suffer
severely in traffic and revenues as the result of the
same. Freight traffic was very materially reduced,
and there was a decided shrinkage in both gross and
net earnings. The point of chief importance, however, is that the company makes such a satisfactory
showing despite those facts. It is difficult to indicate
the precise amount of falling off in revenues sustained
by the road, either gross or net, since the Milwaukee
& St. Paul, along with other United States roads,
was obliged with July 1 1907 to adopt a new system
of accounting prescribed by the Inter-State Commerce
Commission at Washington, which disturbs the comparisons with previous years. But from a table given
in the report, which seeks a reconciliation between the
new system and the old system of accounting, it would
appear that gross earnings were reduced, as compared
with the twelve months preceding, in amount of $2,592,045. This is not a very large contraction for a
system of the size of the Milwaukee & St. Paul, which
in the previous year had total gross earnings of over
60 million dollars, the ratio of loss being only a little
over 4%. It derives added significance, however,
SEPT. 12 1908.1
THE CHRONICLE
from the fact that the shrinkage occurred entirely in
the latter half of the year.
One would expect a system like the St. Paul, serving agricultural communities, to suffer less severely
than systems running through the manufacturing
districts, or those having a large traffic in coal or other
minerals, which varies directly with prosperity or
adversity in general trade; and the figures given bear
out this expectation. Moreover, the loss seems especially moderate• when we bear in mind the great expansion in revenues that occurred in the years immediately preceding, the addition to gross revenues in
the two previous years alone having been $10,664,000.
However, the fact of a substantial loss remains, and
its significance is increased because it was found impossible to reduce expenses to anywhere near the
extent of the diminution in the gross.
Referring again to the table which attempts a
reconciliation between the old system and the new
system of accounts, we find that the contraction of
$?,592,045 in gross earnings was attended by a reduction of only $1,190,243 in expenses, leaving, therefore,
a loss in net earnings of $1,401,802, which was further
increased by another;small addition to the taxes.
No matter how hard the times may be, taxes on the
railroads keep steadily rising. On the St. Paul, in
this latest year, the amount paid for taxes was $2,304,962, against only $1,632,333, but three years before, in 1904-05. Allowing for the further increase
in taxes, the loss in net income in 1907-08, as compared
with the twelve months preceding, was not far from
1M million dollars. The surplus of $3,269,242 shown
above as remaining after allowing for the 7% dividend
on the common and preferred shares exists in face of
this loss in net income.
Both the revenue statistics and the expense accounts
reveal some interesting features when closely scrutinized. For instance, while a considerable decrease is
indicated in the number of tons of freight transported
over the lines of the system, the falling off is not found
exclusively in the items reflecting business depression.
This is of importance as showing that there were some
adverse circumstances aside from the general industrial
prostration. Total freight traffic fell off from 28,596,041 tons in 1906-07 to 26,189,853 tons in 1907-08.
This is a reduction of 2,406,188 tons, but it happens
that more than one-third of this decrease is accounted
for by a falling off in the agricultural tonnage from
6,470,915 tons to 5,640,370 tons. It is obvious that
the loss here is due to local crop conditions, and has
no reference to business depression. It is equally
obvious that, with better local crop conditions again,
the present season or the next, this loss will be recovered and perhaps supplanted by a gain. It deserves to be noted, too, that the effect of the decrease
in the volume of the freight movement was enhanced
by a further decline in the rate received. The average
rate per ton per mile on the Milwaukee & St. Paul is
now down to only 8.117 mills per ton per mile. The
previous year the rate was 8.557 mills and in 1905-06
it was 8.617 mills.
When we come to the passenger traffic, we discover
a still more noteworthy reduction in rates, reflecting
the action of the various States in making arbitrary
cuts in passenger fares. The St. Paul realized in 190708 an average of only 1.918 cents per passenger per
mile, against 2.202 cents in 1906-07 and 2.232 in
651
1905-06. Those who have sought to justify the actiorr
of the Western and Southern State legislatures Or.
commissions in cutting rates have insisted that the
lower rates would so stimulate travel that the gain from
the larger volume of business would more than offset
the loss from the reduction in rate. On the St. Paul,
certainly, the passenger traffic did increase, and very
decidedly, too, though it may well be doubted whether
the lower rates had much to do with the expansion,
As compared with the year immediately preceding,
the number of passengers carried increased 1,987,649,
or 16.23%, and the number moved one mile increased
12.71%. But how about the revenues from the passenger business? Did they increase, too? On the
contrary, they show a falling off in the considerable
sum of $218,801, notwithstanding the large increase in
business. Thus the hardship to the roads stands revealed.
In the matter of expenses, a study of the statistics
shows the difficulties the railroads in this country
labor under in seeking to reduce operating cost. In
reviewing the report for the previous fiscal year, we
directed attention to the fact that, with an increase in
gross earnings of $5,125,501, there had been an addition to expenses in amount of $5,242,175, involving, therefore, an actual loss of $116,674 in the net.
In other words, a very largely increased business
yielded no additional net. One not versed in railroad affairs might have supposed that in the great augmentation of expenses in 1906-07 ample leeway would
be found for a substantial reduction in expenses in
1907-08,with the falling off in the volume of the freight
business. We have already seen that there was a decrease in expenses of only $1,171,377 (after allowing for
taxes), notwithstanding the augmentation in the expenses in the previous year had been $5,242,175.
Pursuing our investigation a step further, we find that
even this relatively small reduction of $1,171,377 was
the result of savings and economies rather than of
any actual decrease in the cost of doing the work.
The company cut out altogether the contribution'of
one million dollars ($946,868) made the previous year
to the Fund for Additions and Betterments, and which
was then charged directly to expenses. Under the
new system of accounting, the company would not
in any event have been permitted to make such a
charge to expenses in 1907-08. Then there was a
saving under the heading of Maintenance of Equipment in the large sum of $1,550,487, easily possible
because the charges to that account had been very
heavy in the preceding year. On the other hand, the
company was very liberal in its outlay for Maintenance
of Way and Structures, adding $811,853 in that way.
The report points out that the increase here is principally due to larger expenditures for renewal of ties
and rails, 499,974 ties and 9,941 tons of rails having
been placed in the tracks in 1907-08 in excess of the
quantities used in the previous year.
Coming now to the traffic and transportation expenses, where a reduction in the volume of traffic and
any reduction in operating cost should at once be
reflected, we find a decrease of only $140,218, notwithstanding that the tonnage movement one mile
decreased 175,175,988 tons and the number of passengers moved one mile increased no more than 69,870,261. The explanation of such an apparent anommataly is, however, very simple. Nevertheless,
, the
652
THE CHRONICLE
ter illustrates how difficult it is for the roads to bring
about a reduction in transportation cost commensurate
with any falling off in the volume of traffic. The increase in 1907-08 in traffic and transportation expenses was owing to higher rates of wages paid to
several classes of employees. In some instances increases had been made during the previous year, but
the expenses of only a part of that year were raised
thereby, whereas in 1907-08 the increases counted for
the entire twelve months. Of course, also, it must be
zemembered that the company operated a larger mileage, the average number of miles in operation in 1907-08
having been 7,499 miles,against 7,267 miles in 1906-07.
One other point in the affairs of this important system merits a few words of notice. The company is
engaged in a very large undertaking in building an
extension to the Pacific Coast at an estimated cost
of $75,000,000, the Pacific terminii to be at Seattle,
Tacoma and other Puget Sound points. This extension has been completed to Butte, Mont., 721 miles,
and that portion of the line is about to be opened for
regular traffic. The receipts, however, from business
over this line will not be included in the company's
statement of earnings for the present. Of the remaining 650 miles of the extension, track-laying has
been completed on about 250 miles in the States of
Montana, Idaho and Washington, and it is expected
that the whole line to the Coast will be in operation
some time next year.
Through the building of this line to the Coast, the
Milwaukee & St. Paul will be completely transformed,
not only in a physical and geographical sense, but also
from a financial standpoint. The financing of the
project has already been completely arranged, otherwise it might be difficult for even such a strong company as the Milwaukee & St. Paul to provide the means
for an undertaking of so great magnitude in a time of
falling revenues and poor business prospects. In
December 1906, it will be remembered, shareholders
were given the right to subscribe for about 100 million
dollars new stock ($66,328,500 preferred and $33,164,300 common) at par. and payment for the subscription
extended over a period of more than two years-10%
being payable Dec.31 1906, 15% June 1 1907,10% Dec.
1 1907, and 10% Feb.190820% June 1 and Dec.1 1908,
and the remaining 15% March 1 1909. When this Pacific Coast extension is completed and the new stock all
issued,the company will have about 1,400 more miles of
road, but it will also have 100 millions more of stock
on which to earn dividends. The balance sheet tells
that up to June 30 1908 $65,179,005 had been received on account of subscriptions to the new stock.
There is nothing in the report to show how much has
been spent thus far on this Coast extension, but presumably the item called "Bills Receivable," for $61,060,368, on the other side of the account, indicates the
outlay. In the previous year the outlay was apparently covered in the item termed "Advances to Other
Railway Companies." The amount of the item at
that time was $32,339,271. Now advances to other
companies are given as only $2,554,355—indicating,
seemingly, only ordinary advances. There is one
other item in the balance sheet which may include
some of the outlays on account of the Pacific extension.
We refer to the item called "Bonds and Stock of
Other Companies." This has increased during the
twelve monihs from $4,612,447 to $20,020,423.
[Vol, Lxxxvix.
There was on June 30 1908 no such extraordinary
amount of cash on hand as on June 30 1907, the
amount now being $8,393,550, as against $18,786,945
then. The company, however, holds a position of
extraordinary financial strength. Including the cash
on hand, the ordinary current assets on June 30 1908
amounted to $15,908,776, whereas the ordinary current liabilities (including interest accrued, even though
not due) were only $10,018,797. At the same time
the company held $8,871,800 of its own securities unissued in the treasury, and there still remains to be
received on the $100,000,000 new stock subscriptions
the sum of over $34,000,000. It is well enough to add
that, in reporting the cash on hand, we do not include
the sums on deposit with the United States Trust Co.
of this city and with the Union Trust Co., aggregating
together $1,532,054. This is a separate fund, set
aside for a separate purpose, and hence cannot be
used in any other way. We have not, therefore, included it in our figures. It represents, nevertheless,
just so much additional cash at the disposal of the
company.
THE NORFOLK & WESTERN IN A PERIOD OF
DEPRESSION.
By reason of the character of its traffic, the Norfolk
& Western was so situated as to be affected in a
marked degree by the relapse in the manufacturing
and mineral industries of the country. Very naturally, therefore, the annual report of the company,
submittedlthe present week, reflects the presence
of theiadverse conditions in the industries referred
to andiwhich have existed since the financial and
commercial upheaval of last autumn. But the
reportialso serves to bring out one other feature,
namely that the company was in position to pass
easily and safely through a crisis of that kind.
In analyzing the report for 1906-07, we pointed
out that, owing to hostile legislation and the increase
in the cost of conducting operations, a point had been
reached in the advance and development of the
property where new capital expenditures no longer
brought an adequate return in the way of enlarged
net revenues. Traffic and gross revenues might
expand in a satisfactory way with the growth in the
facilities to take care of the same, but there was no
proportionate gain in the net—no gain sufficient to
yield a reasonable return on the additional capital
invested. For instance, it was found that with an
addition to gross earnings, as compared with the
twelve months immediately preceding, of $2,676,615,
the addition to the net had been only $226,704, without allowing at all for the increase in taxes, which
amounted to $261,000, thus wiping out even this
small gain in the net.
In the year now under review, marked during the
last six months by such extraordinary depression
in business, the feature of higher operating cost was
further in evidence. At the same time, however,
as already stated, the strength of the company's
income position was such that the company was able
to bear the resulting loss without very serious ill
effects. Gross earnings for the twelve months as a
whole fell off $2,202,164 and this was met by a reduction in expenses, but only to the extent of $955,048,
leaving a loss in net in the large sum of $1,247,116.
The ratio of expenses to earnings was 64.08%, against
SEPT. 12 1908.1
THE CHRONICLE
only 62.62% in the preceding year and but 59.90%
in 1905-06. This is independent of the taxes, which
in 1907-08 formed 3.52% more, and these taxes for
this little road (the system comprises only about
1,900 miles) in the latest year were well above a
million dollars ($1,020,800), where only two years
before they aggregated but $735,000. Interest on
funded debt, by reason of the large capital expenditures of preceding years, also heavily increased—
in amount of $562,206 as compared with 1906-07-though, as the company got $504,340 revenue from
hire of equipment and some additional income from
other sources (probably due to the new accounting
methods put in operation by the Inter-State Commerce Commission),the income from outside sources
a little more than counterbalanced the increased
payment for interest, taxes and rents. In the final
result, therefore, the falling off in surplus above
charges is substantially the same as the loss in net
earnings from operations, amounting roughly to
13'1 million dollars—$1,226,410. In other words,
the surplus above charges for 1907-08 was $5,773,908,
against $7,000,319 in 1906-07.
When we say that the company the previous year
had a surplus of over $7,000,Q00 above charges, we
of course give emphasis to the fact that its income
position was a very strong one, that is, the margin
of income remaining to be encroached upon was a
large one. Similarly when we find that in 1907-08,
even after the heavy loss in income, a surplus of $5,773,908 remains on the operations of the twelve
months, we emphasize another and equally important fact, namely that the margin of surplus against
possible further encroachments, in case of a continuance of the unfortunate period of depression,
even now continues large.
Against available net income on the results for
1907-08 of $5,773,908, the call for the 4% dividend
on the adjustment preferred shares was less than a
million dollars—$919,656. Deducting also $192,000
paid to the Pocahontas Coal & Coke Co. on account
of deficiency of interest and $53,792 for other charges
against income, the balance remaining out of the
results for the year was no less than $4,608,460.
The semi-annual dividend paid on the common
shares in June, it will be recalled, was reduced to 2%
against the 21A% paid the previous December.
Hence, the dividends paid on the common shares
aggregated for the twelve months 432%, calling for
$2,901,114, whereas the balance of income, as we
have seen, above charges and the payments on the
preferred shares aggregated $4,608,460. Thus there
was an ample sum left even during such an unfavorable year as 1907-08. And this surplus was
employed in the same way as in former years: $1,360,000 was applied in appropriations for betterments
to property and $346,980 was charged to profit and
loss for discount on securities sold.
All this bears out what was said at the outset, that
the company passed very creditably through a very
poor year—and particularly a year bad for a road
dependent so largely upon the mineral industries.
There was no decrease in the coal shipments, which
constitute nearly 50% of the entire tonnage of the
road—rather there was an increase in such coal
shipments of 319,536 tons; but the extent to which
the road suffered from adverse business conditions
653
is seen in the fact that the coke shipments decreased
266,793 tons, or over .11%; the .ore shipments 279,479
tons, or nearly 29%; the lumber shipments 428,247
tons,or nearly 22%, while shipments of pig and bloom
iron decreased 265,402 tons, or over 45%.
Adverse business conditions, however, were not
the only drawback with which the road had to con,
tend. If we examine 'closely into the traffic and
revenue statistics, we find that as part of the loss of
the year there was a decrease of $185,637 in the gross
revenue from passengers and a loss of $165,711 in the
net earnings from passengers. Yet the contraction
here was due to no shrinkage in the passenger business.
On the contrary, the number of passengers carried
increased 133'% and the number moved one mile
increased almost 19%. The shrinkage in revenue
followed entirely from lower rates. The average
received per passenger per mile fell off almost onehalf a cent, a remarkable reduction, the company
having realized only 1.901 cents per passenger per
mile in 1907-08, against 2.364 cents per mile in 1906-07.
We here see the results of the arbitrary action of
State legislatures in cutting down passenger rates.
In the previous report there was a reference to the
legal proceedings begun by the company for the
protection of its interests in connection with the
reduction in passenger rates imposed by the State
of Virginia, and the present report also contains
reference, though only very brief, to the same subject. It is stated that these legal proceedings have
progressed to the stage where the case will be argued
in the United States Supreme Court early in the
term commencing in October. Obviously, with rates
cut down one-half a cent a mile at one blow, there
was ample justification for the course pursued in
testing the right of the State to such arbitrary action..
The strength of the Norfolk & Western's income
position, which has enabled it to pass through such
a trying year in such a satisfactory way, may be
ascribed to three main circumstances: (1) When it
was reorganized in 1896 it was organized on a basis
of low interest charges; (2) in the years since then
very large amounts have been appropriated out of
income, thus reducing the amount of new capital
additions to that extent, and (3) a very high degree
of operating efficiency has been attained. All these
three features are still dominant characteristics in
the road's affairs, but it is incumbent upon the legislator and the Government official to remember
that the strength of even the best companies is certain
to be sapped if the hostile course pursued in the more
recent years is persisted in and continued.
President L. E. Johnson makes brief allusion to
the effect upon the revenues and credit of the raiP
ways of the enforcement of the policies antagonistic
to the roads pursued in State and national legislation.
He says there can be no question that the hasty
and inconsiderate action taken in this regard was
largely responsible for the severe financial and industrial revulsion which occurred the latter part
of 1907. Not only have the revenues of the roads
been enormously contracted, but their expenditures,
as large employers of labor and consumers of materials
and manufactures, have been correspondingly reduced, while returns to their owners in the shape
of dividends on capital stock have, of necessity,
been diminished.
654
The important point to remember is that continued
large capital expenditures are needful in the growth
and development of the roads and this new capital
cannot be obtained unless the capitalist and investor
can feel a,ssured of fair treatment and a reasonable
return on the investment. In the late year alone
the Norfolk & Western, as appears from a table
in the report, made expenditures for construction,
equipment and betterments aggregating $8,418,993,
and advanced 81,665,071 more to roads whose construction the company is promoting. This is independent of the purchases of new equipment, to pay
for which four series of equipment trusts, aggregating $4,000,000, were created during the year.
None of these certificates have been sold, but all of
them are still held among the company's treasury
assets.
As indicating the trouble the company has had in
supplying its new capital needs, it may be pointed
out that during the late year $10,000,000 additional
divisional first lien and general mortgage bonds were
issued to pay for the new capital outlays made. Yet
the company could not float the bonds on account of
the condition of the security market and accordingly
had to resort to some temporary financing in the issue
of $7,500,000 2-year collateral gold notes secured by
a deposit of the $10,000,000 first lien and general
mortgage bonds referred to.
There is still another way in which continued
harassing of the roads will be sure to do very much
harm. If revenues are further impaired, the amount
of the appropriation out of income for betterment and
improvement work will of necessity have to be reduced
or suspended altogether. In the late year the charge
against the betterment fund created out of the accumulation of present and past appropriations was no less
than $2,281,394. If the company were obliged to
forego such appropriations for any length of time, its
position would be measurably weakened, which
would not be in the interests of the public any more
than it would be for the good of the road itself. In
the late year, we have seen, the amount of income
appropriated for betterments and additions was
$1,360,000; in 1906-07 the amount was $1,246,652; in
1905-06 it was $2,950,000; in 1904-05 $2,250,000; -in
1903-04, $2,000,000; in 1902-03 and 1901-02, $2,500,000 each year; in 1900-01 the sum allowed out of
earnings was $1,500,000, and this was also the amount
of the contribution in 1899-1900. Thus altogether in
the nine years the appropriation of surplus revenues
has reached $17,806,652.
From the company's organization in 1896 down to
June 30 1908 it has expended for new lines, branches
and extensions, for second track, sidings, yards, stations and other transportation facilities, the sum of
$59,068,758, of which $39,053,941 was provided by
the sale of capital obligations. Additions to equipment have also been made through the agency of
equipment trusts, represented by an aggregate of
$18,500,000 of equipment trust certificates, of which
$4,600,000 had been paid off to June 30 1908.
Through these capital expenditures and trust agreements 321 miles of main line and branches have been
added, 197 miles of second track and 467 miles of
sidings, while 22,948 cars and 540 locomotives have
also been acquired. All these were absolutely needful
expenditures and additions in the interests of the
[VOL. Lxxxvii.
THE CHRONICLE
road itself and the communities it serves. But with
the source of new capital supply cut off and contributions out of income also cut off, how long could the
road maintain itself and continue to render adequate
and satisfactory service to its patrons? How long, we
may also ask, could it maintain the present high
standard of operating efficiency as represented by an
average train-load of 571 tons? These are questions
worth pondering and considering by those legislators
and Government officials who, because of their course
inimical to our railway transportation lines and
corporate interests generally,must be held responsible
for the present stagnation in all industrial affairs.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate 85
shares, of which 74 shares were sold at the Stock Exchange
and 11 shares at auction. The transactions in trust company stocks reach a total of 29 shares. A sale of 9 shares
of stock of the Guardian Trust Co. at 198 shows an advance
of 33 points over the price paid at the last previous sale,
which was made three weeks ago. National City Bank
stock, sold at the Stock Exchange at 3003/2, has made a
gain of 1032 points over the last previous sale price.
Low.
Shares. BANKS—New York.
300%
*22 City Bank, National
*52 Commerce, Nat. Bank of_ _ _ 168%
1 Mercantile Nat'onal Bank
1314
621 %
10 Plaza Bank
York.
COMPANIES—New
TRUST
198
9 Guardian I rust Co
274
10 Van Norden Trust Co
TRUST COMPANY—Brooklyn.
276
10 People's Trust Co_
High.
300%
1683
131 k
621%
Close. Last previous sale.
300% Aug. 1908— 290
168% Sept. 1908— 168%
131k June 1908— 138%
621 %
198
274
198
274
276
276
Aug. 1908— 165
Jan. 1908— 300
Mch. 1907— 3183
* Sold at the Stock Exchange.
—The report of the special committee of five appointed by
R. H. Thomas, President of the New York Stock Exchange,
to investigate the unusual dealings on the Exchange which
occurred on Saturday, Aug. 22, just prior to the failure
of the firm of A. 0. Brown & Co., was presented to the
Governing Committee at its meeting on Wednesday. The
nature of the report was not disclosed, the only statement
issued at the close of the meeting, which was of longer
duration than is customary, being merely a formal announcement, quoted herewith, that the report would be acted upon
at the next meeting of the Governing Committee:
The committee of five appointed by the President, R. H. Thomas, to
investigate the dealings on the Exchange of Saturday, Aug. 22, to-day made
Its report to the Governing Committee, and the subject matter contained
therein will be acted upon at the next regular meeting of, the Governing
Committee on Sept. 23, In accordance with the constitution of the Exchange.
As stated in our issue of Aug. 29, the committee consists
of Ernest Groesbeck, Chairman; H. H. Pomroy, C. W.
Maury, R. P. Doremus and Albert E. Goodhart. Its investigations had been in progress almost daily since it was
appointed, the witnesses examined including several of the
members of the firm of A. 0. Brown & Co.
Charles E. Littlefield, who, as receiver of the firm, has also
been conducting an investigation into its affairs, gave out a
statement on Tuesday in which he said that, with the exception of about $200,000, the capital of $690,000 shown on
the books on July 9 1907 was the result of the profits of the
firm from 1902 to 1907. Mr. Ilittflefield secured a court order
on Wednesday granting hi4OpTptiAission to examine the
members of the firm 4eco,i.e1r4q,1Jnited States Commissioner Gilchrist or Alexanlesi jpnq one calling upon the
firm to produce such boola, i•dcbids and documents as may
OM,60,,
be required.
seat of John G.
sale
of
the
New
YbilMialilx4hange
—The
McIntyre, of the failed fitintirof TA/ McIntyre & Co. of this
city, has been ordered by.Othe ,Cicoveilaing Committee of the
Exchange. Similar action vivn[n kQn last month in the
tlip Board member of which,
case of Coster, Knapp &
John M. Knapp, was declareatmelligible for reinstatement
and his membership ordered (!NsPbsed of. The charges in
both instances are recklessiimb unbusinesslike dealings by
the firms. The action of theZxchange in the McIntyre case
was announced in the following statement issued on Thursday:
At a meeting of the Governing Committee of the Stock Exchange held
yesterday the report of the Committee on Admissions that the failure of the
SEPT. 12 1908.j
THE CIIRONICLE
firm of T. A. McIntyre & Co., of which firm John G. McIntyre, a member
of the Exchange, was a member, was caused by reckless and unbusinesslike
dealings, was considered and acted upon. John G. McIntyre appeared
before the Committee and presented his explanation and defense. The
Governing Committee, under Section 5, Article XVI., of the Constitution,
then unanimously determined that the failure of T. A. McIntyre & Co. was
caused by reckless and unbusinesslike dealing. The Committee also
directed the Committee on Admissions to dispose of the membersh p of
John G. McIntyre of said firm forthwith under Section 8, Article XV.. of
the Constitution.
The firm suspended on April 24. Thomas A. McIntyre,
the senior member, died on July 29.
—For the purpose of bringing about a closer co-operation
between the office of the Comptroller of the Currency and
the National Bank Examiners,and effecting an improvement
in the present system of examinations,Comptroller Lawrence
0. Murray has called a conference of all Eastern examiners
to be held in Washington on the 21st inst. At present each
examiner in conducting his examinations employs pretty
much his own methods, and it is the object of the conference
to secure the adoption of some uniform system. It is the
purpose, it is said, to have the best examiners outline the
plans which they follow, with the intention of raising those
who are below the highest standard of efficiency up to that
of the best examiners. It is further stated that the meeting
is also expected to result in the adoption of a plan whereby
there will be a department in the Comptroller's office for
the compilation,from the records of the banks,of information
as to the quantity of each kind of paper held by the different
institutions. These facts will be brought together and
will show just how much of each special kind of security is
outstanding. From them the Comptroller's office will be in
a position" to keep the examiners informed as to the issue
and distribution of such paper when the information is
called for. One result will be that the Department will be
better prepared to keep an oversight of loans made away from
the locality of the borrower. Knowing the total amount
of any paper, the examiner will be enabled to determine
whether such paper is doubtful or not.
—0. H. Cheney, who became Third Deputy Superintendent of the New York Banking Department with the creation
of the post/ last May, has been appointed Second Deputy
Superintendent to succeed John W. Wheelock, who resigned
because of his nomination as Treasurer of Albany County.
Frederick J. Seaver, who has been Private Secretary to the
Superintendent, has become Third Deputy Superintendent,
and, it is stated, will have charge of the building and loan
associations.
—The constitutionality of the Oklahoma bank deposit
, guaranty law is upheld in an opinion handed down by Chief
Justice Robert L. Williams of the Supreme Court of that
State on the 10th inst. The decision was given in a test
suit brought by the Noble State Bank of Noble, Okla.,
which refused to pay the 1% tax into the fund,on the ground
that it is unjust and unconstitutional as taxing one person
for the benefit of another, and takes away property without
due process of law. The opinion was unanimous, the Court
holding that the law is neither repugnant to the Constitution
of Oklahoma nor to that of the Federal Government. The
case will be appealed to the Federal Supreme Court. Judge
Williams also holds, it is said, that in the event of a failure
of a national bank which has availed itself of the guaranty
law, but later canceled its contract with the State in compliance with the ruling of the Attorney-General, said bank
cannot claim any benefits from the law.
Another decision affecting the guaranty deposit law was
given by Judge A. H. Huston of the District Court at Guthrie
on the 5th inst., in the case of the Farmers' & Merchants'
Bank of Prague, Okla. The State Banking Board had refused to grant the institution permission to begin business,
notwithstanding the fact that it had obtained a charter and
paid its assessment, on the ground that there were already
enough banks in the town. Judge Huston rules that the
Board has no power to limit the number of banks a municipality may have and orders the State Bank Commissioner to
grant the bank consent to operate.
A consolidated statement showing the effect of the guaranty
deposit law on both secured and unsecured national banks
and on secured State banks up to July 15, the date of the
last call, has been prepared by George W. Bellamy, President, and Roy C. Oakes, Secretary of the State Banking
Board. The law was passed by the Legislature on Dec. 17
1907 and became effective on Feb. 14 1908. The report of
the Board shows, it is stated, that the total increase of de-
655
posits in secured banks, both State and national, from
December to July 15 has been $4,509,222; the total decrease
in deposits of all unsecured banks for the same period was
$2,065,488, and the total decrease of deposits of State funds
in all classes of banks covered by the May 14 and July 15
statements aggregated $1,200,807. "So it is apparent,"
the statement adds, "that there is $3,644,541 more individual deposits in banks of Oklahoma than before the
depositors' guaranty law was passed, with all of the increase
deposited in banks secured by the law."
—Owing to the action of State Bank Commissioner John
Q.Royce of Kansas,the Central National Bank of Topeka was
for a day or two, until satisfactory explanation was made by
the bank, barred as a reserve agent for trust companies and
State and private banksiniKansas. The action of Mr. Royce
was announced in an order issued by him on August 29,
in which he stated that the bank had "failed and refused
to furnish this Department with truthful information relating to its business with a State bank in Kansas, which
information was requested for the purpose of enabling
this Department to determine the solvency of such bank."
The order was rescinded on August 30, after a conference
between Mr. Royce and the bank's officials, the reinstatement of the bank having been announced in the following . letter from Mr. Royce:
August 30 1908.
Mr. G. M. Smith, Pres.; Mr. Jno. C. Knorpp, Vice-Pres.; Mr. David Thornton, Cashier, The Central National Bank, Kansas City, Mo.
Gentlemen: I am just in receipt from your hands of your letter of August
30th, admitting your error and mistake in furnishing the Banking Department of Kansas untrue Information regarding obligations against one
of the banks which It supervises, contained In the record of your bank.
I note also the explanation which you make of the matter, expla ning
the cause for such incorrect information. I wish also to admit that I
have spent a good portion of this day In your bank listening to explanations which the officers of your bank have been pleased to make to me,
and from the letter which you have this day written me, and from such
information as I have been able to obtain by a personal visit to your bank,
I am of the opinion that the untrue information furnished a deputy of
the Kansas Banking Department by your Cashier was not maliciously
or wickedly done, nor was it done with a direct intention to deceive the
Banking Departm nt of Kansas.
I feel that your bank is entitled to severe criticism for making a loan
to the cashier of a bank on his individual note, with a written obligation
on the side, binding his bank to the pa.yment of such note, even though
It went to the bank's credit, which it did in this case. I feel also that
your cashier is only Justly criticised for answering a direct question from
the Banking Department that no such contract exists, without making
sufficient Inquiry to know whether in fact it is in his bank or not.
The Investigation which I have made has been such as to convince me
that no real harm was Intended by the cashier who failed to furnish the
information requested, and being thus convinced, and on your promise
that nothing of the kind will ever occur in the future, I am isposed to
rescind the order made yesterday, a d, I co hereby reconsider such or 'er,
an your bank, the Central National Bank of Kansas City, Mo., is hereby
restored to Its former relations with this epartment.an you may be permitted to again act as reserve agents for-such State an private banks
and trust companies in the State of Kansas as_may ue,sire to entrust their
business with you.
With kindest regards to your officers anl with the hope that we may
have no mIsun_erstan_ings in the future, I am, very truly yours,
J. Q. ROYCE,
Bank Commissioner.
—George W. Fitzgerald, who was arrested last month in
connection with the shortage of $173,000, which was discovered in the Chicago Sub-Treasury accounts in February
1907, was freed by Judge Chetlain on the 10th inst. It is
stated that Assistant U. S. Treasurer Boldenweck, in charge
of the Sub-Treasury at Chicago, acting on instructions not
to disclose evidence gathered by the Federal authorities,
refused to testify. The case was thereupon dismissed by
Judge Chetlain.
—Among the questions to be discussed by the ClearingHouse Section of the American Bankers' Association at the
coming annual meeting at Denver is one affecting the
present method of reporting the volume of clearing-house
transactions, as dealt with in the following resolution
passed by the Executive 'Committee of the Section at its
last meeting.
"Whereas, the present method of reporting the volume of clearing-house
transactions does not accurately represent the volume of business transacted,
Now, be it
"Resolved, That we recommend that each bank report weekly to the
manager of the clearing house in Its own city the total of all checks on itself
charged on its books, excepting cashier's checks given In payment of clearing-house balances."
—The Mutual Alliance Trust Company of this city purposes to increase its capital from $500,000 to $700,000,
through the transfer of $200,000 from the surplus fund,
equivalent to a 40% stock dividend. A special meeting of
the stockholders will be held on the 28th inst. to act on the
proposition. At a meeting of the directors of the company on the 3d inst., R. H. Rountree of the cotton firm
of R. H. Rountree & Company, and George H. Storm,
President of the cigar manufacturing firm of George H.Storm
& Co., were elected to the board. Under the latest call of
the Superintendent of Banks, namely, Aug. 31, the company
reports deposits of $5,530,000, against $4,069,000 on June 30
1908
656
THE CHRONICLE
—The payment of the third dividend of 25% to the depositors of the failed National Bank of North America of
this city was made by Receiver Charles A. Hanna this week.
The two previous dividends of 25% each were paid respectively in May and June, and the final payment, with interest
at 6%, is expected to be distributed before the end of the
year. The bank closed its doors on Jan. 27 last.
—The payment of a 40% dividend to the depositors of
the New Amsterdam National Bank of this city, in liquidation, was authorized yesterday by the Comptroller of the
Currency. This brings the total distribution thus far up to
90%, two dividends of 25% each having previously been
paid. The closing of the bank occurred on Jan. 29.
—The proposition to increase the capital of the Colonial
Bank of this city from $100,000 to $400,000 was ratified by
the stockholders on Wednesday. The enlarged capital is to
become operative on Oct. 1.
—The Corn Exchange Bank of this city has opened its
new branch in the Hudson Terminal Building, Church and
Dey streets. This latest addition is the institution's twentyfourth branch.
—The Home Bank of Brooklyn Borough, which re-opened
in June under a deferred-payment plan, paid the fourth
installment, due June 4 1909, on the 4th of the present
month. The institution had been closed four months, or
from Feb. 1 to June. The reorganization plan provided for
the payment of 10% with the reopening, 15% four months
from that date, 20% at the end of eight months, 25% after
twelve months and 30% after sixteen months. The 15%
which was payable in October was paid on July 15, the 20%
due in February 1909 was distributed on Aug. 4 and the 25%
which was to have been paid nine months hence, or one year
from the reopening, is new available. The balance of 30%
is expected to be paid on Oct. 1, at which time the bank will
remove from its present location at Fifth Ave. and 48th St.
to up-to-date banking quarters at Fifth Ave. and 51st St.,
which will be provided with safe-deposit vaults. The officers of the institution are: William E. Kay, President;
Charles Cranford and Pher Nelson, Vice-Presidents, and J.
W. Waller, Cashier.
—The Pennsylvania Bankers' Association was in annual
session this week, on Tuesday and Wednesday, at Bedford
Springs, Pa. "The Federal Guaranty of Bank Deposits"
was the important feature of the program. James I.
Buchanan, President of the Pittsburgh Trust Co. took a
stand against such guaranty of deposits, and Congressman
John G. McHenry, member of the House Committee on
Banking and Currency, undertook to present arguments
in favor of it. Mr. Buchanan took occasion to state that
we are all proud of our Government's credit, but declared
that if we should undertake such a reckless use of it as the
guaranteeing of all the private and corporate loans in all
the banks in our land (for that, he said, is what guaranty
of bank deposits means in its last analysis), we would
certainly come to rue the day. "This," he added, "seems
so self evident that it would be an insult to common intelligence to undertake to argue the point, to say nothing of
the unwarrantable waste of time in doing so. But it is said
that the Government itself would not be the guarantor,
but merely the custodian of a fund contributed by the
banks. This would also involve a deception of the people
at large, who would consider, regardless of how it was put,
that the Government was in reality guaranteeing the banks."
In alluding to the utter insufficiency of Federal guaranty,
he said:
In New York City alone last fall banks closed with deposits aggregating
$100,000,000. At that tim it was not in the power of any individual or
set of Individuals, or State Government, or even the Government of the
United States, to pay the depositors of these institutions In cash. The
United States Government at that time did not have at its disposal for such
a purpose one tenth of that amount. No combination of banks could have
taken care of that amount in duty to their own respective depositors.
The banks closed because they were insolvent, and It matters not what
system of guaranty were devised, the same thing would happen again.
If the depositors are to be effectually guaranteed their money when wanted,
as they will believe, on the principle that what happened may happen, the
Government would not be safe to keep on hand less than $200,000,000
(5% of the national bank deposits), which would be little more than sufficient to pay on demand the total deposits of banks that have suspended
In the whole country in any one year. Indeed, It may be a quest on If
gold to cover the deposits of at least three of the largest banks in the country should not be held. This would mean a very large withdrawal of gold
from use for bank reserves, and a consequent four fold contraction of credits
available for the business of the country. Even if Federal guaranty of bank
deposits can be justified in the abstract, this Immense contraction of credit
would make the guaranty very costly to depositors in the aggregate.
who make up the business interests.
Lxxxvii.
for adoption by Joseph Wayne Jr., Cashier of the Girard ,
National Bank of Philadelphia, but after considerable
discussion was withdrawn.
William A. Law, Vice-President of the Merchants' National Bank of Philadelphia, in an address on "Co-operation
of Commercial Credits," advocated the adoption by clearinghouse banks of the plan favorably reported by a Committee
on Credit Information appointed by the American Bankers'
Association, providing for an annual audit of the books
and accounts of all houses selling their commercial paper
through note brokers, to which members shall have ready
access.
—The closing of two Pittsburgh financial institutions
on Saturday last, alleged by their officials to be solvent,
has served to focus considerable attention on these banks.
The Cosmopolitan National Bank was closed in the morning
by order of the Comptroller of the Currency, the action
having been based on a report of National Bank Examiner
John B. Cunningham. Shortly after, the Mt. Washington
Savings Sr Trust Co., which had $4,000 deposited with the
Cosmopolitan, and one of whose officers is a director
of the bank, was closed by the State banking authorities.
This institution, however, was allowed to reopen within
a half an hour of its closing. It reopened as usual on
Tuesday (Monday, Labor Day, being being a legal holiday)
but was again closed on that day, by order of the Examiner,
and has since failed to open.
The closing of the Cosmopolitan National is said by the
officers to have been unwarranted, and to have occurred
without any preliminary notice to them, and alleged charges
of intoxication have been circulated against Bank Examiner
Cunningham. At a meeting of the directors of the bank
on Monday night it was decided, it is said, to make an offer
of $250,000 in cash to the Comptroller of the Currency
for the purpose of redeeming outright any security or
collateral to which the Bank Examiner may have objected,
and demand that the bank be allowed to resume. Lawrence 0. Murray, U. S. Comptroller of the Currency, issued
the following statement on Wednesday with regard to
the affairs of the bank and the charges against Mr. Cunninghain:
Judge F. F. Oldham, the Chief of the Insolvent Division, whom I sent
to Pittsburgh before the closing of the Cosmopolitan National Bank, has
returned this morning and states that the condition of the bank Justified
its closing. No application has been made to this office making any
proposition of any kind whatever looking toward its reopening for business,
nor has anything been received from any officer connected with the bank
charging Mr. Cunningham with intoxication when he made the examination.
It is said that the bank's closing involved the question
as to the value of some of the collateral upon which a loan
of $30,000 was made. The bank was organized in 1902.
It had a capital originally of $200,000, which was increased
in January 1905 to $500,000. Its deposits, according to
Cashier Richardson, aggregated $900,000 at the time of its
closing, including a deposit of $100,000 of the State, secured
by bond, and $100,000 of the Government, secured by
Government bonds.
A statement with reference to the action of the State
Banking Department in closing the Mt. Washington Savings
dr Trust Co. on Saturday last was given out on Sunday by
Secretary George M. Gordon of the institution, who said:
State Bank Examiner James A. Cover closed the Mount Washington
Savings & Trust Co. for about 15 minutes on Saturday.
To prove that there was no occasion for such sadden action on the part
of the Department at Harrisburg, It Is only necessary to state the facts,
which are as follows:
Mr. Cover called at the bank about 10 a. m. and asked what effect,lif
any, the closing of the Cosmopolitan National would have on us. I told
him that the Cosmopolitan was one of our reserve depositories, but that
at the present time we had only about $4,000 on deposit with them, the
bulk of our deposits being with the First National Bank of this city: and
outside of that we had no other affiliations with the Cosmopolitan.
About 11:30 he called again saying that he had Instructions from Commissioner Berkey to close us, and straightway posted a notice on the door,
drew the blinds and took charge.
He immediately went to the telephone and called Mr. Berkey, and after a lengthy conversation with him, ordered the sign removed. He remained for a few minutes and in my presence told different parties who were
Interested, and called to make inquiries,that a mistake had been made,
and that in all probability we would be open as usual Tuesday morning
for business. Monday being a legal holiday.
He also authorized me to tell any inquirers the same. He then left the
city and could not be found by any of our officers, who very much desired
an explanation. He made no explanation to the crowd that had collected
around the door when the doors were closed, and the notice posted.
Our reserve fund at the present time Is very much above the legal requirements, and while I do not know what the action of the board will be,
I see no reason why business cannot be resumed as usual unless we have
suffered Irreparable injury from the posting of the notice and the spreading of the rumor.
In connection with the above, it is ro more than proper to state that
within the last ten days our bank was examined by State Bank Examiner
White, who reported to us that we were In better condition than ever before.
I, of course, am familiar with the bank's affairs, and cannot for the life
of me understand the action of the Department in closing us, and .shall
anxiously await with interest future developments.
A motion that the Association place itself on record as
This was followed by the issuance of a statement by State
opposed to the guaranteeing of bank deposits was offered Bank Commissioner Berkey on Tuesday as follows:
SEPT. 12 1908.1
The Institution was closed by order of the Department and there was no
mistake about the proceeding, which was In strict accordance with the law.
The directors of the company have been informed as to the reasons for
the Department's action,and they have been given to understand the condition on which they will be permitted to resume business. Further than
this I cannot now discuss the matter.
The Mt. Washington Savings & Trust was organized in
1903. It has a capital of $125,000. Its deposits are said
to amount to about $60,000.
-Two indictments of forgery are said to have been returned against William Montgomery, formerly Cashier of
the failed Allegheny National Bank of Pittsburgh, by the
County Grand Jury on the 8th inst. The bank closed on
May 16, having suffered through the defalcation of its
Cashier.
-The several members of the firm of Whitney, Stephenson & Co. of Pittsburgh, namely George I. Whitney, Francis
L. Stephenson and Irwin M. Fickeisen, were indicted by
the Grand Jury on the 8th inst. on an alleged charge of embezzlement. It is reported that they are accused of appropriating 33 shares of stock of the Westinghouse Machine
Co., of a par value of $33,000, deposited by a customer.
The firm assigned last December.
-The proposition to increase the capital of the People's
Bank of Wilkes-Barre, Pa., from $250,000 to $400,000 has
been ratified by the shareholders. We are advised that the
actual increase at the present time will probably not be more
than $50,000-one-third of the additional amount authorized.
The shares have a par value of $100 each, and are being
disposed of at $350 per share. That portion which has
been subscribed is being paid for in payments running
through a period of six months, the first and second installments being for 40% each and the third one 20%. When
the entire authorized amount becomes full paid, the bank
will have a capital of $400,000 and surplus of $875,000, in..
dependent of any undivided earnings there may be.
-Ernst & Ernst, Public Accountants, with offices in
Cleveland and Chicago, have concluded their examination
of the three Cleveland banking institutions which were put
in the hands of receivers some time ago, namely the Reserve
Trust Co., having five local branches and resources of
$3,000,000; the Commercial Savings & Trust Co., with
resources of about $5,000,000, and the Euclid Avenue Trust
Co., having four branches and resources of $3,000,000.
-The Commercial National Bank of Chicago has recently
opened a bond department under the management of D
Douglas Calhoun, who for some time past has been in the
credit department of the bank. In our "State and City
Department"iwillibe found a news notice of the purchase of
$50,000 Merrill, Wis., 4M% park and street-improvement
bonds by this bank.
-The Northwestern National Bank of Minneapolis has
issued a statement under date of Aug. 26 showing deposits
of $20,722,037. This represents an increase of $1,455,000
since the absorption of the National Bank of Commerce on
June 10 and an increase of $1,233,000 over the combined
deposits of the two banks on Aug. 26 1907. The bank now
claims the largest deposits of any bank in the Northwest
outside of Chicago. The total resources are $26,441,976.
-Ben F. Edwards was elected President of the National
Bank of Commerce in St. Louis, to succeed the late J. C.
Van Blarcom, at a directors' meeting on Wednesday. Mr.
Edwards entered the bank as a clerk in 1880. He became
an Assistant Cashier in 1882, Cashier in 1899 and Vice-Presi
dent in 1904. He is connected with the St. Louis brokerage
house of A. G. Edwards & Co. His father, Albert G. Edwards, was Assistant Treasurer of the United States at
St. Louis for a number of years.
gtx,o netarg3To1nmercia1iluglisitge1tas
%AMAOW,
(From our ,
swn correspondent.)
657
THE CIIRONICLE
In all probability the present alarm will pass away quickly
for it is inconceivable that Germany means to pick a quarrel
about a country in which she has no real interests. And,
indeed, the general impression amongst the best informed
is that Germany has acted more to influence the Reichstag than with any regard to international affairs. The
German Government wants the Reichstag to vote an immense increase to the taxes and this is supposed to be one
of the means by which Prince Bulow hopes to get the taxes
voted.
On Thursday there was a general setback in London,
and in Paris naturally the feeling was even more uneasy.
There was a recovery, however, in London almost immediately. Especially there was a marked recovery in South
African mining shares. In Paris the depression was greatest
in international securities. Here it was greatest in highclass securities, especially Consols. Assuming that Germany
does not mean to quarrel about Morocco there will be a
rapid recovery in Paris, for the amount of unemployed
money in that city is now enormous. And besides everybody knows that preparations are being made for a great
Russian loan. Here it is probable that there will be an
early recovery in Consols. For the first time in many
months the India Council has been able, not only to sell
the whole of the bills and transfers offered by it, amounting
to 20 lacs, but also to sell a considerable amount by private
contract. For a long time past it has failed to sell as much
as 10 lacs. Sometimes it has been unable to sell any at all.
This week, however as said, it has done exceedingly well
and it has decided'
to raise the amount to be offered for
tender next week to 40 lacs. There is some doubt amongst
the best informed whether the improvement in India is
yet strong enough to take so much. The monsoon is going
on satisfactorily and ultimately the crops will prove to
be good over far the greater part of India. But it is not
thought by many well-informed persons that the peasantry
will bring out the hoarded grain which they have been
holding back from the market for the last twelve months
until they are fully convinced that the monsoon will be
good. They will be so convinced, according to the best
opinion, about the middle of October, and,therefore it is
freely
doubted whether the Council will be able to sell'
so much as 40 or 50 lacs for a month yet. But unless the
monsoon stops prematurely there will soon be a great
improvement in the demand for Council drafts. When
that occurs, the Council will not need to go on selling its
investments and then there will be a recovery in Consols,
as everybody knows that before the end of March next
there must be a redemption of debt to. the extent of 15
millions sterling.
Money continues so unusually plentiful and cheap that
the French banks are withdrawing funds from London on
a very large scale, while on Thursday gold was withdrawn
from the Bank of England, amounting to £340,000, for
Argentina. As the usual shipments have not begun in
the past until the end of October or well into November,
the market was taken by surprise. The best informed,
however, are of opinion that the shipment does not mean
that there is a real demand in Argentina for gold, but that
people in London, being unable to employ all their money
profitably, have been looking out for the means of placing
it abroad and that they have come to the conclusion that
the money can be better employed in Argentina than in
London, all the more because there is sure to be a demand
for the metal for moving the crops before the end of the
year.
The India Council offered for tender on Wednesday 20
lacs and the applications exceeded 106 lacs at prices ranging from is. 3 29-32d. to is. 3 i5-16d. per rupee. Applicants
for bills at is. 3 29-32d. and for telegraphic transfers at
is. 3 15-16d. per rupee were allotted about 19.6 per cent
of the amounts applied for. The amount to be offered
for tender next week will be increased to 40 lacs, as already
stated.
The following return shows the position of the Bank of
England, the. Bank rate of discount, the price of consols,
&c., compared with the last four years:
1908.
Sept. 2.
£
29,494,665
6,704.720
44.587.171
15,532,293
26,715.591
27,300,775
38,345,440
Circulltion
Public deposits.- _ _
Other deposits
Governm't securities
Other secrulties
Reserve,notes&coin
Coln&bull.,both dep
Prop, reserve to lia53%
p. c.
bilities
2%
p. c.
Dank rate
Consols, 23.4 p. c-85 15-16 x d
23 9-16d.
Silver
Clear.-house returns 243,678,000
1907.
Sept. 4.
1906.
Sept. 5.
1905.
Sept. 7.
1904.
Sept. 7.
29,463.150
6,273,911
47,931.968
14,338,076
31,002,832
27,148,649
36,163,799
29.094.105
8,912,066
45,655.617
15,958,452
29,527,594
27.366,883
38,101.988
29.448,980
22,272,294
43,571,477
18,667.070
29,802,287
24.694,843
35,693,823
28.533,620
5.388,485
42,574.842
14,227,140
24,623,869
27,507.808
37,591.828
London, Saturday, September 5, 1908.
During the first three days of the week business was
50
45
57%
50%
a3
43.4
3
33.4
decidedly active on the Stock Exchange and feeling was
•
88%
81 9-16
86%
903(
exceedingly hopeful. The publication on Thursday morn26%d.
31 7-164.
313.(d. 28 11464.
245,536,000 290.063,000 260,933.000 172,122,000
ing, however of the news that the German Government
The rates for money have been as follows:
the Powers to recognize immediately Mulai
had pressed '
Aug. 14.
Aug. 28.
Sept. 4.
Avg. 21.
Hafid as Sultan of Morocco and that the German Consul at Bank of England rate
234
234
234
234
Fez, who had retired from that city with the other consuls, Open Market ratesBank
bills
-3
months_
134
IN
1
7-16@134
13.4
had gone back without intimating to his colleagues that
-4 months_ _ _ _
154 13401%
23.j
he'was about to do so,made a very unfavorable impression
24
-6 months_ __ 2%
2% g2,6
234
2@254
blils-3
Trade
months
20234
2@23.(
23.
on all the stock exchanges and bourses of Europe. By
@2;1
-4 months_ _ _ _ 23
234(0)2%
@)3
234@2%
23.4
%
the Algeciras Act, France and Spain had been delegated Interest allowed for deposits1
1
1
1
By Joint-stock banks
by the Powers to act for them in Morocco. The course of
By discount houses:
Germany, therefore, is regretted as an attempt to undo
1
1
At call
1
1
13.,
13(
7 to 14 days
13(
13(
whatliwas done at Algeciras, and therefore was not only
open
and
market
rates
at
the
improper in itself, but doubly so because the conference • The Bank rates of discount
as
follows:
chief Continental cities have been
oflAlgeciras was called atithe instance]ofjGermany herself.
THE CHRONICLE
658
Rates of
Interest atParis
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen
Aug. 22.
Aug. 29.
Aug. 15.
Sept. 5.
Bank Open
Bank Open Bank Open Bank Open
Rate. Market.Rate. Market. Rate. Market. Rate. Market.
3 1(g,18%
18%
3 1018%
1.4
3
3
28%
2%
4
4
25
%
4
28%
4
28%
4
25%
2%
4
4
4
28%
4
28%
4
25%
2 15-16
4
28%. 4
3
25%
25%
3
25%
2 7-16 3
3
3
2
18%
3
3
2
2
3
33%
35%
4
35%
4
4
35%
4
55% nom.
58% nom.
55% nom
55% nom.
45%
4
45%
4
45%
35%
35%
45%
5
6
6
5
5
6
5
6
Messrs. Pixley & Abell write as follows under date of
Aug. 27:
GOLD.-Paris was a competitor for the gold this week, and In consequence the
price rose to 77s. 105%d., at which rate Vienna and Paris secured the, bulk of the
arrivals. The tendency has since become a little easier. Next week we expect
£965,400 from the Cape. The week's movements are as follows: £50,000 has been,
received from Australia and £20,000 from Ecuador, while £120,000 has been withdrawn, chiefly for Constantinople, all in sovereigns. Arrivals-Cape, £428,500;
Australia (coin), £50,000; West Africa, £7,000; West Indies, £45,000; total, £530,500. Shipments-Bombay, £77,500; Calcutta, 21,000; total, £78,500.
SILVER.-The market shows some improvement. The reports from India continue favorable, and the exchanges at last begin to show an upward tendency,
while "bears," finding their sales at this level are readily absorbed, are trying to reduce their commitments. The price has risen 3-16d. to 23 13-16d., but closes weak
at this quotation. The price in India is Rs. 608%. Arrivals-New York, £162,500;
West Indies, £5,000; total, £167,500. Shipments-Bombay,£161,000; Colombo,
£2,500; Port Said. £1,500; total, £165,000.
Messrs. Pixley & Abell write as follows under date of
Sept. 3:
/GOLD.-This week's arrivals of about £965,400 from the Cape were again taken
by Paris and Vienna, the latter taking the larger portion at 77s. 105%d. The enquiry
for Vienna becoming more keen, the price has since advanced to 77s. 105%d. Next
week we expect £419,000 from the Cape. At the Bank the movements have been:
In, £12,000 from the Cape; out, £574,000, of which £540,000 is for South America.
The Indian Government is reported to be shipping £250,000 in sovereigns to London
this week. Arrivals-Cape, £968,000; Australia £130,000; West Africa, £68,000;
total, £1,166,000. Shipments-Bombay,£46,800; Madras, £2,500; total,£49,300.
SILVER.-Quotations have shown a slight downward tendency during the past
week, and spot closes 235
/sd., or 1-16d. above the lowest. The Indian Bazaars have
again been moderate sellers, but China has bought for forward delivery. The volume of business has not been large, and the tone throughout the week has been dull,
though at the close it is steadier. The Bombay rate is Rs. 608% per 100 tolahs.
It is reported that a shipment of £100,000 in Sycee has been made from Shanghai
to Bombay this week. Arrivals-New York. £166,000. Shipments-Bombay,
£139.200; Madras £2,500; Port Said. £1,100; total, £142,800.
The quotations for bullion are as reported follows:
GOLD.
Sept. 3.
London Standard.
s. d.
Bar gold, fine, oz
77 105%
U. S. gold, oz
"6 55%
German gold coin, oz_ 76 55%
French gold coin, oz._. 76 58%
Japanese yen
76 55%
SILVER.
Aug. 27.
Sept. 3.
London Standard.
d.
s. d.
77 108% Bar silver, fine, oz. -235%
_23 11-16
76 55% " 2 mo. delivery
258%
76 55% Cake silver, oz
nom.
76 55% Mexican dollars
76 58%
Aug. 27.
d.
23 13-16
23 13-16
25 11-16
nom.
The following shows the imports of cereal produce into
the United Kingdom during the season just ended, compared with previous seasons:
IMPORTS.
1906-07.
1907-08.
cwt 91,445.750 96.194,052
20,355,386 19,768.034
13,185,799 11,292,114
1.853,780
1,364,950
460,850
946,870
39,423.157 52,525,570
13.408.100 13,427,672
YearImports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
1905-06.
94,163.090
20,457.800
15,774,700
1,809,845
614,230
46,538,800
14,257,570
1904-05.
102,954,000
23,252.900
17,102,900
2,344,163
1,461,500
41,500,050
10,908,020
Supplies available for consumption (exclusive of stock on
September 1):
1906-07.
1907-08.
1905-06.
1904-05.
cwt_91,445,750 96.194,052 94,163,090 102,954,000
13,408,100 13.427,672 14,257,570 10,908,020
34,558,162 35,458,511 28,111,031 15,950,008
Wheat Imported
Imports of flour
Sales of home-grown
139.412,012 145,080,235 136,531,691 129,812,028
335. 10d.
27s. 911.
30s. 10d.
27s. Id.
288. 111.
28s. 100.
32s. 10d.
30s. 811.
Total
Average price wheat, week
Average price season
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week. Last week.
1,895,000
qrs. 1.795,000
145,000
130,000
qrs
700,000
705,000
qrs_
Wheat
Flour, equal to
Maize
1907.
2.010,000
150,000
795,000
1906.
2,019,000
196.000
1,150,000
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:
Tues
Wed.
Week ending September 11. Sat.
Mon.
238%
Silver, per oz
d 238%
24
238%
86 1-16
Consols, new, 25% per cents. 85 11-16 85 15-10 86
86.00 86 1-16 868%
For account
818%
96.85
French Rentes (in Paris)..fr. 96.928% 97.028% 97.05
88
888%
Russian Imperial 45
978%
do
do new 5s
975%
828%
§iA
Amalgamated Copper C_o_
818%
bAnaconda Mining Co_
95%
____
95%
9%
935%
Atchison Topeka & Santa Fe. 928%
93
935%
98
98
Preferred __
__
975%
Eio%
00%
1018%
Baltimore dr Ohio
998%
Preferred88%
89
Canadian Pacific
1iiii
1778%
1778%
1778%
438%
44
435%
Chesapeake & Ohio
438%
65%
6%
65%
Chicago Great Western
6%
1488%
1488%
Chicago Milw. & St. Paul_ _ _148%
1488%
Denver & Rio Grande, corn_ 278%
278%
27%
27
Preferred
678%
678%
67
675%
Erie, common
268%278%
298%
First Preferred
428%
438%
458%
328%
Second Preferred
335%
328%
355%
1458%
Illinois Central
1458%
1458%
1458%
1128%
1128%
Louisville & Nashville
1128%
1128%
Mexican Central
16%
17
168%
335%
Missouri Kans. & Texas, corn 328%
33
328%
66
Preferred
66
668%
66
National RR. of Mexico_ _
508%
498%
508%
508%
108
N.Y. Central & Bud. River_108
108
108
N. Y. Ontario & Western__ _ 435%
44
438%
435%
Norfolk & Western, coin_ _- 768%
778%
768%
765%
82
Preferred
83
83
82
Northern Pacific
149
1468%
148
1468%
aPennsylvanla
64
64
64
64
aReading Company
66%
668%
668%
668%
aFirst Preferred __
448%
445%
44%
445%
aSecond Preferred
445%
4434
UN
,
445%
Rock Island Company
18
17%
17%
11A/
g
Southern Pacific
1128%
1128%
1118%
208%
218%
Southern Railway, common_ 208%
21
535%
528%
52
Preferred
528%
1728%
1708%
Union Pacific, common_ -_ _ _169%
1695%
908%
898%
Preferred
90
90
498%
488%
U.S. Steel Corp., common
488%
488%
1148%
1148%
Preferred
1148%
1148%
128%
12%
Wabash
138%
138%
27
Preferred
27
27
61
608%
608%
Extended 9s
608%
IBi
a Price per share
b £ sterling
C Ex-dividend.
Thurs,
Frt.
23 13-16 23 13-10
86
85%
86 1-16 85 15-16
96.778% 96.718%
88
97%
SIN
80
9%
9%
935%
935%
98
98
103
1038%
89
90
1798%
1788%
45
448%
65%
65%
147
1488%
288%
278%
678%
678%
318%
308%
468%
478%
375%
35
147
1488%
113
1128%
168%
168%
34
335%
678%
678%
508%
508%
109
110
44
43%
7734
778%
828%
83
1498%
148
648%
648%
678%
678%
445%
445%
t43%
45
18%
1 118% c1095%
228%
248%
55
568%
172
c169
92
92
49
488%
1148%
1138%
13
13
27%
28
61
61
Tommerciaiand Zaiscenantons nos
Breadstuffs Figures Brought from Page 692.-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 Aug. 1 for each of the last three years have been:
Receipts atChicago _ _ _ _
Milwaukee_ _
Duluth
Minneapolis_
Toledo
Detroit
Cleveland _ _
St. Louis__ _
Peoria
Kansas City
Corn.
Wheat.
Flour.
Oats.
Barley.
Rye.
bbls.196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
167,081
457,900 1,951,090 2,562,738
618,500
50,000
42,000
244,000
38,520
384,000
49,500
771,600
110,000 1,007,796
36,168
25,032
467,881
22,280
1,717,480
420,810 1,053,600
52,020
68,900
132,500
238,500
50,000
28,800
49,500
142,500
5,000
42,599
209,553
1,295
37,791
281,975
617,800
552,010
59,835
9,100
8,000
239,800
189,000
14.000
21,000
18.850
29,000
95,700
70,500
838,950
2,773,144
3,416,580
3,986,569
4,871,569 2,049,681
0,355,545 1,228,778
4,726,842
912,125
248,552
364,598
113,086
Since Aug. 1
1,956,620 27,949,113 12,895,391 21,210,044 7,038,866
1908
1,988,970 33,499,958 16.943,316 29,325,769 2,868,639
1907
2,554.657 31,205,393 17,330,167 29,605.779 3,177,367
1906
818,705
763,030
561,942
Tot.wk.08
Same wk.'07
Same wk.'06
400,581
318,096
385,118
5,058,927
4,525,490
3.660,716
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 5 1908 follow:
Flour,
bbls.
Receipts at113,557
New York
44,819
Boston
Portland, Me
Philadelphia
54,702
43,429
Baltimore
3,631
Richmond
20.570
New Orleans*
3.613
Newport News---25,720
Norfolk
Galveston
3,000
Mobile
33.378
Montreal
346,419
Total week
401,208
Week 1907
Since Jan. 1 1908_11,462,719
Since Jan. 1 1907_12.915.409
Wheal,
bush.
236,800
76,728
228.300
248,947
299.152
27,744
424,000
Oats,
Corn,
bush., bush.
499,500
54,825
86,053
22,107
Barley,
bush.
33,600
2,000
Rye.
bush.
1.950
7,043
22,997
41,344
18,546
39,550
133,270
118,740
55,224
43,000
21,907
1,000
___ _-
19,945
2,072
2,496
995
42,209
4,755
69:247
554,000
757,795
2.853,466
3,510,969
85.633.676
68,583,945
999,923 41,339 100,257
202,860
76,349 42,510.
391,248 1,228,287
29,11,573 30,243,435 3,216,728 1516,538
71,923,727 37,748,677 3,412,038 1343,156
-4. TtecelPts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Sept. 5 1908 are shown in the annexed statement:
Wheat,
bush,
Exports from283,838
New York
8:0
300
1
Portland, Me_ __ _ 2240
64,001
Boston
Philadelph a __-- 224.000
-- _
New Orleans.-- 568.000
Newport News_ _ _ 900.049
1,109,440
ston
I
Giaolbviele
Montreal
Norfolk
Total week___ _3,672,967
3,143,123
Week 1907
Corn, Flour,
bush.
bbls.
1
1,420 48,330
Oats,
bush.
13.965
38,723 19,390
2231:269773
1,400
9,066 43,539
3,613
2,000 10,807
3,000
2,496
55,576
25,720
53,705 254,945
568.754 235,980
Barley, Peas:
bush.
bush.
.119
Rye,
bush.
400
501
21,907
52,506
22,880
61,053
277,636
25,656
1,920
3,039
52,506
8,414 26.064
The destination of these exports for the week and since
July 1 1908 is as below:
--------Corn
-Flour---- -Wheat
Since
Since
Since
July 1
Week
July 1
Week
July 1
Week
1908.,
1008. Sept. 5.
Exports/or week and Sept. 5,
1908. Sept. 5.
bush.
bush.
bush.
bush.
bbls.
Since July 1 10bbls.
171,007
38,723
United Kingdom __ _131,639 758,789 2,249,485 11,672,722
58,454
Continent
70,661 396,940 1,421,682 12,511.997
8,065
966
10,386
1,800
So. & Cent. America 6,545 120,909
266,637
14.016
23,598 270,172
West Indies
1,920
Brlt.No.Amer.Cols 433
11.298
4,124
5,539
69.667
Other Countries_
22,089
Total
Total 1907
510,207
53,705
568,764 12,089,016
254,945 1,627,775 3,672,967 24,200,644
568.764 1.917,110 3,143,123 20,143,993
Tlie world's shipments of wheat and corn for the week
ending Sept. 5 1908 and since July 1 in 1907-08 and 1906-07
are shown in the following!
Wheat.
Exports.
Week
Sept. 5.
Corn.
1907.
1908.
Since
July 1.
Since
July 1.
1908.
Week
Sep. 5.
1907.
Since
July 1.
Since
July 1.71
Bushels.
Bushels, Bushels.
Bushels. Bushels. Bushels.
620,400 11,246,000
69,000
North Amer. 4,768,000 32,238,700 25,184,000
Russian _ _ _ _ 2.456,000 7,136,00G 15,152,000 654,000 3,788,500 7,952,000
Danubian _ _ 1,360,000 5,736,000 6,968,000 331,000 4,953,500 16,976,000
Argentine _ 1,624,000 16,806,000 5,736,000 2,634,000 19,339,500 15,104,000
576,000 1,536,000 1,648,000
Australian
Oth.countr's. 312,000 3,752,000 13.352,000
Total ____ 11096 000 67,204,700 68,040,000 3,688,000 28,701,900 51,278,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Bushels.
Sept. 5 1908_ 15,040,000
Aug.29 1908_ _ 15,440,000
Sept. 7 I907_- 15,520,000
Total.
Bushels. Bushels.
14,160,000 29,200,000
12,400,000 27,840,000
10,440,000 25,960,000
United
Kingdom. Continent.
Bushels.
6,450,000
6,035,000
5,800.000
Total.
-Bushels. Bushels.
4,250,000 10,710,000
3,910,000 9,945,000
4,920,000 10,720,000
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and.
seaboard ports Sept. 5 1908, was as follows:
SEPT. 12 1908.i
Wheat,
bush.
1,258,000
New York
59,000
Boston
Philadelphia
317,000
1,016,000
Baltimore
808,000
New Orleans
Galveston
1,452,000
Montreal
1,008,000
Buffalo
467,000
Toledo
487,000
Detroit
138,000
Chicago
3,288,000
Milwaukee
280,000
419,000
Fort William
166,000
Port Arthur
Duluth
1,105,000
584,000
Minneapolis
2,082,000
St. Louis
1,996,000
Kansas City
Peoria
632,000
Indianapolis
On Lakes
1,066,000
On Canal and River._ _
180.000
-Total Sept. 5 1908_ _18,808,000
Total Aug.29 1908_ _16,297,000
Total Sept. 7 1907_ A7,397,000
Total Sept. 8 1906_ _30.169,000
Total Sept. 9 1905_ _12,237,000
Total Sept. 10 1904..13,115,000
TIIE CHRONICLE
Corn,
bush.
68,000
1,000
2,000
65,000
73,000
3,000
320,000
107,000
160,000
201,000
4,000
18,000
53,000
58,000
151,000
186,000
580,000
16,000
Oats,
bush.
608,000
9,000
115,000
274,000
72,000
183.000
173,000
519,000
162,000
50,000
323,000
124,000
473,000
315,000
134,000
556,000
41,000
Rye,
bush.
8,000
Barley.
bush.
38,000
1,000
2,000
22,000
10,000
100,000
83,000
82,000
39,000
251,000
64,000
12,000
8,000
11,000
723,000
366,000
18,000
2,000
55,000
331,000
2,066,000
4,131,000
261,000
1,955,000
3,325,000
438,000
3,087,000
2,394,000
2,931,000
7,077,000 1,425,000
939,000
4,938,000 13.029,000
4,701,000 11.834,000 1,194,000
1,564,000
839,000
537,000
865,000
1,303,000
1.179,000
• National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
NATIONAL BANKS ORGANIZED.
Certificates Issued from August 24 to September 1 inclusive.
9,225-The First National Bank of Dexter, Kan. Capital, $25,000.
H. E. Stillman, Pres.; James Lorton, V.-Pres.; B. J. Stillman,
Cash.; E. W. Bruington, Asst. Cash. Conversion of the Dexter
State Bank.
9,226-The American National Bank of Houston, Tex. Capital, $250,000.
W. E. Richards, Pres.; Sterling Myer, V.-Pres.; F. W. Vaughan,
Cashier.
9,227-The First National Bank of Auburn, Cal.(P.O., East Auburn, Cal.).
Capital, $25,000. A. Shadbolt, Pres.; S. G. Watts, V.-Pres.;
G. W. Brundage, Cash.
9,228-The American National Bank of Pendleton, Ore. Capital, $100,000,
Montle B. Gwinn, Pres.; H. C. Stephens, V.-Pres.; J W. Maloney.
Pendleton
Cash.; T. G. Montgomery, Asst. Cash. Conversion olthe
Savings Bank.
9,229-The Merchants National Bank of Jersey City, N. J. Capital,
$200,000. 0. H. Albaneslus, Pres.: Edward Hoos and Solomon
M. Schatzkln, V.-Pres.; Geo. S. Fagan, Cash.
9,230-The First National Bank of Tampico, Ill.-Capital, $25,000.
John R. Woods, Pres.:1C. R. Aldrich, V.-P.• R.F. Woods, Cashier..
Capital, $25,000.
9,231-The Farmers' National Bank of Allerton,
Jasper McCoy, Pres.; B. Bracewell, V.-P.; H. B. Bracewell, Cash.;
Robt. J. Duncan, Asst. Cash.
9,232-The First National Bank of Hoisington, Kan. Capital, $25,000.
M. C. Elmore, Pres.; F. V. Russell, V.-P.; J. H. Hartman, Cash.;
J. L. Pieper, Asst. Cash. Conversion of The Barton County State
Bank of Hoisington.
APPLICATION TO CONVERT INTO NATIONAL BANK APPROVED
The Union Bank & Trust Co. of Dallas, Tex., into "The Union National
Bank of Dallas." Capital, $200,000.
INSOLVENT.
4,190-The First National Bank of Niles, 0., was placed in charge of a
receiver Sept. 3 1908.
DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent
Railroads (Steam)
Atlantic Coast Line RR., pref. (quar.) _ _ _
23.
Beech Creek, guaranteed (quar.)
1
2
Boston & Albany (quar.)
Boston & Maine, corn.(guar.)(No 172)_
134
Canadian Pacific, common
%
• Common (extra)
Preferred
Chicago & Eastern Illinois, pref. (guar.). 13
Chic. MIlw. & St. Paul, com. and pref._ _
Chicago & North Western, pref.(quar.)_ _ 2
Colorado & Southern, first preferred
2
Second preferred
2
Delaware & Hudson Co. (guar.)
23j
Evansville dc Terre Haute, common
4
Preferred
23. m
2%
Interborough Rapid Transit (guar.)
Manhattan, guaranteed (guar.)(No. 98).. 1%
Minneap. St. P. & S. S. 11.. com.(No.11) 3
Preferred (No. 11)
334
New York & Harlem, coin, and pref
2
N.Y. Lackawanna & West., guar.(guar.) 134
N. Y.N.H.& Hartford (quar.)
2
Pittsb.Bessemer & Lake Erie, common__ _
134
Pitts. Ft. Wayne & Chic., reg. guar.(qu.) 134
Special guaranteed (guar.)
I%
Pitts. Youngs. & Ashtab.. corn. and pref.
334
St. Joseph South Bend & Sou., common.._
1
Preferred
234
Southern
rine (tow.> (No. 8)
1;4
Toledo St. Louis & Western, pref
2
Union Pacific, COM (guar.)
234
Preferred
2
Utica & Black Myer. guaranteed
334
%Vest Jersey & Seashore
2
Street & Electric Railways.
• American Railways (guar.)
134
Chicago City Ry.(guar.)
134
Galveston-Houston Elec. Co.. pf.(No. 3) 3
Halifax Elec. Tram.,Ltd.(qu.)(No. 47)- 134
Houghton County Street Ry., pref.(No. 13) 3
Loutsville Traction, common (guar.)._
1
234
Preferred
341
Northern Ohio Traction & Light (guar.).
$2
Philadelphia Traction
Portland (Ore.) Ry. Lt. & Pow., pre, (qu.) 13.4
$3
Ridge Ave. Pass., Phila.(guar.)
$3
Seattle Electric Co., pref.(No. 16)
Toronto Ry.(guar.)
13.
Twin City R.T.. MInneap., pf. (guar.). 18
4
Union Traction of Indiana, pref
23/2
United Trac. & Elec., Providence (quar.)_
134
West End Si., Boston, corn
334
B nks.
Coal & Iron National (quarterly)
234
Trust Compinies.
Fifth Avenue (guar.)
3
Guaranty (quarterly)
5
Lawyer's Title Ins. & Trust (qua,'.)
3
When
Payable,
Books Cksed.
Days Inch Me.
Nov.
Oct.
Sept.
Oct.
•,ept.
Sept.
')et.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Nov.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
'cut.
Sept.
Sept.
(wt.
Oct.
Oct.
Oct.
sent.
Sept.
10 Nov. 2 to Nov. 10
1
31) ilot,1era (ir re,. Aug. 29
1 Holders of rec. Sept. 4
3,
3 iept. 2 to Oct. 7
t.. 0.1. 7
I Holders of rec. Sept. 15
20 Holeers of re.. Aug. i it
1 Holders of rec. Sept. 15
1 Sept. 27 to Oct. 1
1 Sept. 27 to Oct. 1
15 Holders of rec. Aug 25
2 Holders of rec. Sept. 18
15 Holders of rec. Sept. 15
1 Sept. 15 to Sept.30
1 Sept. 12 to Sept. 23
15 Holders of rec. Sept.25
15 Holders of roe. Sept. 25
1 Holders of rec. Sept. 15
1 Holders of rec. Sep.15a
30
1 Holders of rec. Sept. 15
6 Sept. 12 to Oct. 6
I Sept. 16 to Oct. 1
21H()liters of re. Sept. 1:1
15 Sept. 10 to Sept. 15
15 Sept. 10 to Sept. 15
I
15 Oct. 7 to Oct. 15
1 Sept. 15 to Oct. 13
I Sept.15 to Oct. 13
3o Boldero of rec. Sept. 15
15 Holders of rec. Sept. 4
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
15 Holders of rec. Aug. 28
30 Sept. 15 to Sept. 20
15 Holders of rec. Sept. 5
1 Sept. 21 to Oct. 1
1 Holders of rec. Sept. 15
1 Sept. 11 to Oct. 1
1 Sept. 111 to Oct. 1
15 Holders of rec. Sept. 1
1 Sept. 6 to Sept.30
1 Holders of rec. Sept. 15
1 Sept. 12 to Oct. 1
1 Holders of rec. Sept. 10
1 Holders of rec. Sept. 15
1 Holders of rot. Sept.16
1 Holders of rec. Sept. 25
1 Sept. 16 to Oct. 1
I Sept. 22 to Oct. 1
Oct.
1 Holders of rec. Sept. 9
Sept. 30 Holders of rec. Sept. 29
Sept. 30 Holders of rec. Sept. 30
Oct.
1'Sent.16 to Oct. 1
659
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellatieous.
Amer. Beet Sugar, pref.(guar.)(No.37). 134 Oct.
1 Holders of rec. Sept. 19
American Can, preferred (guar.)
1 Holders of rec. Sept.16a
134 Oct.
American Caramel, pref. (guar.)
2
Oct.
1 Sept. 11 to Oc.. 1
Amer.Car & Fdry., corn.(guar.)(No.24)
H Oct.
1 Sept. 12 to Sept.20
Preferred (guar.)(No. 38)
I% Oct. 1 Sept. 12 to Sept. 20
American Chicle, common (monthly)... 1
Sept. 21 ept. 16 lo Sept.21
. Common (extra)
Sept. 21 Sept.16 lo Sept.21
1
American Express (qua,')
3
Oct.
1 Holders of roe. Aug 31a
Amer. Iron & Steel Mfg.,com.&prel.(qu.) 154 Oct.
1 Holders of rec. Sept.19a
American Locomotive, pref. (quar.)
1% Oct. 21 Sept. 22 to Oct. 21
American Pipe Manufacturing (guar.)._ _
1 Holders of rec. Sept.15
2
Oct.
Ame,le-m ItIol.ttor. common
Sept. 30 -;ept. 24 to Sept.30
1
Amer. Smelt. & Ref., corn.(qu.)(No. 20) 1
Oct. 15 Sept.26 to Oct. 1
Preferred (quar.) (No. 37)
1 Sept. 12 to: Sept.17
134 Oct.
American Snuff common (guar.)
1 Holders of rec. Sept. 12
Oct.
4
Preferred (guar.)
1 Holders of rec. Sept. 12
134 Oct.
Amer. Sugar Rig.. corn. & pref. (guar.) 134 Oct.
2 Sept. 3 to Oct
2
American Surety (guar.)(No. 77)
2
Sept 30 Sept. 17 to Sept. 30
American Tobacco, preferred (guar.)._
1 Holders of rec. Sept.15
1% Oct.
Borden s Condensed Milk. pref. (guar)._
134 sept. 15 Sept. o to Sept. 15
Brat 11 (;.I (,)1111TiOn to.' ,r I
% Sept. it Sent. 12 to Sept. 14
Calumet & H cis. Mining (guar.)
$5 Sept. 29 Holders of rec. Sept. 3
Cambria Iron
2
Oct.
1 Holders of rec.Sept.15a
Canadian General Elec., Ltd., corn.(qu.) 154 Oct.
1 Sept.15 to Sept.30
Preferred
334 Oct.
1 Sept. 15 to Sept.30
Celluloid Company (quar.)
I% Oct.
1 Holders of rec. Sept.14a
Central Coal & Coke, corn.(guar.)
1 Holders of me. Sept. 30
134 Oct.
Preferred (quay.)
lli Oct. 15 Holders of rec. Sept. 30
Central Leather, preferred (guar.)
1 Holders of rec. Sept. I
13.4 Oct.
Chic. Junc.& Un. Stk. Yds., corn. (qu.). 2
Oct.
1 Holders of rec. Sept. 12
Preferred (guar.)
I% Oct.
1 Holders of rec. Sept 12
Chicago Telephone (quar.)
234 Sept. 30
Columbus Gas & Fuel, pref. (quar.)
1 Holders of rec. Sept. 14
154 Oct.
Consolidated Cotton Duck. preferred _. 2
Oct.
1 Sept.22 to Oct. 1
Climb. Telep. & Teleg.(quar.)(No. 100).. 2
Oct.
1 Sept. 20 to Oct. 1
Diamond Match (guar.)
254 Sept. 15 Holders of rec. Aug. 31
Dominion Coal, Ltd., common (quar.)
1
Oct.
1 Sept. 19 to Sept.30
du Pont(E.I.) de NemourPowd.,com.(q) 154 Sept. 15 Holders of rec. Sept. 5
Preferred (guar.)
13£ Oct 26 Holders of rec. Oct. 15
du Pont International Powder, preferred_
lh Oct.
1 Holders of rec. Sept. 19
Eastman 1,0(1,1K. common (guar.)
2% Oct.
I Holders of rec. Aug. 31
Common (extri)
2.4 Oct.
1 Holders of rec. Aug. 31
Common (extra)
234 Nov. 1 Holders of roe. Sept. 30
Preferred (quarterly)
I% Oct.
1 Holders of rec. Aug. 31
Federal Mining dc Smelting. pref. (quar.) 134 Sept. 15 Holders of rec. Aug. 28'
General Electric (guar.)
2
Oct. 15 Holders of rec. Sept 9a
Guggenheim Exploration (guar.)(No.23) 254 Oct.
1 Sept. 19 to Oct. 1
International Silver, preferred (guar.)._ _
1
Oct.
1 Sept. 19 to Oct. 1
Internat. Smokeless Pored. cfc Chest., corn_
1
Oct.
1 Holders of rec. Sept. 19
4
Nov. 14 Holders of rec. Nov. 4
Preferred
Laclede Gas Light, common (guar.).- 134 Sept. 15 Sept. 6 to Sept.15
Oct.
1 Holtiers of rec. Septl2a
Mackay Companies, com, and pref.(qu.) 1
234 Sept. 30 Sept. 13 to Sept. 30
Mergenthaler Linotype (guar.)
Mich. State Tel. prer opf.) (No. 19) 114 Nov. 2 Oct. 21 to Nov. 3
National Biscuit, corn. (guar.) (No. 40) 154 Oct. 15 Holders of rec. Sept. 28
Nat. Enam. & Stpg.. pref.(qu.)(No. 39) 1134 Sept. 30 Sept. 11 to Sept. 30
National Lead, common (guar.)(No. 19) 134 Oct.
1 Sept. 12 to Sept. 15
Preferreo ((roar.) (No t.ii
134 sent. 18 Aug. 22 to Aug. 25
National Licorice, preferred (guar.)
134 Sept. 30 Sept. 29 to Oct. 4
National Sugar RV., pref. (quay.)
2 Sept. 20 to Oct. 2
134 Oct.
New Lnglund Uottoo %;urn,(om.(guar.).
I Sept. 19 to Sept.30
13. h tat.
Vies-Bement-pond. common (guar.)._
134 Sept. 19 Sept. 13 to Sept.20
Quaker Oats, common (guar.)
I% Oct. 15 Holders of rec. Oct. 5
Common (extra)
34 Oct. 15 Holders of rec. Oct. 5
Quincy Mining (guar.)
$1 Sept.
,.. 14 Aug. 28 to Sept. 7
Railway Steel-Spring, preferred (guar.)._
14421 Sept. 9 to Sept.21
Royal Baking Powder, cam. (quar.)
234 Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
134 Sept. 30 Holders of rec. Sept. 15
Rubber Goods Mfg., pref.(quar.)(No.38) I% Sept. 15 Holders of rec. Sept. 8
Safety Car Heating & Lighting (guar.)._
2
Oct.
1 Holders of rec. Sept 16
Sears, Roebuck & Co., pref. (guar.)._
154 Oct.
1 Holders of rec.Sept.16a
Sloss-Sheffield Steel & Iron, pref. (quar.). 1% Oct.
1
1i
Standard Olt (guar.)
---,,t. 15 Holders of rec. Au; 21
Swift & Co. (quar.)
134 Oct. 5 Holders of ree.Sept. 12a
Oct. 15 Holders of rec. Sept. 30
Union Bag & Paper, pref.(guar.)(No.38) 1
United Bank Note Corp., pref. (guar.). 134 Oct.
1 Sept. 17 to Oct. 1.
2
Oct. 15 Holders of rec. Sept. 26
United Fruit (quar.)(No. 37)
2
Oct. 15 Holders of rec. Sept. 30
United Gas Improvement (quar.)
Oct. 5 Holders of rec. Sept. 12
• 2
United Shoe Machinery, coin.(guar.)
Preferred (quarterly)
134 Oct. 5 Holders of rec. Sept. 12
United States Leather. preferred (guar.). 134 Oct.
1 Holders of rec. Sept. 10
United States Printing of Ohio (guar.)._ 1 5-16 Oct.
1 Sept. 20 to Oct. 1
U. S. Steel Corp., com.(qu.) (No. 19)_.
% Sept. 30 Sept. 10 to Sept.30
Utah Copper (guar.)(No.1)
50c. Sept. 20,Sept.20 to Sept. 24
Virginia-Carolina Chem.. pl.(qu.)(No.52) 2
Oct. 15Pct. 1 to Oct. 14
Western Union Telcg. (guar.)(No. 158)._
% Oct. 15'Sept. 20 to Oct. 15
a Transfer books not closed. h Declared 6%, payable in quarterly installmentsDeclared 7%, payable in quarterly installments. 1 Also % of 1% payable Dec.15
to holders of record Dec. 1. m Also 254% payable April 15 1909.
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:
Stocks.
10 People's Tr.Co. of Bklyn_.276
10 Plaza Bank
62154
10 Van Norden Trust Co
274
9 Amer. Lt. & Tr. Co., pref_ 9334
3 Amer. Lt. & Trac. Co.,com.113%
300 The Herzog Co
210
50 American Surety
200
9 Guardian Trust Co
198
1 Mercantile National Bank.131 34
Bonds.
11,700 City Water Co. of Chillicothe, Mo., 20-yr. 6s, Income
1923
1150
Bonds.
$11,000 Tol. do 0. Cent. Eaten.
RR. Co. reorg. certs.. Nov.
11194 coupons
$5,000 National Elec. Lamp Co.
sinking fund 5s, 1932
$10,000 O'Gara Coal Co. 1st 50yr. sinking fund 5s, 1955_ _ _ _
$333,000 face value 5% coll.
trust notes of Det. Tol. &
Iron. By. Co. dated June 1
1905
$6
87
75
6
Imports and Exports for the Week.-The following are
the ini ports at New York for the week ending Sept. 5; 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 36 weeks
1908.
1907.
1906.
1905.
$2,465,765
10,045,530
13,584,736
10,365,939
13,162,555
9.016,453
$2,751,255
9,089,409
$12,511,295 $13,950,675 $12,179,008 $11.840,664
$84,180,301 $132,889,093 $111,921,516 $96,749,453
325,06.1,3.50 468.408,379 409,520,711 378,045.316
1409,245,651 $601,297,472 1521,442,227 $474,794,769
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. 5 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.
For the week
Previously reported
Total 36 weeks
1907.
1906.
1905.
$7,025.028 17.520,631 10.607,504 110.766,150
426,899,408 421,635,384 417,164,307 354,852,584
$433,924,436 $429,156,015 $427,771,811 $365.618.734
THE CHRONICLE
660
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
GoldWeek.
Great Thritain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1908
Total 1907
Total 1906
Imparts.
Since Jan.1
Week.
Since Jan.I
$2,524,737
23,640,879
19.017.343
$ 400 1,328,500
4,000
616.606
9,735
$20,795 $3,466,947
1,018,630
8.983
24,823
103,240 4.096,314
1,026 . 422,868
166,068 1,883,008
4,937 2,222,235
$400 $47,141,800
155,000 34,382,015
56,000 5.874,574
$305,049 $13,134,825
319.104 7.558,845
370.708 50,648,273
Silver.
$700,585 $25,777,438
101,000 3,226,000
41.900
200
253,175
Great Britain
France
Germany
West Indies
Mexico _
South America
All other countries
3,000
350
$801,785 $29,301,863
1,557,847 33,618,421
1.023,745 36.817.114
Total 1908
Total 190.7
Total 1906
$4,389
8.291
26.105
13,536
9,725
$58,821
52,882
103,868
140,787
1.133,699
605,216
402,480
$62,046 $2,497,762
64,853 1,842,487
43.356 1.653,570
[VoL.Lxxxvii.
Note.-In the case of the Clearing-House banks, the deposits are "net" both for
the average and actual figures; in all other cases "gross" deposits are shown. The
Clearing-House actual figures included United States deposits amounting to $9.255,200 a decrease of $1,000 from last week; averages Include Tinted Statea deposits of $9,246,900, a decrease of $600 from last week.
"Reserve on deposits" includes, for both trust companies and State banks,not
only cash items but amounts due from reserve agents, and in the case of trust companies includes likewise municipal bonds. State banks inNew York City City are required by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% is required, which reserve in both cases need not be more
than one-half in cash. Trust companies in Greater New York are required to keep
a reserve of 15%, of which only 5% need be in cash and 5% more may be in municipal bonds. while in the case of the trust companies in the rest of the State the required reserve is 10%, of which only 3% need be in cash and 3% more may be in
municipal bonds.
The State Banking Department also furnishes the following report for State banks and trust companies outside of
Greater New York.
STATE BANKS & TRUST CO S OUTSIDE OF GREATER NEW YORK.
Week ending September 5 1908.
% 0/
Deposits,
Loans.
Reserve.
Res.
$77,301,500 $83,132,900 $18,909,100 23.5
State Banks
+503,300
+155,900
+304,300
120,672,400 129,261,500
22,326,800 17.6
Trust Companies
+517,300
+99.900
+55,700
+ Increase over last week. -Decrease from last week.
Reports of Non-Member Banks -The following is the
Of the above imports for the week in 1908, $153,240 were statement of condition of the non -member banks for the
American gold coin and $
American silver coin. Of week ending Sept. 5, based on average daily results:
the exports during the same time, $400 were American
We emit two ciphers (00) in all cases.
gold coin and $
were American silver coin.
Deposit with
Legal
Statement of New York City Clearing-House Banks.-The
Loans,
Tender
Disc'ts
detailed statement below shows the condition of the New
Clear- Other
Net
Specie. and
CapiSurand
Banks.
tug
Banks, Deposits.
Bank
tal.
York City Clearing-House banks for the week ending Sept.
plus.
Investdtc.
Notes. Agent.
ments.
banks
are
figures
separate
the
The
for
the
averages of --5.
the daily results. In the case of the totals, however, a de- N. Y. City.
of
parture was made with the statement for Feb. 8, so that in Boroughs
Man.deBrx
addition to the averages for the week the actual figures at Wash.
946,0
169,0
72,0
12,0
975,0
Hgts 100,0
201,1
137,0 227,1 1,912,3
146,8 1,658,0
13,1 193,2
Century ___ 200,0
the end of the week are now given.
411,8 737,1 4,906.9
100,0
441,3 202,0
501,0
___
3,659.5
Colonial
429,0 100,0 6.046,0
466,2 5,247,0 411,0 378,0
Columbia - 300,0
770,0
168,4
168,4
19,0
77,6
829,6
Fidelity -- 200,0
Specie
Legals. Deposits. Re- Jefferson___ 500,0
-9-7.i 2,909.7
262,9
28,6 296,8
680,7 3,249,3
Average. Average. Average. 9've. Mt. Morris . 250,0
67,4 2,911,5
516,2
33,7
250,1 2,127.1 335,5
5,0 3,854,3
479,7
200,0
317,3 3,354,2
23,8 454,0
Mutual _
$
$
$
S
$
$
351,5 829,9 5,024,2
469,7 3,768,2
%
51,9 497,9
19th Ward_ 300,0
3.731,0
Bank of-N. Y__ 2;000,0 3,226,3 22,209,0 5,210,0 1,166,0 22 206,0 28 8 Plaza
345,0
100,0
409,2 3,345.0 223,0 275,0
1,844.7
Manhattan Co_ 2,050,0 3,293,5 26,788,0 15.500,0 1,464,0 39.653 0 42.7 23d Ward
_
100,0
310,9
183,9 1,493,7 163,5
53,2
6,049,9
Merchants' ____ 2.000,0 1,645,2 24,193,0 6.498.0 2,480,0 28.692,0 31.5 Union Exch 750,0
484,0
824,8 6,029.3 785,4 300,0
4,324,5
Mechanics'__ _
3,000,0 3.705,7 25,210,0 10,717.0 1,096,1 30,950,0 28.6 Yorkville _
471,4
100,0
369,9 3,155,0
56,2 759,5
1,600,0 4,887,7 28,215,5 5,484,9 2,636,1 31,098,2 26.1 Coal& I.Nat 500,0
America
590,0 110:6 5,017,0
701,7 4,439,0 911,0 194,0
6,997,0 1,125,0
449,0
564.4
Phenix
1.000,0
6,159,0 26.1 NewNethrd 200,0
15,0 1,480,0
214,0
42,0
229.1 1.520,0 127,0
824,0
25,000,0 25,065.4 184,369.8 80,451,8 7,387,0 218.003,6 40.7 13attPk.Nat 200,0
City
165,4
138,9
875,6 132,4
34,4
3,000.0 5,714.6 31,987,3 6.718,7 2,106,7 32,578,0 27.1
Chemical
1.314,1
6,779,6
600.4
502.4
600.0
Merchants' Ex_
7,325,7 26.6 Borough of
9,864,6 1.452,9
654,1
1,000.0 2,429,0
8,069,1 26.4
Gallatin
Brooklyn.
542,:
2.183,8
126,1
300,0
143,1
2,067,2 32.3 Broadway _ 150,0
Butch.& Drov_
402,3 2,472,2
648,1 258,5 3,660,4
18,0 576,5
6,131,6 1,463.0
200.0
500.0
724,9
Greenwich
6,680,0 24.8 Mfrs.' Nat_ 252,0
752,4 5,736,9 699,4 128,1 1,019,3
67,3 6,528,4
5.000,0 5,017.2 33,172,2 6.666,2 1.347,8 28.501,2 28.3 Mechanics'. 1,000,0
Amer. Exch
810,0 9,680,1 223,8 1,356,8 1,502,1 124,6 12,608,7
179,518.2
29,298,8
13,429.1
25,000,0 15,239,1
Commerce
167.527,6 25.7 Nassau Nat. 750,0
6,886,0
921,7 6,419,0 313,0 605,0 1,424,0
687.1
3,000,0 2,437,9 10,613,7 1,503,8
Mercantile
7,006.6 31.8 Nat. City- 300,0
768,0 3a-,6 5,333,0
564,7 3,824,0 125,0 562,0
267,8
596,1
3,420,9
500,0
840,5
Pacific
3,145,9 27.4 North Sde
100,0
528,6 163.5 2,152,8
205,6 1,443,4 134,4 105,1
868,3
6,732,5
Chatham
450,0 1,013,1
1.079.6
7,201,2 27.2 Jersey City.
587.0
60.4
1,739,0
200,0
People's
466,5
2.387,327,1 First Nat - 400,0 1,212,3 4,025,3 204,4 316,2 2,013,4 1,154,0 6,016,1
3.000,0 9.684,2 66,349,3 11.490,3 9,954.! 79,023,4 27.4 Hud.Co.Nat 250,0
Hanover
331,2 443,9 2,537,8
719,3 2,391,5 138,8
33,8
303,5 21.687,4 26.2 Third Nat_ _ 200,0
2,550,0 1,298,6 21,718,6 5.325,9
Citsens' Cent _ 70,2 2,312,3
616,8
55,2 113,0
364,6 1,622,2
545.1
4,527, ,
739.6
Nassau
500.0
365,9
4,892,9 26.2
lioboken.
1,703,1
7,632,1
1,550,7
1,000,0
1,577,4
Market &Fult'n
220,0
8,828,2 37.0 First Nat
147,5 101,0 1,952,2
19,7
608,3 2,297,5 115,7
2,839,
124,1 11,007,2 26.9 Second Nat. 125,0
2.000,0 1,095,4 10,827,
Metropolitan
103,8 170,9 2,198,2
59,1
69,6
207,5 1,852,1
Corn Exchange_ 3.000,0 5,183,1 43,739,0 6,395,0 7,293.0 51,985,0 26.3
Imp.& Traders' 1,500,0 7,256.1 27,106,6 4,746,0 1,502,0 25,073,0 25.0 Tot. Sep. 5 7,847,0 12,827,5 87,489,7 5,890,6 7,680,0 1 1,604.7 5,122,1 104827,9
Park
3.000,0 9,437,5 91,032,0 25,433,0 1.511,0 104,963,0 25.7 Tot. Aug.29 7,847,0 12,827,5 87,680,9 5,600,6 8,265,4 16,192,9 4,842,2 106691,7
172.5
1,272,5
133,6
East River
250,0
104,6
1,342.5 22.6 Tot. Aug.22 7,847,0 12,827,5 87,455,5 5,575,9 8,545,4 15,153,1 5,419,2 105264,4
Fourth
3,000,0 3.339." 27,026,0 4,829,0 2,720,0 29,012,0 26.1
2.475,0
347,0 11,100,0 25.4
Second
1,000,0 1,698,1 10,273,1
First ______ __. 10,000.0 16,589,9 124,732.2 30,029.7 1,422,7 124,352,7 25.4
New York City, Boston and Philadelphia Banks.-Below
18,349,0 3.776,2 1,194,1 19.359,4 25.8
IrvingNat. Ex_
2,000,0 1,325,
of the Clearing-House
764,1
1,968,1
90.0
250,0
Bowery
781,8
3,270,0 26.1 is a summary of the weekly totals
8,028,8 1,162,6
581,
N. Y.County
500,0 1,079,0
7,725,8 23.3 banks of New York City, Boston and Philadelphia. The
667,
3,840.1
German -Amer_
633,2
206.1
750,0
3.503,0 24.9
results for non-member
Chase
5,000,0 5,105,0 83,309,3 19,666,5 4,798,2 94,706,5 25.9 New York figures do not include
Fifth Avenue
100.0 2.117,5 11,532,6 2,717,2 1,035,0 13,180,8 28.4 banks.
165,0
4,041,8
750,0
German Exch
200.0
871,0
3,958,3 23.1
We omit two ciphers in all these 'igures.
4,538,5 1,029,6
Germania
200.0
928,4
596,6
5,516,0 29.4
930,
1,000,0 1.176,2 15,565,3 3,371,2
Lincoln
17,054,9 25.3
Capital
6.928.1 1,784,3
416,
Garfield
1.000.0 1,122,
7.391,8 30.1
and
Loans.
Specie. Legals. Deposits. a Ctrcu- Clearings.
Banks.
471.
3,127,4
250,0
319.
Fifth
445,0
3,281,4 24.4
latton.
Surplus.
Metropolis
1,000,0 2,059,4 10.598,4 1,482,8 1,491,1 10.708,0 27.7
916,1
4,342,0
245,1,
200,0
West Side
718,3
4,789,0 24.1
$
$
$
$
$
$
York
$
New
1,000,0 1,610,8 21,845,0 5,338,0 1.950,0 26,649,0 27.4
Seaboard
1,000,0 2,466.3 16,147,7 3,720,
493,
15,836,2 26.7 Aug. 8- 287,477,1 1275,621,6 322,791,7 78,561,7 1368,516,5 56,003,4 1,559,513,0
Liberty
6.608,6 1,969,5
117,4
657,2
N.Y.Prod.Ex. 1,000,0
7,820,0 26.6 Aug. 15__ 287,477,1 1290,013,6 324,635,9 79,464,8 1385,928,3 55,696,6 1,518,252.5
1.000,0
771,7 10,108,0 3,282,1. 234,0 12,628,0 27.8 Aug. 22- 287.477,1 1286,591,3 331,266,7 78,915,0 1388.134,9 55.175,6 1,410,795,4
State
4.434.7
789,4
384,8
1.000,0
328,7
4,575,0 25.6 Aug.29_ 287,477,1 1289,795,6 334.142,0 79,871,3 1394,617,3 54,685.2 1,370,200,0
14th Street
2,000,0
216.
Copper
2,382.3 19.056,5 4,358,4
18,169.4 25.3 Sept. 5__ 287,477,1 1300,731,4 329,086,5 81.218,8 1402,641,4 54,723,4 1,617,865,9
Boston.
Totals, aver.. 126,350,0 161,127,1 1300,731.4 329,086,5 81,218,8 1402,641.4 29.4 Aug. 15_ - 44,036,0 202.713,0 25,387.0 3,219,0 249,056,0 10,574,0 141,234,2
Aug.22__ 41,790,0 202.542,0 25,418,0 3,565,0 247.067,0 10.462,0 120,456.9
1308.029.3 328,940,2 80,097,4 1409,184,9 29.2 Aug.29_- 41.790,0 202,413.0 25,340,0 3.429,0 243,202,0 10,456,0 110,405,1
Actual figures Sept. 5
Sept. 5..- 41.790,0 204,414,0 24,393,0 3,263,0 250.996,0 10,467,0 135,483,7
On the basis of averages, circulation amounted to $54,723,400 and United States Aug.
78,071,0
97,780,4
lg.._ 54,440,0 234,247,0
282,394,0 16,131,0
Phila
29,246,900;
actual figures Sept. 5. circulation, Aug.
deposits (included in deposits) to
79,128,0
99,121.7
22- 54,390,0 235,060,0
283.871,0 16,071,0
$54.736,200; United States deposits, $9,255,200.
79,599,0
89,006.9
285,729.0 15,684,0
Aug. 29-- 54,390.0 236,431,0
The statements compiled by the State Banking Depart- Sept. 5.. 54,390,0 239,021,0
81.852,0
291,612,0 15,118,0 138,188.6
We omit two etvhers (00) in all cases.
Banks
009 omitted.
Capital. Surplus.
Loans.
Average.
ment, together with the totals for the Clearing-House banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these institutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending September 5 1908.
Loans and
on
'a omitted. Divestments. Specie.
Legals.
Deposits. R
Ef,e
seprove
s
ofP.C.?e
Wye.
. Clearing-House
Banks-Actual 1.308,029,3 328,940,2 80.097,4 1,409.184,9 409,037,6 29.21
+608,3 -2,519.0 +12.358,3 -1,910.7
+13.263,2
Clearing-House
Banks-AN,ge.1,300.731,4 329.086.5 81.218.8 1.402.641.4 410,305,3 29.43
+8,024.1 -3,708.0
+10,935,8 -5.055,5 +1.347,5
State Banks274,538,4 52,432.2 25,965,7
328,138,3 101.571.0 31.5
Average
+714,8 -2.409,9 +1.431,8
-109.3
--739,7
Trust Companies8.53,245,9 81,781,2 7.436,9
941,283.3 302,397.6 35.6
Average
+3.713,9 -4,138,9
+6.696.3 -1.264,9 +200,4
'State Banks and
TrustCo s-not
in Clear.-House 940.417,0 87,318,2 15,123,4 1,046,932,6 334,838,6 35.2
+3.326.1 -3.158,3
+6,554,9
-461,1 -825.9
+ Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust companies in New York City, deposits amount to
$852,831,100, an increase of $6,124,3001overllast week's figures..zasatill
a Including Government deposits, and for Boston and Phi adelphia the item
"due to other banks. At New York Government deposits amounted to $9,246,900
on September 5, against $9,247,500 on August 29; at Boston to $1,598,000 on Sep
tember 5 and $1,613,000 on August 29 an i $1,515 on August 22.
Aaulting and gtuancial.
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 Trask & Co.
NEW YORK
WILLIAM AND PINE STS..
Branch offices: Chicago. Ill., and Albany, N. Y
MOFFAT & WHITE
Members New York Stock Exchange.
5 NASSAU STREET,
HANOVER BANK BUII DING.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash Only
tankers'
azdte.
The week's range for exchange'rates follows:
Wall Street,Friday Night,Sept. 11 1908.
The Money Market and Financial Situation.-The upward
movement which has been a prominent feature of the stock
market for some time past continued during the early part
of this week. On Thursday it was interrupted by the announcement of a suspension of dividends by the American.
Locomotive Co., by an advance in call-loan rates to the highest figures reached since last winter, and by an advance in
foreign exchange rates to a point which suggests the possibility of a revival of gold exports in the near future.
The latter is a matter of slight importance in view of present international money market conditions, but the fact
that the enormous loss of business suffered by the American
Locomotive Co. made the action of its directors imperative
calls attention to the further fact that other industries have
been subject to the same business depression, and presumably with similar results.
Undoubtedly the most important event of the week has
been a decision which declares unconstitutional that part of
the Act of Congress passed in June 1906 which was intended
to make it unlawful for the railways of the country to transport the products of their own mines. Parties interested in
the matter have never expected any other decision by the
Federal qourt, and the event had little if any effect in Wall
Street.
The Government crop report as of Sept. 1, while not as
favorable as some reports issued earlier in the season, is
generally satisfactory. The increased acreage will offset, in
part, at least, a lighter yield than has been expected, and the
high prices now prevailing in the grain markets insure large
returns to the producers, and a substantial addition to the
wealth of the country.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1% to 23%. To-day's rates on call were 1%%@)
2%. Commercial paper quoted at 3%%(4)4% for choice
endorsements and 4 months single names,43(4)5% for others.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £192,072 and the percentage
of reserve to liabilities was 53.68, against 53.20 last week.
The rate of discount remains unchanged at 23%,as fixed
May 28. The Bank of France shows an increase of 2,775,000
francs gold and a decrease of 3,675,000 francs in silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
Averages for
week ending
Sept. 5.
Differences
from
previous week.
1907.
Averages for
week ending
Sept. 7.
1906.
Averages for
week ending
Sept. 8.
126,350,000
129,400,000 118,150,000
Capital
161,127,100
164,098,300 151,092,000
Surplus
Loans and discounts_ _ - 1,300,731,400 Inc. 10,935,800 1,088,597,200 1,051,774,100
44,917,800
38,200
50,477,000
54,723,400 Inc.
Circulation
1,402,641,400 Inc. 8,024,100 1,046,485,000 1,014,214,100
Net deposits
27,926,100
29,127,000
9,246,900 Dec.
600
U. S. dep.(incl. above)
329,086,500 Dec. 5,055,500 200,317,400 169,341,600
Specie
77,634,000
68,676,200
81,218,800 Inc. 1,347,500
Legal tenders
Reserve held
25% of deposits
Surplus reserve
Surplus excl. U.S. dep.
410,305,300 Dec. 3,708,000
350,660,350 Inc. 2,006,025
59,644,950 Dec. 5,714,025
61,956,675 Dec. 5,714,175
268,993,600
261,621,250
246,975,600
253,553,525
7,372,350 def.6,577,925
14,654,100
403,600
Note.-The Clearing House now issues a statement weekly showing the total of
the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of'State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
State and Railroad Bonds.-Sales of State bonds at the
Board, $5,000 Virginia 6s deferred trust receipts at 39.
The market for railway and industrial bonds has been
active, the daily transactions averaging nearly $5,000,000,
par value, and prices have generally been steady to firm.
The industrial group have been prominent, including American Tel. & Tel., American Tobacco, Consolidated Gas,
United States Steel and Western Union Telegraph. The
Erie issues have been notably strong, the convertible "A"s
advancing over 4 points, the first gen. 4s 3% and the convertible"B"s 23. 03ther changesin the list are less important.
Foreign Exchange.-The market was active and strong this
week, influenced by a demand to remit for securities sold for
European account and to cover short contracts; by the Continental political situation and by a scarcity of bills. Until
Friday there were some indications of gold exports; then,
however, exchange fell off to points which made such exports unprofitable.
To-clay's (Friday's) nominal rates for sterling exchange
were 4 853/b for sixty day and 4 87(4)4 873/i for sight. Today's (Friday's) actual rates for sterling exchange were
4 8490(0 85 for long, 4 8640@4 8650 for short and 4 8675
@,4 8685 for cables. Commercial on banks 4 8455@)4 8465
and documents for payment 4 84(4)4 84%. Cotton for
8,cotton for acceptance 4 8455©4 8465
payment 4 84(4)4 843/
and grain for payment 4 843(4)4 84%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 183'@5 173a for long and 5 1634a(4)5 165id for
short. Germany bankers' marks were 94 15-16(05 for
long and 95 5-16@95%d for short. Amsterdam bankers'
guilders were 40 30@40 32 for short.
Exchange at Paris on London to-day, 25f. 12c.: week's
range, 25f. 123c. high and 25f. 12c. low.
661
THE CHRONICLE
SEPT. 12 1908d
Long
Sterling, ActualHigh
04 85
4 8490
Low
4 8435
©4 8455
Paris Bankers' FrancsHigh
5 18%
05 1734a
Low
5 18%
05 18%
Germany Bankers' MarksHigh
94 15-16 095
Low
94%
0941
Amsterdam Bankers' GuildersHigh
(gi
Low
©
-Short---1-Cables
--
14 8650
14 86
04 8665
©4 8605
15 16%a
15 16%a
05 16%d
©5 16%
04 87
©4 8635
14 8680
14 8625
tt :
1 95 5-16 095%d
1 95 3-16 ©95 3-16x
...
f 40 32
© 40 34
1 40 30 0
40 32
Less: a 1-16 of 1%. d 1-32 of 1%. 53-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%.
111
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah,
buying, 50c. per $1,000 discount; selling, 75e. per $1,000
premium. Charleston, selling, $1 per $1,000 premium'.
New Orleans, bank, 75c. per $1,000 discount; commercial,
$1 per $1,000 discount. Chicago, 30e. per $1,000 discount.
St. Louis 15c. per $1,000 discount. San Francisco,k40c.
per $1,000 premium.
2
United States Bonds.-Sales'ogGovernmentThonds at the
Board are limited to $20,0001.4s reg., 1925, at 121. The
following are the dailyislosingiquotations; for yearly range
see third page following.
0101111141 .1•411WW .414.4119 }OW
Interest Sept. Sept. 'Sept. Sept.
5
7
8
Periods
..9
Sept.
10
Sept.
11
2s, 1930
*1033 *103% *1033.1 *10331
registered Q-Jan
2s, 1930
*104 *104 *104 *104
coupon Q-Jan
3s, 1908-18
*101 *101 *101 *101
registered Q-Feb
35, 1908-18
coupon Q-Feb HOLI- HOLI- *101 *101 *101 *101
Is, 1908-18____small coupon Q-Feb DAY. DAY.*100% *100% *100% *10034
4s, 1925
121 *120% *1203( *120%
registered Q-Feb
45, 1925
*121% *12131 *121% *121%
coupon Q-Feb
2s, 1936.Panama Canal coup Q-Nov
*102% *10234 *102% *102%
*This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.-Practically all the
stocks traded in advanced on Tuesday after the triple holiday.
The strength of the market, which appeared to have held over
from last week, gave way on Thursday, as noted above, and
liberal offerings have resulted in a sharp decline in practically
the entire active list. The so-called Harriman stocks have
continued to hold a conspicuous place in each day's operations, although other issues have covered a wider range of
prices.
Baltimore & Ohio and Erie advanced over 5 points from
last week's closing price, Illinois Central 5, Union Pacific
over 4, Reading nearly 4 and New York Central and Delaware & Hudson 33,all of which have declined substantially
in the downward movement which started on Thursday and
continued up to the close to day. The first three mentioned
show a net gain, however, of about 3 points.
Consolidated Gas added over 5 points to its previous advance,and shows a net gain at the close. On the other hand,
American Locomotive declined nearly 9 points on the passing of its dividend,and all the industrial list has been weak.
For daily volume of business see page 669. '
The following sales have occurred thiOveek of shares not
represented in our detailed list onIthelpagesiwhich follow: g
STOCKS.
Sales
Week ending Sept. 11. for
Week
Range for Week.
Lowest.
Highest.
700 68 [Sept 8 69 [Sept 10
Amer Telegraph & Cable
Illinois Cent subscr recta 1,400 41%[Sept 8 4534[Sept 10
200 1734 Sept 11 173.4,Sept 11
Nat Mex 2d pref tr recta_
50 17 Sept 9 17 [Sept 9
NY &NJ Telephone__
150 4WSept 9 4% Sept] 9
Ontario Silver Mining___
Ittioos •
Ai.wi
RR Securities-Ill Cent
180 90%[Sept 10 913.[5ept
stock trust certficates
St L & S F-C & E Dl
new stock trust certs_
50117Sept Ir9 50 girSepti
.02
9
Range:since Jan. 1.
Lowest.
Highest.
50 ni, Mch
283.4,July
17%VF
ept
90, eb
2
Jan
69 i Sept
4534 Sept
17% Sept
17
Sept
(1?,1May
log*
79VAleh 94 ,,.[Sept
111,.
PIM
50
Aug
Apr 60
Outside Market.-Beyond special activity in one or 4-wo
of the low-priced mining stocks, there was very little to
the "curb" market this week. Trading, with the exception
noted above, has been light, with a weaker turn to prices
as the week closes. Boston Consolidated Copper went up,
from 12% to 13 and back finally to 129j. British Columbia
Copper from 7% weakened to 73". Butte Coalition dropped
from 263/ to 253
4. Cumberland-Ely advanced from 8%
to 83/i but reacted to 83'. Dominion Copper from 2%
advanced to 23.t but sold down to 1%. Greene Cananea
rose from '113 to 113,then eased off to 113,closing to-day
at 1131. Nevada Consolidated Copper from 163A rose to
16% but moved back to 16%. First National Copper improved from 63
4 to 7 but subsequently dropped to 63g.
La Rose Consolidated, which was heavily traded in, moved
up from 5 15-16 to 6%, weakened to 6 5-16 and closed
to-day at 6%. Nipissing was also an active feature and
advanced from 83'g to 9, the final quotation to-day being
reported at 83
4. Goldfield Consolidated fell from 63/b to
6 1-16. Yukon Gold weakened from 5 1-16 to 5, advanced
to 59 and to-day sold down to 4%. Bay State Gas continues prominent among industrials, in point of activity,
going up from 2 11-16 to 3% and back to 23's. The close
to-day was at 2 7-16. American Tobacco sold up two points
to 352, then fell away to 348. Guggenheim Exploration lost
5 points to 165 and to-day sold up to 1673'. Standard Oil
4 and Chicago Subway down from 21 to 20.
sold at 6393
Tidewater 6% notes were traded in up from 99% to 1003/s,
with the final transaction to-day at 100.
Outside quotations will be found on page 669.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWo
•
Smurdny
Ser.% 5.
•
STOCKN-HIGIIRST AND LOWEST SALE PRICES
Ito ,-;"7
Se t.'
•
Tuesday 1 W ednesday Thursday
Sept. 8. I Sept. 9. . Sip' 10
Friday
Sept 11
Sates 0:
me
I 'Week
S&L:,it
-...
STOCKS
NEW YORK STOCK
EXCHANGE
,-
Range Since Jan. I 19915.
On basis 01 100-stare to.
Lowest
1
Htghesi
EXTRA HOLIDAY-EXCHANGE CLOSED
' Railroads
9018 9078 9012 9112 9038 9134 8912 9034 31,250 A tch Topeka & Santa Fe 66 Feb 14 9134 Aug29
_
*9434 9514 95
95
8333 Feb 17 95/2 Aug:11
300 L-A. Do pref
02 9134 93 91 9114 2,900 Atlantic Coast Line RR_ _ 5912 Mch 2 96 J'ly 2.
90¼9614 iii) 100 10178 9918 101
97
9778 9814 100
, 7612 Feb 10 10178 Sep 10
62,950 PaltImore & Ohio
8512 8512 *85
87 *85
88
89
80 Jan 3 89 Sep 11
89
300 Ifl Do pref
54
55
544 5478 5334 5458 5238 5418 23,250 drooklyn Rapid Transit_
3714 Feb 10 5712 Aug It
1
_ _
Buffalo & Susque. pref._ 6434 Mch21 6434
----- ---- ---- ---- ---- ---, 17212 17-314 17212 173
17334 175
173 1-74- -1-3,200 flanadlan Pacific
140 Feb 17 1774 Aug31
*63
67 *63
*63
67
54 Mch 4 6478 J'ly
67
k ianada Southern
*200 208
208 20912 *208 216
208 208
160 Feb 11 20982 Sep 10
500 Central of New Jersey
4234 4314 4315 4412 43
4378 42
4314 17,925 Chesapeake & Oh10---.8. 2512 Feb 19 4658 L .y2,
24
2412 2534 2538 26
24
2412 2512 2,400 Chicago & Alton RR___.. 10 Feb 13 27 J'neit,
*53
5812 *53
5812 *---,- 5812 *53
47 Mch24 60 May
Do pref
5812
818 Jan 3
6
618
614 63s
614 638
34 Feb 8
6
618 4,230 Chicago Great Western_..
*50
3312 Mehlti 6814 Aug 4
*50
60 *50
60
*50
60
60
Do 4% debeRttur
1512 Feb 15 31 Jan 6
25
2518 2518 *25
25
26 *25
26
200
Do 5% pref 'A'
1138 Aug
5 Feb 11
9
9
834 834
834 9
9
912 2,050
Do 4% pref "B"__ _ _
144 14434 14438 14514 14238 14458 1414 14318 58,260 Chicago Milw & St Paul- 10312 Jan '2 14738 Aug 11
*155 159 1159 159 *155 159 *155 158
138 Jan 7 16034 Aug
10
Do pref
138 138
138 138 ,. 13712 13758 136 136
Do corn Instalim't Ws 1181,Jan 3 138 Aug25
1,200
§15034 15034 15212 153 *15112 153
151 15114 1,720
Do pref installm't ctfs 12558Jan 2 153 Sep 9
16218 16218 7,210 Chicago & North Western 13512 Jan 2 16412 Sep 4,
16278 16338 16278 16412 16278 164
*205 220 *205 220 *205 220 *205 220
1185 Jan 11 210 Aug29
Do pref
• 135 135
13512 136 *135 138
13512 1361.,
615 Chic St P Minn & Omaha 114 Feb 25 140 Aug 7
5 MayIJ
Aapnr 3 164
*155 165 *155 165 *155 165 *155 165"
1405
12 J
Do pref
1
3
*134 3
*2
*112 3
*134 3
Chic Un `frac etts stmpd
1434
1
1.
11aY
yl3
10
*1012 1312 1112 1112
Apr
*1012 13
*1012 13
4
etfs
stmpd
100
Do pref
5514 5412 554
4712 J'ne 17 62 Jan 15
*55
5478 5478 55
57
700 Cleve Cin Chic & St L..._
9112 9112 *9112 95
8518 Feb 19 98 Aug 12
95
*90
911. *90
100
Do pref
3614 37
3614 37
37
3758 37
38
22,855 Colorado & Southern-. 21 Feb 19 38 Sep 11
65
6558 6578 6514 6534 1,765
65
*6434 65
5038 Jan '2 6578 Sep 10
Do 1st preferred
59
59
5914 59
3934 Feb 111 5912 Sep 11
59
5938 50
Do 3d preferred
5912 1,390
17058 174
14112 Feb 10 174 Aug It
1714 173
17058 17034 17112 172
6,000 Delaware & Hudson
52112 52412 525 52834 *5283.1 530
*510 512
800 1-7elaware Lack & West_ 420 Jan 6 540 May /,
2712 2734 2712 2734 1.820 Denver & Rio Grande
1414 Feb 19 2778 Aug
2678 2678 2612 27
6612 6712 6612 6612
66
166
*65
67
Do pref
3914 Melt 2 70 May!'
480
4012 *38
4034 *38
3212 Apr 15 42 J'ne39
4012 *38
*38
Detroit United
4014
1414 1414 1414 1414
15
*14
6 Feb 11 - 1614 Apr 21.
*14
15
300 Duluth So Shore & Atlan
2314 2314 23
24
1134 Feb 13 " 26 Apr 24
2414 24
*23
23
Do pref
350
2938 3114 2918 3038 269,720 Pile
12 Melt 6 3114 Sep 10
2533 2778 2818 31
4434 4618 44
2438 Mch 4 4618 Sep 10
42
444 4438 46
4514 17,880 11-11 Do 1st pref
3678 3434 3612 7,600
16 Mel] 8 3678 Sep It,
Do 2d pref
3212 3458 243( 3e3.t 35
13778 139
11334 Feb 10 140 Aug 13
13658 13814 62,935 Great Northern pref
13338 13938
4812 Jan 2 89 J'ly 20
6714
- 6512 6612 6514 6534 4,200
Iron Ore properties.. _
6678 6714
-- ---- -___ _____ _ Green Bay & W,deb ctf-A 71 Mch19 7712 Apr 4)
--_,- ,•,-,
*73
__
8 Jan 14 16 Aug i0
...._
*14 -1-5
deb ctf B
-15 -1-5 *1434 -1-5
no
1
29 Mch24 3412 Sep
--- *---- 34 *-,-- 13-3-4
3438 -Havana Electric
170 Jan Is 77 Aug 25
Do _pref
---- ---- *---- 8112 *79
90
8113
Rocking Valley tr recta- 62 Feb 10 90 May ,4
69 Mch 19 85 May14
Do pref
100
;;T3O" 'lir Wir 1E- -ii- 13- *S1- 90
12212 Feb 17 146 Sep 10
14338 14578 48.150 fliinois Central
14114 14214 14134 14378 14334 146
634 Jan 4 1312 Aug 10
1112 1134 1114 1158 1111 1134 1112 1178 3,844 1- n terboro-Metropolftan _
1718 Feb 19 3814 Aug 10
Do pref
3378 3438 7312 3431 3253 3312 4,0971
3314 34
10 Feb 19 19 MayiU
1711 *17
sool Iowa Central
1678 1714 17
17
17
1714
2712 Feb 19 3612 J'ly 25
Do pref
3434 35
36
3514 3512 3514 3512
*34
900
*58
60 *58
go
60
*54
60
VC Ft S & M. tr cts pre' 57 Aug19 70 Jan 13
*54
2814 29
18 Feb 25 29 Sep 10
2312 lea, 7,550 tx-ansas City Southern._
28
2731 2814 27
46 Feb 19 6312 Sep 10
6312 6258 (8..3_1 2.900
6238 • 62
62
Do pre '
6134 63
18
*15
18
12 Jan 4 1034 May1t,
*15
18
*15
*15
18
r ake Erie & Western._
*40
49
34 May 2 45 May12
50
*40
*43
60
49
81-4 Do pref
*40
:-42
48
30 Feb 6 47 Aug 7
43
48 ,
*42
50
*42
43
100 Long Island
8714 Feb 19 113 May19
109 10934 109 11012 )04'1 11034 108 10912 6,400 Louisville & Nashville
120 Jan 4 13934 Sep 9
Elevated
139 13934 *134 140 *135 140
*137 140
300
35
*28
15 Feb 24 43 Aug lt,
tropolitan Street
*2912 35
30
§30
*2912 35
50 •
1412.Jan 2 2012 Jan 28
Mexican Central
1412 May 1 1714 Aug 10
i1e1-4 1134 16- 16-4 -173 -1-6-- -i-ii8 16- _IA6 Do Trust Co certfs
2912 2834 2834
400 Minneapolis & St Louis- 20 Mch 2 32 May14
*2712 2912 2914 2914 *27
61 Feb 29 6912 May16
67
*62
67
6612 6534 *63
2001 Do pref
*63
67
12338 124
12212 12334 1,7451 Minn St P & S S Marie... 7914 Jan 2 12458 Aug-23
12334 124
123 123
Feb 11 14912 Aug29
150
I
*147
12312
*147
pref
149
150
Do
*147
150
*146
1712 Mch 2 3338 Sep 9
3338 321.1 3318 3134 3234 19,670 Mo Kansas & Texas
32
32
32
46 Feb 19 6078 Sep I)
*64
6678 6534 66
6534 4,3001 Do pref
65
64
64
2812 Feb 19 6412 May20
56
5714 5638 5758 5634 5834 5638 5738 11,300 Missouri Pacific
9734 Jan 2 115 J'ly 23
Chatt & St Louis_
*110 120 §109 109 *108 115 *107 115
Nash
9018 Jan 2 11014 J'ly 22
ii Central &Hudson
10438 10512 10458 10512 10558 10818 106 10734 31,085
2412Jan 3 4178 J'ly 23
&
St
3914
3912
3618
Chic
Louis
3812
3618
480 N Y
3312 *38
*36
90 Jan 14 102 May12
*90 100
*90
98
99
Do 1st pref
100
98
*90
99
60 Feb 8 75 May14
7112 72
*63
75
Do 2(1 pref
75
200
*68
*68
75
143 145
1,406 N Y N Haven & Hartford 12838 Jan 6 145 Sep 11
14214 14214 *14012 14514 14212 143
2918 Feb 19 44 Aug ii
4234 15,000 N Y Ontario & Western..
4134 4278 4238 4314 4214 4318 42
58 Feb 19 7578 Sep
7458 7512 7514 7512 7/31 7512 2,500 Norfolk & Western
75
75
Mch24 82 Aug 31
74
adjustment
pref
_ _ _
Do
- *8012 - *8112
*301,-_ *8012
11678 Jan 2 14634 Aug 13
-3 14334 146
14178 fas 10-1,470 Northern Pacific
14418 14-434 14434 1-4-6;
103 Feb 10 13538 Sep 9
Do subscrip recta
134 13412 13134 13538 134 13518 133 13414 6.250
7112 Apr 2 0313 Jan 14
*73
Pacific Coast Co
78
78
*73
*73
*72
76
78
90 May26 90 Maya;
Do 1st pref
*80 100 *80 100
71*SO 100
*80 100
79 Mch27 97 Jan 13
Do 2d pref
*70
90
90
*70
*70
90
*70
00
10834 Jan 2 12634 Aug 7
12412 12518 12412 12514 12434 12578 12418 12534 51,975 Pennsylvania
59 Jan 7 78 Sep 9
*78
80
*75
7712 7738 78
225 Plttsb Cin Chic 63 St L__ _
*78
80
8118 Mch 3 98 Joe 4
pref
Do
*92
95
*94
95
*93
*94
95
95
9218 Feb 17 13318 Sep 10
12914 13012 12958 13158 12978 13318 13014 13238 570,425 0eading
78 Jan 2 8712 May13
88
8634 8634 87
400 Li; lst pref
*86
*86
83
87
2d pref
76 Jan 6 8812 Aug 10
*8512 8778 8714 8714 8778 8773 *85
500
8712
1082
4 Feb 3 4109713 .May14
1858 18
1858 7.700 Rock Island Company..... 203
1734 1734 1734 1778 18
May13
Feb
3414 35
Do pref
35
35
3612 34
3514 22,700
34
J'ne29 6134 Jan 15
42
&
San
L
Fr.
50
*45
1st pref
*45
50
100 It
*44
47
4538 4538
1914 Feb 19 34 May14
Do 2d pref
2612 26
2638 1,400
2512 2512 2618 2638 26
10 Mch 7 1833 J'ly 31
700 St Louis Southwestern..._
1734 1778 1778 18
1734 18
*1612 18
Sep
7
26641142 FebFeb 19
Do pref
4414 4458 4418 4412 *44
600
45
44
44
141045388
p 9
‘j
10914 11038 10814 10934 10634 10858 207,875 Southern Pacific Co
10878 110
10838 Jan 2 12512 May13
11914 11914 *11813 11912 119 11914 11912 11912 2,300 Do pref
918 Jan 10 2378 Sep 10
2238 2258 2378 2134 2278 47,620 Southern V tr cfs stamped
2078 21
20
20
514 S
Aeupg 2
18
0
2512 Mch 6 5
do
Do pref
5214 5358 5312 55
5278 5438 11,150
51
52
meeb
21342 F
15
2558 2538 26
2434 2534 6,120 Texas & Pacific
§2478 2478 25
Anglo
2
3
9 47
h2
4434 4414 47
7,812 I. hIrd Avenue (N Y)__ _
45
46
4214 4312 43
848 Aug20 1514 May 2
10
*8
10
Toledo Railways de I.Ight
*3
*8
10
10
*8
2614 2614 2614 *2512 2612 1,000 Toledo St L & Western- 12 Feb 6 2712 Aug 11
*2514 2614 26
33 Feb 3 5914 Aug 11
Do pref
1,600
5714 5533 57
5633 5718 5712 5734 57
7814 Feb 7 9214 May19
400 "win City Rapid Transit_
894 *8834 8914 *8838 8434 8834 8834
89
11012 Mch 2 16871( Sep ii
16514 16738 16718 16878 16638 16.3?;,, 16512 16738 420,400 1 rnlon Pacific
914 Apr 1 90 Sep 17
89
8212 5,250 %-7 Do pref ___ _ ___ _ _
8712 3834 8812 8938 8913 1)0
23
23
23
15 Jan 24 2412 Apr 25
24
24
500 Unit Rys I nv't of San Fr_
2134 2212 *21
22 43 Apr 25
271.Jan
39
40
39
40
42
1,750
Do Pre
3334 *38
38
54 Mch 3 1414 May21
1234 1318 1,500 AATabash
1212 121. 1234 1234 1258 13
13 Mch 3 21138 Aug 5
Do pref
*253.4 261; 2612 2658 2612 2778 2612 2714 4.500 I' V
6 Meh 14 16 Ms
13
8,9
3.(1,. 1,, 12
13
12
19
700 Western ,1 srvisnd
12‹'4 138-8.
CC.:
>
ca
0
>
,-1
Nirhattan
is
/
'
1'rei1oci.5
J'ear 1907
it fi/IVE
2.011:031
ii
hel,
6638Nov
Is Nov
58 Nov
7538Nov
75 Nov
2634N ov
j412Nov
138 Nov
52 Nov
144 Nov
x2314 Nov
818Nov
48 Sep
is78Nov
46 Dec
21 Dec
814Dec
9312N ov
130 Nov
-85 Nov
111 Oct
126 Oct
185 Oct
106 Oct
13712Dec
1)4 Oct
8 Dec
48 Nov
88 Dec
17 Nov
91 Nov
2912Nov
123580et
369120ct
16 Nov
5:1 Nov
3134 Dec
914 Oct
10 Nov
:214 Nov
28 Nov
20 Nov
107120ct
37 Oct
75 Oct
534 Oct
24120ct
72 Apr
63 Nov
64 Nov
116 Nov
4780et
14 Nov
91.Nov
29 "Dec
60 Oct
18 Mch
45 Mch
11 Nov
3(814 Nov
26 Dec
8512Nov
100780ct
23 Dec
1234Nov
10814 Jan
1015,Jan
1331, Jan
122 Jan
9412 Jan
8358 Jan
8534 Feb
19512 Jan
6512 Jan
220 Jan
56 Jan
2712 Jan
69 Jan
18 Jan
79 Feb
711. Feb
288, Jan
15782 Jan
16512 Jan
141 Jan
149 Jan
205 Jan
'234 Jan
170 Jan
165 Jan
334 May
17 J'ly
9278 Jan
10812 Jan
387, Jan
6912 Jan
6812 Jan
2271. Jan
510 "Jan
4278 Jan
837, Jan
80/8 Jan
1912 Jan
39 Jan
4414 Jan
7578 Jan
67 Jan
18934 Jan
85 Jan
75 Oct
141n Jan
47 "Jan
8612 Jan
114 Mch
94 Jan
172 Jan
39 Jan
7514 Jan
2873 Jan
gi Jan
80 Jan
3034 Jan
6134 Jan
2812 Jan
6712 Apr
6712 Jan
14518 Jan
146 Feb
107 Jan
2758 Jan
x6212Dec
60 Oct
110 Oct
2034Nov
53 Nov
4483Dec
97 Dec
x89 Dec
19340ct
85 Nov
41 Oct
12733Nov
28 Oct
56 Oct
70 Oct
10012Oct
9112Nov
56 Nov
65 Nov
85 Dec
el0312Nov
51 Oct
69120ct
70120ct
73 Oct
67 Nov
1114Nov
2612Nov
58 Oct
24 Nov
1 1 Nov
25 Nov
63140ct
100 Oct
10 Nov
2912Nov
1712Nov
16 Nov
9 Dec
1634Dec
2934 Nov
6834 Nov
100 Oct
77 Aug
1018Nov
20 Nov
Oct
1418Nov
6 Oct
90 Jan
14014 Jan
168 Jan
4458 Mch
7234 Jan
9234 Jan
147 Jan
13434 Jan
6312 Jan
110 Jan
9134 Jan
189 Jan
4838 Jan
9214 Jan
9012 Jan
18912 Jan
134 Feb
12418 Jan
76 Nov
126 Mch
14138 Jan
78 Jan
10512 Jan
13918 Jan
92 Jan
94 Jan
3018 Jan
6412 Jan
70 Jan
4838 Jan
2512 Jan
6212 Feb
9614 Jan
11818 Jan
34 Jan
9412 Jan
3718 Jan
123 Jan
29 Jan
3334 Jan
5478 Apr
10812 Jan
183 Jan
96 May
62 Jan
7118 Jan
1812 Jan
3812 Jan
301. Jan
14i _
awn.-
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Ask
Ask
Bid
Banks
Bid
Ask
Bid
Banks
Banks
250
Metropol'n¶ 16282 16712 Pacific I__ _ 230
435
Hanover __ 475
420 425
_ _ Park
Mt Morris11_ 200
ChclseaEz 11 200_ Fidelity I-- 165 175 imp & Traci 545 555
New Yoric
305
300
- - People's 11... 295
Mutual IL.... 285
18.5
Irving N Es 175
41' 8.1 r111
. Chemical __ 405
170
Aetna
205 Phenix
150
160
180
Nassau ¶__ - 195
300 350
Jefferson ¶ _ 170
5-2-5- Citizens' Ctl 14712 15212. Fifth
America 11.... 510
- Plaza 11...... 16211.
Amst_
---500
New
-,
Liberty__
First
703
City
,-710
230
225
j30012
Amer Each.
- -5 14t11 St 11 ----175 Lincoln --,.. 485
-2
_-- New Neth'd 2-00- 2-1-0- Prod Eac 11 150 - 1-60125 Coal 63 Iron 215 i
Battery Pk_ 118
Sherman
_
---- Fourth -- 19712 205 Manhattan11 290 3-0-0 NewYorkCo 600.. Seaboard
Bowery ¶ .., 320 335 Colonial ¶.... 700
340
316
350
--- New York _ 300
M ark't&Ful 240
-- Columbia 1_ 400 560 Gallatin - 315 325
BronxBoro11 300
350
N'ht &Day/ __-- 260 Second
__ _ Mechanics'_ 248 255
-- Collunerc.. - t16812 ____ Garfield __,. 235
Bryant Pk hl
--120 Germ Am 1 130
- - 500 State 11......, 225
Consort'd_ 115
-- 19th Ward I
135- Mercantile _ 113158
1-5-5 Copper..----..:Butch & Dr 1-50
--_ 12th Ward 11 -._ 3-00170
-Northern __ 1-55.. 21712 222/3 Germ'n E:1 475
500
Merch Each 165
185
Century 11- 170
_- Merchants'- 15712 1621. Oriental 11- _-_-__ 23d Ward 11 190
240
_ Corn Ex ¶.._ 31212 320 Germania 11 500
Chase
____
135 Greenwich V 250 265
--- Metropolis II 375
300 :f0-5- East River_ 125
Chatham _
I State banks a ExaLV1UCflU anu r,aIs, 0 New ItOC
* Bid and asked prices; no sales were made on tills day. 7 19x-r g ts. 8 Less than 100 shares
t Sale ak Stock Exchange or at auction this week 3 1st Instal in't paid, a Sold at private sale at this priceBanks
Bid
Ask
Banks
Bid
Ask
Banks
Bid
Ask
Ava_ u00 ____
..135
STOCKS-Htut EST AND LOWEST SALE PRICES
Saturday I
Sept. 5.
Monday
Sept. 7. 1
663
_onciuded --Page 2
Bow York Stook iteoora-0
SEPT. 12 190841
Tuesday
Sept. 8
Wednesday
Sept. 9
Thursday
Sept 10
Friday
Sept 11
Sates 01
he
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range suwe Jan. 1 19'8
ba.ds ol 100-share tots
Lowest
Highest
Range ior Previous
Yea,(1907)
Lowest
6 Oct
938
800 Wheeling de Lake Erie__
1038 J'ly 30
412 Mch
12a8 Apr 16 3134 Aug 1
16
700
13 Oct
Do 1st pre(
12
8 Oct
Do 2(1 pret
1314 May22
Feb 27
2812 13,910 Wisconsin Central
11 Nov
1312 Feb 28 2912 Sep 10
23 Oct
Do pref
4834 5,600
33 Feb 19 4334 Sep 11
I n du stria!& Miscellaneous
--A dams Express
*181
164 Jan 2 4200 Aug 25 4150 Aug
*181*181 . *181
4 Aug
400 rxills-Chalmers
3
5 Mch 6 12 J'ly 22
*1118 -11-78 *1114 -1112 11 -1-1-13 *1138 -11-1
900
14 Nov
Do pret
14 Mch 6 3638 Aug 1:s
*3478 3514 3412 3478
3553 3513 *3434 35
7933 8038 7918 7978 771.3 79
4518 Feb 19 8358 Aug b x4134 Oct
7658 7812 81.800 Amalgamated Copper_
5,000 Amer Agricultural Chem_
10 Oct
13 Jan 4 2312 Sep 9
2633 2714 2712 2812 2734 2814 2734 28
700
75 Oct
Do pref
78i Jan 4 11534 Sep 9
05
9518 9534 9234 9412 *9213 9534
*93
912 Feb 10 2478 Apr 3
2,500 American Beet Sugar__
1912 20
2014
2014 2014; 2014 2012 20
734Nov
75 Mch
Do met
65 Jan 23 78 Apr 23
79
*72
78
*7212 78 1 *72
*70
78
500 American Can
4 Feb 20
678 Aug 11
3 Oct
578 6
*534 6
578 578
534 578
44 Jan 4 6212 Sep 9
Do pref
34 Nov
6214 6214 6218 6213 6214 6214 6112 6212 2,500
2512 Feb 13 4214 Aug 7
24380ct
x3858 4038 8,690 American Car & Foundry
4014 4038 4013 4078 4012 41
8414 Mch 4 106 Sep 8
230
Do pret
73 Oct
105 105 4105 105
105 105 *102 10334
2434 Feb 19 3632 Aug 2S
21 Nov
3534 3,430 American Cotton Oil__
3538 36
3514 3512 3512 3573 35
480 Jan 16 92 Sep I
70 Nov
100
Do pret
9012 9013
92
*90
92
*9114 92
*91
4170 Feb 26 4224 Mayll 175 Oct
American Express
*195 200 *195 20 ,
195 205 *195 205
912 Apr 14
3 Oct
378 Jan 8
400 American Grass Twine_ _
818 818
814 814
818 818
858 858
234 Feb 26
02 Apr 14
212Nov
American Hide & Leather
414
412 *4
413 *4
*4
412 *4
1212
Mch
4
23
Aug
4
Oct
10
100
21
Do
pret
*20
*19
21
*20
21
*2014 2014
1212 Feb 8 3173 Aug 11
8180ct
2814 2873 2738 2814 4,445 American Ice Securities
2812 2878 2838 29
0 Men 5 1312 Aug 8
6380ct
American Linseed
*1012 12 *1012 12
*11
12
*10
12
17 Mch 5 2612 May14
16120ct
Do pret
*2334 25
*2334 25
*24
25
*2334 25
ma
ecn
bh25
23 593
613
;
1 J
F
2 Aug 13
343
3214Nov
4613 4933 143,330 American Locomotive
53
48
5158 5518 5018 52
1
109 Aug 9
83 Oct
Do pret
10334 10378 1,100
105 105
10414 10413 104 104
212J'ne
Sep
600 American Malt Corp
818
8
*8
814
8
8
814 814
17 Nov
21 Jan 13 49 Sep
1,755
Do _pref
4714 48
49
48
47
48
49
49
60 Oct
8218 2,450 Amer Smelters Sec pref B 70 Jan 17 3418 Aug 7
82
8178 82
8112 8134 8134 82
5814Nov
9478 123,400 AmerSmelting dc Relining 5512 Feb 17 107 Aug 7
92
9314 9512 9412 9658 9358 95
81340ct
8734 Feb 20 11038 Aug 5
2,800
Do pre
10634 10758 106 106 x104 104
10614 107
Aug24 200 Apr 30 150 Oct
180
100
American
Snuff
---.
__-180 180
Apr 30 470 Nov
96
Mch23
80
640
Do
pref
4 95 15
9534 9534 -95395
1,100 Amer Steel Found (new). 31 Sep 4 3714 Aug 11
;5i"
31
3112 3134 3112 3178 31
Do old pref tr rects_. 2738 Feb 15 41 J'iy lu
45
*40
45
*413
45
*40
43
*40
AugAug 3bl -9234Dec
Jan
3,900 American Sugar Relining
13134 133
13338 13378 134 13458 13278 134
x106 Nov
134
29
b 13
8 13
1095834 n
Do pref
35
126 126
*125 130 *126 129 *125 130
3
13134
Sep
88 Oct
6
Jan
American
101
13,950
Teleph
&
12834
130
130
,
3
1293
4
Teleg
13118
13038 13113 13012
17
60 Oct
1,530
American
9512
'l'obac (new), P1
9511 *95
9512 9514 9513 95
95
11 Oct
27
63
14
2 Aug 12
2.J
Fa
enb 17
3 9
7
12
54
400 American Woolen
2378 2378
*2312 25
2353 2378 *2313 25
68 Nov
efacop
7814 Feb 19 94 Aug 4
ba
oe0pbrd
400
00 4AD
9214 9214 11,0
92
*92
9212 9213 92
9234
per Pail25 $2712 Feb 19 $5012 Aug 7 $25180ct
46
4714
4634 4734
4713 4814 4713 48
$3 Oct
314 358 1,900 413atopilasalining Par $20 $212 Jan 23 45 Mc1126
312 313
334 334
312 334
8 Nov
2,700Pethdlo
12 Jan 13 2434 Aug 7
Steel
22
22
2313 2312 2334 23
235/
23
7
Aeupg 9
53518 s
23 Nov
pr 8
3 1
Aan
35
6 J
400
pref
*5013 51
5013 51
*5012 53
52
52
10 Nov
4,070 Brooklyn Union Gas_ _ _ x85 Feb 21 14412 Sep 9
140 141
13934 14412 14114 143
137 139
6 Oct
600 Brunswick Dock &C Imp_
1238 1253
*1214 1314 13
1318 1234 131
27 Oct
410 Feb 7 425 Jan 15
100 Butterick Co
*20
2112
21
*20
21
2018 2018 *20
1178Nov
1512 Feb 10 3038 Aug 11
5.900 rientral Leather
2134 28
2838 2878 2814 2834 2818 2854
68 Nov
7534 Jan '2 99 Sep 4
460 k-) Do pref
97
97
x97
97
9873 9878 99
09
14 Nov
1558 Feb 11 37 Sep b
3414 3614 15,200 Colorado Fuel & Iron
3634 37
36
3614 37
3671
14 Dec
1434 Mch 6 24 May19
900 Col & Hock Coal & Iron
2112 2178 2134 2134 *2013 213, 2058 2114
15413
74 Oct
3
Sep
9
Jan
96
149 15214 83,453 Consolidated Gas (N Y)
14838 15078 151 15413 151 154
8 Oct
1034 Feb 10 2012 Aug',
1858 1914 2,200 Corn Products Refining_ _
19
1914 *1873 1938 1914 193,
46 Oct
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LABOR DAY_
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131 Jan
133 Jan
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BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
sk
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'I rust Co's Bid
'I rust Co's Bid
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New York Stock Exchange-Bond. Record, Friday, Weekly and Yearly
OCCUPYING
?OUR
PAGES
-0.
BON DS
Price
Price
Week's
Week's
Range
3.1,
Range
Friday
Range or
Friday
Range or f3-,
Since
N. Y. STOCK EXCHANGE ::.• •.,
Since
.f.; c..
Sept 11
,S'ept 11
Last Sale
Last Sale 'A Z January 1
January 1
W EMI ENDINO SEPT 11
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981
/
21%101'10i
1911 F-A
103N, J'iy 108. .. 1031
Series 1
/
2 1136
J11103111 & St P terra g 5s 1914 J -J 103'4
94 Nov'Oe
1910 F-A
102 Sep 4)13 .... LuO 103
Series K
General g 45 series A ens
J •J 102
019813
,
0...
1
97
Anglhn
91'a
M-8
1011
97
1928
/
2
Registered
104.1
/
2Oct'06
11514 971
East Okla Div 1st g 48
/
2
/
2sal. 91
General g 3128 series13 8113810 1-J
A.t1 Knox & N b'ee L &
1311
1111
/
2.
/
2
135 8514 911
9458
951
/
2 47 80
96
Atlantic Coast let g 48.h1952 If-8 94
1151
/
2 Oct 'tin .. .. .
..
/
2..
136
Chia & L Su Div g 58.-1921 J - J 1091
....
125
1191
/
2
78-1930
J.J
Charlea & Saw let g
1111
/
2 Aug'Ob ...... 1.1
.
0 111%
Chic & Moliav Div 68_1926 J -J
1231e J'ne'On
Say 13' & W let gold 68-1934 A-0 124%
111.1;124-Chic & Pao Divtis
1910 J -J ,
103. 104 10412May'418 ... 104 104%
/
2
1914 A-0 1081
112¼ Jan'04
let gold 68
.... 10835 111'o
Chic & P W lat g 68
110‘4 1104 liU 8ey
1921 J -J ,
11458 Not'05
Ala Alid lot gu gold 58 _1928 31.-N 103
1051
/
2 Aug'08
'lib.
.... 104/
1
4 100 ta
Dak ik (it So g 5s
1916 J •J +04?,*
/
2 hiar'06
991
' Bruns & W let gu g 433 1938 J
/
2J•1y'91.
1.371
1924 J -J 120%
Far & Sou aseu g 6s
88% 48 74
01952 M.N
88'8 Sale 88
• L .313.N con g 4a
Div
Ist
78
1)
,11.1438Aug'ub 2.. 1021
!last &
/
2104%
1910 J -J 105
88%
931
/
2Sep'06
9:334
Sil lip ()Ca & gu g 48 -lido J -J
931
101% Acub
p
/
2 133¼
.... 101.8 101%
.
4
1st Os
1910 J -J 101
Atlantic & Dany See South By
18212 Apr'Uti.
1908 J -J ; _
I & I) Exton 1st 78
W See Son Pacilit
Austin ds
LaCrosse & 1) let 68.-11319 J -J .
108 rs May'vn .... 100% 108 is
101.
93
12 00
93
LIAR& Olnoprlorlg 3128.1925 J -J
9314 93
10078J'ly'08 ... 100%100%
Mineral Point Div 58
1910 J-J 101%
94
90 Apr'08
itegustered
/41925
3. 10014 104'-4
891
/
2 00
1910 J -J 102's Sale 10278 102% .
So Minn Div 1st 6s
1011
/
2 81 961
h194b A-0 1u 1 18 sate 101
Southwest Div 1st 68
Gold 48
/
2 2 101 1031
/
2102
11109 J -J 102½ Sate 102½ 1021
/
2
951
/
2J'ly'08
Registered
/41948
11)912Sep'08 .... 1.08 1091
/
2
95
Wis & Minn Div goo.. 1921 J.J 1091
961
/
2
/
2
120 Vol '01
PittnJune 1st gold 68...1922 J •
1051$41Pr'Ob ... 105 hi 105'i,
Mil ‘333 No 1st .M. L 138.. 1910 J.D 103'2
87
87
PJ
& Al Div 18E8 3124192S M-1.4
109
1 83
88
109
.
86.4
4 1081
/
2109
18t consol 68
1913 J44 10718
9314 951
PLE& W Va Sys ref 481941 11.-N
/
2 1 115381181
/
2 95 12Sep 'u
1171
/
2 /171
87
1111-3 ta-F 118
35% Alio & Northw cons 78
/
2
921
/
2 17 8334 921
91
91
92
Southw Div let g 3128_1925 J -J
99 J'ne'08 ._.. 99
Extension 48
119
9858
1886-1926 F-A
/
2
89 Oct '00
u81
/
2Apr'013.
Registered
Registered
981
/
2 9834
h1925
1886-1926 F.A
1.0678Feb'u7
/
28
/
2
031
/
2
113/18 .23 81)
93%
Motion Itiv 1st: gu g 58-11310 V-j
-A 1001
General gold 31
/
2
931
1987 M-N
109 Apr'01,
Registered
/
2
89 Aug'un .... 89
8J
/
233..1930 M-S 981
Ceu Ohio It let c g41
p11387 Q-1? .U0
10934 J'ne'1/7
1
23lay•Ob .... 10712 111 12
Sinkuig fund'8..J579-i929 11-0 112
111/
01 Lor & W con 18t g 68 1930 A-0 108
.
4
1081
/
2 Ill
Registered
110 Aug'On .... 1081
4 110 111
/
2 110
Ohio River RR let g 58 1E1313 J-1) 111
1879.1929 11-0 110
109 Sep '98
Sinking Lund 68 1879.19213 11-0 1119½
General gold be
10912j'ly'Ub .... LULS 1091
1937 A-0 108
/
2
100.4 109
1191
/
2 Atair'04
Registered
Pitts Clew &'i01 let g Oa 1922 A-0 108
104 Nov'v7.
1879-1929 11-0
......
.
881
/
2 Oct'07
931
/
2
Pitts & West Lit g 48-1911 J -J
Debenture 533
10178 101% 2 1001
/
21021
/
2
1909 31-N 1021
/
4
100
Nov'04
lel
By
let
Registered
Stat
gug 412s 1943 J
/
2 ita/
1
2
10014 J'ne'Ob .... 1001
/
2
19011 34-N 1011
Bat Creek & ki See Mich Cent
Debenture 68
1
2
1.05 h'elMle . .. 1.135 1051
/
2
1921 A-0 WO/
Registered
Beech Creek lieeNVC&li
1133 J'ne'07
..
1921 A.0
Bellev if, Car See Illinoni Cent
Sinking fund deb 58
1
2109
109 MaY'013 .... 108/
1933 54-5 110
Registered
Bklyu db Montauk bee Long 1
11/9 J'ly'On ... 107 109
1933 M-N
Bruns & West See AU Coast L
North Illinois let 58., 1910 M.8 100
1014 May'un .... 101% RA%
Banal° N Y & Erie See Erie
101% May'ub .... 1.0138 L0138
Ott0 13' & St Paul 1st 68 1909 M-S .99 h
1131
/
2J'ly'1)8
•Bulialo & P gen g 58-1937 M-S 11156
108 1131
11934 Aug'On .... t 18 119%
: Mil L S& West 1st g 68 1921 54.5 11938
/
2s
1011
/
2 Mar'08
Consol 41
1957 M-N 102
Ext & Imp 8lillul g 58 11329 F -A 1111
1011
/
21011
/
2
/
2
/13'4.1'4'0 .... 110 1131
/
2
96
98 Deo'07
Asiila.ud Div 1st g 68 192s m.8 12018
. All & West 1st g 4a gu 11398 A-0
1421
/
2Feb'02
lat gu g 58- 1943 4-4 10716
103 J'ly'OS
12b LA ifen'On
Mich Div 1st g 08
, C1
103 103
1924 J -J 190
118 J'ne'08
Roah & Pitts let g 60-1921 F-A 1161u
Incomes
114 118
109 Sep"03
1911 M-5 104
117 Mar'08
Consol let g 68
1922 J -D 12114
117 117
Aim Rock 181 & Pee 68-1917 J -J 114% 1151
/
24'1y'08 .... 112 1152
/
2 1121
Regiaterett
Buffalo & Southwest See Erie
/
2.7'4'08 .'. 1121
1121
1917 J -J 113
/
2115
87
,
2
88
Aug'08
General gold 4s
Bull & Snag let ref g 48.4/1951 J -J
89
91
91
97½ .
1988 J -J
97 Sale 1301
0.9 91 1001
/
2
/
2
Registered
Bur U & N See Oltl&P
11188 J -J * 97
961
/
2 MaY'08 .... 13612 07
1 1071
Refunding g 4s
inn So let est 63
1913 J4 107 1081
/
2 107% 107%
/
2111
1934 A-0 87's Saar 83.4
871
/
2 1319 8312 88
V20 be
/
2 102 1.: 2 1181
1910 M-S 10134 10214 1021
Coil trust Series.11 48 191u M-N
/
2 105
97 J'iy,'04 ..... .
Registered
10034 M53'07
1913 M-18
J 48
94
9212 Nov'06 .... ....
1912 M-N
Oarb & Shawn Nee Ill Cent
bl. qs
0141
/
2 Jan'07
1915 M-N
Carolina Cent see Scab Air L
N 48
93 May'0I .... .
1910 M•N
Carthage & Ati See .N
11
0 48
9034 .Fel)447
1917 ivl-N
Ceditlalf&N See 130R&Z.
P 45
1918 54-5
84 Aug'07 .... .. ........
Cen Branch By See Mo Pao
Chic RI & Pao RR 48 2002 11-N 67% Sals 66%
/
2 09
671
/
2 233 S5,1
Registered
112 May'Ob
Cent of Ga RR let g tia...p11145 F-A 1141
/
2
112 112
03 Aug'ub . . 011
/
2 65
2002 SI N
Consol gold 58
be
1045 M-N 10878 10958 10912Sep'08
971
/
2 lt/934
Coll trust gold
1913 11-5 631
u178 1.
/
2 Sale 63
31 OU kg 76
Registered
1945 31-14
113 Apr'00
Bur tied it & Northern-let pref income g 58....p1945 Oct * 65
641
/
2Sep '08
arco
edi tr g os 1934 A-0 112%116 110% Mar'08 .... UM 111
lLtite
55
73
Covuog
Stamped
73 J'ly'08
135
73
12tiltiMarl03
1934 A-0
2tt pret income g 58....p11345 Oct
46 Aug'08
45
(JRI.Fec N W 1st gu 533 1921 11-0 107
64
111 L.Nov'0.5 ..... ......
2d prof income it 5s stamped
521
/
2Aug'08
44
46
AI & St L let gu g 78 1927 4-1)
5:3
RON Os
N.Y. STOCK EXCHANGE
WEEK ENonio SEPT 11
A
•
.
-•
•
lillsCEILLANEOUs BOA1)---Conti....ed
Street Railway
Brooklyn Rap Tr g be
1945 A-0
101 Sep'08
91 102
1st refund cony g 48
2002 J-J
/
2Sale 76.4
771
77% a39 651
/
2 77%
kik City let con 58.1916 1941 J-J
102 May'08
99%102
Bk Q Co& S con gu g 56 1941 M-N
90
92 Sep'08
921
/
2 921
/
2
tin
El
let g 4-58 1960 F-A 1001
Bklyn
1001
/
2 22 931
/
2Sale 190
/
2 102
Stamped guar 4-38
1960 F-A
102 J'ly'On
98 1021
/
2
Kings Co El 1st g 4a
1949 F- A
811
/
2
8114 5 811
/
2
/
2 8i1
Stamped guar 45
1949 F-A
82 Sale 8134
82
14 77
83
Nassau Elea gu g 48.. 11351 J -J
76 Sale
76
75
22 75
80
Conn Hy & L 1st& ref g 4.128'51 J.J
95 Mar'08
951e
95
95
1
28
Stamped guar 4/
1951
116 Aug'08
98/
1
2
911
/
2 116
Den Con Tr Co let g 58-1933 A-0
95 J'ne'00
/
28.1932 J -J
Det United 1st con g 41
70.4 69 Sep'08
(39
69
09
Havana Elea consolg 58.1952 F-A
94 Jan'08
88
94
94
Inter-Met coil 41
1916 A-0 0914 Sale 69
/
233
6978 686 49% 69
Inter Rap T 3.yr cony 68 1911 M-N 10178 Sale 1011
/
2 101% 71 100 101't,
Internat Trac colt tr 48 1941/ J-J
651
/
2 Aug'08
00
651
/
2
; Manila Elea let do cull 56 1953 M.s
98 May106
.....
"No price Friday; latest price this week. aDue Jan iiDaeApr 6 Duo May
-•
011
Next Yu.,
Street Railway
Met St By gen col tr g 58 1097 F-A
81
Ref g 48
2002 A-0 61
Bway& 7thAv lister:0011143 J
9914 Sale
MAY
1st
gu
g
Col&
116
58.1993
LexAvtiit P F lstgu g5s 1903 31-s 96
Third Ave RR eon gu 4s 2000 J -J
Co
col
tin atnipd...
Cent Tr
61 Sail
Third Ave Ity 1st g 5s 1937
114(1
met W 6 El(Clip:41st g46 11)36 F-A
M11 El By & L 30.yr g 58 1920 F-A
991
/
2
Minn St IV let con g 58 1919 J -J
1
28 1933 J-J
N Ori Ry 6:3 Lt gen.4/
St Jos Ry Lt H & P 1st g tn3'3, M-N
st Paul City Cab eon g 58.1937 J -J
Underground of Lou fia. .1908 J -D
Union El(Chic) let g 58-1945 A-0
•
100
United ItRs San Fret 48.1927 A.0 • 721
/
2 73
United Rya St L let g 48.1934 J -J
80 Sale
u Due J'ne /Wile lytine Aug °Due out
85
68
80 Sep '0E,
40
66
48 J'ly'On
1 93 103
0914
9131
/
2
99
2 95
95
95
3 lid
08
96
90
19¼ 61
03 Sep'08
61
64,
, 84 30
Lit)
101 10614
10614 Aug'68
tt3 .1'ly '06
109
107 12 Feb 106
911 12 Sop '06
10314 Oct 'tit
11012 Nov'llti
40 Aug'08
41 /
1
2 411
/
2
101 May118
10078 101
721; 40 5•.)
7214
7358
80
6 713
85
80
33 Des -sov s OPtion oath.
SEPT. 13 1908.j
ilO.i ti
N. Y. STOCK EXt;ti AN oli
WEna FINDING SEPT 11
New York Bond Record.—Continued—Page 2
Price
Pridav
Sept 11
Weeic
Range or
Last Sale
z
Range
Since
January 1
BON Di..
N. Y. STOCK EXCHANGE
WEEK ENDING SEPT 11
FA
.1-rice
PYiday
Sept 11
665
:Veeic's
Range or
Last Sate
.cr!
flange
Mace
January 2
hiLgli Ac Low .111lith
It tyh 110 1,,,w Hew. Erie—f(Joa)
.AS/C Low
lliu
Ash Lote
/10,
Chia Rock 85 Pae—(con)
103 Dec'07
4 101.,
1
101/
102 Aug'08
.5 1( sus 61 W lot ref 55 1937 J -J 101
Choc Ok & Li gen g 58 .311.1111 J -J
Decqu,
May'06
10014
......
26
111
gold
-A
F
41
4
/
M-N
101)
6
1951
1937
Cousol gold 6s
2 98.4 101,
4
/
941
1
89
4 10114
/
1011
8914 89 J'ne'06
General gold 5s
F- A
192:, N-0 9978
Kook & Des M 1st 5s
110 110
. 110 Jan'05
Terminal lot gold 5s 19
9 M-N 110
43
94
Cutest A& P.1 0 bee 111 Cent
Regis 65,00u each. 1943 0/1-N
Ohio St L 61 Pitts bee Penn ct,
101 lle238
102 J'Iy4.18
121 1281,
Mid itRot NJ ling 68 1910 A-0 10238
128 Aug'08
128%
Chic St P 11 & U con 68....11130, J
.60 101
Wilk 61 lii lat gu g 58_1942 -1) 95 100 100 A ar'Ut
93 Dec'0.;
C0118 do reduced to 3 428.11)3i, Ai 89
4
/
108 1131
,24 12714 f1v & Ind let con go g 68 1926 J -J •114
11034 Aug'Ut
12714 Aug'ob
Clt at P 61 Minn 1st g 64 101 s v1-2, 128
Erte & Pitts see Perin co
129% Mar'04
4
/
Nor Wisconsin lot 68-193,. J -J 1261
112
'Ob
2
1
112
Jan
117
4
1
/
11;
1
112
115
&
vans
1119114
1-1
11718
lot
4
,
116
Aug'08
A
cons
(36.1921
-J
J
St P 85 6 City lot g
06 103
112 113
lot general gold 5,3
4104 102 12 J'Iy 08
/
1021
110% 1131
4 112 Pue'0,
/
q111,31.
Chic & Weal,Ind geu g
115 1b 12 91
9514
Mt Vernon lot gold 68 194
114 A pi 01
4 Sm.. 9.14
/
951
-° 105
•A -0
1. J
23
Consol 50.year 40
. ..
J'ne't/8
95
Co
Suit
90
lot
Branch
58.11
g
A
0
/3
11111*(1
Clued.' W Amu bee Pere
kargo as So bee Ch M as St 1'
Choc° & Gull bee C 11 1 & P
Ulint&
'00
Al
Pere
See
Pere
Oct.
Max
J
113
8...193,
4
/
41
gold
2,1
D
It
85
CLu
6
lelit 061 Penin See Sea Air Line
102 J'ne'07
Cin D & 1 lei gu g 66...19.1i A 105 Mar'9/
Sort St 11 D Co list g 4128.1941 J -J
80
C.Fintids 111W Pitgo 48 g.'2:; 11-N
J
114
4
,
113
Sale
2
1
114
45 101 ]14's
'10
70
&
W
C
Den
g
lett
Auguri
66.-1921
-J
J
70
70
48.1115.,
ug
1st
Oill I &
85
8t) Sep 't./8 •.
81
74
91
W&lIt
Rio lir let g 4a. .1928 J -J
OU
111 91 Aug'08
Ind Dec 61 W lot g 5s...11131 J -J
...
al Mar 61 SA see So Pace()
4Dec'02
/
1071
1931 J -J
1st guar gold 58
90
116
96
A-0
1/6
(tal
96
Sale
2
1161
of
11
58.11)13
1st
1882
bee0002e6ti.
OIStL,tc
Georgia & Ala See Sea A Line
UunS&0 See C St
Ga Car & Nor See Sea A Lino
Cleareelit & Mali See B it & 1
25 92
98
Ueorgia Pacific See So kty
9514
96
96
Cloy Cm C & at L geu g 48 11/113
96
116
96 May'08
Ulla V G & Nor See So Pao Co
94
Cairo Div 1st gold 10....1.113e j J
115 Sep '07
(bony & Oswegat Bee N l Cent
90
Cita W& 11 Div 18t g 46.199i J • J
9614 Sale 9614
1135, Grand Rap & Ind Bee Penn /111
1 90
9614
St L Div lot Coil tr g 43..11100 A-N
91 Oct '0/7
Gray's Pt Term See St L S W
Registered
1.1194.
4 100 253 92% 100
/
9914 Sale 991
92
92
112
Ut N or—C 13 es t.,) colt tr 16 1921 J - J
Feb1/8
94
48-1940
g
lot
Div
Col
13iir &
4
97,
13734
9212 97%
97% Sale
98 bop'06
1921 Q-J
Regi8tered./,
88
W W Val Div lat g 46-194i, .1 .4
105 Jan 't14
Greenbrier By See Clic%
4
/
0 1 St L & C cou8o1 66-11120 All•N 1031
IN
93
100
......
-J
J
9514
01952
24
Aug't11
97
97
1
6
&
98
58
g
Gott
t
&
ref
1st
9714
1c11.13t, 9-k
lot gold 18
9814 Oct '07
LI an & St J o See C 13 & Q
$11314
Registered
k11/3t,
4 1061
/
1 1061
4 1u6/
4 1 1 ousatonio See N IN 1161 11
/
' 1U6 Clue 1061
!1
Cin & el con Int g 58-11128
St. 98/
105.4 106
4 106
1
111 114
114 Apr'OS
Hook Val latcon8olg41
48 19911 J -J 105
/
4.
11314 4 -1, 114,
(.1 & 1 cousol7s
W01
4 10012
/
4Sen
/
1001
J -4
Registered
11/14 4-1J
CO11801 8114K t1111,178
4 Nov'ut;
98,
......
95
121%
120
Aug'08
A-0
1
1&
Col
V
1st
g
eat
124
1249
99
13
916
1
46-1
.0
-J
66.11134
gold
uenerai CO1180l
J'ly'ut,
96
0
1,3
969
Col
F-A
&
Tol
ex
lot
4s
1955
11/34 J •4
Registered
95
Roust E B, W Tex See So Pac
91 J'ly '116
Ind Blab W lot prei 48 1940 A-0
Boost& Tex Cen Bee So 1/ac Co
0 Ind 61 W lot pi 16...,(1.1138 •
102 1039
85
9214
1021
4
/
Aug'08
9'21
4A116'0,_,
/
113
4
/
Illinois
9134
Central lot g 46 1951 J -J 1011
Peo & East lot eon 48-1941, A •
107%
I
00
13,3
39 Aug'08
Registered
42
1951 J -J
1990 Apt
locum°1s
Aug'08
92
$313492
93
4
921
gold
lat
31
4
/
s
-4
4
11151
111,
Clay & Marietta tsee Penn
9134 Aug'08
01% 91%
Registered
91)9
()ley & Pittu bee Penn Co
.1.Zov'o
4 65
/
551
89 ,
Aug'0/
lot
64
Extended
128
65
3
g
j
j
1
61
1)5
9
1
A-0
.1-.1
194,
48
g
1st
Midland
Col
70 vet '04
9378
lot gold as sterling
1/378 21) 82
1314 sale 9314
1951 M-S
Colorado & Sou 18t g 40_1921, F
U7 102
102 Aug'ub
8534
4
/
Coll Trust gold 40
1 213 73
b63,
85% bale 8434
1952 A-0 1011
1935 M-N
Rotund & ext 4 146
1,8
......
Registered
Ity
So
bee
Ureouv
Colon,61
'ob
J'ly
101
4
,
101
9)85101
N
L
Tex
do
gold
14
°
A11
2
3
6
4i3
9
195
—1
Col to flook Vat See itoog Vu
97 Alay'07
Regietered
Col & Tot bee Hock Vat
99%
102% Jan '°7
Cairo Bridge gold 46.-10
J
,B
936t3
Cot Conn & Term See N & W A-()
4 J'ly'05
/
881
4
/
891
85
4
/
1371
LoatsvDiv&Term
g3128.1963
-4
J
Conn & YHA Rive lot g 46.1913 ,I.J
123 .hley'ld,
...
Middle Div reg 5s
97.- 91
91 Apr'08
Cuba Bit lot so-yr 5 g....1952
4 Apt'Uti,
/
781
A
:
•
F
Div
Omaha
g
hit
1
192
1931
313
k
61.
43
Al
l;
bee
lak & bit So
4
/
76,4 761
4 70,4 muy'ut.
77,
St LOUIS Div&term g 38.1951 J -J
JiaiIao& Waco bee SI It. &I
Registered
Del Lack & W estern—
87
J'lle'Ub
87%
4
/
791
8712
I
•
J
:
4
114'411814
J
j
1
Gold
314o
5
6
9
,V1-N
1
76-1914
116%
lot
1171
4 1174
/
Morris& E8802C
4 Oct '09
/
1011
Registered
11n91209
4J'ly'Ob
1
11111 .1-1) 119%
118/
1st cousol guar Is
100 Nov'Uti
4
/
861
Spring Div 1st g 312a ..1
961 4-4
195
11/11 4-l/
127 J'ne'05
Registered
4 Aug'07
973
A
FLinea
413-1951
Western
g
let
90
"
J
200t.
lot ref gu g 3148
122 .Uee'05
121 1Bellev & Car 1st Us
1923 J-D 112
4 Sep '013
/
W let 6s...1V•41 J •J 122 124'i, 1211
Y Lack
100 100
100 Ang'Oz,
10838 11144
Carb del Shaw 1st g 48. 11132 M-s
112 Aug'08
1923 F.A $111
Construction 56
11212 116
4
/
9714101/14
Chio St
N 0 g 58_1951 -12 1111
116 J'IY'Li=
410014 KRA J'ly'0/
/
991
Tenn & Improve 18....1923 .1/1.
119J4 Alar'0,1
eigisr
Rou
G
red
iaa
1951 J-1-2
89
102 11'et,q/3
Warren 1st rat gug 3145.2000 B'-A
bto4
JD
4123
/
1211
1951
Apr'08
4
/
1211
4
1193
1st
.11.S
76.101i
Div
Pa
Hod
Del As
Repstered
119 Aug'01
1111-4 .41-5
Reg18tered
100 Alar'Ob
100 100
Alemph Div lot g 46. 1
51
96
11/
4 13', 118 14 10104
/
4 1011
/
1943 M-N 10118 Sale 1011
let ref 46(wli iss)
98
98 J'Iy'vb,
98
Son lot go g 4s
L
St
1/11210214
1931
1003
M-S *
•
Sale
4
/
4
1021
1021
4
/
1011
1111b J -D
10-yr cony deb 40
Ind 13161 West See0 Cif St L
117
U6
4
/
991
97 Mar'08
192k J -4
4s
/
lot lieu equip g 41
95
95
93 Apr'Ob
95
98
11350 J-J
08% '2 11.134 1289 Ind Ill & Ia lot g 4a
98%
11116 A- u
Alb & aus cony 31
4s
/
101 109
1281
4 int & Great Nor 1st g 6a 19111 11-N 105 110 106 Aug 08
/
4 1281
/
4
1289 Feleut3
Rama & Saratoga lot 78.11121 sil-N 128,
908
70
2d gold 50
80 Sep 'km
11109 11-8 80
Del Riv 1111 Bridge See Pa lilt
3d gold 40
60 Out'0,
9512
89
1921 31-13
93 Sep '0/
4
/
921
Deny ds it (Jr lot con g 48.1930, J -J
100%1089
Iowa Central lot gold 58 193 ' J-D 108 110 . 11/812Aug'Ob
98
98
98 Jan 00
1930 J -J
4s
/
Consul gold 41
78
70
(hold 4s
72
73% 71 Aug'Uts
11151 M-S
1 94 100
1)6
Improvement gold 58-11128 J
Jeuer8on
/1.11
98
97
ee
Erie
Uti
Feb'Ob
102
-D
J
Rio Or Julio lot gu g 58.111311
11 al A & (S) B. See L & Al 3
7,3 Dec'05
Rio gr So 1st gold 48—.1940 j
tOO .55.. Ilan & Mich BeeTol&OCJ
85 Alar'0a
1944 J • J
Guaranteed
4 90 12 KCFt3,31/1. SeeStL&SF
1
8'J'78 Sale 19
8978 1.7 83/
J -J
Rio (hr West lot g
ICC&/$111&13 EseaStL&S ,
1 70
76
74
74
Mge anti cot trtust 48A.1941, A.0 72%
than U & Pacific See M K & '21
97 Jan'02
Utaliuentlstgug4o al1117 A-0
74
31 69
than City Sou let gold Sa 11150 A-0 74 Sale 734
74
Des Mot as Ft 1.1 bee 11 & a,t
63 Oct 'te,
Regiatered
11150 A-0
110 Sep '04
By lot g ba..1111't
Des Mot
Kentucky
seal,
Cent
N
61
90
4-1)
Mar'07
92
Dot 85 Mack lot lieu g 48.113111
80
1391
88
4 Keok & Des Mo Bee C B 14131/
/
4 Aug'08
/
891
92
Gold 40
Knoxville 85 Ohio See So Ry
Detroit Southern—
4111 1i
/
1061
4 Aug'Ob
/
7734 77%
uke Erie 61 W 1st g 56 14137 J-J 11114112 .1111
7734 Jan '08
Ohio Sou Div lot g 4s 1941 M-8
100 101
101 111,r'08
102 10169 AA 2d gold Os
1911 J -J
4 7'1).0'08
/
1081
Dal& Iron Range Dittos-11337 A-0 109
IU5 1051
4
/
4
/
1061
4
/
12
1061
4
/
105
Ohio
10131
North
gu
Dit
g156-194.5
AlihY'Ot
A-0
A•O
10612 Mar
Registered
.
"
L She & Mich S See N Y Cent,
......
1916 J -J
26 68
4107
/
107
11, 1021
107
Leh Val N list gug 41
45 1940 .j.j 108
/
Dol Short Line b'es Nor Pao
107%109
Registered
106 May't.r,
1940 J -J
108 Mar'08
Dal So Shore & ALl g 56..1937 J -J 108
4 95
/
871
93% J'neW8
Lehigh Val(Pa)cons g482003 M-N
ast, of Minn bee SLP 11 6151
4
/
108 1141
Lell V Ter By let gu g 56 1941 A-0 1161
4 J'Iy'ub
/
1141
4
/
EJaat Ten Va &(la Bee So RI
Registered
4
/
1091
'99
Oct
4
/
1911
M-B
106121061
10812
106
4111
1
/
East
&
1st g 56.1941
a3'108
Elgin J ol
10,3 10734
Leh V Coal Co lot gu g 56 11131 J -J 1071
10712J'ly'00
4
/
lllmCort&N0 See Leh& N
9522 97
N I lot guar g 48-11145 11-S
Leh
97 May'ub
4 May'08
/
991
99 105
4
/
1001
1947
Erie lot eitgold 4/3
Registered
1.04 111Apr'05
104
11-8
10114 14)414
1011,
2d ext gold 5s
El & N lot pf tis
4
/
194
4 A-0 102
11378Jan'06
11
1E134 1001
119 Mar'08
100%
48
/
1923
3d ext gold 41
Gold guar 5s
1914 A-0 101%
105144an'06
4
/
104 May'08
104 llni1
4
/
1920 A-0 1061
4th ext gold 58
Leh &I Mud It See Cent ot N J
143 Dee'07
.....
4
/
061
11.125
5th eat gold 46
4 Leh & Wilkesb See Cent ot N J
/
4 Aug'08 .. • 117 1221
/
11120 .14-S 1113 128 1221
lot consul gold 78
120 Jan.
120 12014 Leroy & Caney Val Bee Aio
11120 31-S
lot consol g fund 70
Long Dock See Erie
90
Erie lot con g 48 prior..1111a; .0-4
87% 13 8U
87 Sale 87
105 1121
4
/
4 Sep'01
/
1121
79
79 Jan'06
Regiatered
Long Isl'il—lst con g 5s.h.1931 Q-J •110
79
111116 J -J
lot consol gold 4s
9414
72%
/11931 9-4
jot consul gen lien g 40..191/1 J -J
72 Sale 6934
72% 175 33
4 83% 94
94
851
Registered
General gold 40
4 Feb'07
/
1111)03 J -J
11138 J-D 91 Sale 114
102 Nov'05
4s
/
Ferry gold 41
4
4
/
4 841
67,
1951 F-A
,..11122 M-8 90,
Penn coil tr g 48
8234 84. 83 Sep'08
4 Oct'06
/
991
Gold 13
4 122 43
/
/21
4
/
721
1953 A-0 71% Sale 67
11132 J -D
50-year cony 4., A
;
931
81
.
1/34
4
/
911
4
/
Coined gold 48
Series 13-11153 A-0 62 Sale 59
621
1949 M-1S
do
62 12 486 40
110 J'ne'04
Debenture 5016 58
1934 .1-1)
Butt ILI Y& Erie 1st 78-11)16 4-1
115 Aug'08 " 116 118
90
97
Aug'08
M-N
117
4s.
gold
9
ref
7
Guar
gold
lot
Erie
1949
M-13
112
&
10814112
56..1982
Chlo
J'ly'08
111
13klyn & Aleut lat g tis 1911 M-S 9912
11612Jan
Clew & Mahon Val g 56.1938 -4 101
4
/
1111% Sep '07
1911 M-S 091
Ist 58
1 981
9812Apr'08
98;
jell 1111 lot gu g 58....a1909 A-0 1011
4
/
4
/
A-0
..
110141Nov4/1
N IB&MBlotcongSsl93li A-0 104
121 124
124 Feb'08
Long Dock consol g 69..11135
123,4
......
192711-S
105 Apr'fr,
118 Sep'06
N Y do 11 13 lat g 5a
..
Coal& 1111 lot cur gu 68.11122 M-N
......
4
/
1341
109 Nov'Ut,
Nor 81111 1st con g go5601932 (-J
10(3 106
106 Mar'08
Dock & lint,lot cur 66..1913 -J
98
Louisiana & Ark 1st g 58.1927 M-S
98 Apr'08....98
94
100 Feb'08
100 100
N 161 Green L gu g 50.1946 M-N .103
11.181(JELLANEOUS
....tut on Next Page.
Cita and Electric Light
this and Electric Light
Lac Gas Lot St L lot g 56.61919 Q-F 102 102% 102 Aug'08
Atlanta Li 1, Co lat g 58...1947 J-D
921
Ref and eat lot g 58
1934 A-0
4 105
/
101% 101 Ang'08
Birlyn U Gas lot con g 56.1915 M-N 1051
105 Sep
4
/
PAM M.S •136
Mllwaukee Gas L lot 48 1927 M-N
4 90
/
891
91
10 119 1311
139
139
Cony deueu (35
E 1, li 85 P g 5o 1948 J -D 1013o Salo 101
101%
11)17 A-0 66
66
1 54
Butialo u118 1st g 58
5,3% 56
4 N
/
601
1909 4.4 1621
Purchase money g1s 11149 F
4 88
/
87% bate 851
4 Sale 148
/
Cowell Gas cony deb 68
154% 250 103 154%
Ed El Ill lot cony g 6a 1910 M-S 10036 102 100 Sep'OS
11302 119°-.i
1923 -J
4 100
/
991
Detroit City Gag g 5a
9941 Augq08.
1st consol gold 5a
4112 108 J'ne'08
/
1995 J-J 1041
Dot 0110(40 coo lot g 5a 1918 F
100 Apr'07
4
/
951
8-3 Aug'08
NY&Q El L&P lot con g 561930 F-A 88
95
E III See N YU&ELR&P
66
96
N Y & Rich Gaa lot g 56.1921 M-N
98 Mar'08
97 10378 Nev'05
Eq (1- LAI I let con g ba..1932 M-8 9834
104% NovI05
Pat & Paoli & E con g 56.1949 M-13 91,
2
4Oct'01
/
611
Gas& Eleo Berg Co c g 55.1949 -1)
Peo Gas & C lot con g 66 1943 A-0 11734
79 j,ly
115 J'ne'08
46-1942 F A
/
bleu Electric deb g 31
79
7914 83
80
Refunding gold 56
4 Ang'03
/
1917 J -D 126 Sale 126
1947 M-S 1003o 104 1031
10-yr g deb5s
126% 50 1002 129
103's
Ch G-L & Cke lot gn g 56 1937 J-J 1091
4
/
10734 Dec'00
Ur Rap U. L Co let g 56-1915 F -A
4
/
041
101
Coot
Sale
101
Ch
J
101
G
lot
-D
g5e.'36
Con
gu
Hudson Co Gas lot g 58-1949 M-N 1041
102
1019102
J'ly
4
/
Mu Fuel Gas lot gu g 58.1947 M-N 1001
4
/
100 Aug'08
....
Kau City(tto)Gas let g As 1922 A-0 94
99 Deo'06
Syracuse Lighting lot g 58.'51 -D 90
kings Co El L& P g 56...1937 A-0 102 105
110 May'06
103 11112 Trenton 0& El lot g 68 1949 M-6
L997 A-0 110 110% 111 Sep'
Purchase money 6s
,18
Weotcheeter Light'g g 513 1950 J-D
Zit Bill Llint latoon g 4a 11/31/ -J
102 103 rly'0
90
90 J'ly 4./£3
83
.No price Friday;latest bid and asked this week.0 btu:, Jan 0 D tie Ica 4Das Apr *Due May it Due J'ly k Due Aug 0 Due OoS g Duo Dos
2
99 103
101 101
4 90
/
10 891
41 88 102
82 75
88
4180
/
981
108 108
89
89
4115
/
1071
94 1031
4
/
98 104
95 101
92 100
....
ibr
UP;
a OptLea
666
N. Y. STOCK EXCHANGE
SEPT 11
V, KKK
New York Bond Record-Contintwd-Page
Price
Priam/
Sept 11
Week's
kange or
Last sate
11s
Range
Since
3 January
g'
11 tgn No Low 1110,
4.81. Low
bah
1
1184 Aug*us
I 123811614
Louisv & Nashv gen g 66 193u J.D
11078J'ne'08
1937 M-N 112
4 11u%
/
4101
broltt 58
%l9lj
99s,
4 Sale
/
991
1940 J -J
95 100
Unitied gold 48
11819 Lot 18J'ly'06
1940 J -J
Registereit
105 J'ne'Oe
14)5 103
10518
114144 A •
gold 63
SIM(
103 Aug'08
1931 M-N 104 '4
102 105
Coll trust gold 58
1/5
4
/
4 971
/
88
9534
5.20-yr col tr deed g 49 1923 A-0 901
ill Ney'07
E H & Nash 1st g 66.-1919 J •D 1114
104 Mar'08
10334 104
46 1931 3.1.N 1051,3
1
& .Lex gold 4/
Aug'or
11914
1930 J.J 121
11534 11914
N 0 & 31 1st goid 68
120 12214 Mtn'06
1930 J -J
N 0 de Al 26 gold 43s
1074 Aug'06
Pensacola Div gold 66-1920 M.S
May'07
117
1921 M.S 105
St L Dis let gold 6s
4 Aug'07
1
62/
1980 M.S
26 gold 33
9234 934 9012 Aug't,8
90,
88
8
AM Knox & Cip dxv 48-1965 M-N
116 J'ly'96
105
Ati ',box & Or ist g 531946 J
10812Jan'06
kIentler Edge lats t g 66.1931
'08
J'ly
9212
4
/
941
88
94%
Kentucky Cent gold 4s 1987 J.J
9719 J'ne'08
97
97,
2 971
461945 11.8
/
4
/
L&N &DI& lstg 41
82 A ng'08
84
85
7912 87
L& N •South H joint 48.1952 J.J
'08
11014J'ly
1104 1104
N Yin & lat gu g 63 1937 F-A 112
98
N&t;lidge gen gu g 41281945 J.J
113 Jan '08
4
/
113 113
Pens a) AU 1st gu g 66 1921 F-A 1051
111 May'07
& N Ala con gu g 56 1936 F-A 104
9112Jan'08
* -61.4 9119
L & Jed Edge Co p‘u g 48 1943
LNA&Ch Seeel&l,
ahon Coal See 1,8 & 31 S
9834 21 92
4
/
9834 971
93
Manhattan By °ousel46 1990 A-0 98
104 Apr'05
1990 A•0
Registered
6; 9634 100
Stmpd tax exetupt 1990 A-0 100 10014 99% 100
Y Cent
MOK'pL& ti V See
Metropolitan El bee Man By
4 4 7414 85%
/
821
4 Sale 82
/
821
hex Cent consol gold 45 1911 J J
16
16
16 Sale
1 141
4 201
/
4
/
1st cousot income g 3s.a1939 J'ly
16
4 1618 May'08
/
161
10
18',,
26 cou8olincome g 36..a1939 J'ly
9068 J'iy '01
Hex internat 1st con g 48.1977 M.S
80 Feb'08
80
Ito"'
Stamped guaranteed....1977 51-S
105 Mayq)0
1910 J .D
hex North 1st goal 63
Mich Cent bee B Y Cent
Mid ot B J See Erie
Mil L & W bee Chic db N W
,
Mil & North See Cli H & St 1
126 J'ly'08 •
12514 128
Minn & St L let gold 78-1927 J-1) 126
10114 Aug'0)3
• 101 103
1909 J-D
Iowa Ex 1st gold 7s
118 Jan '01
PaCii10 Ex 1st gold 68-1921 A-0
11314 Mar'03
South West Ex 1st g 78 1910 J-0
105 Sep'08
100 105
1934 31-N 10612
1st consol gold 51)
79% Aug'08 •
80
80
82
46-1949
gold
114.S
refund
1st and
97 Apr'06
....
Des Id ,Y6 Ft D let gu 46...'35 J.J
Minn oly St L gu SeeBOR&N
98 Aug'08
97 102
9678 97%
IllStP&SSMcong4intgu'38 J.J
102 J'ne'07
MS Id. & A 1st g 4 int gu 19'26 J -J
Minn Un bee St P
4 22 94
911,
9588
4 Sale
/
991
4
/
991
&to han & Tex 1st. g 48 1990 J
86
4 84% 8412
/
841
23 7712 85
92990 F-A
2d gold 46
145 106
1944 31-N 104 106 106 Sep '08
let ext gold 56
4Sale 7912
1
79'-1 •-it' 74% 80
2004 m.s 79/
1st & refund 4s
82% 82 71
824 Sale 8218
4
/
821
11136 J .J
Gen s f 4's
8$ Aug'08
4
/
811
80% 834
46.-2001
g
A-0
ret
1st
Div
L
St
4 Apr'08
/
1021
gu g 56-1940 51•N 1014
1021910219
Dal & Wa
90
J'ly'08 -• 87
90
Kau C & Pao 1st g 43 199t) F-A
4 J'iy'08
1
107/
10538 108
&to K & It. 1st gu g Os 1942 A•O 108
6 102 107
1942 M-N 106 Sale 10534 100
M K & Ok 1st gu.60
4 Aug'08 ..•. 971
41061
/
4
/
St K&TotTlatgug153 1942 M-S 101 106 1063
10014.3'ne'08 ...• 100%1004
Sher Sh & so 1st gu g 58 11143 J -D 1034
104 J'ly'08 • • 10219104
101%
Tex & Okla 1st gu g 5s 11)43
113
1 10412113
1920 31.-N 11318 114 113
do Pacific let con g Us
4101. 102 Aug'08 •.., 88 102 12
1
91)/
Trust gold 63 stamped.a1917 31-S
4 Fe9'07
/
1041
al917 3I-S
Registered
97 Aug'08
103
1920 F- A
87% 98
1st coll gold 56
7514 1 68
7514
• 7514 73
1945
7812
40-year gold loan 4s
03 Mar'08
4
/
881
95
95
1938 11-N
3d 76 extd at 4%
85 Feb'08
8214
87
86
Cent Br By 1st gu g 48 1919 -A
8414 Jan'98 • 834 8414
Ceti Branch U P 1st g 48 104r -1) 8912
100 110 Mar'05
Leroy& t) VA L 1stg 56 1926 J -J
9914 Feb'08
991;4 994
Pao R of Ido 1st ex g 48.1938 F-A
112 Dec'07
26 extended gold.55-1936 J -J
103.. 111
StL Ir M& Sgen con g 561931 A-0 110'4 III Ill Sep '08
106 May'08 : 100 106
Gen con stamp gt4ig 581931 A-0
4 66%
/
861
86% 87
87
68
Unified & ret gold 46-19211 J .J
8042 5 16
4
/
8619 Sale 861
87
Riv&U Div 1st g 48 1933 M-N
4 Apr'06
/
1071
68
g
1st
W
&
I
1926 M-S
Verdi V
118
Dee'06
Mob J &K C lst cons g 53 1952 J
119 Iday'08
4
/
113 119
Mob & Ohio new gold 66 1927 J•D 1151
116 10512 Jan'08
10519 10512
1st extension gold 6s..)&11127
844 Fel••08
86
80
844 8414
.1938 •S
General gold 4s
105 Aug'08
4105
/
1021
Diontgom Div 1st g 6s..1947 F -A 104
75 May'08
75
80
75
St L & Cairo coil g 48..81930
95 101 Nov'04
Guaranteed g 4s
1931 1-1
do 0 coil 48 Bee Southern
Mohawk& Hal See N C 86
Monongahela Ray Bee 13 & 0
Mont Cent bee tit 1' DI 032
Morgan's La & '1' See S A' Co
Morris & Essex See De1L W
4 Aug'08
/
1101
4 11412
/
ash Chat & StL lat 76 11)13 J.j 11314 11334 1121
112
10519112
1926 A-0 112 8ate, 112
1st consol gold 55
4 May'07
/
1161
Jasper Branch 1st g 63-1923 J.J
11714 Mar'06
oi5,1 H W & Al 1st 68 1917 .3 -J
113 Ply'94
1917 .1-J
T & P Branch 1st 63
stash Flor & Shot See L & N
119
99 100%
100 Apr'OS
48 1926 J.J
1
Nato/ Hex prior lien 4/
4 11 77
/
821
4
/
821
4
/
82',,
1951 A.0 811
13t consul 44
New 11 & D SeeNYNII&fl
N J June RR des Y Cent
New & Ciu Edge SeeLon(lb N
Bkln 85 Man Bch See 1.1
N
4 27 8'712 9314
/
921
92 Sale 92
Riv g 3128 1997 J.J
Cent&
N
90% 2 88,
4
/
901
6 90",
1997 J-J • 90%
Registered
9412 44 91
9438 9432 94
95
1934 M-N
Deben g 43
84
2 75
4 8334
/
841
84
46 1998 F-A 84
1
Lake Shore coil g 3/
82
82
80
1 73
82
1998 F.A
Registered
74% 83
4 831
/
831
4 83 J'ly'08
/
Mich Cent coil g 3/
48
1
1998 F-A
76 Apr'08
70
76
1998 F-A
Registered
• ......
1)934 ...... 102 Feb'07
Beech Creek let gu g 4s 1936 J.J
102 Mar'04
Registered
1936 J-J
26 gu gold 58
1936 J.J 102
Beech Cr Ext 1st se 3/
4351951 A-0
1
N
N. Y. STOCK EXCHANGE
: EPT 11
WEEK 1011)150 ,
8
1-•rice
hr.'.au
Sept 11
[VOL. Lxxxvii.
It cell')
Range or
Last Sale
Z
Range
Slflee
ianuaru 1
AO tow lityn
lila
48" Low
N Y cent & H 1t-(Gontinuea
Cart & Ad 1st gu g 4s...1981 J -0
Gouv& oswe 1st gu g 58 11142 J-D
08
98 Mar'08
98
11842
Moli & Mai 1st gu g 43..1991 M-S
105 Oct '02
NJ Juno it gu 1st 4s 198e F-A
91
4 J'Iy'Oti
1
101 /
N Y 86 Harlem g 312a. .2000 M-N
1(17,
4
/
4 Aug'08
/
1071
4
1
2107/
N Y & North 1st g 68 ..1927 A-0 1051
Oa 100 1014 Doe'"
N Y & Yu 1st con go g 4s 1993 A-0
Nor & Mont 1st gu g 53.1916 At)
118
107 Noy'01
Pius' Creek reg ,tuar 08.1932 J •
103%1[2
4 Aug'08
1
W &0con 1stext56.41922 A-0 111 111 111 /
106 105
105 Jan 'Vt.
Oswe 86 R 2d gu g 66. .31915 F-A 10012
W&OTR 1st gag 58.1918 M-N
Rutland let con g 4,
28..1941 J -J
10614 Oct'05
87
ti 82
89'4
Og&LChana lst gu 43 g1948 J.J
8514 87%
884
90
140 Aug'Ob
85
Rut-Canad 1st gu g 46.19414 J -J
122 Jan'06
St Law & Adir 1st g Os 1096 J -J
1996 A-0
1.25 125
125 Feb'08
26 gold 133
9934 9934
99% AprOS
Utica & Elk Rivgug4&1922 J.J 100.8
1997 J-1) *93
48
/
38 8934 94
94
4
/
931
94
Lake Shore gold 31
9212
112 Aug'08
Registered
1997 J -D 9012 92
90
95
Sale 944
v5
20 84
1928
Debenture g 48
96
%164 Sale 9518
1931 M-N
9534 209 8888 9534
25-year g 4s
Ka A & R 1st 8.-u4358 1938 J.J 107%
106
109 Oct '07
Mahon 0'1 RR 1st 55 1934
100 ANTOS
Pitts & L Erie 241 g 3s.a1928 A-0 104
.. 100
130 Jan'03
Pitts McK & list gu 63 1932 J-.3 117
112
1934 J-J
2d guar 68
MoKees& B V lst g 68 1918 J-J 108
104 Dee'06
WW1 Cent 1st consul 68.1909 M-S 98
......
105 Dec'07
1931 M.S 1074
....
53
1064
119 J'ne'06
1931
Registered
......
94)
1003
4
Jan
'07
1940
48
10612/cov'00
1940 J -J
Registered
90 J'ne'ur
43
/
1951 M-S
30
JL&Slatg 31
90
91
90
4
/
901
1952 M-N
48
/
9012
88
1st g 31
•'fa
Bat C & Star lat gu g 36.1989 J-D
102 Sep 'ua
90%102
N 2Chlo& St List g 46 1937 A-0 10112
100
'08
1021
Sep
4
100
100
1937 A-0
Registered
118 104
West Shore 1st 4s gu 2361 .3-J 10$ 1.1.013* 1033t, 10338
4 18 96%1024
/
2361 .3-J 102 103 10218 1021
Registered
N Y & Greenw Lake bee Erie
N Y & liar See N Y C & Bud
Y Lack & W bee D L.12
N YLE& W See Erie
Y& Long Br bee Centof N J
11012 13012
N IN H & H-Cony 66 1948 J.J 1304 Sale 130% 1301;
9234 29 85
4
1
1)2/
9234
U2i Slue
46
1
Cony deben 3/
1956 J -J
112 Mar'08
112 112
Housatonic it con g 53 1937 it-N 113%
.61 B db Derby eon cy 58 1918 M-N 106
N & North See .N Y 0 cts
11 921
08
4 981
/
98 Sale 971
4
/
4
/
N Yt.)& W ref let g 46..g1992 M.- S
4 J'ne'ut,
1
146 101/
g1092 NI-13
Regis $6,000 only
N Y & Put Nee Z.; C &
it 11 See Long Island
Y
N Y 86 W Sea Brie
N Y Tex & Ni see So Pao Co
4 J'ne'Ot. •.
1
994 094
99/
105
1941 M-N
Nor & South lat g 56
.• 120 12018
12018Jan '05 •.
1031 .4.11 123
Non 86 West gen g 68
117%Jan't)6 ••.• 1171
4 1171
/
4
/
Improvein't & ext g Us 1931 F-A 12612
127 Oct '0i, • .1932 A-0
New River 1st g 68
S 0214 1.414
141/34
9U 1s 9934 134.1
N & W By 1st con g 46 10116 A-0
91 Sep '41/
Registered
11196 A-0
93
844 93
93
4
/
1121
Dtv'11stl& gen g 48. 1944 J -J
34 78
91
91
,, 90%
10-25 year cony 48
1932 J-1)
77
87 Sop 'Us
87
874 88
Pocah C & C Joint 46 1941 J-D
109,2 r ou'96
g 58
1922 .3 -J 100
C C& T 1st
08
871
93
4 98
/
98
Sew V(13N Is. 1st gu g 48 1989 M-N
North Illinois See Chi & N W
North Ohio bee L Erie & W
85 99 1044
Nor Pac-Prior hen g 43 1991 QJ 103% Sale 10312 104
101 Aug'ut
9734 101
Registered
1119.1 -J 101-,,
14
7314
14
73
68
74
General hen gold 3s....a2047
71 Aug 4,8
U8,
73
2 71
Registered
a2047 4-F 'di
9612Jan 08
89
96',
St Paul-Dul Div g 48....1996 J -D
Dul Short L 1st gu 5a..1916 M-S
C B& Q coil tr 48 bee Gt Nor
116 Aug'08
116 117
St P & N P gen g 66....1923 F-A 1164
116 May'08
116 116
Registered certlfic's..1923 Q.F 116
11114 -Ply
St Paul & Dul 1st 5s....1931 h`-A 106%
103
%
104
102 10312
J'13'
'
8
0
A-0
2d 5s
191'7
lot) J'ly
UI
100 100
1st consot gold Is
1968 -D
93 al ity't/t)
1,0
Wash Cent 1st g413
1948
117 Aug',.8
11338
112 117
Nor Pac Ter Co lot g 06 1933
Nor By Cal bee So Pao
Nor Wis See U St. P 61 & 0
Nor da Mont bee N Y Cent
Ind & W See C C(J & St L
lb Itiv RR See Balt
Ore db Cal bee SoPac co
Ore Short Line bee Un Pao
Oswego di, Rome Bee N
OCS'&StP See C N W
109
10112 109%
1946 J-D ...... 10034 109
"Jac Coast Co 1st g 58
1. an of Missouri See 1510 Pate
103
103 J'ne'08 • • 102 105
Penn RR 1st real eat g 48 1923
106 Nov'0, •
11119
Cousol gold 66
101 12 J'ly
Congo( gout 48
1943 M-N
1011910119
Consol gold 4s (w 1)
1948 MN 104 Sale 103% 104 378 100 10418
2 Sale 08,
98,
4
, 4:1 014 98%
983
Convertable g 3,24
1912
94%
Sale
J-1)
114%
95%
1411 88
1915
Convertible g 'us
9519
93
9U J'uo'oet
Alieg Val gen gu g 48 1942 M.S
D B It R& Ego 1st gu 48 g.'36 F-A
1074 Oct 'Ot,
Phila Eat& W 1st g 48 1943 31-N
..
102 Jan'00
8oti Bay So 1st g 5,3_1924 J .J
S 100
11012Sep '04
U N J RR & Can gen 441.1944
1054 A ug'Or
• 10234 10588
Penn Co-Guar lst g 4128 1021 J-J 1051.4
10314 J'ly'07
Registered
1921
4
/
801
9012 J'ne'00
Guar 319s coil trust reg 1937 m.S
8719
9212Ply'08
80'4 94'4
43coil tr ser B. 1041 F-A
1
Guar 3/
9434
95 J'ne'08
92',, 96
26 1916 M-N
Tr Co ttertif's gu g 3,
88
93
8414 Feb'08 -•
8414 8414
1942 J -D
Gu3¼strctfsC
8719 9314 904,, Mar'08
•
1944 J
3128 tr etfis D
97's J'ly'08 -• .90.. -1113;
1931 A-0
Guar 15-25 year g 4s
97
110 Jan'05
• ......
45 1935 M-N
/
Cl & Mar 1st gu g 41
10814 Aug'03
• ......
48ser A.'42 J.J 1064
1
CI & P gen gu g 4/
1942 A-0 10634
series B
9034
4 Dec'05
1
98/
1948 M.N
Series C 312s
90
90%
90
90 May'08
1950 1?- A
4s
1
Series D3/
O
IIISCELL IINEOUS BONDS-Continued on Next Page
Coal and Iron
Col F & i Co gen s f g 53..1943 F-A
Convertible deb g 6s....1911 F.A
Col Fuel Co gen gold 68.1919 M-N
Gr Ely Coal & C 1st g 631919 A-0
Clearf Bit Coal 1st / 4s...1940 J.J
Col!whilst& colt 56 gu..1934 F-A
Contan'talC lstsf gu 5s g.1952 F-A
Jeff cti Clear 86 I 1st g 58.1926 J-D
Kau& liC & Clst sf g58.1951 J
Pleas Val Coal 1st g 31 63.1928 J.J
Sunday Creek( Co g 58.-1944 .3-J
1931 J-.3
Tenn Coal gen 58
Tenn Div is; g 68
a1917 A-0
Birm Div 1st consol 66-1917 J -J
Cah C In Co 1st gu g 68.1922 -D
De Ear C& I Co gu g 6.3.1910 F-A
Va Iron Coal 615Colst g 33.1949 M.S
Victor Fuel 18t.6 f 56
1933 J -J
90 Aug'08
77 Aug'08
1071
4 Oct'04
/
10238 Apr'06
90 Apr'02
76 Sale 74, 75 251
107% Dee'04
107 May'07
1111 le 10519 Dee'06
103 Oct'00
78 Feb'07
89
100
7
100 Sale 99
106 Aug'08
107
1068,3 108 1061,Ply'08
102 Apr'08
101 103 101 May'08
95
4 96 Sep'08
/
971
9312 Feb'07
91
95
4 90
/
791
56
77
......
......
3834 75
......
......
......
Telegraph and Telephone
Am Telep & Tel coil tr 46 1929 J.J
Convertible 43..
1936
Comm Cable Co let g 48_2397
J
MetT&Tlststg5s
1918 M-N
Mich. State Telep. 1st 53 1924 F-A
West Union col tr cur 68 1936 J.J
48 195U M-N
1
Ett and real eat g 4/
1936 M-N
Cony 41), Series A
Slut Un Tel stuutltjs.j911
Manutacturing ô. liinuinrial
4 90
/
751
90 Sep'08
944 3223 844 944
934
8534 Mar'08 • -• 3534 8534
104 Feb'07
96% J'ly'08
.14214 91388
41 84
92
02 sale 9012
94
89
24 81
89 Sale 884
89
8414 221 75
83% Sale 83
844
100 Aug'08
100 100
93:4 sale
90
94
94
0388 94
2 86
1916
94
8212100
Am Cot Oil ext 4128
89
4
/
881
89
16 75% 90
100 106
Am klide & LlststgUs 1919 31-)3 88
4
/
721
584 73
92 10834 Amer Ice Secur deb g 63 1925 A-0 72 Sale 72
97 Mar'08
100
91 100
102 10$
Am Spirits 311g 1st g 63 1916 31-S
88 J'ne'08
8814
88
83
100 101
Am Thread 1st col tr 46 1919 .3 -J
4 110
/
76 96% 110
80
97
Am Tobacco 40-yr g Us.• 1944 A-0 109% Sale 1091
75
715 Sale 744
72 6042 704
1961 10- A
4s.
"No price Friday; latest bid audasked. aDue Jan b Due Feb ()Due ...tar a Due Apr di Due J'ly to Due Aug o Due Oct p Due Nov q DneDee s Option Salo
New York Bona Record-Concluded---- Page 4
8EPr. 12 1908.]
LION 1.s
IS. Y. STOOK EXCHANGE
ENIatio
SEPT 11
WEEK
14.2
t
414,
Price
Friday
Sept 11
W&sic's
Range or
Last Sale
Range
Since
January
N. Y. STOCK EXCHANGE
WEEK ENDING SEPT 11
:41
Price
Arleta,'
Sept 11
E667
Range
Since
January 1
Week's
Range or
Last Sale
Bea
481e Low
!Ieg No Low Eta*
Southern PAO Co-(Continued)
/
4
1221
/
4 Aug'08
1211
/
41221
diorgan's La & T let 78.1918 A.0 12214
116 Nov'06
1st gold 6s
1920 J-J 110%
112 F01011
..
No of Cal guar g 56
19384-0
102 103
10238 Aug08
Ore & Cal Ist guar g 83 1927 J -J 102%
981
/
4103
101% Aug'08
SoP of Ar gulstg 644. .81901) J-j 1017g
1021
/
4 1021
/
2
/
4
102¼ Aug'08
1st guar g 6s
81910 J-J 1031
1041
/
4104/
1
4
/
4
1041
/
4J'ne'08
.3o Pac of
E 62 If...1012 A-0 1051
/
4
1141
/
4 Dec'04
......
1st gold 6s
1912 A-0 1041
/
4
116 May'07
let con guar g 53
1937 M-N 1101
104 Apr'Ob
104 104
SPacof N Mex 1st g 68_11111 J -J 10234
So Pao Coast 1st gu 4sg-1837
J
1071
/
4 Feb'07
Tex&NOSabDivIst g68.1912 31-S 101%
96
951
/
4 981
98¼ Apr'08
/
4
Con gold 58
1943 J -J
/
2
951
/
4 slue 94%
951
/
4 127 87¼ 951
,o Pac RR 1st ref 48
1955 J -J
/
4 Sal/ 1011
/
4 1031
/
4
/
41031
/
4 713 821
sout1uern-1st con g 5s
1994 J -J 1031
99
114 Nov'06
Registered
1994 J -J
74 J'ne'08
73
.73¼ 76%
Develop & gen 48 Ser A 1956 A-0
85%
83
84
1 75
83
83
Mob & Ohio
tr g 4 1938 AL-S
50 96 105
105
Item Div let g 4/
1
4-5s 1996 J -J 105 Sale 103
81
84
84 Sale 84
69
St Louis dm lot g
J -J
113 Jan '06
......
AlaCenR 1st g 6s
19181.1
96 J'ue'llti
83 ....
Atl & Dan v 1st g 4s
1948 J -J
92 J'ne'06
2d 46
1948 J -J
Atl CC, Yad let g guar 43 1940 A-0
111 Feb'07
/
4
Col & bireenv 1st 66
1916 -1 1001
100.. 100¼
T Va & Ga Div g 56-1930 J -J 106 107 100 j'ly'ob
102 110
Con 1st gold 5s
1956 1J-N 10131h8110 109¼ Aug'08
Sep
'05
102¼
97 105
102
E Ten reor lien g 56
1938 NI-S
621
/
4 65 Sep'07
Ga Midland 1st 38
1946 A.0
111 Sep'08
106 111
Ga 'Jac Ay 1st g (is
1922 1-1 111.
/
4
107 J'ly'08
107 108
Knox & Ohio 1st g 6s. 1925 J• J 1101
97
11538 Apr'06
xtob& Bir prior nen g 581943 J- J
96 Oct '05
..
81
Mortgage gold 45
1945 J -J
ICA 107
103 Mar'05
/
4
Rich & Dan eon g 6s. 1915 J -J 1061
92
82
02 d'ne'Ob
Deb 5s stamped
1927 A-0 134 14
98 Feb'05
Rich & Meek 1st g 4s. 1946 14-N
971
/
4
9738 Apr'013
So Car & Ga 1st g 5s
19111 M-N
112 Oct'06
Virginia Mid sec C 6s 1916 NI- S 103
1081
/
4 Dec'00
Series D 4-53
1921 NI-S 102
/
4
113 Deo'08
Series E 58
1926 M-S 1001
105 Aug'08
/
4
General be
1936 M-N 1051
/
4
105 Sep'08
Guar stamped
1936 M-N 1021
/
4
961
/
4Jan'07
W 0& W 1st cy gu 48 1924 F-A 841
1061
/
4sop VI
West N 0 1st con g 65-1914 J-J 105
9138 6 & N Ala Nes Lab IX
901s 911
/
4 90
9138 30 82
e f:=27 J.4
titl=ifslrii
117 J'Iy'00
ok Falls & Nor let g 66.1939 J
St L db Cairo See Mob 64 Ohm
105 May'Ob
102 105
er A of St L 1st g 41
/
46-1039 A-0 108
St LB Iron Mount See M
/
4
10014111
110¼ Feb'08
let eon gold 58.-1804-1944 F-A 1131
St LKUBN bee Wabaolt
94/
1
41'ne'06
901
/
4 941
97
/
4
refund
8
g
Gen
443
1933
J
-J
L
St
ot
Hit
A
See
T
Br
St L M
111
Deo'06
...
105
St
L
M
/3ge
Ter
gu
g
58
1j/30
4-0
St Louis & San FranciscoTex & N 0 See So Pao Co
1931 J - J 115
115 Ply OS
113 11.5
General gold Cs
/
4 1101
/
4 1 99 1121
/
4
/
4111 1101
2000 I-D 1101
1931 J •J 101 106 105 Sep'03
103 1081
/
4 Tex& Pao let gold 58
General gold Us
92 Nov'06
26 gold Inc Us
Q2000 Mar
90
00
90 90 Jan '08
J •J
RR G0118 g
St L &
110 Mar'06
La Div B L 1st g 1543
1931 J •J
100 100
Southw Div 1st g 56-1947 A-0 93 100 100 May'08
1061
/
4 Nov'04
W Min Was W lst gu 56'30 F-A
1951 • J
71
701
70
/
4 71
62 6114 75
Refunding g 4s
102 1091
/
41121
/
4
/
4 109 44 Aug'08
Tol & 0 C lst g 55
19351-I 1101
/
4-190
,J -D
98 Nov'06
5-year gold notes 41
111 Msy'04
Western Div let g 58.-1935 4-0 105
0078
/St L Al& So East gu 4.61‘11109 J.D
971
/
4 May'08
1011
/
4
951
/
4
98
103
General_
gold
-I)
543
1035
1141
/
4
116
111.
con
g
68-19213
M-N
117
113
M
Aiar'0'..
62
KU Ft 6
88 Sep'05
84
89
Kan & M. 1st gu g 48
11394) A-0 89
731
/
4 Sale 71
731
/
4 81 604 74%
K 0FtS& Ity ref g 46 1936 A.-0
/
4
641
841
/
4 3 76% 435
/
4 Sale 541
Tol P 62 W lst gold 4s
1917 J -J
K0& It61 /3 1st gu 56.1929 A-0
14 80
87
87
87
TolStLB W pr
g 3/
1
43 1925 J -J
90 Dec'07
OE'rk& Chtllst gu 58 g.1913 A-0
95
78
78
5 67
78
78
50-year gold 48
1950 A-0
at Lotus So See Illinois Cent
95 Dee'013
90
91
921
/
4 Tor Ham B Bulllet g 4s.h1946 -1)
/
4 91
/
4 031
2 841
91
Sib S W 1st g 45 bd ctfs.1981) 31-N
1073
4
Aug'08
1053
8
107%
103
1-13
later&
1928
Del
Down
g
58
77
77
65
bond
ctls...p19811 J -J
771
/
4 701
/
4Sep '08
26 g 4s me
89
sep 9)6
lot refund g 45
1952 4-0 80
76
56
1932 .1) 75
75 Sep'OS
Consul gold 4s
76
103 Sale 1021
138 99 103
/
4 103
Un Pao RR & I gr g 43 1947 J
MA% Apr'07
Gray9)PtTer let gu g 58 1947 J -D 100
J'ly'08
9/3 101%
101%
1947
J-J
Registered
St Paul & Dui See Nor Pacific
95% 781 9434 97
9534 Sale 9838
1st & ref 48(w
02008 M-S
/
4 10458
1021
104 J'ly'08
St Paul M & Mau 2d 613 1909 A-0 105's
4237
99
83
99
9834 Sale 98%
20-yr cony 48
1027 J-J
1281
/
4 Sep'08
/
4
L21/1
/
4 1291
let eonsol gold Bs
1933 J • J 126
/
4
981
/
4 26 91
08
981
/
2
ore ity & Say con g 48 1946 I-I) 971
134 .u.e'ou
Registered
1933 J • J 126
115 122
/
4 1191
/
4
Ore Short Line 1st g tis 11122 FA 119%120 11141
/
4 1081
Reduced to gold 41
/
4 1 102 108¼
/
46 1933 J -J 107% 1051
/
4 1081
106
1121
/
4
1141
/
4
111
18.A.ug'Ob
condo.
g
1st
Is
-J
194
J
Registered
1933 J -J 105
1113/
1
2Apr'01
* 851
94% sale 94%
/
4 9438
94% n:()
Guar relund 4s
19214 -IA
1 1.03% 10334
1051
/
4 105¼
Dakota ext gold 6s
1910 11.-14 10518
87% Mat'ui
Registered
19211 J-D
96
94
98 Aug'08
1937 .1-1) 96
Mont ext 1st gold 45
100 Oct '07
Utah ,s Nor 1st 7s
11306 J -J
1937 -1)
10014 Oct 'Oti
Registered
105 J'ly'07
/
4
001655
1920 J -J 1071
E Minn Nor Div let g 481946 A-0 05
& Co See Pa .ktli
lJmN J
124 Alay'05
Minn Union let g 66.-1922 J -J 107
Central
See
Rio
Or
Wed
Utah
/
4
130 Apr'03
128 130
1937 J • J 1281
Mout C lst gu g 13s
Utah & North See Un Pacing
1937 J -J
Registereu
1361
/
4 blay'06
1
4
...... 111¼ Utica & Black It Nee N Y Cent
1937 J • J 110/
111 Apr'06
1st guar gold Us
02
941
/
4 Oct'07
...
V antialia eousol g 48 .1955 F-A
1151
/
4 Deo'06
...
Will 64 6 If 1st gold 5s 1935 J -1) 114
98 Sep'06
1
481934 J-J
/ era Cruz dbPlet gu 4/
St I' .N or l'ao see N or Pao
Mu
1'
668
Intl
64
W
Va.
\Ter
BO
P
dee
C
St
StP& S's City
861
/
4 4 78
/
4 Virginia Mid See South Hy
801
86s 86
S AB A Pass1st gug4s 1943 J -J
90 110
Va & bouthw't 1st gu 58.2003 J -J 106 110 110 J'ly'06
102 Sep '07
9734
Fe Pres & Ph 1st g bs 1942
/
4
tu2 1101
/
4
1930 NI-B 110¼ salt 101134 1101
iLl abasii 1st gold Is
110 Oct '05
SIf&,NPlstsinklg5s.191t1 J -J
116
841
1(5's Aug'08
/
4 96
VV 2(1 gold 56
1939 F-A
Say F& West See Ail Coast L
90 .1'nevi
Debenture series A
1930 J -J
Scioto Val & N 111 See Nor & W
62 J'ly'98
37
62
Series B
1939 J -J
59 Sep'08
/
4
431
/
4 601
59
Seaboard Air Line g 4s -.1050 A-0
102 Feb'05
100 102
1st hen equips g 58-1021 M-S
90 Aug'08
66,4 00
1911 NI-N • 99%
Coll tr refund g 5s
93 dial 974.,
hit mien 50 ys g term 4i3.11134 1-I
88 J au'07
Atl-Birm 30-yrIst g 46.81933 31- /3
64.4% 22/ 371
/
4 62
lat ref auo ext g 46
'4 -Sale 59
19.4) J.J
55
b4
•,,8
85
1(2
Car Cent lat con g 48.-1940 J -J
lut) Apr'ut,
/
4
100 190
Det & Cli Ext 1st g ini 1941 J -I 1,1.1
110 110
/
4 Aug'06
107 1071
b'la Cen & Pen 1st g 56.1918 J -J
97 Nov9)4
Des Mom Div 1st g 46 1939 J -J
1st land gr ext g 58 1930 J -J
21.3 Aug9n:
83
83
Om Div 1st g 3/
80
1
46
1041 4-0
1091
/
4 Mar'08
Consul gold Os
1943 J
;
......
9638J
ToI&ChDiv 1st g 4s 11141 M-8
132
115¼
/
4 May'06
951
981
/
4100
Ga 84 Ala Ity 1st con 5801945 J-J
.00 31ity'07
......
St Chat, Bridge 18t g tis 19ub- 4-0
......
110 Jan'05
10034
Ga Car & No 1st gu g 544 1920 J
40
52
49 sale
6
41
56
Wab Pitts Term 1st g 4s 11134 I -D
1926 J -J 1011
106 Mar9ri
......
seab 612 Boa 1st 5a
/
4
/
4
10,
, 51
/
4saie 101
24i gold 48
1934 J-1) 101
Sher Slit 64 So See Al K & T
Warren
See
Dot
Lac
&
West
See
Atl
do
61
Oca
Coast
L
Sp
till
Wash Cent See Nor Pic.;
So Car do Ga Ste Southern
Wash 0& W See Southern
Southern Pacific Co901
/
4 Aug'Ob
90
901
/
4 901
/
4
91
Terml 1st gu 1> /
1
43- t1341. F-A
Wash
(Ueut
Pao
48
90
Gold
coll).k1941) J-D 891
17 8334
/
4 90
/
4 Sale 891
77
84 49
71¼
79
77
e8t Marytauct 1st g4s....1082 4-0 74/
Registered
k1949 J-D
54 j'ne9/7
411
/
4 Aug'Ob
30
47
4.3
1952 4-0
55
Gen & cony g 4s
Cent Pao 1st ref gu g 431949 10-A
09
97% 130 94
9738 Sale
u ri as
1061
/
4 A ug'llb
lull 1-3 101
W Va CO111664 P 1st g
Registered
1949 b`-A
1(6
9338 J'ne'07
/141
/
4 Alay115
14)81
/
4
/
4 1111
/
4
West N Y & Pa lst g 54s 19.3/ J -J 1111
Mort guar gold 3/
1
46-k19213 J -1) 86¼ 88
Aug'08
86
.
80
8718 1111
/
4
91,6Ply'ob
110/
1
4
1043 A-0
Gen gold 3-43
Through St L lot gu 45'54 A-0 04 Sale 94
9514
88
94
......
31
611143
Nov
Us
Income
10134 Aug'08
Gal /tar & A 1st g 63_1910 F -A 100
1.0134 1011,4
\Vest No Car bee South By
1931 M-14
Alex & Pac let g 58
107 107
107 Jan'Os
100 107
102 J'ne'08
WheePg & L K 1st g 5s...1926 4-0
105 Aug'08
Oils V Cv cfc N 1st gug 5s 1924 M-N 101
1011
/
4105
95 103
93 J 'os
Wheel Div 1st gold Is. 1132s I Mous Iii&WT 1st g 88 1933 M-N
101 Jan 9,5
/
4 Jan 'On
0514 981
1.81
F -A
/
4
Exton 4.2 Imp gold fni.
1933 M-N
100 104
104 Aug'06
1st guar 5s red
'0b
Sep
60
76
74
il-S
77
COMMA
45----------349
1111
1st
gu
58
int
1937
g
J
-J 1091
10914 112
H & T C 1st
1.091
/
4.7'10/8
/
4
.......
104 Out'07
20-year equip s 1 5s ...1922 J -J
107418Nov907
Cousol g 6s int gnat. 1912 A-0 1101
/
4
......
37
931
/
4 Wilkes & East See Erie
Gen sold 48 int guar 1921 A-0 112¼
931
/
4 J'Iy'05
Wit & Sioux If See St P II B,
11.3 Deo'06
Waco& N W div 1st g tis'11u M-N
88
wis Cent 10-yr 1st tern 4g 11(49 J -J
88
84 SO
871
/
4'ale 8642
11141 J -J
1091
/
4 Feb'06
A & N W 1st gm g5s
Biole
Low High
BOa
481 Low
Penn co-( Louttnuea)
92 Apr'07
90
J
Erie do Pitts gu g 31ss B 1940
9634 Apr'04
194(1 J -J
90
Series C
108 Sep '043
......
/
461941 J -J 1041
/
4
Gr ft& 1 ex latgu g 41
12738 Oct '02
l'itts Ft W 84 C 1st 78 1912 J -J 109
119 j'ne'Ot
109
1912 J
2d7s
119 Apr'04
/
4
51912 A-0 1091
3d 76
116 May'05
1081
/
4
Pitts Ids Ash 1st con bs.1027
/
4
1061
/
41081
1081
/
4 J'ne'08
PCC&StLgu41
/
4sA...1940 A-0 101343
107,4 j'ly'08
1942 A-0 10818
10714 198
Series B guar
/
4
.1
,
1121
/
4.11
1942
1021
915
M-N
/
4
guar
C
Series
09
91) Aug'08
1945 31-N
97
99
series 1)48 guar
91
91
91 May9)8
1949 F-A
90
1
4 guar g
Series K 3/
96
1953 J-D
Series F 48 guar
109 116
C St L SS P 1st con g 68 1932 A-0 116 Sale
Pensacola & AU see L cfa Nash
Peo & East SeeCCC&StL
123/
1
4Jan '05
peo & Pek Uu 1st g 66-.1921 0-F 106
b1921 K-N
94% 10034 Dec'05
/
46
2u gold 41
8 1921 J -D •
101 109 A,pr'02
Pere Marq-Ch&
110
13 110 110
110
/
4
Flint& P Al g 6s.........1920 A-0 1101
1939 M-N 100 110 10034 Apr'07
1st consol gold 53
WO/
1
4 10034
1001
/
4 Alay9.18
Pt Huron Div 1st g 56 1939 A-0 97
SagTusde H. liagu g 43 1931 F-A
PhilB & W See Penn RR
Phila & Reading COLI8 78.1911 J.E
1151
/
4 Mar'06
07
96
Philippine Ry lst,30-yr 8146'37 J -J
96 Aug'08
94
96
Pitts cm,& bt L see Penn Co
Pitts Cleve & To!. bee B &0
W & CIL See Penn Co
Pitts
Pitts hicKee8 & Y See N Y Ceu
1091
/
4 110
110 J'ly'08
PittsHh& L if. 1st g 5s 1040 A-0 1141
/
4
93% J'ly'97
1943 J -J 105
let consul gold 56
Pitts & West bee B &0
9934
99% 155 93
1.,) eatling tio gen g 48
1997 J-J
991
/
4 Sale 99
90
971
/
4
AN Registered
1997 j.‘
f
961
/
4 95 Aug'08
971
/
4
971
/
4 971
/
4 45 86
Jersey Cent coil g ..1951 A0 1)734
Rensselaer B Sar See
46.
D& if
Rich 612 Dan See South By
Rich & Mock See Southern
Rio Gr West bee Deo & Rio Ur
Hoch & Pitts See 11 it & P
Rome Witt & l)g bee N Y Cent
Rutland See N I Cent
y,
U
1,
ALISCELI.ANEGUS 1304%. Os--Con c
II nen.
Miscellaneous
Manufacturing 4%8 Industrial
96
41 83
9334
9334
93
94
1948 NI-S
Adams Ex col It g 45
85
84
84
83
2 85
Beth Steel 1st et st 55..1926 J
1
4 J'ne902
lu0/
of W Vs g Us. 11320 M-N
Co
A-0
SS
53.1925
Am
98
Sale
98
98
99
g
851
/
4
40
Cent Leather 20-year
'06
Oct
41
VerryCo
1st
cons
g
38'48 10-A
74 Sate
701
/
4
"4 Sep'OS .... 132
Consol Tobacco 50-yr g 48.1951 F-A
100 100
100 Jan '06
'75'-i Chic Jo & St Yard col g561911 J -J
72'-4 77 04
Distal Sec Cot cony 1st g 68.'27 A-0 70 Sale 70
421
/
4 47
45
47 Apr'08
Det Al do Al. lit gr ineomes 1911 A-0
/
4 1 101 106
Int Paper Co let con g 68 1918 F-A 102 102¼ 102¼ 1021
72
63
oIl
1-39
681
/
4
70
Int Alercan Marine 4163_1922 A-0
1935 I -J
83% /311
/
4 83 Sep'08
86
78
Consul cony s f g 5s
75
86
84 Augcb
/
4 86
831
97
9934 lot Navigation lot s f 5s.1929 F-A
tat St Pump 10-yr cony.65'13 J -J
971
/
4
971
/
4 6 90
b'eletr.:
5u
31-N
11
&
L
gen
11340
Bch
g
4s
Man
94
06
941
/
4 94
1141
/
4 2 84
Lackaw steel 1st g 6s..1923 A-0
.96.. 96
96 Aug'08
97
Newp Ne Ship 64 D 1)5861990 J-J
85
Nat Starch Mfg Co 1st g 6s 1920 NI-B
831
/
4 Aug'07
91
65
901
/
4 Sep '06
91%
N Y Dock 50-yr let g 46_11351 F-A
Nat Starch Coat deb 5s 1925 J-J
70 Apr'07
'07
Oct
85
M-N
Sec
deb
_1957
Providence
46..
0934 Salt 11916
9934
99% 27 87
N I Air .arako 1st cony 6s'28 M-N
85
85
85 May915
92
1181
/
4 Provident Loan Sec 4lss.1921 M-S 87
135¼ Aug'08
Repabl&S 1st& coltr 5E4.1934 A-0 1.7/
1
4
i0014 bet,
'
05
1
43.1930 J -J
St.J osepliStk Yt1.31st4/
Us Leatli eo s!deb gtis 1912
105%107 105 18.Ply'08 •... 101 107
St L Ter Cupples Stat'n& Prop
641
/
4 51
791
/
4 Sale 7916
U S Realty & I cony deb g 514'24 j.I
19'*
1
48 5-20 year 1917 I-I)
Co 1st g 4/
/
4 102 047 851
/
4 102
U S Steel Corp-5 coup 41963 34-N 102 Sale 1011
112 Ply'04
101 Sep 'OS
85% 101% S Yuba Wat Co con g 66 1923 J-J
St 10-60 yr 8s. reg ..a1963 M-N
1131
/
4Ply'00
Va-Car Chem col tr Us g 1912 A-0 100
im,Aug'08 - • 89 10214 Sp Val Wat Works 1st 68 1906
7,4 89
89
89
881
/
4 89
U S Red & Ref 1st f 68 11131
88
Westinghouse E &Mat 56 '31 J -J
851
/
4
67
66
8434
,ala
Due Joe SDueJ'hy io Due Nov , .
No price Friday; latest bld and asked this week. a Due Jam b Due eob d Due Apr e Due May
CHICAGO STOCK EXCEIANGE-Stook Record-Daily, Weekly and Yearly
S7'OCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Sept 3
Afonday
Sept 7
Tuesday [Wednesday. Thursday
Sept. 10
Sept. 9
Sept. 8
Friday
Sept. 11
I Sates
0/ the
Week
Shares
X
Cl
91
ri
or.
co
CI
ti
I
tii
V.
e?
ta
0
0
tl
;0.
0
,--:
t/
>
el
Range ior Previous Y ecu
(1907)
Highest
Lowest
Railroads
180
Last Sale 178
Sep'08. ........ Chicago City Ry
100
Sep'08
Chicago iSc Oak Park_100
312 Last Sale 3
10
10
834 834 *9
Do pref
S
109
40
40
4034 4034 43
629 Chic Rys part ctf "2"...
2112
2114 *2012
20
115
__ Chicago Subway
_
106
Last -____
Sale4
May'08
Chic Union Traction_100
Last Sale 18
July'07
Do pret
100
;51 36 *34 36
Last Sale 38
Aug'08 22 Baas City Fly & Lt100
Last Sale 75
76
*75
77
*73
Sep'08
Do pref
100
*1314 15 *__
16
Last Sale 15
Metropol W S Eley
Aug'08
100
Last Sale 44
*4312 46
*4312 46
Sep'08
Do pref
100
Last Sale 4612 May'08
---- ---- ---- ---North Chicago Street_100
Last Sale 1334 Aug'08
*---- 15 *---- 15
Northwestern Elev
100
Last Sale 46
*---- 50 *---- 50
Aug'08
4712
*45
__
47
47
41'34 47
PIrdeef Elevated 100
25 South
Do S
Last
*45-2812
*28
Sale 2838 Aug'08
2812 *2814
Streets W Stable C L-100
9718 9738 9734 9812 98
9812 98
280
Do pref
100
9814
Last Sale 28
June'08 ____ West Chicago Street 100
---- ---- ---- ---Miscellaneous
*534 6
578 578
534 534
55s
100
558
95 American Can
62
62
63
*6134 6214 *62
6134 6134
Do pref
220
100
*150 160 *150 160
Last Sale 152 Aug'08
American Radiator-100
120 125
*120 130 *120 130
12r12 12012
Do pref
100
36
*4812 _ .. 4812 4812 *4812 49
*48
49
11 Amer Shipbuilding-100
Last Sale 101 Aug'08
*10012 fof *101 103
100
Do prof
Last Sale 10
July'08
i5o Amer Straw Board
;11 li- ;15 il 10 1018 5
5
- Booth (A) & Co
100
6378 43
50
64
37
65
53
30
Do pre/
100
1,117
4812
Last Sale 4812 Aug'08
*48
4812 *48
Cal & Chic Canal & D_100
Last Sale 147 May'08
-__ -_- _-__ --Trust
Bank-100
Central
Last Sale 118
*118 ____
*118 _ _
Aug'08
Chic 13rew'g & Malt'g____
*3i2 "4"
*312 4
Last Sale 4
Sep'08
2434 2434 2434 2434 ----- *23
25
goPereurm atic Tool-100
110 Chic Pn
148 1-4-8
148 148
148 148
14812 153
Telephone_100
1,133 CChhpli
Last Sale 214
Do rights
Meh'08
iii- iii" *iii 11112 111 111 110 112
Chic Title & Trust _-_100
-i8i
107 107
107 107
10658 107
106
107
352 Com m onw'th- Ed Ison_ 100
134 13412 13312 134
133 134
13312 134
100
223 Diamond Match
3312 3312 *3312 34
*3312 34
*3312 34
5 Illinois Brick
Last Sale 3114 Nov'05
Knickerbocker Ice
---- ---- ---- -1°
00
1)
Last Sale 80
100
---- ---- ---- ---Feb'06
Do pref
Last Sale 41
Masonic Temple
Sep'08
------ ---- ---Last Sale 212 June'07
---- ---- ---- --Milw & Chic Brewing
...,_
Last Sale 20
pref
July'08
-35- 1612 "i914 -8914 *89 8912 *89 8912 115 National Biscuit
100
100
117 11734 *11714 11778 11712 11712 11712 11712
Do pref
44
Last Sale 7212 Aug'08
National Carbon
loo
*---- 7212 *-_-- 7212
Last Sale 109
.*____ 109 *--- 109
100
1)0 pref
Sep'08
_Last Sale 534
Page Woy Wire Fence
May05
97 ---9712 -or 97i
1- 97
---97
9612 97
"ii5 People'sGasL &Coke- _ 100
*3512 40
37
*3512 3712 37
*36
50 Sears-Roebuck com 100
40
100
9134 9214 *9134 9212 92
Do pref
9212 *9134 92
118
100
10538 10538 10538 10534 10418 10512 10212 10234 1,689 Swift & Co
122 123
*120 125 *120 125
123 123
54 The Quaker Oats Co 100
100
99
99
Do pref
9934 9934 9912 9912 99
9934
115
12
12
14
38 .....„ _
*14
12
250 Unit Box lid & P Co-100
190
Do pref
173 178 *134 2
134 -134 *134 2
58
100
*1312 15
*1312 15
Last Sale 14
Sep'08 -- Western Sone
Mining
Last
Sale 3212 Jan'07
Bingham Con Mining- 50
....-- ........ ---- ---Last Sale 10
Black Mountain
Nov'06
--- ---- ---- ---Last Sale 16
20
Daly-West
May'07
---- --- ---- ---rnAl RnIr A
v..,..,rin
ubbard- El liott
*175 180175
r
*3
312 *3
10
*9
*9
*39
3912 40
2114 2114 *2034
---- _-_ ----
91
;i4
0
Range Since
Jan, 1 1908
I
STOCKS
CHICAG() STOCK
EXCHANGE
160 Jan 24 180 J'ly 21
318 Aug3i
138 Feb 3
7 Alch16 10 Aug 28
39 Aug27 47 J'ne 3
15 Feb 10 24 Aug 11
4 May2i.
212Mch27
35 Aug 26 46 Jan 14
6814 Jan 4 79 Jan '21)
13 J'ly 14 10 Jan 22
42 Jan 6 54 May18
44 May 5 47 May23
1334 Aug 6 20 Jan 31
40 Aug 18 56 May1.1
42 Aug 24 71 Jan 13
2612 Apr 16 2912 Feb 21
85 Apr 20 103 Inc is
25 Apr 13 31 May 4
4 Feb 13
4112 Jan 2
125 Jan 10
116 Apr 22
37 Mch19
91 Jan 2
10 J'ly 7
5 Sep 11
30 Sep 11
40 Feb 20
147 May
Aug22
4 April
21 Feb 26
106 Jan 3
34 Feb 25
100 Jan 4
80 Jan :3
113 Jan 2
30 Jan 22
658 Aug 10
6212 Sep 4
152 Aug 25
127 Apr 13
5512 Jan 16
101 J'ne
42 Jan
30 Jan 11
100 May13
51 Apr 28
147 May 6
us Aug22
4 Apr 13
3012 Aug 8
153 Sep ii
234 Feb 21
112 Aug26
Los Aug22
137 Aug 31
39 Jan 14
Lowest
Highest
160 Mch
134 Nov
10 Oct
205 Apr
5 Jan
16 Apr
11 Oct
214 Dec
14 Apr
28 Nov
6534 Nov
17 Dec
43 Nov
3412 Apr
20 Sep
68 Apr
60 Nov
26 Oct
05 Apr
20 Meli
462 Jan
614 Apr
1914 Jan
65 Jan
87 Jan
28 Jan
72 Jan
47 J'iy
2512 Jan
66
UO Jan
34 Jan
119 May
35 Apr
714 Apr
3 Oct
3412 No', 60 Apr
120 Dec 14018 Sep
112 Nov 130 Apr
Nov
8012 Jan
85 Nov 109 Jun
30 Jan
40 Meh
2a Dec
40 J'ne
90 Dec 111 Feb
45 Oct
54 Jan
165 Feb 165 Feb
1 Jan
1 Jan
5 Aug
(02 .1'ne
21 Dec
51 Feb
Oct15
13412 Apr
05 Oct
77 Oct
10812 Nov
34 Nov
11212 May
8758 Oct
12912 May
57 May
19 J'ne23 20 J'ly 24
70 Jan 3 9212 Aug 6
10134 Jan 2 120 Aug 5
51 Mch 3 7212 Aug22
91 Mch23 112 May19
41 Aug
212 Jan
25 Feb
5818 Oct
91 Nov
50 Nov
9734 Nov
4)1 Jan
212 Jan
27 Mch
86 Jan
11734 Jan
8414 Jan
120 Jan
30i Jan '3 9712 Aug 11
24 Jan 24 40 May20
72 Jan 16 9212 Sep 10
8812 Jan 2 10134 Sep 0
11434 Jan 3 134 Jan 29
87 'Jan 3 100 J'ly 30
14 J'ly 17
133 Jan 4
112 J'ly 17 12 Jan 15
14 Apr 2.5
17 April
72 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
34 Nov
6 Jan
16 Dec
11233 Apr
57 Jan
95 Jan
11312 Jan
17312 May
10234 Jan
214 Apr
1234 Apr
30 Feb
••
.
38
J'ne 15
46
J'ly
3212 Jan
3212 Jan
1614 Apr
20 Jan
U V
Chicago Bond Record
BON DS
CHICAGO STOCK
EXCHANGE'
1Veek ending September 11.
Interest
Period
Price
Friday
Sept. 11
Week's
Range or
Last Sale
Chicago Banks and Trust Companies
frets
Sold
Range
Since
Jan, 1 1908
NAME,
Ouistandin)
Ltock
Surplus
and
Pro/Us
Dividend Re:ord
In
1906
Ask Low
/n
1907
Per' Last Paid
10,1
High No, Low
Rid
8
8
High Bankers National
Q-J Jne '08, '2
$2,000,000 $1,330,563
33,326
An. Dec '07, 6
6
Calumet National
American Biscuit 65_1910 F - A
5
100,000
J-J July'08, 5
100 Men'07
J
10
155,576 10
Chicago City
Amer Strawb'd 1st 6s_1911 J
500,000
Commercial National -- 3,000,000 4,308,976 12
10078 Jiy'08
12
Q-J July '08, 3
J
Cass Av & F G (St L) 5s'12 J
Continental National
100 May'07
8 Q-3 July '08, 2
8
Chic Board of Trade 4s1927 J -D
4,000,000 3,499,029
July '08, 112
10118
4,368
6
31
6
Chica,to City Ry 5 s__ _1927 F -A tioi; Sale 101
Cook Co State Savings_
50,000
12
103 Apt'04
Q-J July '08, 3
J
Corn Exchange National 3.000,000 4,988,219 12
Chic Consol Br&Mit 6s___ _ J
55 Aug'07
6
48,506
Q-J July '08. 112
6
Drexel State
Chic Consol Trac 43-s1030 J -D
200,000
9634 Jan'06
8
Q-J July '08, 212
Drovers Dep National...,,
8
Chic Auditorium 1st 551029 F - A
369.345
600,000
3
6
Englewood State
33,136
Q-J July'08, 112
Chic Dock Co 1st 4s_1929 A -0
200,000
12
73/ FebkiZ
Q-J J'ne '08. 3
12
First National
Chic No Shore Elec 6s_1912 A 8.000,000 7,352,037
166,143 10+10 10 • Q-J J'ne '08, 2t2
First Nat Englewood
Chic & MII Elec Ry 5s-1919 J - J
150.000
608,180
Priv ate Da nk
Foreman Bros B'k'g Co_
Chic Pneum Tool8500,000
75
8
Q-J July'08, 2
7378Aug'08
ti
Fort Dearborn National_ 1,000,000
410,102
al921 J - J
1st bs
68
75
9912 Sale
J-J July '08, 212
9938 9912 28
5
Hamilton National
Chic Fly Is
_1927 F -A
151,956
9514 102
500,000
Q-J July '08, 2
(8814 8314 8812 8812
8
975,887
Chic Rys 4-55 series "A"
6
8
8478 9034 Hibernian B'k'g Assn.__ 1,500,000
J-J July '08, 6
80
82
10
8.2 Sale
104,535
10
Chic Rys 4-5s series "13'.
26
8268 Kaspar State Bank.,,,,
78
200,000
1814 8114 20
81 Sale
Q-J J'ne '08 212
Chic Rys 4-55 series "C"
355,595
75
7938 Live Stock Excnange Nat 1.250.000
4
Q-F Aug '08, 1
57,549
Chic Rys coil 6s--_1913
3
0734 1006t Monroe National
210134 Sale 10638 10034 24
300,000
Jan '08, 412
79 Nov'04
412
Mutual Bank
Chic it I & P RR 4s_2002 M - N
85,198
250,000
Oet. '08,
80 Apr'04
Nat Bank of Republic
8
6
Collat Trust g 5s___1913 55- S
2,000.000 1.257,861
National City
458,56'2
Commonw'alth-EdisonQ-J July'08, III
1,500,000
Aug 26 1907
100 June'08
100
Chic Edison deb 6s1013 J
56,546 1.1-4;71 busine ss
100 100,4 National Produce
250,000
10012 10058 25
100
61,655 -Q-J July'08, 114
1st a Is _ __ _July 1926 A 97 10058 North Avenue State
200,000
9912Aug'08
Q-J July '08. 112
Debenture 5s._ __1926 11 S 2 99'2 100
9,258
6
9834 995s North Side State Savings
50,000
11)112 12
Q-J J'ne '08, 112
Commonw Elect 5s61943 NI - S 101 Sale 101
93 10113 Oakland National
100,000
38,753
90 Dee'Oti
Prairie National
79,981
Illinois Tunnel 5s___1928 J -D
250,000
95 July'Os
61,372 d38
8
Q-J J'ne '08,
Han City Ily &LtCo 5s1013 M - N
-55 -65-31 Prairie State
500,000
Jan '08, 2
9012Aug'08
90
4
8518 9212 Railway Exchange
Knick'b'ker Ice 1st 5s_1928 A 7,561
250,000
85 May'08
300,000
121,014 Orga nixed 0e-t- 12 1906
Lake St El-lst 5s _1928 J - J
80
8812 Security
6
16 May'05
South Chicago Savings_
Q-J July '08, 112
77.24,
Income 55
1925 Feb
534
200,000
State Bank of Chicago
1,000.000 1,256,647
9+1 Q-J July'08, 3
8
Metr W Side ElJ-I) Pile '08, 3
84I4Aug'08
6
8114 8814 Stock Yards Savings
250,000
6
156,513
1st 4s
1938 F - A
6 M-N May '08, 3
80 Aug'08
Union Bank of Chicago
BO
86
1938 J - J
200,000
6
45,631
Extension g 4s
Union Stock Yards State
Q-J July '08, Ili
90 Dec136
6
North Chic St 1st 5s 1909 J - J
200,000
6
59,605
American Trust & Savgs_ 3.000,000 2,561,428
8
Q-J July '08, 2
1st 5s
1916 J - J
8
Central Trust Co of Id
Q-J July '08. 134
7
Refunding g 448_1931 A 2,000.000 1,001,600
79 Aug 06
-..
7
No Chic CityRy4301927 M - N
Chicago Say Bk & Tr
75 Feb.07
111,429
n500,000
Oct.'08, 112
North West El 1st 4s 1911 55- S (81
3
86 -66-12 Chicago Title & Trust
871.
Sale 87
5,000,000 41,304,913
6
Ogden Gas 5s
8014 93
Citizens Trust & Savings
1
3 A-0 Apr '08,2
1945 55 - N (9134 Sale
50,000
8,211
3
9134 9134
99
Colonial Trust & Savings
Pearsons-Taft 5s
99
Q-J July '08, 212
10
1916 J -D 99 99 Aug'Os
494,507 10
600,000
4.405
1
94
Drovers Trust & Savings
95
94
6
Q-J July '08, 3
M- S 94
200.000
-- 94
90,218
4.60s Series E
06
Farwell Trust Co
96
96 Aug'08
135.474 Orga nixed Apr) 13 1907
1.500,000
55-N 96
4.80s Series F
2
971
. 9712 Finn Trust & Savings
9712 9712
2,000,000 1,846,921 .
55- N 9712 --__
.
10912 112
Peo Gas ',dee 1st 65_1943 A July '08, 2
Harris Trust lc Savings
112 MarOb
585,320
1.250.000
Refunding g 5s____1047 55- S
Aug '08, 1
94 102
Illinois Trust & Savings_ 5,000,000 8,176,452 12+4
10112 10112 Jly'08
Chic Gas L&C 1st 5s 1937 J - J
9712 10334, Kenwood Trust & Savgs_
103 Aug'08
40,379
Q-J July '08. Ill
200.000
Consum Gas 1st 5s.1936 J -D (100 :::: 101 July'08
9434 101
Lake View Trust & Sans
2
Q-J July '08/ 114
200.000
31,504
98 100
Merchants' Loan & Tr co 3,000,000 4,604.397 12
Mut'l Fuel Gas lst5s1047 M - N 100 Sale 100
100
12
Q-J July '08, 3
9312 9612 Metropolitan Trust & Say
South Side Elev 43s_1924 J - J 2---- 931.2 9312Sep'08
6
Q-J July '08, ill
750,000
240,051
93 10014 Northern Trust Co
3
July 08, 2
Swift & Co 1st g 5s__1914
100 14 Sale 10014 10014
8
1.500,000 1,86.1,871
8
Northwest Trust & San;
90
90
41:j
j July '08. 3
90 Feb'08
-- 90
6
Union El (Loop) 58-1945 A 200,000
46,131
Peoples Trust & Sayings_
114 Nov'04
J-J July '08, 3
6
Union Pacific cony 4s-1011 M - N
200,000
76,148
Pullman Trust & Savings k500.000
47
6
47 Aug'0'•
United Box Board col 63'26
Q-J July '08, 2
k8
163,681
Royal Trust Co
00 May'07
West Chic St 1st 5s---1928
8
Q-F Aug '08, 2
-N
500.000
8
502,686
Stockmen's Trust is Say..
6812 Sep'05
1909 F - A
Tunnel 1st 5s
J-J July'08, 213
5
200,000
9,575
Union Trust Co
1014 J
73 Juns'07
Debenture 6s
D
1.000.000 1,067.214
Q-J J'ne '08 2
1936 M - N
7212 164 Western Trust & Savings 1,000.000
8014 Jne'08
Consol g 5s rcts
6 Q-J July'08, 111
190,247 6+1
87 Dec'06
J
West Side 'Fr 63 Say Bank
Wes DiveltyRy 4 s1932 .1
200.000
41,343 Began bualne as
Sept 5 1905
8512 Jiy'08
-7
75- -8-5-17
2 Woodlawn Tr& Say Bk.Western Stone Co 5s 1909 A 6
200,000
6
Q-J July'08, HI
28.317
Note.-Accrued Interest must beadded to all Chicago -1:;1; d prices
* 13Id and asked prices' no sales were made on this day.
8 July 15 for national banks and July 16 for State institutions
(No price Friday.
ci Includes special dividend of 30% Paid Deo. 18 1906.
Latest price this week. a Due Dec. 31. b Duo June.
k Capital Increased from $300,000:
a stock dividend of 33 1-3% being declared in part payment therefor. n Capital and surplus to be Increased.
Dividends are paid Q-J. Ttth extrai
q
narments Q-F. s Stockholder.; authorized Increase to 31.000.000. 4 As of date July 15. 1901.
•
----
----
•
SEPT. ;2 1908.1
669
THE CHRONICLE
Industrial and Misce
Ask
Lila
30
Consol Car Heating-10u '25
212
cons Sty Lgt&ItelrIg_luti
413 6
Consol Rubber Tire_luu
25
15
Preferred _____
TRANSACTIONS AT THE NEV YORK STOCK EXCHANGE
YEARLY.
AO
35
Debenture 4s 11.051A&u
DAILY, WEEKLY AND
18
lie
Cons Steamship Lines luu
13
11
Coll tr 4s li1:11___J&J
Railroad.
Stocks.
Corn Prod Ilet see Stock Exc list
S
U.
State
ctc..
678 7
Week ending
luu
Ferry Companies
eCrucible steel
Bonds.
Bonds.
Bonds.
Par value.
Shares.
109 49
4912
Sept. 111908.
1, 2
ePrelerred
Brooklyn Ferry stock 100
8Is
95 Ct..mberland Ely Copptr.5
13 & NY 1st Gs 1911J -J 192
HOLIDAY
Saturday
Match co_106 .13312 8134
eDlaniond
55
_
Ferry
&ER
Y
N
stk_100
_HOLIDAY
Monday
19 *178 2
Dominion Copper
M-N -4-0 - 60
1st 5s 192,
52,000
5287,500
$4,239,000
565.716.600
695.411
Tuesday
58
Douglas Copper
*312 4
N Y 44 Hob 5s may 46 3-1) 183
4,608,000 , 140,000
805.598 74.151,800
Wednesday
Econ'y Lt & P (Joliet, 111)
Hob Fy 1st Is 1946M-N 4102 105
130,000
4.692.000
1,025,471 88,448.350
Thursday
9212 58
1st M 1 g Is 1056-J-D
J-J ---- 1u0
&NJ 5s 14)46
NY
98,000
3,741,000
63,898,950
725.102
25
Friday
luu
Elepere
trflecrreBooat
15
40
10th & 23d Sts Ferry-100 30
10u
55
_J-D
mtge
1919
1st
$2,000
$855,500
3,252,382 $292,515,700 517,286.000
6
10
Total
13
0
109
Electr.c Vehicle
eUnion Ferry stock 100 45
5
100
Preferred
85
MN 75
elst Is 1920
Empire Steel
lou
12
Jan. 1 to Sept. 11.
Week ending Sept. 11.
Sales at
Short-Term Notes
48
51
Preferred
New York Stoc.t
1007.
-1) Stk E a list
6.
10
1907.
1908.
1908.
Am Cig ser A 45 '11_ _M-S 1951 961. clederal Sugar ol N Y ..5
Exchange.
.5
*94:2 s9
ein,icertaelnC
c1.i eGe
eti
aernical_ _10u 60
65
Ser 13 4s Mch 16 '12M S G
150,612,714 _me:. Light & '11* Gs-,See
92 100
3,884.415
3,252,382
123,195.951 Stocks-No. shares...
Wilda Consul Mints_10
it *6
518
$292,21.),700 5320.138,300 510.636,532,150 512,973,088,750 Am Tel & Tel g 5s 10 J1.1 410033 10
Par value
5227.900 Atlan Coast L Is '10_111-S *1.,(i14 I.
12
*38
(1 Hill Copper
1
5152,300
55.000
$7,400
Bank shares, par
cite Cananea
,1118 1132
((int & Onlo 58 1909_141-S S
Bonds.
411r1:
:: 10
u _. -.eene Consul Gold__ _ 2
12
5522,300 Cites ft Ohio(is J1y1
*14
''
1.6
$461,620
$2,000
Government bonds
1, 81s
36,910.600 Chic It 1 do Pic Os '09A-0 *i00 1008 Greene Goiu-Silver
10 8
88,527,500
655,500 53,281,500
State bonds
266,451,000 Chic & NV Ind Os '10_F&A 110035 10038 Ouggenheim Explor luu 165 187
579,814,700
4,798,000
17,286,000
1551. and misc. bonds
bu ettackensack %hater Co
Cln Ilain&D4 As '08 Ni-S 50
)
5303,884,800 C C C & St L55, June '11 4 1u
84
000114
2 111_0
71
5648,803.820
1
1/7
;
$17.943,5001 $8,079,500
Total bonds
a i'&
zs
tiallleSlgtp4
5"
40
45
Consol Gas Gs 1909-F-A
u
Havana 1 obacco Co_.1
10,,
10
1034
PHILADELPHIA
8
65,
A-0
1911
Apr
Erie
AND
AT
BOSTON
THE
DAILY TRANSACTIONS
.n
Prelerred
22 _ilyu
21
19
Interb It T g (is 1911 111-N s10;
EXCHANGES.
Is
1st
g
1
June
45
50
Is Mch 1910
111-S 109)8 100
9712 decker-Jones-Jewell Mil.
Kan C So g Is Apr '12_J-J
1st. Os 1922
100
Lack Steel g 58 1909.11-S 4,634
Philadelphia.
Boston.
44 rier'g-liall-alar, new_AlVu 35
7:
:,4
9
45
19..1
1910
g
Is
Week ending
Impluu
tiohoken
&
Land
10118
Bond
8
41007
So
A
M
F
&
Sh
53'10
Lake
Unitszed
Listed
Bond
Listed Unlisted
Sept. 11 1908.
e5s 14)10
61-15 416ZTsales.
Lou & Nash g 55 '10-M-S 110058 100:,
shares.
shares.
sales.
shares. shares.
tiounnae()a
luu
seo
is
uptar
o
6
u
Mex Cent 58 July 1 1910 598 IO
luu 30
45
F-A 510(04 101
Mich Cent Is 1010
HOLI DAY
Saturday
Realty
IOU 110
Nlinn & St L g Is '11_F-A 196
IIOLI DAY
Monday
uu 50
eingersoll-itand cora_ Pu
528,806
Pacific
Missouri
6,681
8,642
$287,000
8.633
24,859
Tuesday
ePreterred
90
20,110
us Feb101 u convop F-A 49714
4,552
12,301
133,000
9,100
15.187
Wednesday
0,71! Internat'l Bank'g Co_1100
. 95 16148,200 NatofIlex 55 eat to'01) A-0 4100 19
7,045
19,906
136,000
15,513
18.288
Thursday
Int'ul Itler Mar See Stk
Exo
flat
410034
50,s00
Is
1910
F-A
Cent
Y
5.699
N
15,469
115,000
11,044
19,809
Friday
8. Inteznat'l
90
05
N Y C EIntsEqp 5s'uo-52 908%
luu 75
Preterred
so
410015 1013.
514/.618
&
Is
Y
H
'08.'15
N
N
,177
23,
58,408
$771.,..0
44,296
78.2.11
Total
SO
85
.Norf & West 5s 191011-N 11011,8 10078
1
g Isni
a9
Isrtnatlo
15
17
Pa Hit 58 Mch 15 '10 /41-S 1101 loti8 Inte
Is.
g
1st
1951
A-u
56
93
StLAIS'east 4 448 '09-1-1) WI
lUu
Silver
tenzat'l
in
10
9z
;89
3tLdc,SFg444s '08_J-1)
lUu 55
Preferred
58
1,6
South'n coil tr Is'09-A-0 192
preceding page.
1st 68 1048
104 106
85
South Ry g Is 1910._F-A 184
A weekly review eit Outride Market wilt be Wand on a
1Uu 34
36
981: Lackawanna Steel
S.,uttitrzi Sky (is 1911.,11-N 198
Monotype___Zu *1178 12
did Ask l'Idtwattr es, 1013, guar 10978 luu12 Lanston
Street Railways
Bid Ask
101. 195 200
Lawyers' Ditge Co
Street Rail wa ys
10(118
5s
g
U
'09_M-5
Rubber
S
4
93
49
(Con)
Pub Serv Corp N J
New York City
96 eLen dc Wilkes-B Coal 60 90 105
Wabash Is, May 10 1909 193
J C Hob & Paterson24
luu 10 135
Lord & Taylor
Bleeck St & Ful F stk_100 18
M-N 46934 701: WestIngh El&M (38 1910 19313 11.1
4s g 1949
85
75
lUu 100 103
Preferred
8 1st intge 4s 1950-1-J
123
121
So J Gas El& Trac.100
pref_10u 125 135
,
(P)
eLorillard
Railroad
e fry & 7th Ave stlt.._100 110 128
M-S 19412 96
Ou g Is 1953
20
Madison Sy Garden. 100 10
e 2d mtge 55 1914_J-J 93 100
& St L pref_100
Peo
Chic
....._
4107
Mud
No
J-J
Co
Ry6s'14
list
Esc
.61-A n 70
86
3d Os 1919
Con Is 1043 See Stock
58 2
Deposited stock
J..; Ilia
55 1928
2
Co--lye
6
Beach
elianhat
B'way Surf 1st Is gu 1924 98 11)2
8
5
2
Undeposlted stock_
Ext Is 1924____M-N 4100 102
Manhattan '1 ransi t _ 2t) *134 2
e Cent'l Ciossen stit__100 90 130
Prior lien g4**(3'3Uni-deS 85
Pat City con Os '31 _J- D 4114 115
12
"5-8" Mitchell Mining
61st mtge es 1922_ M- rs 100 114
14
'
48
rn
g
tg
Con
513
11)30_J&J
.-.
Zd 6s_1014 opt A-0 1100
Monongahela it Coal_5u
10 * 5
e Con Pk N & E 11 stk 100 84 IOU
_Income 58, July 1930_
So Side El (Chic) See Ch ica,zo list
5u *28 "i;1;
Preferred
e Cliet'r & 10th St stit 100 85 120
105
2012
21
Subway
Chic
100
10-12
Is
T
'413..M&S
It
Mortgage Bond Co__ luu 95 10(.)
Col & 9th Ave 5s See Stock Exc list SyracuseSo Ii Is 1943.J-1) 4115 100
Ft, W & Den Cy std 109 90 100
Trent P
Nat Bank of Cuba_luu 100 105
DryDEBdc 13Nat flys of MexicoUnited Rye of St L95
boo 135
National Surety
c 1st gold 5s 1032-J-D 110
J-J
1)
9212
(w
WO
'57
44-4s
nen
Pri
22
20
100
ctis
Coin vot tr
56
Cons'd Copper_a *16
Nevada
1614
e Scrip Is 1914-A 50
8512
A-0
iw
4s1977
M.
Gen
584
6212
1110 62
e Preferred
sui_10
&
*312 314
Mlu
Nov-Utah
Eighth Avenue stock_1(10 240 2.,0
North'n Securities Stubs_ 112'; 13712
Gen 48 1934_ _See Stock Elm list
eNeW Central Coal____20 35
50
c Scrip 6s 1914_ _F-A 100 105
E
5U
36
L
&
*32
Bess
Pitts
list
Exc
Stk
UnitRys SanFian See
N J Ter Duck & impluu
e 42d & Cr St F.y slIc..100 225 300
50 *80
Preferred
35
100 34
NY Air Wake us See Stck
11"
42d St NI dc St N Ave_1()U 30 . __ Wash fly & El Co
100 8312 8512 eltallroad Securities CoPreferred
66
N Y Biscuit 65 14/11..M-n 100
e 1st mtge 6s 1910_M-S 192
'52
A
ser
92
cis
tr
stk
C
9012
ld
84
J-0 82
4s 1951
50
100
Dock
40
York
eNew
3(1 income es 1015_J-J
Seaboard Company
IOU -7212
ePrelerred
ig"
Inter-Met-See Stk Each ange list
100 33
1st, preferred
Gas Securities
,Is See Stk Exe list
Lei Av &Pavt
Coin ela 3d pret-See Malt Exc jic N Y Mtge do Security_luu 138 143
_Zu
Y
N
TransportatIon
*4
412
Nletiopol St Ity-See Stk Exc list
Seaboard Air Line
York
New
140
_luu
coin
115
Niles-Benz-Pond
100
Ninth Avenue stock_ _100
Coll 5s eat May '11 M-S 93 94
92 Cent UnGas Is g '27.J&J 98 101
NIpIssing Mines
878
Second Avenue stock _1011 45
Stk
list
See
Each
45
-834
Pacific
Union
06 Con Gas (N Y)-See Stk Ex() list
100
el/uteri° Silvet
413 412
e 1st !Ingo 58 1901)_NI-N 93
100 145 160
84 0 Mutual Gas
Otis Elevator com_luu 39
Industrial and hliscel
42
Consol Is 1948_ ALA (s()
New Amsterdam Gas100 90
Prelerred
93
94
4s
g
it S1x15 Avenue stock_100 110 130
Hap
1947J-1.)
Adams
193
1st ()ousel Is 1948-J-J 100 102
55
2212
25 102 s105 Pittsburgh BrewIng___50 *22
Sou Booby 58 1945......1-J 560
Ahmeek MInIng
1st
J-J
53'44
101
&ISItGas
105
NY
50
Preferred
41
100 105 115
So Per 1st Is 1919 _A-0 190 100
Alliance Realty
J-J
Consol 53 1045
06 100
Pittsburgh Coal_See Stk Esc ilst
Third Avenue-See-Stock Exc list
mtg
1st
Co
Allis-Chalmers
45
N Y & Richmond Gas 100 34
uu
90
14
Tarry W P & M Is 1928 470
J-J 175
77 Pope Manulacturing_l
s I 55 '36 opt '16
95 100
Is
1st
1927-M-15
Un
Nor
100
85
1st
prelerred
23
29
YlcetsStit1158 1946 A-0 475
100 145 150
_ 75
American Book
100
40 e Standard Gas cona_1(10_
prolerred
Zd
15
3
28th & 29th tits 1st 55 '96
IOU
100
110
.
American Brett;
105
100 a fo
e Preferred
Whitn pref-100 95 10212
e Twenty-Third Static 100 250 325
American Chicle conEllai 2130 210 Pratt dcASSOC
1st 55 1930
M-N 4100 104
(fiklyn) lUu 125 135
liu
Realty
Union By 1st Is 1942 F-A 185
100 94
98
Preferred
Other Cities
Powd corn lut) 147 152
83
Bak
ltoyai
Westchest 1st Is '43 J-J 470
20
com100
Am Graphophone
16
Light & Tract_1(b) 112 114
Amer
luu 102 105
.ezerelitd
1;rooklyn
100
5212
Preferred
100 9234 94
Preferred
11.111 107 115 Safety Car Heat & Lt-IOU 116 119
Atlan Ave Is 1909_ _A-0 4>5 100
Amer hardware
COI ti g 6% notus_A-o 110 115
25
98
alining
Seneca
A-0 492
Con Is g 1031
238 AmMaltIng (is 1914 -J-I) 100
214
50
Bay State Gas
100 420 140
B B & W 11 Is 1933_ _A-0 n9.5 100
Amer Press Assoc'n 100
9(12 Singer Mfg Co
(N Y) Gas %%Its
1(m)
3.:
Standard Cordage
114
Brooklyn City stock_10 180 1,0 13ItighTn
corn_100
Fount
Am
Soda
05
1st g 55 1038____Adc0 85
1st 13 g 65 '31 red_A-0 2512 2812
Con Is-See SU{ Exch Esc list
100 10ir
1st preferred
Brooklyn Union Gas deb
Adjust 11 Is Apr 1 11131
2
3
Bkn tlgts 1st Is 1941 A-0 7/95 100
100
preferred
2
Zd
Stk
Each
See
list
1909
Os
com100 31)
35
Bkin Q Co & Sub See Stk Esc list
412 7 e Ain St Found new_ _lot if" 3112 Standard Coupler
Bullalo City Gas stock 100
IOU 100 110
Preferred
13Itlyn Rap Tran-See Stk Bac ilst
-Adc0 96
es 1e35
09
1st 5s 11147-See Stock Exc list
Standard Milling Co 10u 1012 12
e Coney Isi & Bitlyn_100 n50 1(30
_F&A 459
(w
1923
4s
61
Deb
110
485
Ss
J
36-J-J
N
of
Gas
100 39
80 Con
Preferred
41
1st cons g 4s 1948__J-J tz70
50 180 s200
American Surety
Consumers' L /1 & PowMN 83
1st Is 1930
Brk C & N Is 1939_J-J n90 100
88
American Thread pref__5
434
J-I) 495
Standard Oil of N J__100 636 640
Gept&LorSt 1st 6s_MdcN _
com_100
Co
350
Tobacco
340
Am
-Co_100
275
Lt
h8Gas
1zsable0t3
--e- lisr E15
Kings C El 4s-See Stock Ex
4212 Swift & Co-See Bost Stk Esc Ilst
38
Essex do Hudson Gas-100 123 1-2(1. Amer Ty pefders com -100
..
1st Is 1010-1914-J-J
10014
Nassau Elea prof_ ___100
100 94
97
Preferred
60
Coai..10() 717
- Gas 46 El Bergen Co_ _100 58
A-0 -9-(1'85
Is 1944
212 eTexa.sdc PacIfic
Paper-100
112
WritIng
Amer
100
e Gr Rap G 1st Is 15_F-A 05
N I __lull 105 115
Cool
Ins
Title
1st 45 1051-See Stock Exc list
100
20
18
Preferred
100 Ill 113
_ Hudson Co Gas
Min (Nevada)_1 *7
___
4
712
N %V'bg&Flat 1st ex
87 TonopahPotteries
1st s 1g 5s 19 op'09-J-J 85
Ii
is
Indiana Ltg Co (w. I.)._
com100
195 105
4
43s8
Steinway 1st Cs 11132-J-J
60 Trenton
Barney & Smith Car_100 40
10
55
48 (W. 1.)
new--__100 50
Preferred.
80
Other Cities
IOU
130
115
l'referred
50 30
40
100 30
Indianapolis Gas
rrow Directory
40
Buffalo Street Ity-See S tk Ex lls
SteelCorpm
l
Beth
00
A-0
185
1952
5s
g
1st
Union Typewriter comb() 51
58
lit consul Is 1931....F-A 410112 10712
1311ss Company corn- 50 118 121
96
100 105 110
Jackson Gas Is g '$7-A-0 491
1st preferred
A-0 410312 106
Deb 08 11)17
50 110 125
Preferred
100
100 102 105
Kansas City G8.3
2d preferred
97
Columbus (0) St Ity_100 95
_100
305
Guar.,
Mtge
295
&
Bond
12
4
7
100
'idn
Gas
100 103 106 e Laclede
UnitedlIkNote Corp-50 *60
Preferred
65
Borden's Cond Milk--100 132 135
e Preferred ___.__100 75 100
Preferred10550 *52
58
Colum Sky con Is-SeePh. la list
100 102
Preferred
Madison Gas 8s1 26- A-0 49912 106
97
Crosst'wn 1st Is '33 J-D 100 103
5 *718 738 eUnIted Cigar Mfg,pf_100 92
Copper
Col
British
130
1127
Q-J
Newark Gas 6s 1944
100 1018 1012
07
United Copper
ecopp Hy & Ltg com_ 100 65
26
Butte Coalition Mining 15 *25
90
100
Newark Consol Gas_ 100 159
77
100 72
Preferred
ePrelerred
112 3
Cool Am corn 100
Casein
105
4101
J-D
5s
g
1948
Con
e
60
100
50
_100
U S Casualty
27(:)(;100
Grand Rapids Ry__
Preferred
78
100 2.5 _-.No Hudson L ti & PowU S Envelope com
_ 100 71
_
Preferred _-_
0
65
0 12
10
15
A-0 1 95
--. Casualty Co of Amer-100
5s 1038
100 90 95
ePreferred
100 125 130
e Loulsv St 5s10301:J(1d 4106 109
Co
Celluloid
00
80
E1ec-100
Pas
Gas&
&
Pat
10112
1100
U SSteel CorporationLynn & Bos 1st 55 '24 J- D
16
8
M S 4101 1021: Cent Fireworks com 100
131 1
e Con g Is 1949
Col tr s t Is '51 opt '11 4111 113
c Now On itys & Lgt-10(k 13
100 50 60
Preferred
00
3214 St Joseph Gas Is 1937-J-J 185
109 31
Col tr s f 55 '51 not opt 5111 113
c Preferred
100
2
212
Central
Foundry
U S Tit Gu & Indem-100
85
lien M g 4 14s '35 See S tk Ex list
100 1412 15
Preferred
&
Telephone
Telegr
tah Copper Co-Ses Stk Mac list
eU
66
North Chic Street See Ch cago list
66
Deb Os 1019 op '01 M-N
89
85 eAmer Teleg & Cable_100 68
edCo. com 100
rrry
eu
rerfb
pte
Wa
Pub Serv Corp of N J .1oa 7.8
190
100
180
Realty
Century
110
100
100
no
Amer_
cCentral &
71
100
Tr ctfs 2% to 8 %perpct 70
430
.... Chesebrougn Mfg Co_100
Un Tel (NY).25 100
Westchester & Bronx 'lit
Coil 59 g notes 'llsi_NI-N 10614 97 Comml Bay
60
State Tel 100 50 -60 City Investing Co......-100 65
__ Emp do
100 145 150
North jersey $t Hy 100
& Mtge Guar
100
410
_1(10
com
13).
(H
eCiallin
50
40
100
Franklin
30-7-2
100
1st 4s 1048._ 411-N 169
Western Ice
95
100 90
elst preferreei
89 ?Gold & Stock Teleg _100 92 100
Cons Tract of N J100 65
WestIngh Alr Brake___50 *105 1065g
preferied_ ._100 00 95
e2d
40
3.,
100
Teleph
-'
River
Hudson
__
.1-1) 410312
ls.. Is 1933
West El & Mfg 5s-See St Mac nit
75
Col & Hock Coal& I pf 100 65
117
14
*13
10
10b
New'kPasIty 5s '30 J-J 1107 108 eN Y & N J Teleph _100 11312
White Knob 111n
90
78
J-J
1st g 58 1917
95 106
*62
Rapid Tran St Ity _100 235 146 eNurthwestern Teleg_5
tr 6s Oct 1956 _J-J 1 95 10112
Cot
55
(15
25
&
Atlantic
Pacific
4106
1st Is 1921
A-0
Worthing Pump pref-100 102 108
SO
WI
& A than fir SA
not very active. I New stock. a Noah s Sale price.
* Per share. 4 Buyer pays accrued int. a lia-rights. b BasIs. s Sells on Stt. lix.. Out
Volume of Business at stock Exctiauges
Electric Companies
Bia Ask
Chicago Edison Co See Ch Icag:o list
e Kings Co El L&PCo 100 123 126
Narragan(Prov) El Co_50 *8712 91
45
40
NY dc‘) El L dcPowCu_10J
72.
100 (88
Preferred
_
luu 55
United Elec of N J
(8
J-D 9034 -72,1
1st g 4s 1941)
1°4.
Outside Securities
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and "Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturti ;11
Sept 5
MondaV
Sept 7
Tuesday
Sept 8
Wednesday
Sept 9
Friday
Sept 11
Sales
of the
Week
Shares
Range Since
Jan. 1 1908
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Highest
,,ange tor Previous Year
(1907'
Lowest
Htgliest
Railroads
*9033 905$ 9018 0034
271 Atch Top & Santa Fe_101
Feb 11 9112 Aug31
6712No% 10712 Jan
Last Sal, 9531 Sep'08 ---8312 Mch 3 9534 Sep 4
Do pre(
101
7934 No', 10138 Jan
218 218
218
43 Boston & Albany
21814
100 18112Jan 2 219 Aug 26 180 Dec 240 Feb
13414 13414 13434. 1343.1
23 Boston Elevated
101 125 Feb 17 190 Jan 21
11734
145
70
2 Jan
212 212 *211
212
8 Boston & Lowell
Feb 11 212 Sep 1 200 J 11
1011
1
Jan
12512 126
125114 12512
507 Boston & Maine
100 125 Aug28 140 Jan 28 129 No,
Last Sat 149
Sep'08
136 Feb 13 156 Jan 22 150 Oct 105 Jan
295 295
20 3oD
reP
r rovidence_10(, 284 Jan 10 300 J'ne 18 285 Oct .01 Feb
stoonP&
*10
101. 1038 103z• *10
1012 -1038 -1-64
150 Boston F,uburban El Cos.
9 Mch 4 13 Ilch2/
8 J'ly
15 Feb
*54
56
*54
56
Last Sale 55
Sep'08
50 Au.
45 Jan 31 56 May19
65 Jan
*10
12
12
*11
Last Sale 11
Aug'08 :-_-__- B• oD
10 Feb 28 17 Jan 25
No',
t
V
16
or
st
o
on
Pde
reN
Elec
Cos
1..
2834 Jan
0..
"
*51
53
*51
53
Last Salt 51
Sep'08
50 Feb 27 6012 Jan 16
55 Nov
80 Jan
_ _ 150 i
150
Last Salt 149
Sep'0,3
•Cbp
ico.T uPnrc
e y & USY.100 126 Jan 2 150 Joe It 128 Dec 160 Jan
*118 ____,•:.118
Last Sat 117 Aug'08
9934 Oct 120 Jan
Do pref
. 100 102 Jan 10 117 Aug22
Last Sate 16314 June'08 -_-_-_-_ C• o o& In
105
Mch
Mch
Mont, Class 4100
16314
5
170
Oct
188 Feb
_
Last Salt 138 Apr'us __- Conn dc Pass Rh/ pref_100
13
Apr 21 138 Apr 21 152 J'ly 156 mei]
Lest Salt 250 Sep'08
Connecticut River. -10(j 244 Jan 14 253 Apr 2', 244 Dec 280 Jan
124 124 *71:: 124 *____ 125
124
124
106 Fitchburg pref
116 No', 135 Jan
117 Jan 1 131 Apr 21
_ _ *72 --- *72
- 73
73
95 G:',_
6912 Dec 114 Mull
Ry & Electric..
99 1.17 Apr 27 79 Jan 2,
*71*77
84
84- *77
Last Sale 73
Oet'07 ---Do prof
88 Itch
70 Oct
Last Sale 190
Sep'07
Maine Centrid
190 Aug les Jan
19
06
0
*9
10
Last Sale 9
Sep'08
7 Dec
Mass Electric Cos_ _ _ I 00
2012 Jan
814 Jan 2 1212Jan 8
4612 47
4734 4734 *47
48
*4612 48
40 Jan 2 5012 Jan 8
"la
..7 Oct
7112 Jan
100
Lrst Sale 1538 Apr'08
1538 Apr 25 19 Mch31
19 No'.
nC
re ren tral. _ _ _ _100
Mexo
D leaP
2534 Jan
142 143
142 1E1
4 14114 143
14314 14314
425 NYNH& Hat(ford. 10i. 128 Jan 6 14414 Aug II 12712 No', 19012 Jan
Lest Salt 140 Aug'08 _ _ _ _ Northern 4
145 Apr
N
145 Dec 160 Jan
100 140 Jne
Last Sat.- 200 Apr'08
205 Feb
205 No, 226 Feb
Iki
Norwich
Vor pret_ 100 200 Apr
187 187
188 188
18712 188
187
187
98 ()id Colony
175 Jan 11 188 Apr •
175 Oct 20014 Jan
100
*26-- _ _
2612 2612 *26 __ *26
25 1‘, o%
2 Rutland pier
45 Jan
1(11 '25 Jan 15 29 Apr 1
8012 8012 *8012 ____ *8012
*78
80
25 Seattle Electric
82 Aug
94 Jan
70 Feb 17 8212 J'ne.i0
100
98
9912 *9412 _ _ *9414 -9E
98
*97
- • 334 Nov 103 Jan
Do prof
5
8823 Jan 2 1,8 Sep 8
100
16538 167
16714 1669! 16683 16858 x16338 16334 3,792 Union Pacific
100 11012 Mch 2 16834 Sep 9 1,012 Oct 18212 Jan
88
88
8812 8L12 *8914 0014 *8713 881s
7834 Apr 4 8812 Sep
Do pref
60
93 Jan
/834 Nov
Last Salt 156
Sep'08
Vermont de Mass---106
WI) 150 Jan 13 156 J'ne I 14518 No', 170 Jan
;881-2
8813 8812 8834 89
19 Dec
-11(1 West End St
95 Jan
5.) 76 Jan 2 89 Sep it
*105
105 105
105 105
105
105
118
Do pref
94 Nov 110 Mcb
5o 96 Jan 2 105 Apr
Last Sale 138 July'08
Wore Nash & Roch__100 138 J'ly 9 140 Mch3
140 Aug 147 Jan
Miscellaneous
2634 2712 2753 2812 28
2814 2734 2734 2,871 Amer Agricul Chem_ _100
10 Oct
13 Jan 3 282 Sep 9
26 Jan
9512 92
94
94
9514 95
94
94
7212 Not
Do pref
987
95 Feb
100 77 Mc1117 9512 Sep 6
512 512
514 512 *514 512
512
4 Feb 10
312 Nov
812 Mayl.
512 1,157 Amer Pneu Service-. 50
1434 Jan
14
1412 1412 *13
1412
14
*1312 1414
Do pref
50
W2 Oct
92 Feb 25 21 Mayl:
33 Jan
5.
13418 13458 13378 13378 13212 13212
13312 134
681 Amer Sugar Renn _ _10, 9914 Jan 2 13712 Aug 3
93 Dec 13714 Feb
127 128
127 127
128 128
12714 12714
105 Dec 13134 Jan
106 Feb 18 130 Aug 1
85 . Do pref
12912 13012 12878 130 10.456 Amer Teiep & Teleg_1
13038 13114 13012 131
8914 Nov 13412 Jan
99 Jan 2 13134 Sep 3
10
9(01
24
24
24
*2334 2412
24
3612 Jan
55 American Woolen--100 16 Jan 2 2612 Aug li
1214 Nov
9212 93
9234 9278 9214 93
9212 9212
7734 Feb 19 94 Aug 4
Do pref
371
69 Oct 10212 Jan
334
Last Sale 312 June'08
*3
an
ed
iep
334 *3
oe
neLT
C
3 Jan 7
Bu
oisnth
3 Mel,
312 J'ne 4
4 Jan
1U
Last Sale 117
*117 ..*11612
Sep'08
dc Te1.1
9312 Nov 115 Jan
100 9612 Jan 11 117 Sep
1778
Last Sale 1514 Aug'08
*17 -1-8 *17
Dominion Iron is Steel...
1434 Jan 6 111.14 Apr If
25 Feb
1212 Oct
514
*512 6
514
*512 6
*512 13
414 Mch13
914 Jan
6 Maylr
100 East Boston Land...
312 Oct
233 235 *230 235
235 235
235
235
62 Edison Elec ilum
100 201 Mch 17 250 Sep 1 185 Nov 230 Jan
14634 14634 x145 14512 14312 144
144
196 General Electric
14434
91 Oct 162 Jan
11)0 111 Jan 2 148 J'ly 22
56
5612 5612 5612 5612 5612 5634 5C34
990 Massachusetts Gas Cos100 49 Mch23 5812 May ir
43 Oct
6658 Jan
87
*8612 87
8712 875s 87
87
77 Jan 2 88 J'ly 31
Do pref.....
87
43
8612 Apr
IOU
75 Nov
206 206 *204
*200 210 *20512 210
20712
1 Mergenthaler Lino.-100 192 Apr 16 210 Aug lo 185
114 Nov
c
v
14534 JanA cb
2/4 212 *212 234 *212 234
234 Aug .14
1 Mch 2
105 Mexican Telephone
212
212
10
Dec
*54
55
54
55
54
54
*54
40
27 N E Cotton Yarn
Itch
55
6 6412 J'1Y
75 J'ly
96 J'n,
100
88
*85
86
*85
88
86
*85
86
100 75 Mch23 86 Sep 10
80 Oct
90 Jan
11912 11912 118
119 11912 11912 120
Pireeprhone......100 105 Jan 4 120 Sep 4
EoTe
119
27
15
8 N D
6 Not 126 Jan
164 164
164 164
16414 165
164
164
100 147 Jan 2 170 J'ly 2, 137 No', 182 Jan
10
10
10
978 978
10
BuCto
*934 10
9 Apr 10 10 Feb 21
ee
llcm
ean
ltu
9
55
3P
ton-Hole_ ii
9 Nov
11 Jan
104 10414 103 104
x104 104
103
236 Swift de Co-- - -......100 8812 Jan 2 10812 J'ly 31
103
7612 Not 113 Jan
23
Last Sale 2212 Sep'08
*21
23 *21
Torrington Class A.... 25 20 Jan 3 23 0'ne 11
20 J'ne
2212 Jan
*25
28
Last Sale 25
*25
26
Do pref
Aug'08
2412 Nov
25 23 May22 25 Jan 14
2712 J'ly
112 112 *114 134 *114 134 *114
212 Jan 28
10 Union Cop L'd is Mg.. 25
114 Itch 23
678 Jan
1 Oct
134
134 13412 13412 13412 134 13412 13412 13412
United
s
tehdFtirlt
Machni
Corp...100
25 11412Jan 2 148 J'ly 14 10112 Oct 120 Deo
335 u
5612 5612 5638 5612 56
56
Shoe
x55
3812 Jan 4 604 Aug 1,
55
1,083
69 Jan
36 Oct
28
2814 2813 2812 2812 2812 x2814 2814
Do pref
129
29 Jan
2358 Not
25 2473 Jan 3 2812 Feb 26
x4678 475s 47% 4734 4678 4712 4613 467 8,335 U S Steel Corp
5038 Jan
22 Oct
100 2u Jan 2 48 Aug II
11134 11134 11012 1115 10978 11034
11112 112
7912 Nov 10734 Jan
100 8712 Jan 2 11214 Aug31
8
8
*712 814 *712 814 *712
po TPerieefp de Teleg-100
4 Feb 3
834 Sep 2
47
14
9 Nov
0 West
9 Jan
812
80
*75
*75
80
Last Sale 80
60 Nov
Sep'08
82 Jan
100 59 Jan 9 80 Sep
Last Sale 2712 Apr'08
50
1978 Feb 18 2712 Apr 1,
Wetin
g Eremflinis
DsoP
2614 Nov
7812 Jan
Last Salt 3478 Feb'08
19
347
8
Feb
Feb
Do pref
347
8
13
76 May
80 Feb
50
834 918
838 812
112 Feb 21 1214 Aug 18
58 Nov
612 Feb
813 614
818
814 2,285 Adventure Con...... 25
_ *36 ---- *__ 37
4014
Aug
Apr
7
23
24
u
le
g
20
35
Ailo
mm
a
7414 Jan
8
101
Oct
35 10.03
25
*367938 8011 7914 80
7734 79
amated Copper 100 45 Feb 19 8312 Aug 5
z
9218 Dec 121 Jan
7634 7812
2712 *26
2712 *26
*26
27
19 Nov
53 Jan
25
1,180 Am Zinc Lead & Sm
26
25 2034 Jan 13 30 J'ne 2
47% 4788
26 Oct
75 Feb
130 Anaconda
4638 465s
25 28 Feb 19 5014 Aug 7
418 *373 418
314 Apr 29
4
4
414 *,34
0 Jan 15
4
234 Oct
1538 Jan
110 Arcadian
25
2712 2818 2714 2712 2634 2714 2658 2712 6,055 Arizona Commercial
734 Oct
2812 May
25 14 Jan 2 2813 Sep 8
.90
Aug
* 50 .80 *.50 .75
14,
Last Sate .70 Aug'08
7
Feb
.40
Arnold
.35 Sep
2 Jan
25
1638 1612 16
1612 17
1614 16
612 D
8 Apr 22 1914 May19
Oc
Faen
b
ec
16
t
3
27
2 .7
15
35 Alt
2:1
.10 .50 *.50 --- .60
14 Apr 29
411,
634 Jan 20
*.50
rri Con Min &§ 5
n
iagnhtale
.60
2)
15
.55
.7412
Feb
.55
27
*.50
*
--__ *.50
.35 Sep
200 Bonanza (Dev Co)... 10 .35 Feb 19
.80 Jan
1212 1212 1212 1234 1318 1318
.50-13
13
1014 Apr 13 1? Jan 2.
413 BostonConC&G (rct
858 Nov
3314 Jan
9
014 AA
A 01
411
10
17
1634 17
1714 16
1634 17
102
4 133
0113511142 JanIAepbr 2
787 Bos &Corn C0Pz0
16
dcfl
a.1
2638 2534 26
2614 2612 26
tiroin
2512 2534 2,453567
dcliA
e
Ctoa
Oc 10
3918 Jan
t
15
12112 12212 121 12112 120 12012 11814 119
Calumet
89 Oct 198 Feb
t
10
15
650 655
660 660
640
650 660
645
39 Calumet de Hecia _..- 25 x565 Mch b 700 Jan 15 535 Oct 1000 Feb
3212 3212 32
*3212 3312 33
21 Feb 10 3612 Aug 19
32
434 Centennial
16 Oct
47 Feb
33
.42 .42 *.40 .42
*.42 .43
.40
.25 Mch 6 .45 J'ne 9 .25 Oct .52 Jan
.40
200 Cons Mercur Gold....
79
7912 7812 7831 78
7812 7612 7734 2,613 Copper Range Con Co.100 5518 Feb 18 8112 Aug 6
4414 Oct 105 Jan
9
918
9
9
9
9
9 .
9
7 Jan 3 1114 J'ly 31
i
0D
712 Dec
ckann
42.
2012 Jan
Last Sale 51
st Coal
Yin
W
loen
July'08
40 Oct
7012 Mch
100 4738 May 4 5112 May
J'ly
90
412 Ap
mer
022
6 98
23
54
8J:
Last Sale 9838 July'08
Il!
.s
7
Do
85 Nov 114 Jan
100 0
J'ly
--212 -21;
238 -238 *214 212 *214
212
34 Nov
418 Jan
612 Apr 22 15 Aug ;.9
14
1414 1334 1334 1314 1314 13
Franklin
nk
i)
R
E
F
1314
10
6
4 (7
5
4
6 Oct
2914 Itch
101 102
101 101
*101 102
:
100
(r
100
ee
nvrC
Consolidated..
65 Oct 151 Feb
10
:
2:0 80 Jan 2 110 J'ly 30
1118 3,644 Greene•Cananea
678 Jan 2 1318 Aug 3
1118 1112 1114 1112 1113 1112 11
514 Oct
1758 Apr
20
Guanajuato Consol_ _ 5
Last Sale 134
278 Jan 22
lha J'ly 2
Sep'08
2 Dec
514 Jan
2314 2314 23
2318 2234 2278
2334 24
3612 Jan
855 Isle Royale (Copper)_ 25 1734 Feb 17 2614 Jan 2/
1112 Oct
1234 1234 1234
1338 1234 13
123.1 1,015 Lake Conner
13
25 1214 Sep 1 14 Aug20
14
1433 1433 14
1134 14
1214 Jan 2 1714 Jan 14
202 La Salle Copper
1418 14
8 Oct
30 Feb
25
838 Aug 10
214 Itch 6
63.1 7
820 Mass Consol
614 614
612 678
238 Nov
6
914 Jan
614
25
*•45 _
Last Sale .55
*.45
Aug'08
134 Jan
25 .25 Jan 10 .75 J'Isr;30 .40 Nov
412 -412
412 413 *414 412 *414
rns M
8 Jan 18
eo
438 Aug 1
io
owC
yltc
41- -Too AMte
1514 Jan
ax
s_ _ 10
534 Nov
1038 Aug26 1278 Aug 31
1114 11
1111 8,067 Miami Coppe:•
115k 12
1138 1134 11
714 Feb 25 1514 Aug31
1414 143., 1412 1412 1414 1414 1334 14
2412 Jan
747 Michigan
634 Oct
25
66
66
65
65
45 Feb 19 71 J'ly 31
6634 6714 56
66
9612 Jan
587 Mohawk
37 Oct
zr
.70 *_ _- .70
138 Jan 24
.65
1 NON
.65 .65
100 Montana Consol C de C 10 .42 J'lle 11
312 May
1618 1,874 Nevada Consolidated_ 5
1612 1634 *1614 1658 1618 1638 16
838 Jan 2 17 Aug 8
2012 Jan
534 Nov
8633 8714 8638 8673 8538 8618 x8334 85
30 Oct 120 Jan
6,895 North Butte
15 4034 Feb 19 8912 Aug31
Jan
Last Sale .65
I J'ly 31
Sep'08
*.50 .75
*.50
Sep
25 .50 Jan 15
--_ Old Colony
en
b
63F
212 a
4212 4112 42
42
43
4134 4178 1,600 Old Dominion
42 -1812
25 28 Jan 2 4312 Sep I
71 Oct 181 Feb
11018 11012 110 110 *110
111
110 110
.7
. Osceola
25 77 Feb 19 117 Aug 3
_7
2813 2712 2712 1,190 Parrot (Sliver & Copp) 10
35 Jan
834 Oct
27
27
1012 Jan 11 2973 J'ly 31
2738 2812 28
12 Mch 11
Last Sale .90 Aug'08
12 Dec
e3 Jan
*.50
114 Jan 25
Phoenix Consolidated 25
93
93
70 Oct 148 Feb
95
93
93
95 IW
95
70 Quincy
25 77 Feb 19 100 Aug 1
*41
418 418
2 Oct e1234 Jan
5 J'ly 28
2 Mch26
414
414
255 Rhode Island
412 *418 412
25
134 134
712 Jan
112 Nov
178 2
2
2
25s Jan 20
158 Apr 3
134
700 Santa Fe (Gold & Cop) 10
17s
934 Feb 19 1612 Aug 4
2438 Jan
1512 16
718 Oct
1514 1534 1514 1538 1514 1514 1,652 Shannon
10
2414 25
*24
2414 2334 2478 2334 2334
632 Superior
25 14 Apr 3 2534 Aug 5
74
76
74
7512 73
7512 77
51 Oct 170 Jan
73
239 Tamarack
25 56 Itch20 79 Aug b
1938 1812 1834 2,895 Trinity
4214 Jan
938 No',
1912 2013 1934 2013 19
25 121s Feb 19 25 Aug 10
11
11
11
7 Dec
*11
7714 Itch
1112 11
1034 1031
458 Mch24 1514 Aug 10
120 United Copper
100
Last Sale 29
22 Oct
91 May
Sep'08
100 2334 Apr 16 2914 Sep 3
712 Nov
*2512 261° "2614 2614 *2512 2612 2512 2512
1314 Jan
9 Mch31 28 Aug 10
DitoPrteaftesCoal&011
S
528 Uned
25
4114 4114 4138 4112 41
2434 Oct
4112 41
70 Jan
4118 2,284 U S Smelt Iter & Mtn- 50 28 Itch 6 4458 Aug 7
4512 4578 46
2778 Oct
46
4812 46
40
49 Jan
46
Do pref
50 37 Feb 10 4612 J'ly 23
786
4612 47
2612 Oct
4614 4614 4534 46
4512 46
79 Jan
1,014 Utah Consolidated.-- 5 2912 Jan 3 50 Aug 7
45
4438 4413
2878 May 8 4712 Aug31
4434 4538 *4434 4514 45
630 Utah Copper Co....
513
312 Oct
(.34 J'ly 27
512 512
514 512 *5
212 Apr 16
25
1158 Feb
142 Victoria
Last Sate 6
(.212 Nov
e712Aug 7
*6
612 *6
612
412 Jan 2
Winona
Sep'08
14 Jan
25
145 145
145 145
145
93 Oct UM Feb
145 145
142 Wolverine
25 11512 Jan 2 14514 Sep 11
14514
212 278 *,•212 234
212 238 1
283 234 2,820 Wyandot
25 .50 May25 21518 Aug25 .10 Nov
35/1 Jan
ot assess'ts called 1 t 1907. .did and asked prices. d New stock. e Asst paid. o Ex-stock div. Is Ex-rights. a Fix-div. and rights
*9012 903i 9012 9034
*9514 9614 *9514 9614
*218 219
21812 21812
134 134
135
210 ____ *211 212
12512 126
125 12512
C
Thursday
Sept 10
20 1:
671
Boston Bond Record.
SEPT. 12 1908.1
HON Ds
BOSTON STOCK EXCH,GE
WEEK ENDING SEPT 11
Week's
Range or
Last Sate
.1Vir..8
Friday
Sept 11
-t
llt1 L)
BOSTON STOCK EXCH'GE
WEEK Eftrarta SEPT 11
Range
Since
January
Low High
High
Ask Low
Bid
2100
/
981
100 J'ne'08
J
Am Bell Telephone 45-.1908
2
/
2 901
/
'30½ 11.6 781
9012 Sale 90
Am Telep & Tol coil tr 46.1929 J -J
1936 M-S
9414 -117 8078 944
2Sale 93
/
931
Convertible 4s.
4
41i783
11783
Mar'08
1919
g
58
4
t
s
1st
11783
Paver
-J
J
Writ
Am
21199%
/
2 1 961
/
991
99; 9918
Atoll Top& s Fe gen g 48...1995 A-0 99
89
85
89 J'ly'08
Allinatment g 4s....J'ly 1995 Nov
91
J'ly 1996
8538 J'ne'07
89
Stamped
Boston Elect Light 1st 60.1908 14-S
1924 B.S
110 Feb'04
Consol 513
1916 -J
101 Sep '06
Boston & Lowell 48
104 104
1944
104 J'ly'Os
Boston ce Maine 412s
2Jan'03
/
1121
28.1947 F-A
/
Boston Terminal 1st 31
-J
J
1918
Oct
104
'07
613
ex
thy
Bar & Mo
1918 .1-J
102 Sep '05
Non-exempt 68
2
/
981
97
1910 J.
2 Apr'08
/
981
Sinking fund 48
100 J'ne'01
Butte & Boston 1st 68.-1917 A-0
117 117
117 J'ne'08
Cedar Rap ifa Alo R 1st 78.1916 M-N
1909 J-D
11118.Ply'05
2d 7s
804
801
2 11 76
/
2Sale 80
/
Cent Vermt 1st g 4n...May1920 Q-F 801
11103 Oct'07
o B do 4 Iowa Div 1st 53.1919 A-0
96341100%
1919 A-0
2Aug'08
/
981
Iowa Div 1st 4s
100 100
1913 M-N
100 Apr'08
Debenture 58
2
/
1922 F-A
984 981
98 J '08
Denver Exten 4s
98% 98%
1927 M-N
98% Apr'08
Nebraska Exton 45
......
1921 M-5
Ble8Wst 4s
2May'07
/
971
86 1189
1949 J -J
20
/
Illinois Div 31
1[8734 Aug'08
Joint bonds See Gt Northern
99 1.0314
1024 Sep '05
Ohio so Ity & Stk Yds 58.1915 J -J 1024
89
85
Coll trust refunding g 451940 A-0 90
89 J'ly'08
118
118
S)
Dub
'08
P
8t
J'ly
&
65..1920
Mil
118
J -J
Oh
126 Ifeo'05
Oh M Ob St P Wie V div 681920 J-J
99
95
Chic all No Mich 1st gu 58.1931 M-N
4 1)9 Aug'08
/
981
97 101
Ohio & W Mich gen 68....1921 J-D 100 102 101 Sep 'Ob
91 Dec'07
Concord & Mont cons 4s..1920 J -D
1124 Jan '03
Conn & Pass R 1st g 48...1943 A-0
104 Nov4.16
Current Myer 1st 5s
1927 A-0
827,,
80
8173 May'08
Dot Cr hap & W 1st 4s...1946 A-0
90
90
90 Feb'Or
Dominion Coal Lit s I 58..1114U M-N
.......
98 Apr'07
Fitchburg 6s
11)Or M-N
103 Apt'08
1915 M-B
48
96
96
96 Ape°,
1927 M-5
4s
2
/
128 1281
128/
2Apr'Or,
1
Irremt Elk& Mo V 1st 68 1933 A-0
140 Avr'06
1933 A.-0
Unstampen 1st 6s
..92'4
- 11991
984 11991
2
/
2
/
GI Nor 0 .13 & coll tr 46 1921 J -J ¶199½
2
/
2 4 92
/
981
981
98 Sale 98
1921 Q-J
Registered 48
hang*'
Since
January 1
Week's
Range or
Last Sale
Price
Pridab
Sept 11
High .10 1,0t0 11.0/I
Ask Low
Bia
974 100
100 Aug'Or
Illinois Steel deben titi .1910 J -J 100
05 100
2Sep 'ur
/
991
Non-convert dehen 6s...1913 A-0 99 100
.17 117
117 Apr'0la Falls &sioux Clst 78..1917 A-0
1)6
90
96 Nlar'0,1)8
Kan C Olin & Spr 1st 5s .1925 A-0
100 1,11
101 J'ne'08
Kan C Ft S & Gulf 1st 7+3..1908 J -D
4 1091
21164
/
115 1154 115 4
1928 M-N
Kan OFt Scott & M Os
2 111
/
,71
2Sep 'or
/
891
1934 M-5
KanCM&llgen4s
2
/
381
87
87 Sep '08
Assented income 5s
1934 M-5 89
91 May'07
Kan C & 61 Ey& Br 1st 581929 A-0
11358 Nov'06
Maine Cent cons 1st 78. 1912 A-0
Cons 1st 4s
1912 A-0
1014 Seto'0,7,
113 115
115 J'ne'OS
Mara Hough & Ont 1st 68 1925 A-0
74 11/45
11824 Sep 'Or
Mexican Central cons 4s.1911 J -J
1116 11164
lstcons inc 3s
Jan 1939 J'ly
16 Apr'Or
1116 1411154
26 cons Inc ,Is
Jan 1939 J'ly
15½ Apeur
Mich Teleplat 58
1917 Jslinne Gen .Elec con g 5s 1929 J -.1
2 Aug'04
/
1021
2
/
981
93
New Bug Cot Yarn 6s. 1929 F-A
984.
98's
100 100
1908 A-0 98
IOU Feb'08
New Rug Teleph Os
......
1916 A-0
68
100½ Jan'07
1916 A-0
15s.
New England cons g 5s. 1946 J -J
1939 A-0
Boston Term 1st 4s
281956 J -J
/
NYNH& 11 con deb 31
2 88
/
791
1188 Aug'08
2 981
/
981
2
/
1924 F-A
Old Colony gold 4s
2J'ly 'or
/
981
Oreg By & Nay con g 4a 1946 J-D
1196 14 J'ly'Or
1196411964
1922 F-A
103 1118%
Oreg Sh Line 1st g 6s
111838 Sep 'Or
......
Repttb Valley 1st s I 68 1910 J-J
102 Aug'07
Rutland 1st con gen 4½s.1941 J -J
1071
2 Nov'05
/
Rutland-Canadian 1st 481949 J -J
102 Mal'02
Savannah Elec 1st cons 58 1952 J -J
981
2May'06
/
1001
4 101
/
1930 F-A
Seattle Eleo 1st g 5s
1014 Ply'08
1929 J -J
97 i pr'07
Terre Haute Bloc g 68
99/
4 ..ov'06
1
1918 hi-s
Torrington 1st g be
1199%71014
110118 J'ly'08
Union Pac RR & 1 gr g 48 1947 J• J
1927 J.J
1)99 Sep 'Or
20-year cony 45
1184'11,1199
Uniten Fruit cony gen 68 1911 51-S
116 Jan '08
116 117
1015y 1015
, 20 1186 11015
U S Steel Corp 10-60 yr 58 1963 1.1-N
1915 F-A
964 964
964 Feb'08
West End Street By 45
1914 M-S
95 Nov'07
28
/
Gold 41
1916 M-N
10238Jan'06
Gold deoenture 48
1917 F-A
99's May'07
•
Gold 4s
96
96
961
2 97
/
97
79
Western Teleph & Tel 58 1932 J -J
11941
2Sep'05
/
Wisconsin Cent 1st gen 481949 J-J
......
10958 Aug'05
Wisconsin Valley lab 7s 190v J -J
11
"c)
N'arit-Buyer pays accrued interest in addition to the purchase price for all Beaton Bonds.
No price Friday; latest bid and asked.
11 F at price.
Philadelphia and Baltiro.ore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices-Not Per Centum Prices
Saturday
Sept 6
Mariam)
Sept 7
Tuesday
Sept 8
Wednesday
Sept 9
95
95
*131
2 15
/
2'hursaay
Sept 10
riday
Sept 11
*70
*95
84 84 •8
2
/
•131
10
2
/
*101
•10% 11
Range Sines
Jan 1 19,,5
Sales
ACTIVE STOCKS
of the
Week (hicor Bonds and inactive
Stocks see below)
Shares
72
4
/
951
2
/
141
10%
Lowest
Baltimore
Con.Gas EL L.& Pow.100
100
Do pref
2s
50
139 Northern Central
100
60 Seaboard(new)
100
Do 2d pref
United By & Electric 60
20 Jan 1::
65 Mar26
80 Jan 2
4 Feu 12
10 Feb le
10 Jan r
Jug/lest
Range for Previous
Year(1907
/Ito/test
Loicest
2 May13 33½ Jan
1
27/
76 Apr23 80 Ma)
95 Sep 5 78½ Nov
8½ Aug24 10 Nov
2Ply 23 24 Dec
1
13/
1170 Mar28
8% Oct
35 Jan
85 Jan
97 Jan
2338 Jan
48 Jan
15 J'ne
Philadelphia
50 4234 Mar 1, 46 Augl 1 434 Dec 51 Jan
American Railways
2
/
451
*4434 454 •4434 454 *4434 4514 .45
4Jan
/
22 Oct 471
50 2678 Feb lb 3871 Sep
2 5,478 Cambria Meet
/
2 3738 381
/
3/51
2 38% 3838 3838 38
/
381
7% uet 1138 Jan
160 Electric Co of America 10 8 J 1111 25 1078J'11e22
1 93 91518
5338 911118 .97 10
9% 978 '
3 °et
8 Jan
2 Jan 9 7 Aug 6
/
100 31
250 Gen Asphalt tr ctis
6111a 634
2 Aug2. 1334 Nov 36 Jan
/
1117eJan 0 291
Do prof tr otfa
29
29
29
4 Dec 16 Jan
10u 358 Feb29 914 Apt 16
60 Lake Superior Corp
2
/
2 61
/
61
2
/
2 61
/
61
2.1'13,22
/
921
2
(,
tr
Nay
50
ctfa
Jan
4
78
69 Oct 103 Jan
&
Lehigh
107
91
*90
4
903
90%
91
91
.90
.1)0
2 Oct 77 Jan
/
2 Aug13 481
/
1371
50 5238 k'eb
2 6738 3,968 Lehigh Valley
/
2 6(51
/
2 671
/
2 661
/
2 671
/
66'2 6634 661
360 Marsden Co
%Nov
20 278 Apr 24
238 Jan
100 1516
11118 11118 11116 11110
138 1%
Nov 701116 Jan
z52
7
Jan
Aug
4
RR
631
2
Pennsylvania
50
'16
5
62%
282131e
/
62%
621
038
2 624 621
/
2
/
623vs 621
4Star 3 41'2 Apr24 3334 Nov 484Jan
/
341
10 Pluladelp'aCo(Pittau)
311
2 39
/
.381
39
39
394 •38
39
9 Apr
2 Feb27 104 Aug 5 6318 Nov
/
93▪ 9l5
2,691 Philadelphia 516:Amt 25 51
9115,, 91516 9l3le 91518 9i8i,915,
412 .Nov .1264 May
50 c1124.1'ne 9 2178Sep
4 2178 201
/
4 21% 204 21 10,518 Philo Rapid Transit
/
21's 2178 211
50 46.16 Feb 1; G8716 Sep 10 3538 Oct 6938 Jan
2 8670, 654 664 2;3,442 Reading
/
°Ply 85318 641110 6538 651
50 SU Jan 3 4:3 Aug12 313½ Nov 4538Jan
Do 1st pre/
43½
.43
43
43
2Jan 2 431615Aug11 32'2 Oct 47 Jan
1
50 37/
Do 2d wet
68
2 44
/
.431
•4212 431
2 '43% 44
/
43
43
2J'vele 584 Apr23 4178 No, 8038 Jan
1
50 x44/
464 474 2,934 Union Traction
48% 48
484 484 484 48½
2Oct 9638 Jan
/
89 J'ly 2i 661
577
734Jan
50
Impt
Gas
United
622
88
•
88
88
4
87.4
b7,
8734 88
J'ne22 264 Sep II 25 May 30 Feb
'25
100
Co
5 Welsbach
264 264
PHILADELPHIA
Inactive Stocks
Allegheny Val prof....5(1
50
American Cement
100
Amer Pipe Mfg
Bell Telephone (Pa).11.10
60
Cambria Iron
Central Coal & Coke.100
Clonsol Traci ot N J...100
Diamond State Steel..10
10
Preferred
Easton Con Electric 0 00
Eleo Storage Batt....100
100
Preferred
100
Ft Wayne &W V
50
Germantown Pass
100
Indianapolis 8t.
Indiana Union Tr....100
Insurance Coot N A..10
Inter Sm Pow & Chem.50
Keystone Telephone ..50
50
Preferred
ReyatoneWatchCase.100
10
Lit Brothers
50
Little Schuylkill
Eine= & Schuyl H..50
N Haven Iron & Stee1.5
50
Northern Central
North Pennsylvania. 60
50
Pennsylvania salt
Pennsylvania bieel..100
100
Preferred
Phlla Co(Pitts) pref...50
Phil German di Norria.50
50
Phila Traction
10
Railways General
Busquen Iron & Steel..6
10
Tidewater Steel
10
Preferred
Tonopah Mining of Nevi
100
Union Trot Ind
United NJItIt& 0..100
Unit Trac Pitts pret..50
Warwick Iron& Stee1.10
West Jersey & Sea Sli.50
Westmoreland Coal...6U
Wilkes Gas & Elec..100
Bid and
Bid
Ask
PHILADELPHIA
Bonds
Al Val E ext 75 1910 A-0
28'33.F-A
1
Alt &LVElea 4/
36
35
Am 11760(511v 58 1911.J -I)
At! City 1st 58 g'10.171-.N
100
Balls Ter lot 58 1926.J.D
415
I3erg&EBrw let 68'21 J-J
Bethle Steel Os 1998.Q-F
6838
Choc& Me lat58 1949 J-.1
......
Ch Ok & G gen 56'19 J-J
001 81 By lot con 5s 1932
38
Con Traoof N J 1st 53.'33
39
It& A lst M 58 1920 61-N
Bloc & Peo Tr stk tr otfa
12238 Eq II Gas-List g 55 1028
HA B Top con 58'25 A-0
Indianapolis By 48.1933
21
2138 Interstate 45 11143 ..F-A
8
Lehigh Nay 4128 .14.Q4
1914.(,1-F
RIta 48 g.
Gen Di 4'28 g.1924.(1-F
Leh V C 1st 511 g
15
Leh V ext 481st 1948.J-D
16
51-S
2d is 1910
Coiasol Os 1923
J-I)
58
Annuity 6s
J-D
.
.93
Gen C0118 4s 2003.M-N
2
/
991
Lou V 'Tran con 4s'33.1-15
101
New Con Gas Os 1948 J-D
Newark Pass con 58 1930
103
NY Ph & No lat4s'39 J-J
39
Income 4s 1939...M.N
411
No0hioTrac con58'19.J4
88
Penn gen 68 r 1910-Var
89
Consol 53 r 1919. .Var
2 7
/
61
Penn & Md Steel con 65.
Pa & NY Can 58'39.A.0
A-0
Con 4s 1939
714
Penn Steel let 56'17 51-N
People's Tr tr certs 48'43
P Co 1st& col tr 53'49 Ill-S
Con& col tr 68 195151-N
45
2 8
/
71
Phil Eke° gold trust ctts
Trust certif3
48
P & 5 gee M. S g'20.A-0
Gen M 48g 1920..A&O
asked; no sales on tills da). 71 Ex-rights.
Bid
Ask
10634
115
110
2 104
/
1031
1061
2
/
90
91
107
36
109
2
/
1091
10112
130
97
95
102 103
9714 9738
10034 101 14
7014 70;
109
2
/
1011
PHILADELPHIA
Ph & Read 2658'33.A-0
J-D
Con M 78 1911
Con M 60 g 1911. J-D
Ex Imp M 48 g'47 A-0
Terminal 5a g1941 Q-1
P WA B col tr 48'21 J-J
Portland By 1st 58 1930.
Roch By& Leon 58'54.14
U Trac Ind gen 151019.J4
Un Rys Tr otfa 48.49J &J
United Rya Inv lst colt tr
M-N
816s 1926
U Trao Pit gen 58'97 J-J
Welabach s 158 1930.J-D
Wlks-B G&E con5s'55J-J
BALTIMORE
Inactive Stocks
Ala Cons Coal& Iron 100
100
Prof
Atlanta ec Charlotte 100
Allan Coast Line RIt 10t
Allan Coast L (Coun)100
100
Canton Co
Cons Cot Duck Corp .60
50
Preferred
Georgia Sou & Fla...100
100
1st pref
100
2d pref
100
G-B-8 Brewing
Bonds
Anacostia & Pot Ss
AU & Ch ext 4388
Atlan 0 L 11.1t481952M-13
Atl Coast L(Ct)ctla 58 J-D
Otte of indebt 4s....J4
J-J
5-20 yr 4s 1925
Ball Crams 1E458'11 Id-N
Bait Fundg 58.1916 14-N
28 1930 J-J
1
Exchange 3/
Balt& P latOsmI'll A-0
Bait Traolst5s. '29 M-N
No Balt Div 581942 J-D
Cent'!By con581932 11-N
Ext& Imp 58.1932 M
Chas City Ry 18t58'23J4
2 paid.
/
67.50 paul. t 51438 pank 3 $131
Bid
Ask
..
108
100
1001
2
/
2 65
/
641
73
71
74
106
72
994
30
65
210
19
90
99
2
/
941
2 78
/
771
8212
SO
4
/
103 1031
4
/
1061
96
2 108
/
1051
IIS
10538
BA LTI MO ICE
Chaa Ry & 5158'99 A1-8
Char!C &A ext bs.'09 J -J
1910 A-I)
'26 76
City& Sub lst 5s. '22 J-D
City& Sub( Was)lat58'48
Coal & 1 By 1st 158'20F.A
Col&Grnv 18t68.1916J -J
Consol Gas 6s. .1910 J-D
58
19311 J-D
Ga& Ala lateon 5s'45J-J
GaCar&N lat5s g'29J-J
Georgia P 1st 6s. '22 J-J
GaSo& Fla 1st6a 1945J-J
G-B-8 Brew 3-4s 195151-S
26 income Os 1951 131.-N
Knoxv Trac 1st 55'28A-0
Laken El 1st gu5s.42M-S
Macon Ry&.Ltlat5s'53J-J
Memphis St 1st 58'45 J-J
Met8t(Wash)lst5s'25F A
Mt Ver Cot Duck lot 58.
N pt N&O Plat58'38 Si-N
General 5s.. .1941 M-8
Norfolk St 1st 5s'44..J-J
North Cent41281925 A-0
Series A 5s 1926. .J-J
Series B 58 1926. .J-J
Pitt Un 'Trac 58 1997.J-.1
Polo Val 1st 50 1941..J-J
Sav Fla& Weat5s'34 A-0
Seaboard A L4a 1950 A-0
Scab & Roan 58 1926.J-J
South Bound 1st 5s..A-0
UE1L&P lat41
28'296I-N
/
Un By& El 1st 48'49 151.8
JD
Income 4131949
Funding 58 1936...J-D
Va Mid 2i1 ser Os '11.51 S
ad series 6s 1916..M-S
4th ser 3-4.581921.51-8
5th series 58 1926.M-8
Va (State) 3s new'32.J-J
Fund debt 2-351991.J4
West N C con its 1914 J-J
WeaVa C&P lat6r11 J-J
Wil & Weld 68 1935.J...1
£35 paid. a Receipts. b $25 paid. e $30 paid.
Bin
Ask
89
87
102
2 107
/
1051
10038
103's
11038 111
99
2
/
101½ 1031
2
/
1111
103
2 13%
/
431
17
104
2 11414
/
1121
11.1
7614 761
4
/
106
107
111
61)
2
/
591
10012 1011
2
/
90
92
83
854
53
,
531
2
/
791
103 104
2
/
1021
d$42 38 paid
672
THE CHRONICLE
[VoL.Lxxxvii.
Xnuestnunt and litattroad *ntelttgence.
RAILROAD GHOSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular
weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or
month, and.the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add
a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,
but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Previous
Year.
Year.
------$
Ala N 0 Fc Tex Pan.
$
Nevada-Cal-Oregon. 4th wk Aug
12,462
14,361
69,513
N 0 & N East..-r August ___ 212,044 269,676
67,768
424,150
539,196 N Y C Fo Hud River June
7,269,868 8,684,260 92,100,769 06,141,438
Ala & Vicksb_r August
113,380 128,414
230,991
251,391
Lake Shore & M S J no
3,086,055 3,791,103 41,704,152 43,526,818
Vicks Sh & Pac_r August ...._ 106,268 138,309
214.568
270,007
Lake Erle 63 West June
356,538 422,805 4,675,068 5,119,067
Ala Tenn & Morn__ June
3,512
3,551
45,664
45,875
Chic Ind & South June
230,744 254849 2,899,298 2,685,965
It Atch Top & S Fe_ July
6,085,400 7,939,554 6,985,400 7,939.554
Michigan Central June
1,977,246 2,376,125 26,448,406 27,490,423
Atlanta IiIrm & At! June
136,310 155,606 1,720,494 1,605,086
Cleve C C & St L. June
1,983,163 2,323,844 25,024,012 25,672,162
Atlantic Coast Line_ Ju y
1,742,338 2,054,189 1,742,338 2,054,189
Peoria & Eastern June
217,164 266,282 2,830,197 3,039,645
Baltimore Fe Ohlo__ July
5,722,105 7,251,003 5,722,105 7,251,903
Cincinnati North.. June
80,893
82,554
922,472 1.031,769
Bangor do Aroostook June
264,644
187,023
2,844 082 3,221,696
Pitts
Lake
&
Erie
June
835,386
1,386,504 11,038,100 14,476,381
Bellefonte Central__ August
5,933
4,868
10,886
10,399
Rutland
June
236,384 269,300 2,899,635 2,917,835
Boston & Maine___r Ju y
3,275,122 3,752,117 3,275,122 3,752,197
N Y Chic & St L June
641,192 821,568 9,851,375 10,237,229
Bridgeton ik Saco__ July
6,360
5,344
5,360
5,344
Total all lines_
June
16914633 20670284 221222484 232230634
Buff Roch & Pitts__ 1st wk Sep 138,344 193,938 1,451,746 1,706,718
Nevada Central___ _ July
8,443
6,672
8,443
Buffalo & Susq_ ___ March
6,672
189,262 154,746 1,647,802 1,346,265 N Y Ont do Western July
816,912 827,146
816,912
Canadian orthern_ 4th wk Aug 242,900 236,100 1,475,900 1,850,900
827,146
NYNH& Hart--r May
4,132,563
48,692,880
Canadian Pacific_ __ 1st wk Sep 1,301,000 1,441,000 13,847,881 15,349,274
261,322 295,289 3,038,755 2,847,802
Central of Georgia__ 4th wk Aug 249,000 312,500 1,732,462 1,920,264 N Y Susq & West.._ May
Norfolk
Western_ Ju y
2,360,825 2,868,590 2,360,825 2,868,590
Central of N Jersey_ July
2,156,729 2,543,656 2,156,724 2,543,656 Northerndo Central
Ju'y
869,115 1,177,615
869,115 1,177,615
Central Vermont _ .1 July
288,461 312,706
288,491
312,706 Northern Pacific.._. July 5,679,525 7,132,765 5,679,525 7,132,765
Chattanooga South_ 3d wk Aug
3,426
1,647
16,232
27,465 Pacific Coast Co___ June
592,286 730,269 7,272,958 7,406,404
Chesapeake & Ohio_ Ju y
2,095,132 2,390,152 2,005,132 2,390,152 Pennsylvania Co
July
-r
3,590,020 4,734,660 3,590,020 4,734,669
Chesterfield & Lane. July
4,804
3,661
3,661
4,804 d Penn-East P do E Ju'y
11282 065 14600 065 11,282,005 14,600,065
Chic & Alton Ry....r July
1,057,036 909,408 1,057,03(5
099,408
S West of P do E July
Dec.1,7 14,100
Dec.1, 714,100
Chic Burl & Quin_ ..r July
6,271,163 6,893,942 6,271,163 6,893,942 Pero Marquette.. _r June
13,691,875
1,036,545
Chic Great West._ r 4th wk Aug 273,422 310,616 1,403,630 1,506,859
Mille Bait & Wash_ July
1,532,778 1,428,678 1,532,778
1428
„678
Chic Ind & Louisv_ 4th wk Aug 154,600 179,951
920,555 1,046,146 Pitts Cln Chic & StL July
2,227,004 2,712,727 2,227,904 2,712,727
Chic Ind do Southern -See New York Cen tral.
Raleigh &Southport July
10,885
9,703
10,885
9,703
Chic Milw Fc St Paul July
4,652,409 5,121,014 4,652,409 5,121,014 Reading Company July
3,766,100 2,917,471 3,766,160
2,917,471
Chic & North West.. July
5,215,185 5,964,448 5,215,185 5,964,448
Coal & Iron Co__ July
1,054,763 2,956,139 1,954,763 2,056,139
Chic St Paul M &O. July
998,487 1,130,461
008,487 1,130,461
Total both cos_ July
4,872,234 6,722,209 4,872,234 6,722,299
Chic Term Tran RR 2d wk June
33,655 1,625,688 1,612,320 Rich Fred & Potom July
30,728
178,258
174,628 178,258
174,628
Cin Ham & Dayt__r June
655,193
7,060,612
Rio Grande June_ June
827,918
62,168
811,698
72,124
Cin N 0 & Texas Pa -See Sout hern Rail way.
Rio Grande Sou
4th wk Aug
111,844
17,744
18,070
103,880
Cincinnati Northern -See New York Can tral.
Rock Island System June
4,197.278 5,348,520 58,484,106 60,138,673
Clev Cin Chic & St L --See New York Cen tral.
e St L & San Fran June
3,190,93'1 4,121,346 46,548,803 49,647,378
193,348 225,899
Co'orado Mid and_r Ju y
193,348
225,890
f Evansv & Ter It June
162,043 163,987 2,204,068 2,277,637
S Col & South Sys__ 4th wit Aug 342,133 369,603 2,454,891 2,304,979
Total of all lines_ June
7,550,254 9,633,854 107237129 112063689
Col Newb 4c.Latir__ May
17,457
23,100
275,775
294,013 St Jos & Grand Isl. June
116.921 130,308 1,602,300 1,713,841
74,019
78,122
Copper Range
June
807,322
819,292 St Louis Southwest. 1st wk Sep 200,642 204,489 1,802,163 2,001,455
21,392
4,820
Cornwall
July
4,820
21,392 SanPedLA&SLr June
605,756
7,518,512
153,786 153,032
Cuba Rai road
July
153,786
153,032 Seaboard Air Line
July
1,186,353 1,290,861 1,188,353 1,290,861
Delaware & find_ July
1 476,989 1,866,356 1,476,489 1,866,356 Sierra Railway..
-35,634
34,004
Del Lack & West__r July
2,859,239 3,027,018 2,859,239 3,027,018 Southern Indiana__ May
August
--- 129,211 160,005
297,275
245,570
Denver 6e Rio Gr__r 1st wk Sep 441,900 450,600 3,849,424 4,520,337 c Southern Pac Co.._
July
9,720,406 11424022 9,720,406 11,424,022
Det To! 64 Iront Sys 4th wk Aug
62,043
56,379
271,483
320,734 Southern Railway-- 4th wk Aug 1,307,364 1,640,501
8,115,702 0,713,480
Ann Arbor
70,608
56,512
4th wk Aug
313,292
385,411
Ohio_
Mobile
do
4th
wk Aug 305,171 381,951 1,482,473 1,829,246
Detroit de Mackinac 4th wk Aug
41,814
29,468
203,504
223,364
Cin N 0 & Tex P. 4th wk Aug 236,833 278,822 1.298;808 1,536,462
Dul & Iron Range_r June
559,750
6,207,509
Ala Great South_ 4th wk Aug
99,420 120,652
725,502
507,596
Do!So Shore & AtL 4th wk Aug
73,345 124,498
460,888
678,423
South & Fla_ 4th wk Aug
Geo
51,455
53,686
288,460
360,396
Erie
3,851,252 4,866,662 45,670,370 49,000.879 Texas Central
May
4th wk Aug
24,903
32,436
159,907
El Paso & Sotithw_r June
105,017
529,429
7,564,105
Texas & Pacific__ _ _ 1st wk Sep 225,814 263,868 2,203,675
2,735,944
Evansville & Ter H. -See Rock Island S ystem.
Tidewater & West.. July
5,956
8,488
5,056
8,488
Fairchild & Nor E__ Ju y
1,572
1,514
1,514
1,572 Toledo & Ohio Cent June
355,709 439,542 4.191,909 4,866,661
93,146
Fonda Johns A Glov July
77,032
77,932
93,146 Toledo Peo & West.. 4th wk Aug
35,900
41,470
189,712
198,645
223,927 234,418
Georgia Ralleoad
July
223,927
234,418 Toledo St L 6c West. 4th wk Aug
85,353 102,192
604,472
742,459
Georgla South & Fla -See Sout been Rail way.
Tombigbee Valley__
6,589
5,333
62,158
64,716
Grand Trunk Syst.... 4th wk Aug 1,112,026 1,393,997 6,803,892 8,048,825 Tor Ham & Buffalo. Jane
July
66,486
73,654
66,486
73,654
Gr Trunk West __ 4th wk Aug 161,266 198,480
985,821 1,134,486 Trinity & Brazos V_ 4th wk Aug
28,535
20,048
170,1170
126,040
Dot Or Hay & MI1 4th wk Au
48,397
64,666
300,048
358,144 Union Pacific Syst_ July
6,749,684 7,233,995 6,749,684 7,233,995
Canada Atlantic.. 4th wk Aug
68,909
59,091
374,311
408,282 Vandalla
704,925 822,276
822,275
704,925
4,289,194 5,616,608 4,289,194 5,616,608 Virginia & Sou West July
Great Northern Syst July
July
01,850 105,528
105,528
01,859
Gulf & Ship Island_ 3d wk May
45,907
29,071
1,903,319 2.215.730 Wabash
1st wk Sep 536,522 573,235 4,936,195 5,485,390
Hocking Valley__ Ju:y
530,521 834,939
530,521
634,939 Western Maryland_ June
429,231 512,606 5,648,277 5,600,451
Illinois Central ___ August
4,555,531 5,280,577 8,808,788 10,392,514 W Jer & Seashore__
696,181 729,581
696,181
729,581
Inter & Great North 1st wk Sep 137,000 135,000 1,201,000 1,296,300 Wheel & Lake Erie_ July
527,211 622,939
527.211
622,939
a Interoceanic(Mex) 4th wk Aug 166,196 209,801 1,054,150 1,223,172 1VisconsIn Central_r July
July
651,649 748,025
651,
649
748,925
Iowa Central
67,958
66,164.
1st wk Sep
555,392
571,668 Wrightsv de Tenn
15,843
July
18,077
15,843
18,077
Kanawha & Mich
177,440 213,311 2,022,938 2,377,661
June
Yazoo & Miss Vail.. August ..
618.708
796,801 1,203,259 1,517.915
Kansas City South_ July
744,334 847,777
744,334
847,777
-Lake Erie & West'n -See New York Cen tral.
Current
Previous
Lake Shore & M Sou -See New York Can tral.
Various Fiscal Years.
Period.
Year.
Year.
Lehigh Valley___ _r, May
2,982,167 3,164,357 32,443,535 32,261,828
Lexington & East__ lu y
51,761
36,821
36,821
51,761
Bellefonte Central
Jan 1 to Aug 31
$39,426
$41,788
Long Island
1,160,730 1,215,117 1,160,730 1,215,117
r July
Delaware
&
Hudson
I
Jan 1 to July 81 10,293,950 11,205,911
Louisiana & Arkan_ April
07,481 120,264
054,657
983,910 Manistique
Jan 1 to July 31
35,253
38,194
Lotilsv & Nashv__r 4th wk Aug 1,167,030 1,501,729 7,291,677 8,552,491
Mexican Railway
1
Jan
to
Aug 21 4,935,900 5,101,500
12,049
Macon & BirmIng__ July
12,322
12,040
12,322 Mexican Southern
Jan 1 to Aug 21
814,676
886,070
Maine Central____r June
688,040
8,514,256
New York Central
Jan 1 to June 30 40,662,007 46,930,897
Manistique
7,408
6,974
July
7,408
6,974
Lake Shore & Mich South__ - Jan 1 to June 30 18,840,216 21,589,537
Maryland & Penn__ July
29.521
29,296
29,521
29,296
Lake Erie & Western
Jan 1 to June 30 2,040,607 2,432,537
2,794,474 2,005,982 32,869,443 28,492,109
a Mexican Central._ May
Chicago Indiana do Southern.. Jan 1 to June 30 1,394,317 1,499,498
a Mexican Internat. 4th wk Aug 190,895 264,680 1,162,872 1,557,604
Michigan Central
Jan 1 to June 30 11,735,281 13,833,980
a Mexican Railway_ 3d wk Aug 124,500 151,100
985,500 1,120,200
Cleve Cin Chic & St Louis_
Jan 1 to June 30 11,015,982 12,439,769
a Mexican Southern 3d wk Aug
25,528
20,345
173,021
193,081
Peoria & Eastern
Jan 1 to June 80 1.270,774 1,441,923
Michigan Central- See New Y ork Centr al.
Cincinnati Northern
Jan 1 to June 30
397,081
479,804
Midland Valley____ April
61,373
87,691
916,277
658,573
Pittsburgh do Lake Erie
Jan 1 to June 30 4,095,748 7,042,044
Mineral Range----- -Rh
4th wk Aug
22,093
23,880
144,264
147,611
Rutland
Jan 1 to June 30 1,228,046 1,386,406
Minneap & St Louis 1st wit Sep
1)8,857
87,791
744,514
706,614
New York Chicago & St Louis Jan 1 to June 30 4,606,727 5,221,021
Minn St P & S S M_ 1th wk Au
350,266 304,156 1,045,098 2,0811,252
Total all lines
Jan 1 to June 30 96,787.446 114297513
Missouri Kan & Tex July
1,868,267 2,224,535 1,868,267 2,224,535 Northern Central
Jan 1 to July 31 6,300,309 7,523,909
Mo Pao & Iron Mt_o 1st wit Sep 816,000 889,000 8,248,000 9,350,000 d Penn-East of Pitts do
Erie- _ Jan 1 to July 31 75,302,914 03,741,714
Central 13ranch_o 1st wk Sep
34,000
35,000
306,000
344,000
West of Pittsburgh and Erie Jan 1 to Ju:y 31
Dec.12, 028,100
Total .system_o 1st wk Sep 850.000 924,000 8,554,000 0,703,000 Phila Baltimore do
Washington.. Jan 1 to July 31 9,168,880 9,710,989
S Mobile Jack & K C 1Vk Aug 22
24,274
31,705
188,387 .1238,859 Pitts Cln Chicago & St Louis..... Jan 1 to July
18,648,504
14,452,447
31
N ashy Chat & St L., July
880,290 957,838
880,290 „957,838 Rio Grande Junction
Dec 1 to June 30
464,389
415,005
a Nat RR of Mexico -5th wk Aug 342,531 448,371 2,365,544 2,812,702 Texas & Pacific
Jan 1 to Sep
8,206,227 11.129,688
7
Hidalgo 63 N E__ 4th wit Aug
22,528
28,364
150,684
172,589 West Jersey & Seashore
Jan 1 to Ju.y 31 2,908,683 3,056,933
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cuent Year Prey's Year
-$
3d week June (41 roads)---8,344,918 10,158,774
4th week June (44 roads)-- 11,565,430 13.831,152
1st week July (43 roads)........ 8,294.142 9,429 010
2d week July (40 roads)
8,520,010 9,762,668
3d week July (40 roads)_.. 8,606,600 9,961,410
4thweek July (44 roads)---- 12,713,870 15,323,093
1st week Aug (41 reads)____
8,660,176 9,872,839
2d week Aug (39 roads)._
9,973,195
8 806,034
3d week Aug (39 roads)_...._
8,887,875 10,118,734
4th week Aug (42 roads).- 13,076,076 15,626,926
•
inc. or Dec.
Monthly Summaries.
Cuent Year1Prey's Year Inc. or Dec.
$
-1,813,856 17.85
Month Oct 1907 (120 roads).. 213,697,727;196,843,678 + 16,854.049 8.56
-2,265,722 16.38
Month Nov 1907 (120 roads). 189.088,564 184,107,31)1 +5,701,173 3.14
--1,134,868 12.04
Month Dec 1907 (123 roa(ls)- 174,422,451:184,893,810 -11.471,359 6.20
--1,242,658 12.73
Month Jan 1908 (122 roads)- 151.758,406 172,283,006 -20,524,600 12.49
--1,354,810 13.60
Month Feb 1908 (123 roads)- 141,256,206 160,150,610 _18,894,404 11.79
--2,609,223 17.03
Month Mob 1908 (126 roads).. 162,495,089 187,435,350 -24,940,261 13.37
--1,212,663 12.28
Month Apr 1908 (119 roads)_ 154,137,168 190,046,156 -35,908,988 18.89
--1,167,171 11.70
Month May 1908 (120 roads) _ 153,112,628 198,146.871 -45,034,243 22.67
--1.230,859 12.16
Month June 1908 (113 roads). 146,270,130 179,397.094 -33,120,064
--2,550,850 10.45 Month July 1908( 53 roads). 56.560,742 67,803,094 -11,242,352 18.47
16.57
a Mexican currency. b Includes earnings of Gulf & Chicago Division. c Includes the Houston &
Texas Central and its subsi ilary lines in both •
years. d Covers lines directtv operated. e Includes the Chicago & Eastern Illinois in both years.
earnings of Col. & South, Ft. Worth & Denver City and all affiliated lines, excepting Trinity & f Includes Evansville & Indiana RR. h Includes
Brazos Valley RR. k Includes in both years earnings
of Denver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix
By. I These figures do not include receipts from sale of coal.
o Figures here are on the old basis of accounting-not the new or Inter-State Commerce
CommIsslon method. r These figures are on the now basis
prescribed by the Inter-State Commerce Commission.
673
THE CHRONICLE
SEPT. 12 1908.)
Interest Charges and Surplus.-The following roads, in
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week addition to their gross and net earnings given in the foregoing,
of August. The table covers 42 roads and shows 16.45% also report charges for interest, die., with the surplus above
or deficit below these charges.
decrease in the aggregate under the same week last year.
Increase. Decrease.
1907.
1908.
$
$
$
$
27,232
126,652
99,420
Alabama Great Southern
35,638
263,680
228,042
Buffalo Rochester & Pittsburgh
6,800
236,100
242,900
Canadian Northern
235,000
2,008,000 2,243,000
Canadian Pacific
63,500
249,000
312,500
Central of Georgia
37,194
273,422
310,616
Chicago Great Western
25,351
154,600
179,951
Chicago Indianapolis & Louisv_
41,989
236,833
278,822
Cin New Orleans & 1exas P___.
27,470
342,133
369,603
Colorado & Southern
110,700
572,300
683,000
Denver & Rio Grande
12,346
29,468
41,814
Detroit & Mackinac
5,664
56,379
62,043
Detroit Toledo & Ironton
14,096
Ann Arbor
56,512
70,608
51,153
Duluth South Shore & Atlantic_
73,345
124,498
2,231
Georgia Southern & Florida___ _
51,455
53,686
Grand Trunk of Canada
I
281,971
Grand Trunk Western
I 1,112,026 1,393,997
Detroit Grand Haven & Mil _ 'r
Canada Atlantic
3
700
International ec Great Northern
215,000
214,300
la:6'6i
Interoceanic of Mexico
166,196
209,801
Iowa Central
862
88,056
88,718
334,699
Louisville & Nashville
1,167,030 1,501,729
73,785
Mexican International
190,895
264,680
3,787
Mineral Range
25,880
22,093
2,935
Minneapolis & St Louis
116,820
119,755
46,110
Minneapolis St Paul & S S M_
304,156
350,266
367,000
Missouri Pacific & Iron Mtn__._ 1,351,000 1,718,000
19,000
Central Branch
69,000
50,000
76,780
Mobile & Ohio
381,951
305,171
105,840
National Railroad of Mexico.448,371
342,531
5,836
Hidalgo 8c Northeastern
28,364
22,528
1,899
14,361
Nevada-California-Oregon
12,462
Rio Grande Southern
326
17,744
18,070
28,240
301,431
St Louis Southwestern
273,191
333,137
Southern Railway
1,307,364 1,640,501
7,533
Texas Central
24,903
32,436
102,095
460,721
358,626
Texas & Pacific_
5,570
41,470
35,900
Toledo Peoria & Western
16,839
85,353
102,192
Toledo St Louis & Western_ _ _ _
8,487
20,048
28,535
Trinity & Brazos Valley
119,690
754.654
874,344
Wabash
------66,020 2,616,870
13,076,076 15,626,926
Total (42 roads)
2,550,850
Net decrease (16.45%)
N
Fourth week of August.
For month of Augustthe returns of 45roadsshows as follows:
Month of August.
Gross earnings (45 roads)
1908.
1907.
Decrease.
42,980,018 49,663,820 6,683,802
13.46
It will be seen that there is a loss on the roads reporting
in the amount of $6,683,802, or 13.46%.
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
reported this week.
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
1,219
4,868
1,706
Bellefonte Central_ b- - -AufC
5.933
12,661
41,788
Jan 1 to Aug 31
6,305
39,426
1,155,360
935,263
Central of New Jersey_ b July 2,156,724 2,543,856
68,205
55,144
312,706
x Central Vermont_ b_ _ _July
288,491
def.909
12,323 def.1,772
6,611
Chattanooga South_a_ _June
def.3,840
160,452 def.3,627
105,748
July 1 to June 30
s284,149
s485,990
999,408
Chicago & Alton_a
July 1,057,036
x Chic Burl &Quincy_ b_July 6,271,163 6,893,942 2,033,549 2,511,888
182,458
141,300
499,134
x Chic Ind & Loulsv_b July 453,602
x Chic Milw & St Paul_ b July 4,652,409 5,121,014 1,777,258 2,066,618
106,847
61,751
226,115
329,912
Duluth So Sh & Atl_ b_ _July
x Great Northern_ b
July 4,450,493 5,640,054 1,410,440 2,258,583
156,046
184,313
620689
592,955
Interoceanic of Mex_ _June
July 1 to June 30
7,701,105 7,192,924 2,305,448 1,895,465
142,307
605,764
July
157,479
544,442
Keystone Teleph Co-a995,752
July 1 to June 30
473,716
511,948
1,051,071
385,385
501,514
x Long Island- b
July 1,160,730 1,215,117
838,432
g Mexican Internatl
312,287
290,501
681,586
June
July 1 to June 30
8,281,566 8,572,770 2,953,365 2,866,402
228,431
196,571
788,531
July
556,591
12,029
15,082
72,338
Mineral Range- b
July
73,827
432,058
516,225
0 Nat RR ofMexico_ _ _June 1,162,689 1,406,327
July 1 to June 30
15,601,310 15,874,669 5,686,151 5,722,831
448,893
473,346
July
1,208,762 1,405,725
10,738
18,324
76,073
Hidalgo & Northeast_June
82,855
249,826
239,039
986 338
July 1 to June 30
[989,079
15,980
00.369
85,164
July
,274
16,733
15,645
29,367
Nevada-Cal-Oregon..b_ _July
32,142
156
2,977
6,672
July
Nevada Central- b
8 443
54,454
70,654
Rich Fred & Potomac_ _July
178,258
174,628
n21,637
n18,650
Rio Grande Junction__ _e
72,124
62,168
n124,528
n139,316
Dec 1 to June 30 --- 415,095
464 389
July 9,720,406 11,424,022 13.641,590 /3,425,339
Southern Pacific_a
y93,503
p88,120
341,893
293,815
Tol StLouls & West _a _ _July
Ulster & Delaware- b46,821
77,436
254,830
234,110
Apr 1 to June 30
50,023
65,914
389,561
369,358
Jan 1 to June 30
212,742
202,207
935,776
888,630
July 1 to June 30
£3,041,983
July
8,749,684 7,233,995 £3,363,374
Union Pacific-a
749,077
July 2,077.977 2,309.858
627,492
Wabash_ b
185,909
195,172
622,939
527,211
x Wheel & Lake Erie.b_July
a Net earnings here given are after deducting taxes.
before
are
deducting
given
taxes.
b Net earnings here
f These results are after deducting taxes, which amounted to $328,764
.n July 1008, against $298 425 last year.
currency.
g These results are in Mexican
n These figures represent 30 t, of gross earnings.
p For July miscellaneous charges and credits to income was $16,255,
against $9.358 in 1907.
s After allowing for miscellaneous charges and credits to income for the
month of July 1908, total net earnings were $457,864, against $290,544
last year.
t These results are after deducting taxes, which amounted to $107,015
In July 1008, against $162,625 in 1907.
x These figures are on the basis of accounting required by the InterState Commerce Commission.
-Int., Rentals, &c.- -Bat. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
8
$
Roads.
$
$
916
1,449
303
257
Bellefonte Central
Aug
10.237
3,249
2,424
3,056
Jan 1 to Aug 31
552,308
398,584
603,052
536,679
Central of New Jersey_ _July
x18,027
97,331 xdef17,778
92,233
Duluth So Sh & Atl_ __ _July
x3,789
x151
12,636
12,778
Mineral Range
July
x13,586
x13,674
3,873
4,046
Nevada-Cal-Oregon _ _ _ _July
13,304
10,317
8,333
8,333
Rio Grande Junction_ June
80,983
66,195
58.333
58,333
Dec 1 to June 30
Ulster & Delawarex4,972
x29,449
42,667
50,084
Apr 1 to June 30
84,167 xdef30,876 xdef32,311
99,837
Jan 1 to June 30
x49,001
167,167
210,370
x1,653
July 1 to June 30
After allowing for other income received.
STREET RAI WAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
American Rys Co_ __ _ June
c Aur Elgin & Chic By July
Bangor By & Eleo Co July
Binghamton By
May
Birm By Lt & Power July
Boston & Worcester_ May
Brockton & Ply St By June
Camaguey Co
July
Cap Breton Elec Co June
Central Penn Trac_
June
Charlest Con By G&E May
d Chicago & Oak Park July
Cleve Painesv & East July
Dallas Electric Co
April
f Detroit United Ry.. 4th wk Aug
Duluth Street Ry__ _ 1st wk Sep
East St Louis & Sub- June
June
El Paso Electric
Ft Wayne & Wabash
Valley Tractlon Co July
Galv-Hous Elec Co_ _ June
Grand Rapids By Co_ July _ _ _ _
Havana Electric Ry_ Wk Sep 6
Honolulu Rapld Tran
July
& Land Co
Houghton Co St Ry_ _ June
Illinois Traction Co_ _ July
Jacksonville Elec Co_ June
Kansas City Ry & Lt June
Knoxville Ry & Lt Co July
Lake Shore Electric_ _ June
Lex & Inter Rys Co_ _ July
Little R'k Ry & El Co July
Memphis Street Ry_ _ July
Metrop West Side El_ Aug
Milw Elec By & Lt Co July
Milw Lt Ht & Trac Co July
Montreal Street Ry_ _ Wk Sep 5
Nashville By & Light July
NJ & HR Ry & Fy Co June
North Ohio Trac & Lt July
North Texas Elec Co_ April
Nonf & Portsm Tr Co July
No Westchester Lt Co July
Northwestern E ev_ _ Aug
Oklahoma City Ry__ July
Peekskill Light & RR July
Portland By L & P Co July
Porto Rico Rys Co
Ju.y
Rio de Janeiro Tram
Light & Power_ __ _ July
St Joseph (Mo) By Lt
Heat & Power Co_ _ July
Sao Paulo Tr Lt & P. July
Savannah Electric Co June
Seattle Electric Co__ _ June
South Side Elevate& August
Sou Wisconsin By Co July
Springfield Ry&Lt Co July
Syracuse Rap Tr By. July
Tampa Electric Co _ _ June
Toledo Rys & Light - July
Toronto Railway_ _ _ _ Wk Sep 5
Twin City Rapid Tran 4th wk Aug
k Underground El By
of London, three
Wk Aug 29
tube lines
Metropolitan Dist_ Wk Aug 29
United Tramways_ Wk Aug 29
United RR of San Fr_ June
United Rys of St L. July
Whatcom Co By & Lt June
Current Previous
Year.
Year.
254,370
148,748
42,199
26,638
170,777
48,156
12,152
10,428
19,959
64,823
63,695
62,724
33,077
91,617
212,297
19,306
166,729
41,995
Jan. 1 to latest date.
Current
Year.
Previous
Year.
266,058 1,325,160 1,369.142
152,252
766,633
785,023
42,344
15,364
115,506
101,250
183,666 1.235,602 1,219,946
42,836
51,132
48,456
12,360
6,347
42,602
63,940
115,524
108,212
20,686
335,140
66,326
347,610
61,399
306,040
280,670
67,747
493,787
467,251
34,401
158,335
157,587
84,171
352.865
339,060
223,157 4,616,157 4,676,100
569,724
18,946
595,140
183,413
977,996 1,003,404
233,672
260,471
41,030
686,772
730,670
115,470 117,494
505,782
487,658
92,442 95,597
89,715 91,620
37,600 35,935 1,300,122 1,211,489
38,637
23,342
342,273
35,882
515,440
51,721
78,827
58,970
53,561
140,461
199,451
333,274
100,532
74,759
127,937
56,882
200,392
79,351
1181,803
9,247
155,476
26.781
15,229
384,170
31.591
29,706
22,437
329,600
34,162
515,816
56,463
83,554
52,807
55,812
148,613
211,601
330,863
97,111
73,168
129,577
48,668
209,040
79,052
274,018
219,513
121,311
2,255,790
210,635
2,981,251
323,820
386,267
339,294
384,293
915,529
1.712,461
2.193,781
461,003
210,159
114,163
2,035,918
192,399
2,867,974
339,392
401,514
302.502
355,128
913,257
1,802,867
2,157,850
441,237
870,079
887,987
209,223
238,305
1,038,135 1,058,297
313,052
316,515
11.057,423 1.374,198
144,420 1,249,921 1,115,779
143,929
148,384
27,001
16,389
378,561 2,482,972 2,204,610
207,724
198,278
30,159
614,089 551,127 3,954.004 3,531,830
80,740
178,965
50,006
358,207
174,630
15,512
63,477
110,340
45,070
199,237
88,125
199,014
78,285
160,712
51,836
339,510
176,462
16,666
63,151
112,398
41.152
213,057
107,262
182,245
483,974
493,795
1,321,373 1,188,184
283,637
282,394
2,165,049 1,902,015
1,411 942 1.281,647
89,426.
88,953
706,062
737,289
253,362
271,957
1,429,612 1,458,375
4,176,457 3,976,352
£9,875
£7,850 £402,075 £243 210
/8,273 16,720 £311,249 1273,878
16,595
£8,186 £231,871 £228,883
551,193 152,126 3,341,450 2%457,802
6,061,765 6,229,490
941,878
898,210
164,429
173.248
26.129 27,362
c These figures are for consolidated company. d These are results for
main line. f No earnings for Detroit Jackson & Chicago By. for Jan. 1907
included in these figures. It Does not Include the Charing Cross Euston
& Hampstead Ry. for first six months of 1907. 1 Decrease due to Jamestown Exposition last year.
Street Railway Net Earnings.-The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Sept. 5 1908. The next
will appear in the issue of Oct. 3 1908.
----Gross Earnings-. -Net Earnings-Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
5
Roads.
20,565,
22,248
42,344
42,199
Elec
_July
&
Co_
By
Bangor
51,732
49,885
91,620
89,715
Grand Rapids By Co.. July
Hudson Vail By Co_ b145,547
Apr 1 to June 30
257,847
Jan 1 to June 30
632,281
July 1 to June 30
9,247
North'n Westch Lt Co a_July
Oneonta & Mohawk Valley- b45,975
Apr 1 to June 30
77,756
Jan 1 to June 30
188,818
July 1 to June 30
15,229
Peekskill Lt & RR Co-a_July
145,193
253,077
606,659
32,295
37,492
168,959
3.948
41,761
46,043.
191,020
42,098
71,915
165,290
16,389
1,040
def.843
14,387
7,182
3,151
def.1,441
19,151
8,675
THE CHRONICLE
674
[VOL. Lxxxvn.
1906.
1908.
1907.
--Gross Earnings- -Net Earnings-$
$
$
Current
Previous
LiabilitiesPrevious
Current
23,000,000 23,000,000 23,000,000
Year.
Year.
Adjustment preferred stock
Year.
Year.
66,000,000 66,000,000 66,000,000
Roads.
E
$
$
$
Common stock
378,561
192,357
Portland By Lt&PowCo July 384,170
100,482 Bonds (see "Ry. & Ind." Section) _ - _ 97,865,500 87,865,500 71,289,500
9,400,000
Jan 1 to July 30
2,482,972 2,204,619 1,233,227
915,592 Equipt. trust certfs. (per contra) __ _ _ 13,900,000 11,900,000
7,500,000
78,285
41,953
St Jos By Lt H & P Co_July
80,740
39,801 5% 2-year collateral notes
1,030,302
1,120,452
1,186,227
Jan 1 to July 31
483,974
230,891
231,996 Interest accrued on bonds
493,795
229,596
Lynchb. Belt Line & Conn. By.constr.
Springfield Ry & Lt Co_July
63.151
63,477
30,974
1,076.792
1,274,638
31,815 Pay-rolls
822,594
1,816,079
2,198,743
690,242
Audited vouchers
United Traction Cob94,940
112,547
47,727
512,511
Apr 1 to June 30
498,245
193,218
218,128 Traffic balances
227,424
128,536
309,289
Individuals
and
compan
969,155
es
Jan 1 to June 30
952,022
323,196
382,151
360,259
452,062
489,860
July 1 to June 30
692,790
1,998,236 1,969,292
781,556 Taxes accrued
881,357
477,233
Reserve funds for equip., rails, &c_..
3,148,771
1,204,649
283,254
Betterment fund
a Net earnings here given are after deducting taxes.
3,800,854
4,472,406
4,472,772
Profit and loss, surplus
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Total liabilities
--Int., Rentals, oec.- -Bat, of Net E'ngs.Previous
Current
Current
Previous
Roads.
Hudson Valley Ry Co50,789 xdef22,442 xdef6,770
Apr 1 to June 30
55,886
100,819 zdef82,492 xdef50,730
Jan 1 to June 30
122,646
202,639 xdef97,675
July 1 to June 30
274,123
x725
Oneonta & Mahawk ValleyApr Ito June 30
11,313 xdef.9,965 xdef.7,970
11,352
22,504 xdef.22,280 xdef.23,571
Jan 1 to June 30
22,245
July 1 to June 30
45,224 xdef.29,531 zdef.25,183
45,140
United Traction CoApr 1 to June 30
87,481
x130,675 x166,538
91,884
Jan 1 to June 30
174,962 x202,018
181,496
x280,721
349,925
July 1 to June 30
372,419
x453,216 x510,763
xAfter allowing for other Income received.
ANNUAL REPORTS.
Norfolk & Western Railway.
(Report for Fiscal Year ending June 30 1908.)
On subsequent pages will be found the report of Mr. L. E.
Johnson, the President, and also the balance sheet. Below
we publish a comparison for several years:
OPERATIONS, EARNINGS AND EXPENSES.
1906-07.
1905-06.
1907-08.
1904-05.
1,877
Mlles operated June 30_ _
1,861
1,920
1,833
Equipment843
734
Locomotives
946
668
383
350
Passenger cars
397
324
36,910
.31,017
Freight cars
37,276
26,237
301
583
1,007
Maint.-of-way cars
583
9
Barges
10
7
7
Operations4,250,905
3,805,668
Passengers carried
4,824,650
3,530,962
Passengers carried 1 m ile209,279,408 176,082,600 154,860,312 141,159,752
2.364 cts.
2.324 cts.
Rate per pass. per mile_ 1.901 cts.
2.238 cts.
Tons freight carried__ - - 18,608,190 20,183,218 19,266,534 15,852,323
Tons fr't carried 1 mile_ a4.985,916 a5,252,561 a5,011,466 a4,270,239
0.495 cts.
0.481 cts. 0.474 cts.
Rate per ton per mile ._ 0.481 cts.
569
579
Av. rev. tr. load (tons) _
571
531
$2.8378
$2.8042
Earns, per fr't tr. mile_
$2.7681
$2.5362
$1.3874
Earns, per pass. tr. mile
$1.2142
$1.2072
$1.0915
$16,612
$15,374
Gross earns, per mile_ _
$15,397
$13,390
Earnings4,163,119
Passenger
3,598,558
3,977,482
3,158,773
Freight
23,990,630 26,000,945 24,111,801 20,249,399
267,982
Mall
264,576
290,578
224,137
468,576
Express
364,579
440,324
318,614
263,758
Miscellaneous
148,252
254,203
138,337
Total
28,962,217
Expenses$
Maint. of way, &c
3,458,088
Maint. of equipment__ _ _ 4,683,080
Conducting transport'n_ 9,346,049
General
596,664
Traffic
475,606
Taxes
1,020,800
31,164,381
28,487.766
24,089,260
3,895,548
5,239,890
9,256,228
585,187
537,674
996,000
3,439,797
4,749,832
7,913,695
519,621
441,678
735,000
3,005,910
3,917,268
6,721,199
464,772
415,285
671,000
Total
19,580,287 20,510,536 17.799,623 15,285,434
P. C. exp. to earnings ..
(65.81)
(62.48)
(67.60)
(63.45)
Net earnings
9,381,930 10,653,845 10,688,143
8,803,826
a Three ciphers (000) omitted.
INCOME ACCOUNT.
1906-07.
1907-08.
1905-06. , 1904-05.
$
$
$
Net earnings
9,381,930 10,653,845 10,688,143
8,803,826
Hire of equipment
504,340
88,946
Other income
202,689
165,345
210,573
Total
10,088,959 10,742,791 10,853,488
9,014,399
Deduct3,222,807
Interest on bonds
3,069,147
3,785,013
2,862,933
492,889
Interest on car trusts__ _
442,667
316,641
226,667
Def. Int. on Pocahontas
Coal & Coke Co. bonds
218,000
192,000
188,000
216,000
4% dividends on pref'd_
919,644
919,656
919,644
919,530
Dividends on corn. __ -(454)2,901,114 (5)3,223,460(4)2,578,768(3)1,934,076
250,000
Betterment fund
2,250,000
%1,360,000
1,000,000
996,652
Additional equIp't fund.
700,000
1,250,000
Advances to sub. cos.
47,211
branch lines & miscell.
53,792
55,786
160,197
Rents
26,778
87,371
15,323
9,397,441 10,093,309
Total
9,741,613
8,560,403
1,345,350
Surplus for year
347,346
760,179
444,996
Discount and commission
673,800
on bonds sold
161,250
346,980
405,040
671,550
598,929
386
39,996
GENERAL BALANCE SHEET JUNE 30.
1907.
1908.
1906.
$
Assets$
170,141,834 164.004,234 160,214,314
Cost of road and equipment
48,568
51,182
Blackstone & Lunenburg RR
21,825
194,987
205,172
Guyandot & Tug River RR .__ ._
49,825
Poe 41ontas & Western RR
411,524
313,291
102,677
10,538
Big Stony Ry
156,328
11,744
Concord & Forest branches
1,381,143
314,730
Interior 4.14 West Virginia RR
55,000
West Virginia South Western RR_ _ _
151,655
151,655
148,758
10,478
Advances to other cos
Equipment leased
14 476,585 15,400,000
9,400,000
1,552,700
Co's stock and bonds in treasury_ __ _ 11,552,100
1,552,700
3,600,000
Equipt. trust carts, owned
*3,861,738
1,108,236
Investment in other companies
1,067,059
567,018
956,034
Station agents
744,176
663,401
899,949
Traffic balances
r493,547
_ .. _
4,076.000
Proceeds convertible bonds
172,713
Virginia Company
72,265
69,173
U. S: Government
66,197
823,654'WM975,162
Individuals and companies
863,049
2,778,176
3,452,687
Materials and supplies
2,404.264
6,019,352
4,413,267
4.151,423
Cash
906,000
925,000
800,000
Pocahontas Coal & Coke Co. advances
33,869
46,427
34,723
Miscellaneous
_
' Total assets
216,797,061 200,206,764 182,126,278
216,797,061 200,206,764 182,126,278
"Includes Lynchburg Belt Line & Connecting By. Co. 5% bond for
$2,748,780-see President's remarks on a subsequent page.-V. 87, p.
346, 341.
Chicago Milwaukee & St. Paul Railway.
(Report for Fiscal Year ending June 30 1908.)
President A. J. Earling, under date of Aug. 1908, says in
substance:
Operating Revenues.-Under a new system of accounts instituted July 1
1907 certain revenues and expenditures, which would formerly have
entered into the earnings and expense accounts, have been charged or
credited to Income account since that date, and an accurate comparison
therefore cannot be made. The total "operating revenues", however,
for the year were $56,932,621, a decrease of $3,615,934 as compared with
the "gross earnings" of the previous year.
Revenue from other sources during the year, which, prior to July 1
1907, would have been Included in gross earnings, but which under the
present system of accounts is credited to income account, amounted to
$617 215.
Generit Summarylof Earnings, &c.,Showing Change in Method of Accounting•
1907-08.
1906-07.
Gross "revenues" in 1907-8; "earnings" In 1906-7456,932,620 $60,548,554
"Revenue Included in gross earnings or credited
to expense account prior to July 1 1907, inx1,023,889
cluded in other accounts since that date"
$57,956,509 $60,548,554
Total
37,163,368 30,400,410
Operating expenses
"Expenses included in operating expenses prior to
July 1 1907, charged to other accounts since
x1,046,798
x
that date
Total __
Balance
$38,210,166 $39,400,410
$19,746,343 $21,148,144
xThese items uncle • gross earnings and operating (..2tprs s r(sp ctiv,ly
are made up as follows:
Sleeping Parlor
Hire
Dining2 Net
Car.
Equip. Miscet
Rents.
Car. Elevator. Car.
Earnings .$532,040 $56,969 $28,205 $334,660
____ $72,015
Expenses_ 170,353 15,957 40,761 350,847 $199,950 $268,930
The revenue from freight traffic decreased $3,688,179 or 8.36%. The
number of tons of freight carried decreased 8.41%. The following commodities show a decrease: products of agriculture, 830,545 tons (or 12.84%);
products of mines, 1,043,330 tons; products of forests, 403,988 tons;
and manufactures, 254,120 tons. Agricultural products comprised
21.54% of the total tonange carried, as compared with 22.63% last year.
The number of tons of commodities other than agricultural products
carried decreased 7.12%. The number of tons of revenue freight carried
one mile decreased 3.40%, while the revenue per ton per mile was .8117
cents-a decrease of 5.14%.
'I he revenue from passenger traffic decreased $218,801 or 1.81%, although
the number of passengers carried one mile increased 69,870,261, or 12.71%.
The revenue per passenger per mile was 1.918 cents-a decrease of 12.90%;
the average miles each passenger was carried was 43.52 miles-a decrease
of 3.03%•
Operating Expenses.-The operating expenses for the year, excluding
taxes, under the new system of accounts instituted July 1 1907 were
$37,163,368, a decrease of $2,237,042 as compared with the report of the
previous year. A comparison of the operating expenses under general
heads, as nearly accurate as it can be made, with the new system of accountleg shows:
Dec. $411,322
Maint.of way & struct.inc. $811,853 General expenses
Maint. of equipment__Dec.1,550,487 Add'ns & betterments.Dec. 946,888
Traffic & tramp. exp_Dec. 140,218
The increase in maintenance of way and structures is principally due
to the increased expenditures for renewal of tics and rails, $499,974 ties
and 0,941 tons of rails having been placed in track in excess of the quantities used during the previous year. The decrease in maintenance of
equipment is due to the charging to operating expenses of the previous
year the cost of replacing of 1,719 old cars of small capacity, unfit for
economical service. There was an increase in traffic and transportation
expenses due to the increase in rates of wages paid to several classes of
employes.
"Additions and betterments" in the report of last year represents the
additional weight of rails laid in track, and the cost of bridges, buildings
and other structures in excess of their original cost. Under the present
system of accounts, expenditures of this nature are not charged to operating expenses.
The property has been operated with due economy with reference to
the prevailing depression and the reduced earnings 'resulting therefrom,
but it has not been thought to be true economy to permit the property
to deteriorate, and It has therefore been maintained at the usual high
standard of efficiency.
Track, &c.-The line from Chamberlain to Rapid City, S. D., 219
miles, has been completed. A line of 12 miles has been constructed from
a point near Gienham to Mobridge, S. D., connecting with a line now
under construction to Seattle, Tacoma and other Puget Sound points.
The line from a point near Glenham to Evarts will be abandoned
The operations of the line of road, Wauzeka to La Farge, Wis., 52 miles,
owned by the Wisconsin Western RR. Co., the cap tai stock of which
was acquired in 1903, and of the line of road, Albert Lea to St. Clair.
Minn., 40 miles, owned by the Duluth St. Cloud Glencoe & Mankato By.
Co. the stock of which was acquired in 1906, are included in tills report.
'hie company has purchased from the Pittsburgh Cincinnati Chicago
& St. Louis By. Co. for $463,160 a one-half Interest in certain property
between Western Ave. and Canal St., Chicago, a distance of about 214
miles. with main and second tracks thereon, the larger portion of which
has been elevated, thereby abolishing grade crossings.
The second main track on the River Division, from River Junction to
Richmond, Minn., and from Lake City to Wabasha, Minn., a total distance
of about 2234 miles, has been completed.
There has been expended for reduction of grades and improvement of
alignment the sum of $496,851 which has been charged to renewal and
improvement account. Improvements to shops have cost $206.710, of
which $172,521 has been charged to capital account and $34,190 to renewal and improvement fund.
Rolling Stock.-On June 30 1907 there was at the credit of equipment
replacement fund the sum of 81,990,060, being the cost of replacement
of 1,376 box cars, 544 flat cars, 42 refrigerator cars, 3 vegetable cars and ,
1 ore car. These cars, with 64 small flat cars unfit for service, have been'
replaced with 64 dump cars and 1,721 box cars built at the company's
shops. During the present year 421 cars were destroyed by wreck or
fire, sold or taken down on account of small capacity. The proportion
of the original cost of these cars that is chargeable to the expenses of this
year, with the value of the salvage and the amount received from sales,
together with a certain percentage of the total cost of equipment, has been
credited to the replacement accounts. To these accounts there has been
charged the cost ($767,219) of 20 locomotives and 467 cars, &c., purchased
or built during the year, viz.: 15 passenger cars; 278 box cars; 105 caboose
cars; 69 dump cars: 4 pile drivers; 1 derrick car.
Capital Expenditures, Aggregating (net) $6.577,006.
•
$1.970,533
Additional 110 locomotives and 26 cars, &c
Construction of sundry lines, chiefly Chamberlain to Rapid
City, S. D., ($590,256) and Albert Lea to St. Clair, Minn. 1,434,681
($592,418)
279,901
Construction of 2d main track
2,982,106
Other additions and betterments
90,215
Less-Sundry credits
Fund.
Expenditures, Aggregating $10,990,707,from Renewal and Improvement
81,950,528
Elevation of tracks in Chicago
232,775
Improvements at Western Ave., Chicago
55,030
Transfer house and tracks at Galewood, Ill..
145,224
Third and fourth main tracks: Chicago & Milwaukee division.._
Reducing grade and improving line, chiefly on Lacrosse Div.
($1.207,260) and Ch. & Council Bluffs Div. ($2,537,548)_ 4,650.996
1,277,612
Escanaba docks and terminal facilities
188,849
Change of line
448,837
Change of gauge
57,135
Menom nee Valley connecting track
1 15,160
Repairs of damage caused by Kansas City flood
57,789
New yard and structures at Laredo, Mo
39,427
New subway, Fond du Lac Ave., Milwaukee
20,550
Filling levee at Red Wing, Minn
1,401,279
Replacement of bridges and viaducts
349.516
shops
at
Improvements
Capital Stock.-The share capital has been increased by exchange of
8138,000 preferred stock for convertible bonds canceled; and by sale of
830.000 preferred stock and $194,000 common stock.
The amount of capital stock per mile of road Is $18,264 41.
Funded Debt.-The funded debt has been Increased by the issue of
$325,000 general mortgage bonds and decreased $463,000 by underlying
bonds canceled.
The amount of bonds June 30 1908 was $125,679,500, which includes
bonds In the treasury or due from trustees amounting to 88,601,000.
The funded debt per mile of road Is $17,213 26. on which the interest
charge per mile of road is $809 34.
The total capitalization per mile of road Is $35,477 67.
Treasury Bonds.-The amount of the company's bonds In its treasury
and due from trustees has been increased during this fiscal year by $325,000
general mortgage bonds received for underlying bonds paid and canceled
and amounts on June 30 1908 to 88,601,000, viz.: general mortgage bonds,
$7,512,000; Milwaukee & Northern consol. mort., 6s 81,089,000. These
treasury bonds represent actual expenditures for extensions, improvements, additional property and underlying bonds paid and canceled.In
Bridges.-During the year 31 steel bridges, aggregating 4,783 feet of
length, were built-replacing 3,486 feet of wooden bridges, 813 feet
Iron bridges and 484 feet of embankment; and 286 wooden culverts were
replaced with iron. About .83 miles of pile bridges were filled with earth,
37 bridges having been completely filled and 24 reduced in length.
Pacific Extension.-The construction of the line of railway from
by
Missouri River to Seattle, Tacoma and other Puget Sound points
Idaho
companies organized under the laws of South Dakota, Montana,
year
the
of
and
since
rapidly
close
the
progressed
and Washington has
Montrack-laying has been completed from the Missouri River to Butte,
tana. The work of putting this portion of the line in condition for regular
of
volume
that
a
expected
considerable
Is
it
and
traffic is under way,
business will be Interchanged between the lines of your company and the
650
remaining
near
the
the
Of
future.
in
companies
western
the
line of
miles, track-laying has been completed on about 250 miles In the States
of Montana, Idaho and Washington. (Compare V. 87, p. 543; V. 85, p.
652, 1338; V. 84, p. 219; V. 83, p. 1523.)
OPERATIONS.
Miles operated, average_
Equipment _aLocomotives
Passenger equipment__ _
Freight & miscel. cars_
675
THE CHRONICLE
SEPT. 12 1908.1
1907-08.
7,499
1906-07.
7,287
1,151
1,109
46,648
1,017
1,074
44,883
1905-06.
1,016
1,034
40,120
1904-05.
1,017
973
42,030
GENERAL BALANCE SHEET JUNE 30.
1907.
1908.
1906.
Assets250,654,090
259,148,727
_264,860,733
Road and equipment
4,650,726
4,612.448
20,020,423
Bonds and stocks owned
1,383,439
1,699,768
Due from agents and conductors_ -- 1,688,246
Due from transportation companies
2,488,170
3,053,500
2,847,838
and miscellaneous balances
418,301
424,261
424,786
Due from U. S. Government
4.943,872
5.989,939
6,325,634
Materials and fuel
61,060,369
Bills receivable
9,463,816
Advances to other railway companies 2,554,355 32,339,271
2,988,000
7,187,000
7,512,000
Bonds of company on hand
273,900
270,800
Common stock in treasury unsold-- - _
1,089,000
1,089,000
1,089,000
MU. & Northern bonds in treasury_ _
3,508,406
2,250,335
Renewal and improvement fund__ _ - 1,532,055
480,948
531,446
407,577
Sinking funds
55,000
63.000
U. S. Trust Co., trustee
5,276,888
8,393,551 18,786,945
Cash
10,000
10,000
10,000
Insurance fund
379,060,367 337,451,540 287,355,656
Total assets
Liabilities83,377,900 83,183,900 58,183,900
Stock, common
49,976,400 49,808,400 49,654.400
Stock, preferred
125,6-79,500 125,817,500 121,849,500
Funded debt
65,179,006 24,692,016
Subscriptions to capital stock
480,948
531,446
407,577
Sinking funds
3,447,798
1,990,060
247,158
Equipment relacement fund
6,850,000
Bills payable
3,508,406
2,250,335
Renewals and improvement fund.. _ _ _ 1.532,055
Pay-rolls, vouchers, due transport'n
6,870,744
7,604,864
7,323,256
companies and miscellaneous
2,719,963
2,710,558
2,695,542
Interest accrued, not due
*42,641,973 38,862,461 33,789,998
Income account
Total liabilities
379,060,367 337,451,540 287,355,656
*After crediting income account with $510,270 credited to sinking fund
in 1895 and 1896.-V. 87, p. 543.
Maine Central RR.
(Statement for Fiscal Year ending June 30 1908.)
The report, which will be cited more fully another week,
gives the results of operation on the new basis prescribed
by the Inter-State Commerce Commission; hence no proper
comparison with previous years can be made. The Rumford
Falls Ry. properties having been leased from April 11907,
the results from the properties operated separately in 1907
have been combined as follows by the company to afford
a correct comparison.
RESULTS FOR FISCAL YEAR ENDING JUNE 30.
1906-07.
1907-08.
$8,514,256 88,968,844
5,857,471
5,919,600
Total operating revenues
Operating expenses
Net operating revenue_
Net deficit in outside operations
$2,594,656
13,072
$3,111,373
14,941
Total net revenue
Taxes accrued
$2,581,584
376,067
$3,096,432
338,669
Other income
82,205,517
63,223
$2,757,763
83,927
82,268,740 $2,841,690
Gross corporate Income
1,666,152
Fixed charges
398,144
Dividends, 8%
Operations194,078
14,234,127 12,246,478 11,190,021 10,364,725 Betterments charged to Income
Passengers carried
451,490,651
498,461,791
Passengers carried 1 mile619,468,248 549,597,987
(?)
$10,366
Balance, surplus
2.243 cts.
2.232 cts.
2.202 cts.
1.918 cts.
Rate per pass. per mile
c Freight (tons) carried_ 26,189,853 28,596,041 26,201,941 23,303,908 -V.86, p. 1285.
54,081,408
b4,980,486 55.155,662 54,663,808
c Fr't (tons) car'd 1 m
rAmerican Locomotive Co.
0.881 cts.
0.862 cts.
0.856 cts.
Rate per ton per mile.. 0.812 cts.
279
274
Av. rev, train load (tons)
Fiscal Year ending June 30 1908).
for
(Report
$0.8909
50.8823
Earns, per pass. train m.
$2.3485
52.2208
Earns, per freight tr. m.
W. H. Marshall says in substance:
President
$8,332
$7,592
Earns, per mile of road.
General Results.-The last 8 months of the fiscal year were months of
acute financial and business depression. The company was fortunate,
omitted.
(000)
ciphers
Three
S
equipment.
narrow-gauge
however, in having on its books orders 13r a large number of locomotives,
a Includes
C Revenue freight only.
which kept Its plants in operation at nearly their full capacity until about
March 1. Since that date the output has been largely reduced, and the
return of a normal demand for its products does not now seem probable In
EARNINGS AND EXPENSES.
time to avoid a material decrease in the financial results for the ensuing
1904-05.
1905-06.
1906-07.
year.
1907-08.
During the year the foreign business of the company has Increased, a
EarningsCorea, China,
11,883,395 12,102,196 11,123,545 10,126,958 large number of locomotives having been exported to Japan,in
Passenger
Canada has
35,968,947
40,187,710
'44,115,059
Europe and South America. The development of business
40,426,880
Freight
3,788,209 also been satisfactory.
4,111,798
4,331,299
4,622,346
Mall, express, &c
At the close of the year the materials and supplies were inventoried and
56,932,621 60,548,554 55,423,053 49,884,114 the difference between the purchase price and the market value was charged
Total earnings
to general expenses.
ExpensesPayment of Short-Term Notes.-In the last annual report mention was
5,336,626 made of the issue of 85,000,000 of short term gold coupon notes. The
5,955,432
5,830,968
Malnt. of way and struct. 6,642,820
5,181,586 first installment of these coupon notes was paid on Oct. 1 1907 and the
5,598,046
8,589,757
7,039,270
Maint. of equipment_ _ _
second installment of 81,000,000 will be paid Oct. 1 1908. The cash for
_
1,281,683
Traffic expenses
_ 22,782r;488 19,699,381 18,219-,487 that purpose has been set aside.
Conduct'g transport'n...
Sale of Preferred Stock.-Since the last annual report the 9,000 shares or
_
21,360,568
expenses_
Transport'n
1,243,079 preferred stock in the treasury have been sold, yielding $899,332 50 net.
1,236,654
1,250,349
839.027
General expenses
1,632,333
Consolidatitm.-For simplification five of the subsidiary companies have
1,730,729
2,286,097
2,304,963
Taxes
been consolidated with the controlling company during the year. These
1,511,758
Renewals & Impet acct.
619,960
are: Richmond Locomotive Works, Manchester Locomotive Works,
712,331
946,868
Additions to property...
Rogers Locomotive Works, American Locomotive Co. of New Jersey
32,294,040
Works) and American Locomotive Automobile Co. Your company
(Cooke
36,444,331
_
Total expenses__
39,468,331 41,686,507
(64.74) has taken over all of the assets of these corporations and assumed their
(65.76)
(60.33)
'(68.85)
P. c. open exp. to earns.
adjustments of balances were deNet earnings
17,464.290 18,862,048 18,978,722 17,500,073 obligations. In the absorption certain
sirable, Involving a total charge of $521,116 to "profit and loss."
Montreal Locomotive Works, Ltd.-The Locomotive & Machine Co. of
INCOME ACCOUNT.
Montreal,'Ltd., will continue to operate the plant In Canada, but its name
1904-05.
1005-06.
1906-07.
1907-08,
has been changed to "The Montreal Locomotive Works, Ltd." During
$
$
the past three years the American Locomotive Co. has made advances to
Receipts$
$
17,464,290 18,862,048 18,078,721 17,590,073 the Montreal company with which the latter has extended and completed
Net earnings..
230,798 Its plant. In payment for these advances the Montreal Company has
258,359
1,068,736
1,052,662
Other income
issued to the American Locomotive Co. additional capital stock, at par,
17,820.871
_
10,237,081
19,930,784
income_
to the amount of $2,485,500, making 83,000,000 capital stock outstanding,
18,516,952
Total net
all of which is owned by the American Locomotive Co.
a22,909
Net rentals, &c_..
5,962,045
5,913,850
5,942,140
Equipment Trust Notes.-The balance sheet includes a charge of $1,392,Interest on fund. debt_ 5,916,760
408,831
2,540,467
&c_
615, representing equipment trust notes discounted by this company in adFor new equipment,
vance of maturity, and, as there is a possible obligation in the event of
shown as a contingent liaBalance for dividends 12,577,283 13,489,813 10,782,764 11,858,826 any default in payment, a like amount Is a!so
bility. These notes represent the balance of the purchase price of locoDividendsmotives sold by the company, upon which substantial cash payments were
4,072,873 made at the time of purchase. The notes are secured by a lien upon the
4,072,872
5,810,598
5,817,497
x Common,7% 3,444,878 locomotives and the security is ample. Since the formation of the com3.474,338
3,485,503
3,495,373
x Preferred, 7%
pany it has lost nothing upon equipment notes.
7,517,751
Plant Closed.-It has seemed wise to the management to close perma7,547,210
9,296,101
9,312,870
Total
4,341,075 nently the locomotive works at Providence, a more than corresponding
3,235,554
4,193,712
3,264,413
Balance, surplus
increase in the capacity of the modern plants having been made. The
automobile plant Is still maintained and cperated at Providence.
Increased Value of Property, &c.-DurIng the past seven years the coma Net rentals, &c., are derived as follows: hire of equipment, 8268,930,
rents paid, $425,776, making a total of 8694,706; from, which is deducted pany's property has been increased by purchases of land, erection of new
parlor,
sleeping,
bf
net
operation
from
revenue
buildings and the installation of modern shop equipment, at a cost of
rents received, 8225,826;
Sec- cars, 8373,956; miscellaneous income. $72,015, leaving a balance $9,488,633.
The working capital at the end of the fiscal year was $13,125,988, which
of 822,909.
the amount at Its format! ma In 1901.
x Out of the surplus ($12,577,283) for the late fiscal year, the company Is more than twice
Officers.-On June 25 1908 John W. Griggi was elected a director to fill
stocks,
preferred
and
3%
common
of
on
paid its April 1008 dividends
by the resignation o ISylvanus L. Schoonmaker. On
caused
vacancy
and will also pay the October dividends, these making the 7% above the
Nov. 6 1907 Samuel T Callaway was elected Secretary.1111
shown paid on both stocks from the earnings of the year. ....„„,fai
676
THE CHRONICLE
RESULTS FOR FISCAL YEAR ENDING JUNE 30.
1907-08.
1906-07.
1905-06.
Gross earnings
$37,484,417 $49,515,486 $42,547,876
Manufacturing, maintenance and administrative expenses
32,497,627 42,744.381 36,085,371
Net earnings
$4,986,790
Interest on bonds of constituent companies, bills payable, &c
460,042
$6,771,105
412,898
281,812
Available for dividend
$4,526,748
Dividend on preferred stock (7%).._ 1,750,000
$6,358,207
1,750,000
$6,180,693
1,750,000
$6,462,505
Surplus
$2,776,748 $4,608,207 $4,430,693
Additions and betterments
(a)
1,001,564
Reserve for replacement and maInt
500,000
Extraordinary Improvement and betterment fund
_
2,000,000
q,000,000
Dividend on common stock
..(5)1,265,600 (5)1,250,000(1 h
"
)312,500
Balance
$1,026,748
$1,356,207
$1,116,629
a In 1906-07 $1,692,858 was expended for additions and Improvements
and charged against the fund of $2,000,000 created June 30 1906.
CONDENSED BALANCE SHEET JUNE 30.
1908.
1907.
1908.
AssetsLiabilitiesCost of property 49,583,388 46,925,096 Common stock ___25,000,000
Securities owned__z1,216,420 3,396,915 Preferred stock _ __25,000,000
Cash
4,744,928 2,654,230 Bds. of const. cos_y2,967,500
Accts. receivable 5,979,889 10,399,961 G edcouponnotes. 4,000,000
Bills receivable
2,948,612
923,206 Accounts payable_ 1,318,111
Advances
1,772,260 Accr.int, on bonds
85,896
Material & supplies 3,017,056 4,161.128 Unclaimed interest
9,600
Accrued interest
25,520
17,440 Div. July & Aug.. 750,000
Contract work..
2,204,085 4,195,943 Reserve, replaceSteam shovels, &c. 369,506
ments & maint
500,000
Locom.&Mach.Co.
Rogers Loc. Works
of Montreal_ '
55,493 Extraord. Improv.
Notes discounted 1,392,615
& bettert fund_ 1,989,085
Endwsements (per
cent)
1,392,615
Profit and loss __z8,469,212
1907.
25,000,000
25,000,000
2,992,500
5,000,000
4,516,740
98,604
2,237
750,000
870,870
2,307,141
7,963,580
Total
71,482,019 74,501,672 Total
71,482,019 74,501,672
Note.-This balance sheet is "prepared solely for the purposes of information, to
show the combined assets and liabilities of the ten (10) plants controlled by the
American Locomotive Co. and the Montreal Locomotive Works, Ltd."
x Includes Richmond Locomotive & Machine Works Co. bonds, $118,000; sundry
securities, $1,098,420. The stock of the Rogers Locomotive Co. ($1,972,115)
Included in 1906-07 disappears by reason of the consolidation mentioned
y Includes $550,000 Richmond Locomotive Works, $562,500 Dickson above.
Mfg. Co.,
$355,000 Rogers Locomotive Works and $1,500,000 Locomotive & Machine Co.
of
Montreal.
z After deducting sundry adjustments of balances in consolidating of 5 subsidiary
companies -V. 87, p. 40.
A. Booth &s Company (Fish Packers), Chicago.
(Report for Fiscal Year ending April 30 1908.)
The results for the year compare as below:
Profits for year
Less depreciation, repairs, &e
Net profits for year
Dividends paid on pref. stock
Dividends paid on com. stock
Year
1907-08.
*$286,543
275,993
Year
Nine years &
1906-07.
9 months.
$820,087 $6,514,678
269,245
2,368,448
$10.550
$550,842 $4,146,230
(8%)223,296(8%)200,0001 2,463,296
(3%)90,000 (3%)90,000J
Undivided profits
*def.$302,746
$260,842 $1,682,034
* Press reports state the profits for the late fiscal year as
$560,369,
it
would seem that this figure must include an appropriation from but
some
extraordinary source such as the accumulated surplus (which it will
be
noted fell off $302,746) for the reason that the deduction of the profits,
as
shown in the statement for the 8 years and nine months published last year
(V. 85, p. 791) from the amount shown above for the 9 years and nine
months leaves only the difference for the late year which our table indicates,
namely, $286,543.-Ed.
[VOL. Lxxxvir.
The decision does not affect the Philadelphia & Reading
Ry., against which a separate action is pending, AttorneyGeneral Bonaparte having at the argument in June last
announced that the suit against that company would be
filed later as that company presented a situation different
from the other roads. Compare President Baer's statement.
in V. 82, p. 393.-V. 87, p. 543.
Atchison Topeka & Santa Fe Ry.-On Unlisted.-J. P.
Morgan & Co. trust receipts for "trans-continental short-line'
first mortgage" 4% bonds have been admitted to quotation
in the unlisted department of the New York Stock Exchange.
The "Boston News Bureau" of Sept. 4 said:
It now develops that of the $17,000,000 bonds offered to the publicr
at 943., about $13,000,000 :were taken by the public, and the remainder
was sold on the day subscriptions closed, Aug. 27, to a New York syndicate
headed by the National City Bank, which will undoubtedly offer the bonds
later for public subscription.-V.87, p. 479, 543.
Atlanta Birmingham & Atlantic RR.-In Operation to,
Birmingham.-The first regular scheduled train was run into,
Birmingham, Ala., on Sept. 6, trackage over the Louisville
& Nashville between Pelham and Birmingham, 19 miles,
being used pending the completion of the company's own
line. The entire system of 650 miles is now in operation
as originally planned, affording a direct route between Brunswick, ca., where connection is made with the Brunswick
Steamship Co., and Birmingham, with branches to Atlanta,
Thomasville, &c. See map on page 13 of our "Railway and
Industrial" Section for July 1908.-V. 87, p. 613, 36.
Boston 86 Maine RR.-Sale of $7,300,000 Notes.-The
company has sold to a syndicate,including Estabrook & Co.,
It. L. Day & Co. and Kidder, Peabody & Co., $7,300,00
of 33'% 6-months notes, of which $4,000,000 are dated
October 1, $1,800,000 October 21 and $1,500,000 November
2 1908, to provide for the retirement of about $8,000,000
short-term notes falling due within the next few months,
including $4,000,000 due October 1 1908. The new notes
are being offered at par and interest, a discount being
allowed on the temporary certificates now issued. The
notes mature on April 1, April 21 and May 2 1909, respectively.-V. 87, p. 613, 475.
Sale-See Boston Revere Beach and Lynn RR.-V. 87,
p. 613, 475.
Boston Revere Beach & Lynn RR.-Change in Control.It is announced that 3,791 shares of capital stock (amounting to $379,100 of the total issue of $850,000) which since
1891 had been held by the Boston & Maine as collateral
for loans, has been sold unconditionally to Estabrook & Co.
of Boston at $110 a share.
' The stock, while heretofore standing in the names of Arthur P. Estabrook
and other individuals, it appears has really been owned by the B. & M.,
which has been prompted to dispose of It because of an Investigation instituted by the Massachusetts Railroad Commission.-V. 84, p. 1365.
Carolina Olinchfield & Ohio Ry.-Construction of New Coal
Line, Feeder of Seaboard Air Line Ry., &c.-This company,
$10,000,000 of whose bonds were recently purchased by
Blair & Co., is building, as already Etated in this column, a
low-grade railroad, 285 miles in length, for the purpose of
affording an outlet for the coal from 235,000 cores of land,
BALANCE SHEET APRIL 30.
which is owned by the Cumberland Corporation (see p. 42 of
1907. 1
1908.
19(r.
"Railway & Industrial Section"), in Virginia and West
177.
AssetsLiabilitiesI
$
$
Cash
498,2431Common stock ___ 3,000,000 3,000,000 Virginia. On the north the line will connect with the Chesa330,688
Merchandise
913,1901Preferred stock(8%
866,778
peake & Ohio, which expects to obtain therefrom a large
Treas. pref. stock_
85,000
21,0001 cumulative)---- :g(a.:337
amount of northbound coal traffic (see statment by PresiTreas. corn. stock_
170,650'Surplus
160,650
Accts. receivable__ 1 849,825 2,003,835 Accounts payable- 3,g2,23 2.E:::m dent Stevens of C. & 0. in V. 87, p. 225). On the south
Bils receivable.,.. 981,222
905,874 IBMs payable
connection will be made at two or more points with the SeaUnexpired insur..
I
RR.mileage, &e 227,772
board Air Line Ry. as well as with the Southern Ry., &c.
121,6501
Investments
1,286,045
James A. Blair, of Blair & Co., is a director of the Seaboard
Plants,steamboats,
I
real estate, &c 6,684,946 5,910.5151
Air Line Ry., and this fact,in conjunction with the fact that
the Cumberland Corporation owns a block of Seaboard stock
Total
12,472,926 10,544,9571 Total
12,472,926 10,544,957
-V.87, p. 616.
(V. 83, p. 155), and the further circumstance that the receivers of the Seaboard are making elaborate preparations
(V. 87, p. 615),for the handling of the tidewater coal traffic
GENERAL INVESTMENT NEWS.
of the new line, indicate that very close relations are to be
maintained between the Seaboard and the new road. Regular train service wasestablished on Sept.8 1903 between JohnRAILROADS, INCLUDING ELECTRIC ROADS:
Anthracite Coal Roads.-Favorable Decision in Suit son City, Tenn., and Marion, N. C., a distance of 99 miles.
A special correspondent of the "Manufacturers' Record"
to Test "Commodities Clause" of Hepburn Act.-The United
States Circuit Court of Appeals at Philadelphia on Thursday, of Baltimore, writing from Asheville, N. C., on Aug. 28, said:
I have had the good fortune to be theifirst outsider to make the trip
by a vote of 2 to 1,in the test suit against the Pennsylvania, over
the
Clinchileld & Ohio By. (until recently the South &
Lehigh Valley and other roads (V. 86, p. 1466) held un- Western),Carolina
from a point two miles east of Marion, N. C., where Its track
that of the Southern Ry., to Johnson City, Tenn. The road has
constitutional the "commodities clause" of the Hepburn intersects
built regardless of cost, with a grade for the whole line not to exceed
Act, which by its terms was to go into effect on May 11908, been
3,4 of 1% compensated. The company has expended $18,000,000 and the
forbidding all railroads to transport in inter-State com- result Is a road which is In truth a marvel. The grade for a few miles on
the south side of the mountain range of the Blue Ridge is 1.2 4,, but this
merce any article or commodity other than timber and gives
no trouble as the loaded coal cars will go down this grade, the empties
the manufactured products thereof, in which it may have agA
allnlstthIt.
85 lbs., there are 18 ties to the rail, and the whole lineis
All
any interest, except such as may be necessary in the con- ballasted withisstone.
bridges are of steel and the erossingsrof small
duct of their business as common carriers. (See text of streams of concrete or The
4-foot pipe. The steel bridge across theratawba
River Is 1,100 feet long and 111 feet high. The fill there is 107 feet high,
clause, V. 86, p. 227.) The clause, if sustained, would and
contains
cubic yards of earth. There are 20 tunnels, the
result in compelling the coal-carrying roads to dispose of longest, Lower300,000
Pine, 2,100 feet in length; the highest, Blue Ridge, elevatheir coal properties. An appeal will be taken by the tion, 2,628 feet. The Honeycutt tunnel is 1,650 feet in length. On the
north side of the mountain are two tunnels. The road makes its way to
Government to the United States Supreme Court. Judge Spruce
Pine, to which point It has been in operation, from JohnsonNitY.
Gray wrote the main opinion (76 typewritten pages in seven years. It follows the valley of the Toe River 503miles.
President
of this remarkable mountain railway Is George LACarter
The
length) and Judge Dallas a concurring opinion, while Judge of Virginia. and he
Is also its master spirit. General Manager M.I.J.Leaples
Buffington dissented, but wrote no opinion.
and Assistant Chief Engineer A. W. Jones said the road would be opened
?m,,zs,
The two principal grounds on which the decision is based may be stated
briefly:(1) That the clause n question violates the Fifth Amendment of the
United States Constitution, which forbids the taking of property without
due process of law, and (2) that it is not a regulation of Inter-State commerce within the commerce clause of the Constitution, which is no exception to the general doctrine that unlimited power has no place In American
governmental Institutions, and that there are rights of liberty and property that are secure against hostile legislative action. Compare editorial
remarks on another page and also In V. 86, p. 1440.
for traffic, passenger and freight, Sept. 1 between Johnson City and Marion
Junction, and that on Jan. 1 it would be opened for such traffic between
Bostic and St. Pauls. Bostic Is a small station on the Wilmington Charlotte
& Rutherford division of the Seaboard Air Line, 28 miles south of Marion.
A large force of laborers Is now at work on this link. St. Paula is near the
Kentucky line, 25 miles from Elkhorn. On the 1st of January the contract
Is to be let for the building of the St. Pauls-Elkhorn link, and It is to be In
operation 18 months from that date. But on the first of nextiyear coal
will be pouring into Bostic (whence tidewater will be reachedjover the
Seaboard Air Line Ry.-Ed. "Chronicle.")
SEPT. 12 1908..I
THE CHRONICLE
There Is only one tunnel between Marion and Bostic, and It Is about
2,000 feet long. The cost of the 18 miles of the heaviest work on the true
mountain division was $15,000 a mile In the rough, and the expense of
track-laying, surfacing and making the way permanent, lining the tunnels,
.5,0.. Is, of course, great.—V. 87, p. 613.
677
Detroit Toledo & Ironton Ry.—Sale of Notes at Auction.
—On Sept. 9 $333,000 57 collateral trust notes dated
June 11905, being the remainder of the block of $1,208,000
in which H. B. Hollins & Co. recently acquired an interest
(V. 87, p. 613, 166), were sold at auction to get clear title,
and were bid in for the firm and its associates at the nominal
price of 6. Compare V. 87, p. 613, 544.
Fulton County Narrow Gauge Ry.—Consolidation.—See
Chicago Burlington & Quincy RR.above.—V. Si; p. 1375.
Grand Trunk Pacific Ry.—Prairie Section Handling Traffic
though Not Officially Opened.—The management has sent the
following to the European traffic manager of the Grand Trunk
Railway system, Liverpool:
Central of Georgia Ry.—Meeting of Holders of First
Preference Incomes.—The company having failed to pay
the interest on the first preference income bonds for the
year ending June 30 1908, Prince & Whitely, 52 Broadway,
New York, acting at the request of holders of a large amount
of the bonds, announce by advertisement on another page,
that a meeting of the bondholders will be held at the office
of the firm at 12 o'clock noon Sept. 15, to protect their
interests. The bondholders are urged to attend since action
on or before Sept. 30 by at least one third of the issue is
necessary under the terms of the mortgage.—V. 87, p•
549, 541.
Chicago Burlington & Quincy RR.—Consolidation of Sub.
Companies.—At the annual meeting on Nov. 4, the stockholders will vote on consolidating the system by purchasing:
While the Grand Trunk Pacific prairie section has not been formally
and officially opened for business, the officials are, for the convenience of
the public, handling all traffic offered on a basis quite satisfactory to the
company and its patrons. Pending the acceptance by the company and
the Government of the finished line, the road Is be ng operated and the traffic
handled by the construction trains and crew.—V. 86, p. 1100.
Holmesburg Tacony & Frankford Ry.—Default on Guaranteed Bonds.—See Philadelphia Bristol & Trenton St. Ry.
in last week's "Chronicle," page 615 and below.
Interborough Rapid Transit Co., New York.—Cost of Subways to the City.—See Rapid Transit in New York City beTotal
304.43 low.—V. 87, p. 285, 97.
—V. 86, p. 1589.
Interstate Railways,Philadelphia.—Receivership for PhilaChicago City Ry.—Earnings.—For the six months ending delphia Bristol cfc Trenton Street Ry.—See that company.
Status.—Charles H. Bean of Charles H. Bean & Co. of
July 31:
Balance
—Of Which to— Philadelphia is quoted as saying:
Six
Gross
Net
Int. on
Miles.
Fulton County Narrow Gauge By.. Galesburg to West Havana, Ill__ 57.29
53.20
Northern & Southern Illinois RR. Centralia to Herrin, Ill
Sioux City Sc Western RR.Co., Ashland
'
June., Neb., to S.C. & West.
Juno
102.90
91.04
Big Horn RR. Co., Frannie June. to Worland, Wyo
Mos. Earnings.
1908 __$4,161,127
1907_.. 4,057,336
Earnings.
$1,248,387
1,079,603
Divisible. Co. 45%. City 55%
Invest.
$751,902 $496,485 $223,418 $273,067
278,218
503,566
225,348
576,037
Good judges of Interstate Railways 4s regard the security as worth Its
present selling price, viz.: about 35, the pet earnings being sufficient to
meet the Interest on this bond, barring, of course, the temporary loss
occasioned by the strike and boycott at Chester. (See Chester St. Ry.
Rehabilitation.—The "Chicago Record Herald" of Sept. 4, above.
)
The company has practically no floating debt but, Inasmuch as the
citing the report filed with the city authorities, says:
on the 4% bond represents a fixed charge, the company has always
The Chicago City Railway Co. has completed 67% of the work on Its old Interest
been hampered in raising cash for new development work, and, because
cable lines required by the ordinances and 59% of the work on its electric of
this,
there has been serious consideration given to a readjustment of
equipment
account
is
as
follows:
lines. The construction and
this bond. If
is any readjustment or reorganization, it will be for
Original valuation as per ordinance--.$21,000,000 the purpose of there
correcting this matter, and one of the plans suggested is
Additional property June 1906 to February 1907_ _ _ _ ______ __ 1,816,853 the
conversion
of
the
Interstate Railways 45 Into preferred stock on either
Rehabilitation expenditures to July 31 1908, as per Board of Su9,920,472 a 4% or 5% basis, as conditions will determine.
pervising Engineers' certificate
This change would relieve the company materially and would not work
$32,737,325 any hardship on the present bondholders, but on the contrary many
Total purchase price (if city should elect to purchase)
think that a preferred stock, with every likelihood of paying Its
The report shows that the requirement of the ordinance as to cars has holders
on dividend, would sell on a higher basis than the !present 4% bond. Should
now
operation
there
are
805
double-truck
cars in
•alreadylbeen filled, as
this
readjustment
go into effect the company will have no trouble in raising
the lines of the company.
additional capital as It may require to complete some operations
(Another newspaper says: "The City Railway has removed 23 miles of such
that
would
add
largely
to its revenue, and new capitalists are likely to
72
miles;
.cable track from the streets and has constructed more than 35
become interested, thus adding to the credit ofAthe company.—V. 87,
miles of new trolley wire has been strung and 50 miles of feed wires have
:been placed under ground. Four new sub-stations have been built and p. 614.
two of the four new car barns required have been built.—Ed."Chronicle."]
Louisville & Eastern RR.—Sale.—The "Louisville Courier
—V.186,1p. 856.
Journal" of Sept. 4 said:
Chicago Railways.—Earnings.—For five months ending
.
June130:
Negotiations for the purchase of a controlling Interest in the Louisville Sc
Eastern RR., which have been on for several days between Guy M. Walker
of New York and the Indianapolis and Louisville stockholders of the
company, were consummated late yesterday afternoon, and a majority of
the stock passes Into new hands.
All that remains to complete the deal, according to a statement by one
of the largest stockholders, Is the signing up of the papers, which will be
accomplished during the next day or two. A reorganization and election
of officers will be brought about within a few days following and the work
on the Shelbyville extension will begin within a period of thirty days. It
will requir an outlay of $400,000.
The personnel of the new company, following the reorganization, could
not be learned last night, but it was stated that C. Edgar Elliott, of Indianapolis, would likely be the chairman of the reorganizat on committee.
On Sept. 2 two mechanics' liens for $10,850 were filed on the Shelbyville
branch.—V. 86, P. 1364.
30% of Int. 5% Bal.
Five
Net
Gross
To City To Co.
45%.
Mos. I
Income. Earnings. Gross. on Invest. Diviele. 55%.
..ai sFi
$
$
$
$
$
$
$
1908-___4,318,059 1,272,187 1,295,417 685,335 610,082 335,545 274,537
1907____4,217,108 1,230,793 1,230,747 642,267 588,480 323,697 284,783
Rehabilitation.—The amount expended for the rehabilitation of the system during the six months ending July 31
1908 is reported as $1,232,950, apparently making the
-valuation of the property under terms of ordinance of
Feb. 1907/$33,821,997, arrived at as follows:
'Valuation as of Feb. 1 1907 (seep. 25 of "Electric Ry." Section) $30,779,875
Expenditures for rehabilitation Feb. 1 1907 to Feb. 1 1908........ 1,809,172
Feb 1 1908 to July 31 1908— 1,232,950
do
do
se do
TherChicago Inter-Ocean" of Sept. 4 said:
Marshall & East Texas Ry.-01/jeers of New Company.—
The following officers and directors of this reorganized
'road are announced:
constructed more
t ordinance the Chicago Railways Co. constcted
Under the!new
thani20 miles f track during 1907, and this year has constructed more than
381miles. It as In contemplation 65 miles of construction for this year,
but the inability to get granite blocks Is likely to cut down this estimate.
It plans to place 90 miles of wire cable underground, and has built new
stations'at Armitage Ave., Lincoln Ave., Leavitt St., and at the limits on
Clark St. Stations and shops are being rebuilt at Madison St. and 40th
Ave. and at 40th and Park avenues. It will also have added 650 of the
pay-as-you-enter cars before the end of the year.—V. 88, p. 1829.
President, Albert 'I. Perkins, St. Louis, Secretary and Managing Executive of the St.-Louis Brownsville Sc Mexico, with office at St. Louis Union
Trust Co., St. Louis; Vice-President and Secretary, Osce Goodwin, 'freesurer of the Texas Traction Co., Dallas, Tex.; Treasurer. N. A. McMillan,
St. Louis; Assistant Treasurer, E. Key of Marshall, Texas; Assistant
Secretary, J. I. Hey; General Superintendent, J. E. Votaw, Marshall,
Texas. The directors include Messrs. Perkins, Goodwin and Key, besides
J. F. Strickland, J. J. Carter, C. H. Morris, M. B. Templeton and Nathan
Adams.
Clevelane(Electric) Ry.—Special Franchise Election.—See
Municipal Traction Co. below.—V. 87, p. 226.
Oolorader& Southern Ry.—Extensions.—The Colorado
Ry., a subsidiary, which owns 37.79 miles of branch lines
in northern Colorado, on August 22 filed amended articles
of incorporation in Colorado permitting it to construct
various additional lines in the State.
It has been given out unofficially that the ultimate intention is to make
the road a connecting link In the 'Frisco system from Paris to the Gulf.
If the plans are carried out,an extension will be made north to Paris from
Winnsboro, connecting with another Yoakum property, which will lead
to Beaumont, Galveston and New Orleans. This would give the Yoakum
Interests two lines to the Gulf of Mexico, a vantage point that the important
systems now seem bent upon securing.—V. 87, p. 544.
The "Dallas News" of Sept. 6 says:
Minneapolis St. Paul & Saulte Ste. Marie Ry.—Offering
of Preferred.—Sperling & Co. London, having purchased
(it is understood,from a Montreal syndicate) $700,000 7%
preferred offered the same for public subscription on August
27 and 28 at $145 per $100 share. This stock forms part
Dallas & New Mexico RR.—Sale of Projected Line.—The of the existing preferred stock, which is already officially
franchises, &c., of this projected road were bid in at re- quoted on the Stock Exchanges of London, New York,etc.
ceiver's sale on Sept. 1 by Roy C. Megargle for $26,000.
Referring to the offering mentioned above,a Montreal paper on August
29 said: —Phis amount represents practically that portion of the 14,000
,
The "Houston Post' of Sept. 3 said:
Among these are one from Denver via Lafayette and Canfield to Fort
Collins, 65 miles. Stock authorized, $1,000,000; outstanding, $101,100,
all owned by the Colorado & Southern. First mortgage bonds, $338,000,
presumably all owned by the C. & S., to whom there was due for advances
on June 30 1907, $172,226.—V. 87, p. 414, 341.
The-road is graded ready for ties and rails from Dallas to Bookeville,
In Jack County, and passes through the towns of Grapevine, Roanoke,
Justin, Rhome, Aurora and Boyd. W. M. Townsend, attorney for Mr.
Megargle,states that Megargle and associates will soon renew construction
operations.—V. 87, p. 414.
Denver & Rio Grande RR.—Authorized.—The shareholders on Sept. 10 ratified the propositions to make a
mortgage for $150,000,000 and to issue $15,000,000 shortterm notes as per circular in V. 87, p. 618.
Description of Western Pacific Ry.—The "Railroad Age
Gazette" of New York in its issue of Sept. 11 publishes the
first of a series of articles which will deal with the location
and traffic, engineering and finances of the Western Pacific
Ry. The road, it is stated, is expected to be completed
through to San Francisco before Sept. 1909.—V. 87, p.
618, 611.
Detroit Flint & Saginaw (Electric) Ry.—Successor.—See
Saginaw & Flint Ry. below.—V. 86, p. 1589.
shares issued last utumn for which the C. P. R. subscribed Its 51%,
but the public failed to respond. The cable states that the shares now
offered were well received. It is also said that Sperling Sc Co. have taken
14,000 shares of common stock, which were also not subscribed for last
autumn. Compare V. 85, p. 722, 793.—V. 86, p. 1043, 721.
Mobile Jackson & Kansas City RR.—See New Orleans
Mobile & Chicago.—V. 86, p. 1529.
Municipal Traction Co.,Cleveland.—.Three-Cent Cash Fares.
—Beginning Sept. 1 the charge for a single cash fare is 3
cents. The passenger must, however, be supplied with the
even change. The fare in the outlying districts remains 5
cents, as heretofore.
This concession is made because, It is said, nearly all the company's
patrons buy tickets and the former rule of 5-cent cash fares might work
hardship on strangers and those unable to buy even 15 cents' worth of
tickets at a time. Compare V. 87, p. 415.
Earnings.—For July the gross earnings were $437,174;
operating expenses, $282,662; net earnings, $154,511; taxes
and charges, $134,815, and surplus, $19,696. This is the
678
THE CHRONICLE
LVoL. Lxxxvii.
x Mr. Mays Treasurer of the N. Y. N. H. F0 Hartford and various confirst surplus for any month since the company took over the
companies. The New England Navigation Co. was a subsidiary
Cleveland Ry. lines. The deficit for June was $23,829 and trolled
whose property was taken over in 1907 by the Consolidated By., which
company in turn was subsequently merged in the parent company. The
for May $54,916. Compare V.87,p. 226.
steamship lines have since June 1 1007 been operated by the New England
Referendum Ordered.-The City Council on Sept. 5, by S. S. Co., all (.1 whose stock is owned by the N. Y. N. H. & H. RR.(V.
86,
p. 858.)
request of Mayor Johnson, unanimously passed a resolution
The 20 directors hold 15,236 shares, J. P. Morgan being the largest holder,
fixing Oct. 22 as the date for a special election at which the with 5,077 shares In his name. William Skinner holds 2,881 shares, William
E. Miller 1,170. Other direcsecurity franchise granted to the Cleveland Electric Ry. Rockefeller 1,600, G. M. Millar 1,220, and James
McCrea, who represents
tors hold from 50 to 550 shares. President
(now Clevleand Ry.) on April 27 last (V. 86, p. 1099) shall the
Pennsylvania holdings in the board, has 100 shares.
be submitted to a vote of the electors under the Schmidt
The large holdings of the American E?cpress Co., L. C
law passed last winter (V. 87, p. 227).
Ledyard (Vice-President of American Express Co.) and Ne.
A written petition was presented to the Council within 30 days after the
passage of the resolution, signed by 15% of th, qualified voters of the city, York Central & Hudson River RR. are supposed to have
but action has been delayed, owing to the opposition of Mayor Johnson.- originated in large part from the exchange of Boston &
V. 87, p 417, 226.
Maine shares for stock of the New Haven Company (V. 85,
Nashville Chattanooga & St. Louis Ry.-New Director.- p. 1367), share for share.-V.87, p. 480, 415.
Newell Sanders of Chattanooga, Tenn., has been elected a
New Orleans Mobile & Chicago RR.-Successor Company.
director in place of W. B. Earthman of Murfreesboro, -The Mobile Jackson & Kansas City RR. stockholders at
resigned.-V. 87, p. 409, 167.
Mobile on the 8th inst. finally ratified the proposed merger
New Brunswick (Can.) Ry.-Dividen4 Reduced.-This of this company together with the Gulf & Chicago Ry., in
company, whose road is operated under lease by the Canadian the new company, the New Orleans Mobile & Chicago,
Pacific, is said to have declared a "reduced" (the rate not per plan in V. 85, p. 1577. The officers of the consolidated
being made public) dividend on its $3,000,000 stock for company are L. S. Berg, President; W. F. Owen, General
the ficsal year ending June 30 last. In the previous year Manager; George W. Crary, Secretary and Treasurer. The
4%, it was reported, was paid, against 2% in 1905-06. new securities will be issued as early as possible this fall.
-V. 86, p. 1530.
-V. 83, P. 435.
Norfolk & Southern Railway Co.-Deposits-Amendments
New Brunswick Coal & Railway.-0fiering of Guar- to Plan-Bond Scrip to Be Exchangeable-Restriction on
anteed Bonds.-The London & Western Trusts Co., Ltd., Making Preferred Stock Issue as Well as New Mortgage.-The
of London, Ont., which is acting as liquidators of the Empire reorganization committee notifies the holders of the $14,Accident & Surety Co. recently offered for sale $80,000 000,000 "first and refunding" bonds, that said bonds must
"first mortgage 4% debentures" of $500 each, ranging from be deposited with one of the depositaries mentioned last
No. 1 to 370,inclusive, which are guaranteed by the Province week not later than Oct. 1.
of New Brunswick.
The committee announces the following amendments to
These "first mortgage debentures" are dated July 2 1903 and are pay- the plan which was outlined last week (p. 614):
able July 2 1953, Interest payable Jan.2 and July 2 at the Bank of Montreal,
Fredericton, or St.John, N.B. The road extends from Norton to Minto,
N. B., 58 miles, and It is operated for the Province of New Brunswick
by a Government commission. The company is a reorganization of the
Central Railway of New Brunswick. (V. 63, p. 116.)
New Mexico Central RR.-Merger.-A press dispatch from
Santa Fe, N. M., on Sept. 3 said:
The Santa Fe Central By.. 116 miles, from Santa Fe to Torrance, and
the Albuquerque Eastern By., partly graded from Moriarty to the Hagan
coal fields south of Santa Fe, were merged to-day at a meeting of stockholders and directors of the two companies, under the name of the New
Mexico Central RR. The principal owners are Pittsburgh capitalists
represented by W. C. Hagan and J. H. Hunter, of Pittsburgh, Pa. Compare V. 87, p. 614.
The depositaries shall accept for deposit all scrip certificates for interests
in "first and refunding mortgage bonds." Upon the distribution of the
capital stock of the new company, the holder of each certificate of deposit
of a scrip certificate or cert.ficates of interest in a "first and refunding
mortgage" bond shall receive shares of such capital stock bearing the same
ratio to 11.428 shares as the par value of such certificate of deposit bears
to The$l ,000
certificate of incorporation or the charter of any such new company
creating such new securities shall forbid the authorization or issue of any
preferred stock without the consent of holders of at least three-fourths of its
capital stock, and shall provide that no mortgage additional to the mortgage
herein provided for shall be given by such new company without the consent
of holders of at least three-fourths of its capital stock.-V. 87. p. 614.
011icers.-The receivers on July 1 announced that the
services of the President, Vice-Presidents and Secretary of
the road would be discontinued. Thomas Fitzgerald, one
of the receivers, is General Manager"for the receivers" and
M. Manly is Treasurer, both with offices at Norfolk, Va.
T. L. Chadbourne Jr., 30 Pine St., New York, is counsel
for the reorganization committee.-V. 87, p. 614.
Panama RR.-Called Bonds.-In our advertising columns
this week will be found the numbers of $135,000 sinking fund
My conclusion is that the plaintiffs have failed to show the insolvency 6% subsidy bonds which have been drawn for redemption
of the defendant on June 30 1906 and to establish continuous insolvency
office of the company at par on Nov. 1.-V.85, p. 654.
for one year, as required by the statute. The statute under which this at the
action is brought is highly toenal.
Philadelphia
Bristol & Trenton St. Ry.-Receivership.dissolution
are
of
so
consequences
of
a
judgment
The
grave, the Interests
of the public, of the stockholders and the creditors so important, that the This company, which defaulted Sept. 1 in the payment
Court will require strong evidence of continuous insolvency before decreeing of interest on its $650,000 bonds (guaranteed by the Holmesdissolution; it must be made clear that the corporation for at least a year
had been unable to meet its obligations as they became due in the regular burg Tacony & Frankford Ry. Co.), has been placed in the
course of Its business.
hands of Charles L. Baum and Samuel 'Crothers Jr., as
This proposition has not been established by the evidence. Down to a receivers.
The entire capital stock is owned by the United
time shortly before the appointment of the receivers in the United States
Court (on Sept. 24 1907-Ed.) the evidence discloses no default of the Power & Transportation Co,, which in turn is controlled
defendant in meeting its current obligations. On the contrary, the rentals by the Interstate Railway, which see above.-V.87,
P. 615.
payable under the lease, the interest upon the funded debt of the Metropolitan system, bills incurred In connection with the operation of the
Pittsburgh Binghamton & Eastern RR.-Placed in Hands
system, bills for construction, salaries and pay-rolls, were all promptly
of Receiver.-Upon application made by the creditors,
paid during this period.
The Court holds that the provision of the statute requiring the assets Judge R. W. Archbold of the United States Circuit Court,
to be sufficient to pay the debts applies only to moneyed corporations, Middle
Division, sitting at Scranton, Pa., on Sept. 5,
saying: "There is no necessity for the law to Interfere on behalf of creditors
so long as the corporation (other than a moneyed corporation) is able to appointed L. T. McFadden, Cashier of the First National
meet its obligations promptly."-V. 87, p. 476, 167.
Bank, Canton, Pa., and John P. Reynolds Jr. of Boston,
New York New Haven & Hartford RR.-Joint Rate Mass., receivers of the road. An authoritative statement
Settlement.-On Sept. 1 a new agreement went into effect follows:
This has been done to protect the interests of the creditors and bondwith the Central RR. of New Jersey, Reading and Baltimore
holders, who want to carry through to completion the building of the
& Ohio regarding the routing of traffic (V. 85, p. 1463, 1647; road.
The receivers have been appointed to preserve the property, and
V. 86, p. 548) by which about 60% of the present volume to give time to formulate the necessary financial plans to c rry out the
completion
of the road. The line of the proposed railroad extends from
will
City
hereafter be sent Binghamton,
of traffic now going via Jersey
N. Y., to the soft-coal regions of Pennsylvania at or near
to Campbell Hall and thence via the Poughkeepsie Bridge Clearfield, Pa., and from thence into Pittsburgh. About 25 miles of the
are
nearing
line
completion. The company has an authorized bonded debt
dependency
of the
and the Central New England Ry., a
$5,000,000. It is understood that between $1,000,000 and $2,000,000
New York New Haven & Hartford . We have been favored of
have already been expended.-V. 87, p. 227, 167.
with the following:
Rapid Transit in New York City.-Cost of Subway Lines
The rates In question were never canceled, the entire matter being
City.-The Public Service Commmission has sent to the
held in abeyance, pending settlement. An adjustment satisfactory to to
both parties has recently been concluded, whereby the western and coal Department of Taxes the following table showing that the
traffic of the Jersey Central will be routed via Campbell Hall, and the city has expended $54,802,944 on the subway lines, includfruit traffic of New Jersey, Including business ot Philadelphia, Baltimore
ing the amount paid to date on the loop connecting the
and Washington, will continue to move via Jersey City.
The result of this arrangement will be that about 60% of the present East River bridges, which is the only portion not leased
volume of traffic now moving via Jersey City will hereafter be routed via
to the Interborough Rapid Transit Co. (V. 87, p. 317):
Campbell Hall.
Contract 1, present subway from City Hall to its northern
Leading ,Shareholders.-"Boston News Bureau" reports:
____ $48,017,374 79
termini - -
New York City Ry.-Receivership in State Courts Vacated.
-Justice Davis in the SupremeC ourt in this city on Tuesday
dismissed the suit brought by Attorney-General Jackson late
last year to dissolve the company on the ground that it had
been insolvent for at least one year, and vacated the receivership granted by Justice Seabury of that Court on Nov. 29
last. Compare V. 85, p. 1462. The opinion, which is
lengthy, says in part:
Holdings (Number of Shares) of Leading Stockholders May 1.
1908.
1908. 1907.
Mutual Life Ins.Co., N.Y.35,640 35,640 J. II. Wesson
3,194
W.H. Wesson
Amercan Express Co
23,493
3,000
Olney,
trustee
R.
20,542
12,996
L. C. Ledyard
759 Aetna Insurance Co
none 9-,7
Adams Express'Co
2,888
x New Eng. Navigat'n Co. none 55,558 Farmers Loan &Trust Co.,
trustee
none 20,000
2,822
x "A. S. May,Treas'r"__
J. J. Astor
N. Y.C. & H. R. RR
-11,148
2,612
10,463 2,600 Phoenix Insurance Co_ __ _ 2,500
C.Pratt & Co
9,900 9,900 Rhode Island Hosp., trustee 2,258
Pennsylvania RR
Cheney Bros
6,690
C. M. Pratt
2,091
N. Y.& East Riv. Fy. Co_ 200 5,400 G.S. Bowdoin, trustee_ _ _ _ 2,000
5,051 5,051 First Nat. Bk. of Balt°. __ _ 2,000
W. W. Astor
Aetna Life Insurance Co 5,027 7,896 N.E. Mutual Life Ins. Co. 1,959
3,950 1,950 A. P. Dix
F.F.Stanley, trustee
1,950
3,526
H Musseu
1,900
A. Iselin & Co
3,500
John L. Billard (V. 87, p.
M. F. Plant
3,450 3,450
p. 97)
441
R. W.Goelet
1907.
3,194
3,000
2.888
2,747
2,612
2,500
2,258
2,091
2,000
(7)
Contract 2, present subway from City Hall, through Brooklyn
3,602,382 33
to the Long Island Station at Flatbush Avenue
On the Manhattan portion of the loop lines between the
Brooklyn bridges now under construction through Centre
3,093,187 05
St. and the Delancey St. extension
86, p. 1410.
Rio Grande Southern RR.-Report.-For year ending
June 30:
Fiscal
Year1907-08
1906-07
-V. 71, p. 389.
Other.
Tot. Op. Net, over
Income.
Taxes.
Revenue.
$25,964
$108,085
$605,753
9,481
206,438
609,604
Fixed
Balance,
Charges. Surplus.
$193,013 $31,036
100,410
25,509
Saginaw & Flint (Electric) Ry.-Reorganized Company.This company is reported to have been organized with $100,000 capital stock by Mark Mitshkun, Nelson A. Taber and
SEPT. 12 1908.1
679
THE CHRONICLE
Wabash-Pittsburgh Terminal Ry.-Listed.-The New
Alex. Groesbeck of Detroit, to succeed to the Detroit Flint
& Saginaw Ry., which was recently sold under foreclosure. York Stock Exchange has listed $736,000 additional first
mortgage 4s, making the total listed $30,236,000.
(Compare V. 86, p. 1589.)
All of the $736,000 bonds were heretofore held In the treasury, having
St. Louis Iron Mountain & Southern Ry.-Federal Court been
issued for expenditures made by the company for some one or more
Enjoins Arkansas Rates.-Judge Van Deventer, in the U. S. of the purposes defined
In the mortgage, and all of said bonds were pledged
hypothecated by the company,for loans heretofore made by it, and the
Circuit Court at St. Paul, Minn., on Sept. 3 granted the and
the proceeds applied toward the
bonds
have
been
by
sold
injunction requested by the company and three other liquidation of the loans. the pledgee and
railroads operating in Arkansas against the Arkansas State
On April 30 1908 there were $5,984,400 bills payable outRailroad Commission, restraining them from enforcing
the two-cent fare law, and from interfering with the roads standing. Compare V. 86, p. 1526.
Income Account.-For ten months ended April 30 1908:
in raising their freight rates on inter-State traffic.
The Court rendered an oral opinion. According to the press despatches
It held that the testimony demonstrated that the rates proposed by the
Arkansas Commission were unreasonable, non-compensatory and unlawful,and could not be enforced against the railroads; also that the Federal
laws should take precedence over the laws of Arkansas In rate matters
where ,the State regulations impinged on the Inter-State regulations.
The coMpanies are required to give a bond to indemnify all persons suffering against loss should the order of the Court be reversed on appeal.
The Kansas City Southern has filed a similar suit in the
Federal Court at Little Rock, Ark.-V. 87, p. 167, 39.
Santa Fe Central Ry.-Merger.-See New Mexico Central
RR. above.-V. 87, p. 615.
Scioto Valley Traction Co., Columbus, 0.-Bonds Offered.
-The Harris Trust & Savings Bank, Chicago, the mortgage
trustee, and N. W. Harris & Co. New York and Boston,
are offering at 96Y2 and interest, yielding the investor
about 5.35%, $1,600,000 first mortgage sinking fund 5%
gold bonds, dated Sept. 1 1908 and due Sept. 11923, without option of prior payment. Interest payable March 1
and Sept. 1 at office of trustee. Denomination $1,000c*.
Abstract of Letter from President and General Manager Frank A. Davis.
Columbus, Ohio, August 27 1008.
Referring to your purchase of $1,600,000 first mortgage bonds of the
company secured by a first mortgage upon all its property and franchises,
I take pleasure in saying:
Capitalization as of the Date of Issue of New Bonds.
Issued.
Authorized.
$300,000
First preferred stock 5% cumulative (V.87, p. 615) $500,000
1,200,000
1,200,000
cumulative
5%
stock
Preferred
1,800.000
1,800,000
Common stock
1,600,000
4,000,000
First mortgage bonds
be
to recan
only
bonds
Issued
new
the
of
$2,400,000
The remaining
imburse the company for 75% of its actual cash expenditures made after
Sept. 1 1908 for permanent extensions and additions to its property, and
then only in case the net earnings after providing for all operating expenses, Including taxes and full charges for maintenance, shall have been
in each case at least twice the annual interest charge on the bonds outstanding. Including those to be issued. The company is required to pay
the trustee each year from 1013 to 1917 inclusive 1% and from 1918 to
1922 inclusive 2% of the amount of bonds then outstanding for the retirement of the bonds.
Statement of Operations,as verifiedby Audit Co.,for Year endedJuly31 1908.
Gross earnings
$367.980 Annual int. on new 1st M.5s $80,000
81,453
Net earnings (after taxes) _ 161,4.53 Surplus earnings
The net earnings are therefore more than twice the annual interest
charge on the bonded debt. At the date the new bonds are issued, all
other indebtedness will be retired. The bus ness has grown steadily
ever since the road began operation, about four years ago, notwithstanding the recent business depression. As shown by the market value of
the stock, the property is bonded for less than 50% of its value.
The company owns and operates a third rail, high speed, standard
gauge electric railroad, the Chillicothe Division, 45 Miles in length, and
the Lancaster Division, 27 miles in length. The Chillicothe line runs
southerly through an exceptionally rich agricultural section, with several
v liages and towns, the principal one being Circleville (population about
10,000) to Chillicothe, a thriving city of 15,000 population. The Lancaster
line parallels that to Chillicothe for about 3 miles south of Columbus,
and then, diverging, runs southeasterly through several villages, to Lancaster, a city of about 11,000 population. Columbus is estimated to
have a population of 150,000 and the territory served outside of Columbus
about 65,000.
The road-bed is constructed according to the best steam railroad standards with concrete culverts, steel bridges, 70-lb. rails and heavy gravel
ballast. The power house and sub-station capacity is largely In excess
of present needs. Practically the entire line onside of Columbus is located
on our own private right-of-way and all the franchises extend well beyond
the maturity of the bonds. In Columbus the company operates over the
line originally constructed by the Central Market St. Ry. Co. under an
operating agreement.
The stock Is controlled by leading bankers and business men of Columbus,
Cincinnati, Chillicothe, Circleville and Lancaster. The directors are:
Geo. Eustis and A. B. Voorhels, Cincinnati, O.; J. C. Hooven, Hamilton, O.;
E. K. Stewart, W. S. Courtwright, Theo. Rhoads, E. R. Sharp and Frank
A. Davis, all of Columbus, Ohio, and H. B. Peters, Lancaster, Ohio.
-V. 87, p. 615.
Seaboard Air Line Ry.-Important Feeder and Ally.-See
Carolina Clinchriekl & Ohio Ry. above.-V. 87, p. 615.
Sioux City & Western RR.-Consolidation.-See Chicago
Burlington & Quincy RR. above. Compare V. 87, p. 347.
Somerset Railway.-Report.--For year ending June 30:
Balance,
Fixed
Fiscal Aver. Tot.oper. Net Oper, Taxes. Other
Deficit.
Year- miles. Revenue. Revenue. Paid. Income. Charges.
$269,138 $9,868 $1,260 $14,167 $130,556 $107,781
1907-08_ 94
_ _
___
199,860 56,673
1906-07_ 72
-V. 84, P. 1183.
Gross earnings
$547,944
$1,060,720 ITotal net income
Oper. expenses_ _$502,465
I Deduct chargesTaxes
63,509
I Int. on bds.,&c.$1,135,114
18,968
--- 565,974 'Rentals
78,883
lHire of equip't_
Net earnings
$494,746 I
Add miscell. receipts
1,233,965
53,198 I Total charges
Deficit
$685,021
Permanent Certificates Listed-Further Deposit of 1st
Mortgage 48 until Sept. 30.-The first ,mortgage bondholders' committee, J. N. Wallace, Chairman, gives notice
that, under the deposit agreement dated June 3 1908,
permanent certificates of the depositaries representing
deposited coupon bonds have been listed on the New York
Stock Exchange. The Central Trust Co. of New York and
the Old Colony Trust Co. of Boston, the depositaries, are
prepared to exchange the temporary certificates, representing deposited coupon bonds, for permanent engraved certificates of deposit. More than a majority of the outstanding first mortgage bonds has been deposited and the committee has extended the time for the deposit without penalty
until the close of business Sept. 30, after which date no
bonds will be received, except in the discretion of the committee and subject to such penalties as it may impose.
The New York Stock Exchange authorized the listing of the aforesaid
certificates of deposit on Sept. 9 to a total of $15.852,000 and directed
that additional amounts of said certificates up to $23,636,000 be added
to the list from time to time prior to Jan. 1 1909 on notice of Issuance
In exchange for outstanding coupon bonds.-V. 87, p. 616, 546.
Washington
June 30.
County Ry.-Report.-For
year ending
Fixed Add. (fe.
Tot. Oper. Net Oper. Taxes
Fiscal
Bal..
Other
Year. Revenue. Revenue.
Paid. Income. Charges. Improv. Surplus
1907-08 .$460,079 $115,058 $2,377 $6,182 $87,640 $6,599 $24,624
1906-07 . 408,526
108,723
--V.85, p. 723.
Western Pacific Ry.-See Denver & Rio Grande RR.
above.-V. 87, p. 286, 40.
Wilkes-Barre & Hazleton RR.-Favorable Decision.Judge Fuller at Wilkes-Barre on Aug. 31 granted an injunction restraining the authorities of the county of Luzerne
from bringing suit to prevent the Wilkes-Barre & Hazleton
Railway, whose securities are all owned,from raising passenger fares above two cents per mile.
The company reduced the rate on Oct. 1 1907, the date fixed by the
two-cent-fare law passed by the last Legislature, but finding the passenger
business unprofitable, desires to restore the old rates. It was felt that the
risk of a fine of $1,000 for each offense was too great, hence the protection
of the Court was asked. The County Commissioners have 15 days in which
to appeal, hence no change has yet been made in the rate. The Lehigh
Traction Co. also controlled by the railroad company, Is not affected
by the two-cent-rate law.-V.83, p. 1202.
Youngstown & Ohio River Ry.-Construction.-An Ohio
paper says:
p The syndicate managers expect their property to be completed and in
operation by Dec. 1. Work is being rushed at the present time. A
considerable portion of the road is now in operation, and from the earnings of that portion in operation syndicate managers say there is little
doubt that the property when completed will earn the full bond interest
thelfirst year. The company has outstanding in the hands of syndicate
managers $1,500,000 and $1,700,000 of stock. Compare V. 80, p. 2400.
".."
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Gas Co., Philadelphia.-Offering of Remainder
of $1,500,000 Convertible Collateral Trust 6% Bonds Dated
1907.-See advertising columns; also reading notice on
another page, and compare V. 85, p. 1006.
Purchase.-See Wyoming Valley Gas & Electric Co.,
also Luzerne County Electric & Gas Co. below.
Guaranteed Bonds.--See Rockford Gas Light & Coke Co.
below.-V.85, p. 1006.
American Locomotive Co., New York.-Report.--See
"Annual Reports".
Dividend on Common Stock Omitted.-The directors on
4%
/
Thursday declared the regular quarterly dividend of 13
on the $25,000,000 cumulative preferred stock, but omitted
the quarterly dividend usually paid in November on the
$25,000,000 common stock. The common shares received
their first dividend,13%, in August 1906 and the same
rate was maintained to August 20 1908, the date of the
lastIlistribution.RAn official statement follows:
Southern Indiana Ry.-Changes in Committees.-E. K.
Boisot, Vice-President of the First Trust & Savings Bank of
Chicago, has been added to the Hoder_ipyl protective committee for the first mortgage bonds (V. 86, p. 416, 615).
Galen C. Stone of Boston recently resigned from the Young
protective committee (V. 87, p. 546, 416).
New Treasurer.-E. F. Young has been appointed Treasurer to succeed C. F. Weinland.-V. 87, P. 615, 545.
Virginia Passenger & Power Co., Richmond, Va.-Plan
Operative-Time Extended to Oct. 15.-Notice is given that
more than 55% of all the securities for which provision is
While the directors believe that the business of the company is gradually
made in the reorganization plan dated Aug. 1 1908 having PP
returning to normal conditions, the business of the American Locomotive
been deposited thereunder, said reorganization plan and Co. will be among the last to feel material improvement and the return
demand for its products does not seem probable In time to avoid
agreement was declared operative as of Sept. 4,in accordance of normal
results for the ensuing year. For these reasons the directors believe it Is
with the terms thereof.
betterito conserveithelworking capital and surplus.-V. 87, p. 40.
The time for depositing securities thereunder has been
Increased.-The comextended to and including Oct. 15 1908, after which date rAmerican Snuff a0.-Dividend Againdividend of 4% on its
no securities will be received for deposit except subject to pany on Sept. 2 declared a quarterly
increases the annual rate
such restrictions as may be imposed by the committee. See $11,001,700 common stock. This
to 16%, contrasting with 12% from Oct. 1 1907 to July 1
plan in V. 87, p. 347.
680
THE CHRONICLE
[Vox, Lxx vu.
1908 and previously 10%, the rate at which common stock 'receiver shows: liabilties, bills payable, $5,596,500, accounts
dividends were begun in January 1903. The quarterly divi- payable, $300,000; total, $5,896,500.—V. 87, p. 616.
dend of 13'% was also declared on the $12,000,000 preferred
Chicago (Bell) Telephone Co.—Financial Plan—Stock
stock. Both dividends are payable Oct.1 to holders of record Dividend of 20%—Proposed $15,000,000 First Mortgage—
Set. 12.
Reduction of Annual Dividend Rate from 10% to 8%.—As
he company is controlled in the interest of the American the rates for telephone service prescribed in the ordinance
Tobacco Co.(V.85, p. 602).
passed in November 1907 are too low to warrant the
Properties.—The statement made to the New York Stock continuation of the policy of putting out additional stock
Exchange June 19 in connection with the transfer of the to pay for new construction,the following plan is announced:
stock from the unlisted to the regular list says:
(1) To distribute on Oct. 10 a stock dividend of $4,500,000, or 20%,
The company was Incorporated under the laws of New Jersey March
12 1900. Soon after Its formation it acquired the business of manufacturing and selling snuff theretofore carried on by The American Tobacco
Co., Continental Tobacco Co. and P. Lorillard Co. and all of the issued
stock of Atlantic Snuff Co. and The George W. Helme Co. In February
1901 the company was the holder of all the stock of several snuff manufacturing companies, to wit: W. E. Garrett & Sons, of Philadelphia, Pa.
Dental Snuff Co. of Lynchburg, Va.; Stewart-Ralph Snuff Co. of Phila-cielphia, Pa., and Clarksville, Tenn. It has since acquired from time to
time the business and property of snuff manufacturers, and has caused
the dissolution of various companies whose stocks It held, and the conveyance of the assets of those companies to American Snuff Co. So that
•the company now owns In fee simple, fac ones for the manufac ure of
snuff in Yorklyn, Del..; Philadelphia, Pa.; Heimetta, N. J.; Nashville,
Tenn., Clarksville, Tenn., and Chicago, Ill., and owns all the stock of
DeVoe Snuff Co., a company engaged In the manufacture of snuff, and
owning In fee-simple a plant at Spotswood, New Jersey. See also,
V.72, p. 825,672,statement under "Am.Tobacco Co." V. 85, p. 278, 101.
The preferred stock is preferred as to dividends, and in the event of
liquidation to par value In the assets of the company, but each class
of stock has equal voting power.—V. 813, p. 1591.
making the total stock $27,000,000, the amount to be deducted from
surplus and reserve accounts of $7,332,038. (2) The authorization of
$15,000,000 5% first mortgage bonds to be Issued from time to time to
provide for 75% of the cost of additions and extensions. (3) In view of the
stock dividend, the reduction of the next quarterly dividend, payable
D
31 1908, to 2%,instead of 2% as heretofore, the rate In future to
b. Si% per annum,effecting a saving in dividend requirements of $90,000
y. notwithstanding the increase in the stock. The construction
v,
nditures for the current year, it Is stated, will exceed $3,000,000. The
ex
any has 220,000 telephone stations so that the capitalization of
ea
$s 100,000, or $123 per station, is considered a very low figure.—V. 87,
9,99.
$
$
$
$
453,600
2,839,200
10,014,300
1908
627,200
2,1,600
429,100
2,241,200
1907
605,300
9,543,100
2,065,000
7 Months1908
68,841,700 18,241,900 2,963,001 4,529,800 16,675,100
64,815,700 16,560,800 2,678,200 4,031,600 15,207,400
1907
Operating expenses include maintenance charges and taxes amounting
to $3,041,200 in July 1908, against $3,211,400 in July 1907; and $22,397,100 for the seven months In 1908, against $20,535,200 for the same
period in 1907.—V. 87. p. 548, 482.
The object Is to vest in the committee full power for waiving the interest
upon the bonds during the period of five years, provided the stockholders,
during that time place complete control of the affairs of the corporation
In the hands of the members of the committee as voting trustees of the
stock, so that the management may be given an opportunity to place its
affairs in such shape that it may, It possible, renew the payment of interest
upon its bonds at the expiration of that time, and that an equity for the
stockholders may, If possible, be retained. The committee has, however,
been given broad powers, so that it may act in Its best judgment for the
protection of the depositing bondholders, even to the extent of abandoning
the plans set forth and substituting others, which may also be abandoned,
and so on. The committee may borrow upon the security of the bonds
deposited funds with which to carry on its undertakings, and for such
borrowings its members are not to become personally liable.
[A Boston paper adds: "The Cuba Hardwood Corn any has a
capital of $2,000,000 and the control is held by the Fidelity Commercial & Trading Corn ).iny. This latter company now argees
to deposit half of the capital of the Cuba Hardwood Company.
with the protective committee if the reorganization plan can be carried out.
The protective committee propose to organize themselves into a board of
trustees to conduct the business for five years from Oct. 15 1908, and they
ask that the bondholders deposit their bonds In order that they may be
used as security upon which to raise funds for prosecuting the business.
The new indebtedness is not to exceed $100 per bond deposited. If 75%
of the bonds and 66 2-3% of the stock assent, the plan can be carried out.)—
V.87, p. 547.
0o.—Deposit of Bonds.—A committee
consisting of Edwin H. Abbot, Andrew G. Webster, Curtis
G. Metzler and George E. Keith, under date of Box 1151,
Boston, Aug. 19 1908, requests deposits of the $2,000,000
stock and the $1,000,000 first mortgage 30-year sinking
fund 6% gold bonds of $1,000 each, dated May 1 1903
with
yfil American Telephone & Telegraph Co.—Earnings of (Knickerbocker Trust Co. of New York, trustee),
with the Old
"Associated Operating Companies."—For month of July coupons of Dec. 1 1907 and since attached,
Colony Trust Co. of Boston, for the purpose of carrying out
and first seven months of 1908 and 1907.
plan set forth in the circular dated June 27 last. The
Other
Interest Balance for the
Net
Telephone
One
Month—
Revenues. (Over Taxes.) Income.
Charges. Dividends. circular of Aug. 19 says in substance:
Pamphlet on "Financial Condition, etc. of some of the Independent Telephone Companies."—The company's information
department has issued a 20-page compilation regarding
independent telephone companies,their status and methods,
as affecting the public and the investor. Included therein
is the following table:
Rates Originally Promised and Rates now Charged:for Business and
Residence Service.
Rates Promised.
Present Rates.
Independent Companies.
Bus.
Res.
Bus.
Res.
$24
$36
$48
$36
Atlanta Tel. & Tel. Co
48
24
60
24
Los Angeles Home Tel. Co_
36
18
Island
48
24
Union Electric Tel. Co., Rock
18
30
36
24
Citizens Tel. Co., Terre Haute
30
20
36
24
Home Tel. Co., South Bend
30
18
42
30
Fayette Home Tel. Co., Lexington, Ky
30
20
36
24
Zenith Telephone Co., Duluth
48
30
60
36
Kansas City Home Tel. Co
36
48
72
Cuyahoga Telephone Co., Cleveland_ _ _ _ 48
44
26
52
32
Toledo Home Telephone Co
.34
24
40
24
Dayton Home Telephone Co
30
20
36
24
Youngstown Telephone Co., Ohio
48
36
58
72
Pittsburgh & Allegheny Tel. Co., Pitts
24
36
60
National Tel. Co. of Wheeling
30
24
36
33
45
Des Moines Mutua Tel. Co
36
72
T 48
Kinloch Long Distance Tel. Co., St. Louis 60
30
18
36 1.J• 24
La Crosse County Tel. Co., Wisconsin
24
18
33
21
Dane County Tel. Co., Madison, Wis
30
18
36 jJ 24
Galesburgh Union Tel. Co., Illinois
—V. 87, p. 546, 482.
-
American Tobacco Co.—See American Snuff Co. above.
—V. 87, p. 348.
Atlas Portland Cement Co.—Bonds Offered.—Status.—
Clark, Dodge & Co., 51 Wall St., New York, are offering
at 105 and interest, yielding the investor over 53%, as
stated in an advertisement in last week's "Chronicle,"
a small block of first mortgage 6% sinking fund gold bonds
dated March 1 1905 and due March 1 1925, but callable,
as a whole or in part, at 110 and accrued interest on any
interest date after six months' notice. Interest payable
March 1 and Sept. 1 at Liberty National Bank, New York.
Bankers' Trust Co., New York, and George A. Mahan,
trustees. Denomination $1,000c*. Authorized, $5,000,000; outstanding, $4,700,000. A circular says:
P. 1341113Hardwood
Davis-Daly Estates Copper Co.—Reorganization Plan
Ratified.—The stockholders at a special meeting at Portland,
Me., on Sept. 5 ratified the plan of reorganization (V. 87,
p. 547, 482) through the organization of a new company
under the name of the Davis-Daly Copper Co.
Those opposed to the plan, representing,it is sta d,about 5,000 shares,
who did not, however, vote against the plan, have, It Is said withdrawn
all opposition on the consent of the underwriting syndicate not to charge
any commission and the arrangement to give them representation In the
new board. At a meeting on Sept. 11 Augustus Heinze, Samuel M. Ja v s
George Davis, Newman Erb and H. Mason Raborg were decided upon as
directors of the new company.
The underwriting syndicate on Thursday, it Is reported, made a payment
to the Knickerobcker Trust Co. of 5110,000 due on deeds in escrow on the
Daly properties.—V. 87, p. 547, 482.
Dexter Portland Cement Co., Nazareth, Pa.—New Securities.—The shareholders will vote Sept. 15 1908 on the proposed increase of the capital stock from $500,000 to $1,000,000 and of the indebtedness from $170,000 to $340,000.—
V. 80, p. 2461.
Eastman Kodak Co. of New Jersey.—Additional Extra
Dividend.—The directors have declared an extra dividend of
23/2% on the common stock, payable Nov. 1 to shareholders of record Sept. 30. This increases the amount distributed as extras during 1908 to 10%, or the same figure
as was paid during 1907.
Extra Dividends on Common Stock.
(In'addition to the 10% per annum paid regularly since Oct. 1 1902.)
Jan. 1 '08. May'08. Dec.'08. May'07. Oct.'07. Feb.'08. Oct.'08. Noro.'08.
23%
5%
2%
5%
5%
5%
2;4%
2%
Compare V. 86, p. 855.—V. 87, p. 169.
The company has been awarded the Panama Canal contract for 4,500,000 barrels of Portland cement, the largest single contract in the
Independent Long Distance Telephone & Telegraph Co.,
history of the cement business. This contract provides for suipments
at a minimum rate of 2,000 barrels a day and a maximum rate of 10,000 Louisville, Ky.—Receiver.—Judge Cochran in the United
barrels a day, delivery to begin in December 1908. In 1907 the total
the Eastern District of Kentucky
production of Portland cement in the United States was 48,785,390 barrels, States Circuit Court for
an increase of 2,321,966 barrels over 1906. The present productive on Sept. 4 (on application of Geo. C. Bryce of Toledo, 0.)
more
Is
Co.
than
Cement
Atlas
Portland
14,600,000
the
barrels
capacity of
appointed fl. D. Powers receiver of the company. Mr.
per annum.
The company has paid 8% dividends on its $1,500,000 preferred stock Powers was recently appointed receiver of the Central
since its organization In 1899. On Its $8,500,000 common stock It paid Home Telephone Co.(V. 87, p. 547).
4% from 1899 until 1906, since when it has paid at the rate of 87.
the
The floating debt Is alleged to be about $50,000. The trustee undersuit
ir mortgage provides that the company shall retire $100,000 bonds
Te
bonds are outstanding has brought
annually. Bonds are secured by first and only mortgage on all the property mortgage under which $592,000
payments of
fund
sinking
coupons
foreclosure,
and
1908
the
the
July
for
of the company, consisting of six plants at Copley and Northampton,
p. 616, 228.
Pa., and Hannibal, Mo., for the manufacture of Portland cement; $15,- $2,960 each due Jan. and July, last being in default.—V. 87,
Keystone Telephone Co.—Report.—For year ending
000,000 has actually been expended on the property, an amount greater
than the total par value ,f stocks and bonds of the company, and more June 30:
than three times the par value of the bonds.
Net over Reserve for Interest Balance.
Gross
Fiscal
Directors—J. Rogers Maxwell, Alfonso de Navarro, Howard W. M9 xwell
Earnings. Taxes, otc. Renewals. Charges. Surplus,
Year—
George F. Baker, Henry Graves Jr., J. F. de Navarro, George
A.Mo:on: 1907-08
$1,051,072 $511,949 $100,000 3313,112 $98,836
F. G. Bourne, Samuel Dickson, L. A. Riley, Isaac H. Clothier, rt. J. 1906-07
265,630 107,740
100,346
473,716
995,752
Seaman.—V. 87, p. 547.
06 7i surplus June 30 1908, after deducting sundry adjustments made in
p. 1398.
3602,272.—V.
85,
but
1907,
pertaining
to
1908,
&
Booth
Co.
(Fish),
(A.)
Chicago.—Reports.—See "Annual
Reports."
Receivership.—Judge Bethea,in the Federal District Court
at Chicago late on Thursday, appointed W. J. Chalmers,
President of the Commercial National Safe Deposit Co. of
Chicago, as receiver of the property, upon application made
by the Linen Thread Co. of New York and Alfred E. Booth
of Baltimore. The company's embarrassment is attributed
to the policy of carrying a large floating'_debt instead_of
mortgaging the property. AAstatement ssued by
Knox Automobile Co., Springfield, Mass.—Reorganized.—
This company, incorporated in Massachusetts early in 1900
with $50,000 stock, assigned on July 22 1907, its
assets being then valued at $975,000, while it had outstanding $363,000 stock and liabilities aggregating $560,000. Subsequently, under agreement dated Sept. 17 1907 the exist'holders of
ing $363,000 stock was made common stock and
substantially all of the outstanding liabilities agreed to exchange the same dollar for dollar for preferred stock, de-
SEPT. 19 1906.1
THE CHRONICLE
681
scribed in the plan as follows, the property remaining un- 8% pref..stock and the ordinary shares for 50% in new common. (Compare United States Brewing Co.,Chicago,above.)
bonded:
At a meeting of the holders of debentures of the United States Brewing
(a) Preferred stock not exceeding $500,000, preferred both as to assets
and dividends and subject to 8% cumulative annual dividends payable Co., Ltd., held on 2dth June last, resolutions were passed sanctioning
4% semi-annually. (b) The preferred stock shall have exclusive voting the sale of the property and assets to a company incorporated In America
power. (c) No dividend shall be declared or paid upon the common stock and agreeing that each holder of debentures shall accept In exchange for
except the same has been duly authorized by vote of at least two-thirds his existing debentures, duly stamped debentures to bearer of the proof the preferred stock then outstanding. -(d) The net profits, after paying posed American • ompany of an equivalent amount at the rate of $500
the dividends on the preferred stock and such dividends as may be duly In gold currency for each £100 existing debentures. Such new debentures
authorized upon the common stock shall be applied to the redemption at are to form part of a total amount of $1,500,000, secured as a first charge
par and accrued and unpaid dividends of the preferred stock, provided, on the lands, buildings, plant and machinery comprised in the present
however, that if the directors so elect they may retain out of such net earn- trust deed and on the balance of the purchase money remaining unpaid
ings as surplus a sum not to exceed, In the aggregate, $100,000. So far as In respect of the sale of the company's breweries in New York. The
practicable,said preferred stock is to be redeemed from the holders thereof American company has been formed under the laws of the State of New
Jersey with a capital of $2,546,250 in 35,000 eight per cent preference
pro rata, but not in sums of less than $100.
shares and 17.500 ordinary shares, the par value of shares in each case
Directors and Officers of Reorganized Knox Automobile Co.
being $48 50. [The share capital of the English corporation retired by
Alfred N. Mayo, Charles L. Goodhue, Charles H. Beckwith, Peter Mur- the new capital stock consisted of 35,000 shares of 8% cumulative preray, all of Springfield; Clarence E. Whitney of Hartford, Conn., repre- ferred and 35,000 of ordinary shares, par value of each class £10.--Ed.
senting preferred stockholders; William E. Wright of Springfield: W. H. "Chronicle."] The debentures of the English company are therefore
Chase of Leominster; M. J. Greenwood of Gardner and H. W., Cutler of now exchangeable for an equivalent amount of debentures of the American
North Wilbraham. Officers: Charles L. Goodhue, President and Treas- company at $5 to the I sterling, bearing interest at 6% per annum, which
urer; William E. Wright, Vice-President; Albert E. Smith, Assistant will be similarly secured In all respects to the debentures of the English
Treasurer; Charles II. Beckwith, Secretary.
company, with the addition of a sinking fund calculated to provide for
the redemption of the debentures by the year 1926. To enable this exLocomotive & Machine Co., Montreal.-New Name.- change
to be carried out, debenture holders must deposit their debenSee American Locomotive Co. under "Annual Reports" tures with Lloyds Bank, Ltd., 72 Lombard St., E.C., on or before Sept.
7 1908. The new debentures will be to bearer, with the option of regisabove.-V.84, p. 1431.
tration at the office of the United States Debenture Corporation, Ltd.,
251 Winchester House, Old Broad Street, In the City of London, and
Luzerne County Electric ez Gas Co. of Wilkes-Barre, Pa. of
will have coupons for the half-yearly interest attached, the first of which
-Bond Issue.-This company has filed a mortgage to secure In respect of the five
months' Interest from Aug. 1 1908, will be payable
1 1909. A warrant for the months' interest on the existing debenan issue of $3,500,000 bonds. Our Chicago correspondent Jan.
tures from 1st of July to 1st August 1908, less Income-tax, will be handed
,Electric
announces the sale of the Wyoming Valley Gas &
out by the Bank upon the delivery of the new debentures. [So far as
exchange of stock is concerned the plan of reorganization, It appears,
of Plymouth, Pa., (V. 81, p. 731; V. 83, p. 443, 499) to the
was modified before final adoption, there being, after all, two classes of
therefore,
the American Gas Co. of Philadelphia, and it,
new stock of the unusual par value of $48 50 per share. As regards other
appears probable that the aforesaid mortgage is made in -details, see V. 87, p. 484.]
connection With the purchase, and for the further purpose
of providing for improvements and additions and for the
refunding of the 5% bonds of Wyoming Valley Gas &
Electric Co., authorized issue $1,000,000 (V. 81, p. 731).
The Wilkes-I3arre Gas & Electric Co. (V. 80, p. 226; V. 87,
p. 486), so far as we can learn, is not included in the deal.
Milwaukee Chicago Breweries, Ltd., & London.-See
United States Brewing Co. below.-V. 86, p. 767.
Montreal Locomotive Works.-See American Locomotive
Co. under "Annual Reports" on a preceding page.
Rockford (Ill.) Gas Light & Coke Co.-Guaranteed Bonds.
-Among the securities recently advertised for sale at auction
in New York was a small block of first consol.adited mortgage 5% bonds d.ue March 11950; coupons payable March
and Sept. at Girard Trust Co., Philadelphia. These bonds
are guaranteed by the American Gas Co. of N. J., which
owns all or a majority of the $300,000 capital stock. Of
the consols, $52,000 are reserved to retire first 6s due March
1 1910. See American Gas Co. above.
Estate of Russell Sage.-Holdings of Stocks and Bonds.The official appraisal of the estate of Russell Sage was made
public on August 29, showing: personalty, $64,411,219;
realty, $1,945,500; total, $66,356,719. Among the more
important holdings of stocks and bonds with their appraised
value on July 22 1906 (the date of Mr. Saga's death) were:
Appraised
Par
Value.
Ju y 906
Manhattan Ry. Co
$1,240,100 $1,822,947
1,390,935
Missouri Pacific Railroad Company
1,528,500
3,257,800
Western Union Telegraph Company
3,580,000
555,000
Pullman Company
250,000
St. Louis Iron Mountain & Southern Gen.
2,366,118
____
2,071,000
consol. Ry. and land grant 5% bonds
1,527.790
1,462,000
Missouri Pacific Ry. first 5% trust
1,823,850
1,737,000
First collateral 5%
1,130,500
1,190,000
Wabash Railroad 6% debenture, Series A
942,480
792,000
Texas & Pacific RR. 1st 5%
Galveston Houston & Henderson 1st 5%
210,080
208,000
100,080
Chicago Burlington & Quincy 5%
96,000
393,213
St. Louis Southwestern RR. 1st 4%
415,000
Mr. Sage also had an interest in the Baltimore &Ohio, M., K.& T. and
Union Pacific railroads, the United States Steel Corporation, Consolidate
Gas, Pennsylvania RR. American Telegraph & Cable Co. and United
States Rubber; and in numerous banks and trust companies.
Standard Gas & Electric Power Co., Philadelphia.-New
Stock.-A certificate of increase of capital stock form $25,000
to $500,000 was filed at Harrisburg on Aug. 19.
Incorporated Jan. 3 1908 to manufacture and sell gasoline and other
engines, generators, batteries, automobiles, &c. Incorporators: C. K.
Cassel and E. A. Reeve, 1414 Venango St., Philadelphia, and S. S. Eslam,
Bryn Mawr. Par of shares. $100.
Torrington Co.-Report.-For year ending Sept. 1:
Total
Bond
Mach'ery
Bal., sur.
Fiscal
Other
Divid'ds.
Refs.
or Deficit.
Interest.
Year(7%). Payrn'ts. Purch.
1907-08_ ...$270,877 $50,000 $230,000 $10,891 $33,854 def. $53,868
1906-07..__ 294,291
sur. 4,915
50,000
9,376
230,000
''' Receipts in 1907-08 Include $20,000 from sale of land.
The cash balance on hand Sept. 1 1908 was $126,678.-V. 85, p. 792.
United States Brewing Co., Chicago.-Mortgage.-This
company', controlled by the Milwaukee & Chicago Breweries, Ltd., of London (V. 86, p. 797), and owning property
in Chicago, Ill., and in the States of Indiana, 'Wisconsin,
Minnesota, Missouri, South Dakota and elsewhere, has
made a mortgage to the Illinois Trust & Savings Bank of
Chicago and Frederick T. Haskell as trustees to secure
an issue of $3,000,000 5% bonds of $1,000 each due Sept. 1
1938. The loan will be used in connection with the refunding of $3,500,000 first mortgage 5s dated 1890 and due
Sept. 1 1910.
United States Brewing Co., Newark, N. J.-Reorganization-Further Particulars.-The shareholders of the English
corporation, the U. S. Brewing Co., Ltd., at a meeting held
in London Aug. 31 voted to wind up the company after
transfer of its properties to the New Jersey corporation.
The following announcement by an English authority regarding the exchange of the debentures incidentally discloses a change in the original plan as a result of which the
old 8% pref. stock is exchangeable, share for share, for new
United States Independent Telephone Co., Rochester,
N. Y.-Payment of Notes.-The last instalment of the
collateral trust notes issued in 1906 will be paid by the
Rochester Trust & Safe Deposit Co. on Sept. 17, when the
notes become due. The issue was for $2,500,000, of which
$1,750,000 has been paid, leaving $750,000 and accrued
interest to be paid on the date named.-V. 86. p. 1534.
Welsbach Company.-Report.-For year ending April 30,
contra-sting with 11 months ending April 30 1907 and full
year ending May 31 1906:
Deductions
Period
Gross
DeBond
Sink.
Div. Balance,
CoveredIncome. prec'n. Interest. Fund. (2%). Surplus.
1907-08 (year)
$588,132 $40,173 $326,300$105,360 $70,000 $46,299
1906-07 (11 mos.).. 606,449 32,899 299,108 96,580 70,000 107,862
1905-06 (year)
569,907 36,629 326,300 105,360 70,000 31,618 j
-V.86 p. 1289.
Western Union Telegraph Co.-Quarterly Report.-For 3
months ending Sept. 30 (partly estimated in 1908):
3 Mos. end.
Net
Interest
Dividends
Bal. Sur.
Sept. 30Revenue.
Charge.
Paid.
or'
Def.
1908
$1,700,000 $433,063 ( 6%) $497,789 sur. $769,148
1907
def.311,493
433,063 (1 31 %)1,217,025 def.1,961,581
Total surplus (estimated) Sept. 30 1908, $15,163,004. Compare V. 85.
p. 1525.-V. 86, p 1474
The net earnings for the 3 months ending June 30 last
(actual figures) were $1,579,660, compared with the estimated results, $1,400,000, heretofore published, and the
surplus for dividends, $649,052, against estimated surplus
of $469,392. See V. 86, p. 1474.
Wyoming Valley Gas & Electric Co.-Change in Control.
-Our Chicago correspondent sends us the following: this
Pennsylvania corporation, comprising the local light and
power companies of 16 municipalities in the Wyoming
Valley, has been sold outright by the C. H. Geist Company
of Chicago and Philadelphia to the American Gas Co. of
Philadelphia." (see V. 85, p. 1006; also Luzerne County
Electric &. Gas Co. above.)-V. 83, p. 499, 443.
-Having sold a large portion of $1,500,000 American
Gas Co's. 7-year convertible collateral trust 6% gold bonds,
the Philadelphia and New York Stock Exchange house
of Bioren & Co., 314 Chestnut St., offers the remainder
at 100 and accrued interest by advertisement to-day on
another page. These bonds, which are redeemable at
the option of the American Gas Co. at any interest period
at 102, and accrued interest, have been purchased in large
amounts by prominent Philadelphia and other institutions.
Subscriptions will close Monday, September 14 at 3 p. m.
or earlier, Bioren & Co. reserving the right to reject any
or all applications and to allot in smaller amounts than
asked for. These bonds are a direct obligation, secured
by collateral conservatively estimated by the company
to be worth $2,500,000, earning nearly double the interest
requirements upon this loan, and which earnings have
increased over the corresponding period of last year, despite
the business depression. The obligations of the company
are further protected by the equity existing in $1,700,000
outstanding capital, listed on Philadelphia Stock Exchange
and commanding a price nearly its par value. This stock
has paid continuous dividends of 6% annually since 1893.
Special attention is directed to the privilege of the holder
of the bonds until October 1 1910, to convert the same if
desired, into stock at $105 per share.
-Peabody, Houghteling & Co., Chicago, have issued a
circular showing the merits of serial bond issues. This
is a class of securities in which a portion of the indebtedness is paid and canceled every year, without the release
of any portion of the security. A bond
issue under the
serial plan grows safer as it grows older. See the firm's
another
page.
advertisement on
-Attention is called to the list of investment securities
advertised in this issue by Henry & West, Philadelphia.
The list includes railroad bonds ranging in yield from 3.85
per cent to 5.70 per cent.
THE CHRONICLE
682
Azports and
[V csi,. Lxxxvii.
Motu:math,
NORFOLK & WESTERN RAILWAY COMPANY.
TWELFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1908.
Philadelphia, Sept. 2 1908.
Pm
7' the Stockholders of the Norfolk & Western Railway Co.:
Your Board of Directors submits the following report of
the operations of your Company for the fiscal year ending
June 30 1908:
MILES OF ROAD OPERATED.
The length of line owned at the close of the fiscal year was
1,881.89 miles. Total operated was 1,919.59 miles,asfollows:
Branches. Main Line.
Miles.
Miles.
166.95
703.76
Lambert's Point, Norfolk, to Columbus, Ohio
*Big Sandy Low-Grade Line, Naugatuck to Kenova,
59.16
W Va
3.48
115.43
Lynchburg to Durham
6.05
238.11
Roanoke to Hagerstown
.20
121.30
Roanoke to Winston-Salem
13.95
110.75
Walton Junction to Bristol
43.49
48.96
North Carolina Junction to Fries
21.55
100.40
Graham to Norton
18.92
105.92
Vera Junction to Cincinnati and Ivorydale
3.51
Columbus Connecting & Terminal Railroad
339.22
Branches _..
-Total lines owned ___ _ _____ __ _ - _ - ____ -_- ----Tracks of other Companies used jointly under frackage
Miles.
rightsx Lynchburg Belt Line & Connecting Railway Company,
23.72
Phoebe, Va., to Forest, Va
.43
Southern Railway, at Durham, N. C
.63
Cumberland Va. v RR.
HR.,at Hagerstown, Md
Ry., at Cincinnati, 0_ 3.62
Cincinnati Lebai n &
Pittsburgh Cinch nati Chicago & St. Louis Ry., at Cin9.00
cinnati,0
Baltimore & Ohio and P ttsburgh Cincinnati Chicago &
.30-St. Louis Ry., at Columbus,0
1,542.67
339.22
1,881.89
Brought forward$3.243,460 29
Amount to credit of Profit and Loss June 30
1907
$4,472,405 57
Dividends on common shares:
No. 14, 2 ,570, Dee. 18 1907_81,611,730 00
No. 15, 2%.June 18 1908_ __ 1,289,384 00
2,901,114 00
1,571,291157
Discount and commission on securities sold
$4,819,751 86
346,980 00
Balance to credit of Profit and Loss June 30 1908
;4,472,771 86
The gross earnings were $15,397 and the net earnings
$5,530 per mile of road operated.
The operating expenses were 64.08% of the gross earnings,
as against 62.62% in the preceding year.
Taxes were 3.52% of the gross earnings.
CAPITAL STOCK.
The authorized capital stock of the Company is $100,000,000 common stock and $23,000,000 adjustment preferred
stock. The outstanding capital stock consists of660,000 shares of common stock
230,000 shares of adjustment preferred stock
Total
866,000,000 00
23,000,000 00
889,000.000 00
Six shares of the adjustment preferred stock in the treasury of the Company were exchanged for securities of the old
tteli Company which had not been deposited under the plan of
reorganization, and at the close of the year there remained
in the treasury 83 shares of adjustment preferred stock and
15,308 shares of common stock.
-- 37.70
FUNDED DEBT.
Grand total operated --------------------------------------1,919.59
Against property expenditures made to June 30 1908 for
Mlles. branches, extensions, shops, depots, second track, equipSecond Track-------8.76
Lambert's Point to Portiock - _
2.09 ment and other additions and betterments, your Company
p Lynchburg-East and West of-82.67 became entitled to, and the mortgage trustee has certified
---------------A,Forest to Walton12.15
Walton to Rippleniefici ---------------- 4.42 and delivered to your Company, $10,000,000 additional
111 Walton to Radford ----------------------------- ---------59.62 bonds issuable under and secured by the
---------ivisional First
Pear.sburg to Vivian ------------------9.86
Clareneft Welch to
and General Mortgage dated July 1 1904. The secur----8.07 Lien
-____
Wilmore to Hull
83.66 ity market being unfavorable to the sale of these bonds,
111 Devon to Naugatuck (Sections)- - --,-------------- ---------11.00 they are included among your
Kenova to Hanging Rock (Sections)
Company's salable assets and
11.63
---------5 Sclotoville to Davis--------7.81 have been temporarily utilized as security for the issue of
1kValley Crossing to Columbus- -Five Per Cent Two-Year Collateral Gold notes maturing
AU
Total second track -------------------------------------- 251.74 May 1 1910,
hereinafter described.
Your Company's Funded Debt on June 30 1908, therefore,
Sidings -----------------------------------------------905.78
aggregated $97,865,500, of which there remained unsold
The increase in mileage during the year was as follows:
Branches----------------------------- 19.18 $13,000 of First Consolidated Mortgage Bonds and the $10,18.70
---------------------------------------------000,000 of Divisional First Lien and General Mortgage Bonds
Second rak
Sidings ----------------------------------------------------55.11 above referred to.
The average mileage operated during the year was 1,881,
COLLATERAL NOTES.
as against 1,876 during the preceding year.
The want of confidence resulting from the attacks made
*The Big Sandy Low-Grade Line and the old road between Naugatuck upon corporate interests during the year 1907 brought about
and Kenova are operated as double track.
x The Lynchburg Belt Line & Connecting Railway and this Company's a serious impairment of values, a marked contraction of
road between Phoebe and Forest are used as double track.
business activity, and practically destroyed the market for
GENERAL INCOME ACCOUNT.
long-time railway obligations. This forced upon the railComparison
and
1908,
with
Previous
Year.
road companies throughout the country not only drastic
For the Year ending June 30
Increase (+) or operating
economies, but also the substantial discontinu1907.
Decrease (-)•
Earnings05
.
82
8
$3,917970,4
$4,163.119 22 -$185,637 17 ance of construction and betterment work. A portion of
From passengers
23,990,629 53 26,000,045 81 -2,010316 28 your work
" freight
then in progress was, however, of such character
267,981 71
290,577 85
+22,596 14
" mall
468,576 41
449,324 36
-19,252 05 and so far advanced that its completion was of the greatest
" express
263,758 01
254,203 36
-9,554 65 importance to economical operation, and in some cases the
" miscellaneous
$28,962,217 15 $31,164,381 16 -82,202,164 01 contract obligations growing out of its discontinuance would
Total Earnings
Expenseshave been as burdensome as those incurred by its continuMaintenance of way and
$3,458,087 99 $3,895,548 39 --$437,460 40 ance on a restricted scale. In view of the unfavorable outstructures
5,239,898
88
4,683,080
27
--556,818
61
look for marketing the long-term bonds which the Company
Maintenance of equipment
537,673 67
475,605 89
--62,067 78 was
Traffic expenses
entitled to issue by reason of its expenditures on prop9,256,228 01
A-89.820 66
Conducting transportation 9,346,048 67
596,664 50
585,186 69
+11,47781 erty account, an issue of $7,500,000 Five Per Cent TwoYear
General expenses
Collateral
Gold Notes, dated May 1 1908, was made under
Operating Expenses_ _ _ 418,559,487 32 819,514,535 64 --$955,048 32
an agreement of the same date with the Guaranty Trust
Net Earnings from OperaCompany
of
New York, Trustee, secured, as already stated,
$10,402,729 83 $11,649,845 52 -$1,247,115 69
tions
by a deposit of $10,000,000 Divisional First Lien and GenTo which add835,867 07
$75,424 80
+839,557 73 eral Mortgage gold bonds with the Trustees.
Interest, General Account_
53,080 48
51,207 12
-1,873 36
Rents
504,340 18
+504,340 18
Hire of equipment
POCAHONTAS COAL & COKE CO. MORTGAGE.
76,057 27
+76,057 27
Income from other sources_
The sinking fund provided for in the Pocahontas Coal &
$88,947,55
$707,029 37
A-8618,081 82 Coke Corn pany's Purchase Money First Mortgage dated
811,109,759 20 $11,738,793 07 --$629,033 87 Dec. 2 1901 amounted in the calendar year 1907 to $182,Total Income
From which deduct072 41, and through this and other sums paid to the Trustee
+$562,206 01
Interest on funded debt_.... ;3,785,013 34 $3,222,807 33
under the terms of the mortgage there were acquired and
Interest on Equipment
492,888 89
442,666 68
Trust obligations
--50,222 23 canceled bonds secured thereby aggregating $239,000. The
996,000 00
1,020,800 00
Taxes
A-24,800 00
amount of outstanding bonds of the Pocahontas Coal &
Vlirr
Rents of tracks, yards, ter26,777 8311701 +60,592168 Coke Company was thus reduced to $19,539,000.
87,370 51
minals and other property
$5,335,850 51 ;4,738,474 05
+8597,376 46
EQUIPMENT TRUST CERTIFICATES.
$5,773,908 69 $7,000,319104-81,226,410 33
Net Income
Four additional series of Equipment Trusts designated reFrom this net income for the year ending June 30 1908
$5,773,908169 spectively "L," "M,""N" and "0," have been created. The
. on,
The following amounts have been deducted:
certificates thereunder ($1,000,000 in each series, aggregatVII Airg941
Payment to Pocahontas Coal & Coke Company
ing $4,000,000) have not been sold, but are held among the
on account of deficiency of interest on Norfolk
$192,000 00
& Western-Pocahontas Joint Bonds
Company's treasury assets. The certificates are payable in
53,792 40
Other charges to Income
annual installments, and as the first installment of $100,000
Dividends on adjustment preferred shares:
No. 21, 2%, August 16 1907_ $459,822 00
in each series matured before June 30 1908, the unmatured
No. 22, 2%, February 19 1908.. 459,834 00
certificates in the four series ($900,000 in each) aggregated
919,656 00
on that date $3,600,000.
Appropriation for Betterments to Property..-. 1,360,00000
2,525,448 40
The statement following shows the details of all the Com$3,248,460 29 pany's Equipment Trusts.
Amount Carried to Profit and loss:for thelyear
IM
683
THE CHRONICLE
SEPT. 12 1908
STATEMENT OF EQUIPMENT TRUST CERTIFICATES JUNE 30 1908.
(FOR DESCRIPTION OF EQUIPMENT FORMING SECURITY UNDER EQUIPMENT TRUSTS. SEE PAGES 54, 55 and 56.)
Date of Agreement.
March 1
April 1
June 1
April 3
Nov. 3
Dec. 4
Feb. 3
3
May
June 5
5
July
Aug. 3
*Dec. 3
*March 4
*April 4
*June 4
1902
1903__.._
1903
1905
1905
1905
1906
1006
1906
1906
1906
1906
1907
1907
1907
Series.
1902
A.
B.
C.
D.
E.
F.
G.
H.
K.
L.
M.
N.
0.
Totals
$5,000,478 00
1,234,499 31
1,176,085 50
2,024,082 92
1,023,407 00
1,027,055 40
1,053,661 32
1,024,415 20
1,033,131 72
1,043,295 43
1,037,567 02
1,027,914 35
1,048,739 56
1,047,075 00
1,052,856 10
$500,000
100,000
100,000
200,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
$1,500,000
400,000
400,000
600,000
200,000
200,000
200,000
200,000
200,000
200,000
100,000
100,000
100,000
100,000
100,000
$2,000,000
600,000
600,000
1,400,000
800,000
800,000
800,000
800,000
800,000
800,000
900,000
900,000
900,000
900,000
900,000
Payable in Fiscal Year ending
June 30 1909.
Amount.
Maturity.
$500,000
Sept. 1 1908
100,000
Jan. 1 1909
100,000
March 1 1909
200,000
April 1 1909
100,000
Nov. 1 1908
100,000
Dec. 1 1908
100,000
Feb. 1 1909
100,000
May 1 1909
100,000
June 1 1909
100,000
July 1 1909
100,000
Aug. 1 1908
100,000
Dec. 1 1908
100.000
March 1 1909
100,000
April 1 1909
100,000
June 1 1909
$20,854,263 83
$2,000,000
-4,600,000
$13,900,000
$2,000,000
Certificates
Paid During
Fiscal Year.
Total Value of
Equipment.
Total Certificates Paid to
June 30 1908.
Certificates
Outstanding
June 30 1908.
Maturity of
Final
Installment.
Sept. 1
Jan. 1
March 1
April 1
Nov. 1
Dec. 1
Feb. 1
May 1
June 1
July 1
Aug. 1
Dec. 1
March 1
April 1
June 1
1911
1913
1913
1915
1915
1915
1916
1916
1916
1916
1916
1916
1917
1917
1917
*In treasury of Company.
CONSTRUCTION, EQUIPMENT AND BETTERMENTS.
The expenditures for construction, equipment and betterments, summarized in the following table, aggregated $8,418,993 46, of which $6,137,599 24 was charged to Property
Accounts and $2,281,394 22 to Betterment Fund.
-Charged to---Betterment
Property
Fund.
Accounts.
$322,134 64
Total.
$322,134 64
$45,370 60
68,158 65
85,318 51
290,308 10
68,158 65
85,318 51
23,315 07
2,626 41
294,753 07
722 02
924,953 50
143 15
12,894 48
11,090 50
23,315 07
2,626 41
294,753 07
722 02
2,088,275 59
162,393 95
733,405 88
11,090 50
10,191 97
14,692 62
TUG FORK BRANCHES.
79,520 24
19,478 12
35,465 36
79,520 24
19,478 12
131,199 26
20,662 05
141,828 77
21,520 57
12,177 72
77,131 44
141,828 77
41,225 50
12,177 72
An extension of Sand Lick Branch up the Right Fork of
Sand Lick 2.13 miles was graded, and 1.97 miles of track to
'tipple of No. 9 Plant of the United States Coal & Coke Co.npany was put into operation.
The roadbed of extension of Tug Fork Branch, 4.03 in 13
long, above Pageton is 75% completed.
Branches and extensions_ _ _ _
Right of way and station
244,937 50
grounds
Widening cuts and fills
Protection of banks
Grade revision and change of
line
Tunnel Improvements
Bridges, trestles and culverts
Ballast
1,163,322 09
Additional main tracks
162,250 80
Sidings and spur tracks
720,511 40
Terminal yards_
Fencing right of way
Track elevation,'elimination
4,50065
of grade crossings, &c
Interlocking and other signal
apparatus
Telegraph and telephone lines
95,733 90
Station buildings and fixtures
Shops, engine houses and
56,489 39
turntables
Shop machinery and tools_
19,704 93
Water and fuel stations
Miscellaneous structures
Reconstruction of road pur880 31
chased
3,347,173 63
Rolling stock
860 31
3,347,173 63
$7,947,790 00
$6,137,599 24
Add Principal of Equipment
Trusts
$1,810,190 76
471,203 46
471,203 46
$6,137,599 24
$2,281,394 22
$8,418,993 46
Total
& Connecting Railway Company its 5% bond in the sum of
$2,748,780 28, payable Feb. 11913. A trackage agreement,
as indicated in the preceding annual report, has also been
executed, under date of April 3 1908, and your Company
has used the tracks and property of the Lynchburg Belt Lien
& Connecting Railway Company for the movement of its
trains from April 6 1908, the date the line was put in operation. The line extends from Phoebe, near Concord, to Forest, Virginia, comprising 22.33 miles of main line, 1.39 miles
of connecting branches and 7.63 miles of sidings.
Your Board desires, at an appropriate time, to consider
and act upon the acquisition of the railroad, property and
franchises of the Lynchburg Belt Line & Connecting Railway Corn pony, and a resolution giving the necessary authority will be submitted for your action at the annual meeting.
BRANCHES AND EXTENSIONS.
FREEBURN BRANCH.
This branch, 1.55 miles in length, has been located and
completed to coal operations in Kentucky opposite Delorme,
W. Va.
WAYNE BRANCH.
Advances for construction purposes were made as follows:
$2,813 61
Blackstone & Lunenburg Railroad
1,138,041 83
Lynchburg Belt Line & Connecting Railway
145,789 55
Big Stony Railway
239,383 09
Interior & West Virginia Railroad
Interior & West Virginia Railroad, account Virginia & Potts
20,347 00
Creek Railroad
98,232 78
Pocahontas & Western Railroad
10,185 05
Guyandot & Tug River Railroad
69 40
Barker & Clarks Gap Railroad
22 12
Clear Fork & Oceana Railroad
10,386 59
Caretta Railway
$1,665,071 02
This branch extends from Wayne, W. Va., up the Left
Fork of Twelve Pole River to the coal operation of the East
Lynn Coal Company, a distance of 7.48 miles. The location covers the railroad and right of way of the Big Sandy
East Lynn & Guyan Railroad Company, which have been
acquired by purchase from that Company.
There will be submitted for your action at the annual
meeting a resolution to approve of this purchase.
HONAKER BRANCH.
An extension of Honaker Branch has been completed to
Blackford, Va., making the total length of this branch 5.49
miles.
To meet the cost of extraordinary replacements and betterNORFOLK dc WESTERN
ments to your property, the sum of $1,360,000 has been. COMPANIES IN WHICH HAS AN INTEREST.
RAILWAY COMPANY
appropriated fromm Surplus Income and credited to the BetterBIG STONY RAILWAY AND EXTENSIONS.
ment Fund.
The Big Stony Railway has been extended 4.82 miles to
Following is a statement of the Betterment Fund for the
Kire, 15.33 miles from the junction with the main line of
fiscal year:
..$1,204,648 67 the Norfolk & Western Railway near Ripplemead, Va.
Credit balance in Betterment Fund June 30 1907
The roadbed from Kire to the State line, 1.42 miles, is
Amount credited from Surplus Income of the year ending
1,360,000 00
June 30 1908
about 70% completed.
$2,564,648 67
The bridge over the New River at Big Stony Junction has
2,281,394 22
Charged against Betterment Fund during the year
been rebuilt, and the light structure replaced by a standard
$283,254 45 steel bridge 560 feet long. The trestle approaches to this
Balance to credit of Fund June 30 1908
bridge have been replaced by embankments. The line and
Following is a statement of the Equipment Replacement grade of the Big Stony Railway for 1.06 miles below this
Accounts set up as of July 1 1907, pursuant to order of the bridge have been greatly improved.
The Interior & West Virginia Railroad is under construcInter-State Commerce Commission:
tion through Monroe County, West Virginia, from the termiCredits to Equipment Replacement Accountsnus of the Big Stony Railway Extension, at the Virginia
Credit Balance from Equipment Renewal Account (closed
$291,318 70 State line, to a connection with the Virginia & Potts Creek
June 30 1907)
Equipment Depreciation for the year, charged in Operating
788,751 16 Railroad, a distance of 17.55 miles. On June 30 1908 the
Expenses
154,355 04 roadbed was about 65% completed.
Credit for Equipment destroyed or sold, net value
pment
destroyed
70,483 04
Equ
Salvage from
The Virginia & Potts Creek Railroad is under construction
Replacement$1,304,907 94 for a distance of 4.2 miles from the projected terminus of the
Equipment
to
charged
Expenditures
Equipment
Interior & West Virginia Railroad, at the State line, to iron
Accountsore developments m ear Paint Bank, Va. On June 30 1908
$1,128,79654
Principal of Equipment Trusts
176,111 40
Other Equipment Payments
the roadbed was about 60% completed.
------------$1,304,907 94
POCAHONTAS & WESTERN RAILROAD.
LYNCHBURG BELT LINE & CONNECTING RAILWAY.
The agreement to sell and convey the branches formerly
known as the Concord and Forest branches to the Lynchpurg Belt Line & Connecting Railway Company, as set forth
in the preceding annual report, has been carried out, and
your Company has received from the Lynchburg Belt Line
At date of June 30 1908 the operated length of the Pocahontas & Western Railroad was 3.29 miles of main line and
1.13 miles of sidings. Work upon the extension to the
Thorne Operation of the Pocahontas Consolidated Collieries
Company, Inc., a distance of 3.81 miles above Boissevain,
was temporarily stopped in November 1907, upon which
date the roadbed was about 70% completed.
[VOL. Lxxxvu.
THE CHRONICLE
684
GUYANDOT & TUG RIVER RAILROAD.
Further progress has been made in securing right of way
for the main line of the Guyandot & Tug River Railroad,
62.27 miles long, and for Barker Creek Branch, 10.7 miles
long. The location of the extension of Barker Creek Branch
has been completed for a total distance of 11.49 miles to a
point on Devils Fork of Guyandot River. Good progress
has also been made in securing rights of way for Pinnacle
Creek Branch, Cabin Creek Branch and Still Run Branch.
WEST VIRGINIA SOUTH WESTERN RAILWAY.
Your Company controls the West Virginia South Western
Railway by stock ownership. The line, 10.96 miles in
length, with 1.71 miles of sidings, extends from your Main
Line near Roderfield, W. Va., to the coal operations of the
Virginia-Pocahontas Coal Company, and is operated as
the Clear Fork Branch.
CARETTA RAILWAY.
This line, known as Caretta Branch of Dry Fork Branch,
extends 2.52 miles from the mouth of Barrenshe Creek to
a coal operation of the Virginia-Pocahontas Coal Company.
It is controlled by stock ownership.
It is considered advisable that your Company shall acquire
the railroads, properties and franchises of the Big Stony Railway Company, the Pocahontas & Western Railroad Company, the Caretta Railway Company and the West Virginia
South Western Railway (all of which it now controls by
ownership of capital stock). For this purpose, resolutions
giving the necessary authority will be submitted for your action at the annual meeting.
MAINTENANCE OF EQUIPMENT.
The standard of your Company's equipment has been
maintained. The cost of maintenance was $4,683,080 27,
a decrease from the preceding year of $556,818 61.
Additions to the machinery at the various shops have been
made at a cost approximately as follows:
$81,760 00
10,524 00
14,269 00
8,303 00
Roanoke Shops
Bluefield Shops
Portsmouth Shops_ _ _
Outlying Shops
$114,856 00
•
The cost of engine repairs was $1,410,775 28, a decrease
from the preceding year of $208,998 64.
The tractive power of locomotives on June 30 1908 was
4,098,596 pounds greater than at the close of the preceding
year.
' The following trust equipment was received
Total
Series M- 3 freight locomotives.
Series 0-128 drop-bottom gondola cars, 100,000 pounds capacity.
299 stock cars, 80,000 pounds capacity.
The following equipment was purchased from the Virginia
Coin pany:
97 freight locomotives,
200 stock cars, 80,000 pounds capacity,
150 hopper cars, 100,000 pounds capacity,
500 coke cars, 100,000 pounds capacity,
892 drop-bottom gondola cars, 100.000 pounds capacity.
The following equipment was acquired through the Equipment Replacement Accounts, in replacement of equipment
previously destroyed:
1 freight locomotive,
4 passenger and baggage cars,
10 baggage and express cars,
16 cabin cars,
50 side dump cars,
10 small dump cars,
2 steam derrick cars,
1 harbor barge.
One freight engine acquired with the Big Sandy East Lynn
& Guyan Railway and 1 shifting engine, formerly the property of the old Roanoke Machine Works, were also added
to the equipment.
The total equipment owned and leased June 30 1908 consisted of:
102 passenger locomotives,
793 freight locomotives,
51 switching locomotives,
397 passenger cars,
37,276 freight cars,
1,007 work equipment cars,
10 barges.
946 locomotives.
There were in the shops undergoing and awaiting repairs at
the close of the year 137 locomotives, or 14.5% (65 needing
only light repairs), 23 passenger cars, or 5.8%, and 2,852
freight cars, or 7.4%. •
MAINTENANCE OF WAY AND STRUCTURES.
The cost of Maintenance of Way and Structures was $3,458,087 99, or about $1,838 per mile of road, as compared
with $2,077 per mile of road for the preceding year.
44.49 miles of main track were relaid with 85-pound steel
rails and 39.37 miles of Winston-Salem District were laid
with re-sawed 85-pound rail.
The extensive additions to division yards at Roanoke,
Winston-Salem, Bluefield and Williamson were put into
operation.
Passenger stations and freight depots were built or enlarged at South Norfolk, Burkeville, Crewe, Lynchburg,
Denniston, Bedford, St. James, Elkton, Wertz, Pulaski,
Abingdon, Speedwell, Bluefield, Graham, Raven, Blackford, Norton and .Hillsboro.
At Roanoke shops the east end of old foundry was altered
for use as a physical and chemical laboratory, the remainder
of building being used as a boiler shop.
Four section foremen's houses and two section men's
houses were erected at various points.
Power houses for interlocking and block signal plants were
constructed at.Forest, Ironville, Walton and Valley Crossing.
At Williamson there was constructed a brick electric light
and power house 60x64 feet, and a steel ashes handling plant.
At East Portsmouth the boiler house of shops was ex-
tended 51 feet, a new brick stack was constructed, and boilers
totaling 400 horse-power were added. The assembly hall
in the rest house was re-arranged to provide twenty additional sleeping rooms.
Coaling stations were erected at Phoebe and Pulaski.
Standard 50,000-gallon tanks were erected at South Norfolk, Phoebe, James, Clarkton, Hyco River, Bonsack, Winston-Salem and Sardinia. A steel tank of 200,000 gallons
capacity was erected at Williamson engine-house. South
Norfolk, Phoebe, James, Hyco River and Bonsack are new
water stations; the balance were replacements of smaller
tanks.
Pumping plants were installed at James, Hyco River and
Bonsack.
Interlocking and signal apparatus was installed at Virginian
Railway crossing, South Norfolk, Forest, Loch Laird and at
Valley crossing; automatic signals at High Bridge, between
at Dora Junction, at Dry Branch, at
Irving and
Eggleston Tunnels,
at Ripplemead, at Curve, between HempMontvale,
hill and Davy and at Fair Ave., Columbus. Plants were
improved at Wakefield, Walton,Kenova, Bannon and Columbus.
239 lineal feet of wooden bridges and 68 lineal feet of light.
iron bridges were replaced by masonry arches or culverts
and embankments.
622 lineal feet of wooden bridges and 2,068 lineal feet of
light iron bridges were replaced by new standard steel structures. This latter figure includes a double-tracked liftbridge with approaches on new piers at East Branch Elizabeth River, Norfolk.
142 lineal feet of wooden bridges on branch lines were replaced by iron bridges released from the main line.
New overhead steel highway bridges were built at the
following points: Joyce Avenue, Columbus, 415 feet long;
Mercer Street, Bluefield, 192 feet long; Tenth Street, Roanoke, 422 feet long; and Wertz, Va., 80 feet long. A new
overhead foot-bridge, 190 feet long, was built at Allen Street,
Bluefield.
New standard 75-foot turntables were put in at Price,
Berwind and Winston-Salem.
Raising tracks above flood-level was completed from
Sciotoville to. Portsmouth; through western end of Portsmouth; at Glen Jean and west of Waverly. Right of way
the Cincinnati District for future imwas also secured on'
provements of similar character.
422,954 lineal feet (80.1 miles) of standard fencing were
erected.
TRAFFIC.
As compared with the preceding year, passengers carried
increased 573,745, or 13.5%; the average haul of passengers
increased 1.96 miles.
The total passenger revenue decreased $185,637 17, or
4.5%; the average rate per passenger per mile decreased
0.463 cents.
Tons of freight carried decreased 1,575,028 tons, or 7.8%;
the average haul of freight increased 7.70 miles.
The total freight revenue decreased $2,010,316 28, or
7.7%;the average rate per ton per mile decreased 0.014cents.
The freight train mileage decreased 673,249 miles, or 7.2%;
the average tons per train mile increased 2 tons, or 0.4%.
The coal shipments were 9,719,968 tons, an increase of
319,536 tons, or 3.4%.
The lumber shipments were 1,540,492 tons, a decrease of
428,247 tons, or 21.8%.
The shipments of other low-class commodities connected
with the iron and steel industries were as follows:
Coke shipments were 2,147,010 tons, a decrease of 266,793
tons, or 11.1%.
Ore shipments were 688,560 tons, a decrease of 279,479
tons, or 28.9%.
Pig and bloom iron shipments were 315,825 tons, a decrease of 265,402 tons, or 45.7%.
The following statement gives the passenger and freight
statistics for the years 1908 and 1907
TRAFFIC AND MILEAGE STATISTICS.
Passenger TrafficPassengers carried
" one mile_
1907-08.
4,824,650
209,279,408
1906-07.
4,250,905
176,082,609
Increase (+) or
Decrease (-)•
+573,745
+33,196,799
II
111,260
per mile of road
4-17,399
93,861
Average distance carried
43.38
_
+1.96
per passenger (miles)
41.42
Total passenger revenue_ _ _ $3,977,482 05 $4,163,119 22 -$185,637 17
Average revenue from pas-15.40
sengers (cents)
82.44
97.93
Average revenue per pas-0.463
1.901
senger per mile (cents)- 2.364
$4,798,277 59 $4,969,578 92 -$171,301 33
Total passenger earnings
Passenger earnings per mile
$98 11
82,5501)
of road
$2,649 03
Passenger earnings per train
-18.03
120.72
mile (cents)
138.74
Freight Traffic,14g2f:20
- 7
18,608,190
Tons of freight carried_ _ _ _
20,183,218
4,985,915,528 5,252,561,457
Tons carried one mile
Tons carried one mile per
2,700,873
-149,200
mile of road
2,650,673 '
Average distance carried
+7.70
260.24
per ton (miles)
267.94
Total revenue from freight_$23,990,629 53 $26,000,045 81 -$2,010,316 28
Average revenue per ton of
freight (cents)
128.82
+0.11
128.93
Average revenue per ton
per mile (cents)
0.495
0.481
-0.014
Total freight earnings
$24,163,939 56 $26,194,802 24 -$2,030,862 68
Freight earnings per mile of
road
$13,963 11
$12,846 33
-$1,116 78
Freight earnings per train
mile (cents)
-6.07
276.81
283.78
-14
SEPT. 12 11)1123. I
Increase (+) or
Decrease (-)•
1906-07.
1907-08.
Total Traffic-$2,202,164
01
$31,164,381
16
15
$28,962,217
Gross earnings
Gross earnings per mile of
--$1,214 90
$16,612 14
$15,397 24
road
Gross earnings per tra n mile
--12.13
243.23
231.10
(cents)
Operat ng expenses:
-$5,590 23
$3,074,246 10 $3,079,836 33
Passenger
$15,485,241 22 $16,434,699 31 -$949,458 09
Freight
Passenger and freight_ _518,559,487 32 $19,514,535 84 -$955,048 32
-$7 33
51,641 70
$1,634 37
Per mile of road, pass'ger
-$528 05
$8,760 50
$8,232 45
Per mile of road,freight_
passenPer mile of road,
-$535 38
$10,402 20
$9,866 82
ger and freight
Per train mile, passen-8.64
77.34
85.98
ger (cents)
Per train mile, freight
--0.65
177.39
178.04
(cents)
Per train mile, passen-4.22
148.09
152.31
ger and freight (cents)
Per passenger p r mile
--0.280
1.469
1.749
(cents)
-0002
0.311
0.313
Per ton per mile (cents) _
Net earnings:
$1,724,031 49 $1,889,742 59 -$165,711 10
Passenger
Freight
$8,678,698 34 $9,760,102 93 -51,081,404 59
Passenger and freight__ -510,402,729 83 511,649,845 52 -51,247,11569
--$00 78
Per mile of road, pass'ger
$916 55
51,007 33
Per mile of road,freight..
$4,613 87
5520261
--5588 74
Per mile of road, passen-$679 52
ger and freight
$6,209 94
$5,530 42
Per train mile, passenger
-9.39
(cents)
52.76
43.38
• Per train mile, freight
-6.32
(cents)
105.74
99.42
Per train mile, passenger
. -7.91
and freight (cents) _
90.92
83.01
Per passenger per mile
-0.249
1.073
(cents)
0.824
-0.011
Per ton per mile (cents) _
0.185
0.174
Train Mileage+220,835
Of revenue passenger trains
3,581,026
3,802,761
-673,249
9,230,609
Of revenue freight trains
8,557,450
Of revenue mixed trains._ 172,103
(*)
4,970
(*)
Of revenue special trains
-208,960
715,717
506,757
Of non-revenue trains
-484,301
13,528,342
13,044,041
Made by all trains
Engine Mileage-.
3,581,926
+220,835
3,802,761
Of passenger engines
Of passenger engines employed In helping passen214,193
209,222
-4,971
ger trains
9,230,699
8,557,450
-673,240
Of freight engines
Of freight engines employed
5,659,916
-1,483,793
4,176,123
In helping freight trains_
172,103
(*)
Of mixed engines
Of mixed train engines employed In helping mixed
7,945
(*)
trains
4,970
(*)
Of special rai engines
Of special train engines employed In helping special
1,215
(*)
trains
-141,861
2,994,575
3,136,436
Of shifting engines
-152,925
567,977
720,902
Of non-revenue engines_
-2,049,631
20,494,341
22,544,072
Of all engines
Car Mileage+1,962,892
21,842,100
19,879,208
Mileage of passenger cars
Average number passen--.05
5.55
5.50
ger cars per train mile_ _ _
Average number of passen49
53
gers per train mile
Mileage of cars in special
58,339
service
(*)
, Mileage of loaded freight cars:
-14,453,992
113,790,046
North and East
99,336,054
--8,410,890
92,123,010
South and West
83,712,120
Mileage of empty freight cars:
+3,789,107
51,614,887
47,825,780
North and East
-2,042,611
63,033,431
65,076,042
South and West
Mileage of caboose cars:
4,291,175
North and East_
(x)
4,247,355
(4
South and West
Average number of freight
cars per train mile, ex34.10
-.44
34.54
cluding caboose
Average number loaded fr't
20.97
22.31
--1.34
cars per train mile
Average number empty fr't
cars per train mile, ex12.23
+.90
13.13
cluding caboose
Average number tons freight
571
+2
569
per train mile
Average number tons freight
+1.74
25.50
27.24
per loaded car mile
Average mileage operated
1,881
1,876
+5
during year
* Included In freight and passenger.
z Included in emply freight car mileage.
SUMMARY OF PASSENGER AND FREIGHT CAR MILEAGE.
Year ending June 30th.
1907.
1908,
Total passenger car mileage on Norfolk & Western
19,879,208
Railway
21,842,100
Mileage of Norfolk & VVestern passenger cars on
15,759,070
Norfolk & Western Railway
16,720,104
Mileage of Norfolk & Western passenger cars on
1,291,454
foreign lines
1,208,035
Total mileage made by Norfolk & Western passen17,050,524
ger cars
17,028,139
Mileage of foreign passenger cars (including Pull4,120,138
man) on Norfolk & Western Railway
5,121,996
Percentage of passenger car mileage made by for20.73
eign cars_ . _ _
23.45
Mileage of Norfolk __ Western fre-igni cars on Norfolk & Western Railway (Including caboose) _204,641,146 195,848,745
Mileage of foreign freight cars on Norfolk & VVest_ 101,595,157 122,966,133
ern Railway
__________
Percentage of freight car mileage made by
38.57
33.18
cars
Mileage of Norfolk & Western box cars on Nor___ _ __ _ _
25,267,081
_ 31,056 121
folk & Western Railway
Average number of box cars in service on Norfolk
3.116
3,747
& Western Ralli.vay
Average daily mileage of box cars on Norfolk &
22.24
22.71
Western Railway
Mileage of Norfolk & Western coal cars on Nor140,229,117 136,768,201
folk & Western Railway
Average number of coal cars In service on Norfolk
12,912
15,219
& Western Railway
Average daily mileage of coal cars on Norfolk &
28.42
25.24
Western Railway
Total Norfolk & Western freight car mileage on
Norfolk & Western Railway In transportation
of freight
197,151,965 187,327,263
Average number of Norfolk & Western freight
32,724
cars in service
35,184
Average number of Norfolk & Western freight
18,777
22,787
t-• cars in service on Norfolk ec Western Railway_
Average daily mileage on Norfolk & Western
27.33
23.70
Railway
685
THE CHRONICLE
GENERAL REMARKS.
Among the industries established on your lines during the
year are the following:
17 manufactories of mineral and metal products.
28
" lumber products.
12
" farm Implements and farm products.
5 coal mines.
At the close of the year 138 coal and coke companies were
in operation; 13,881 coke ovens were completed, including
2,151 coke ovens of the United States Coal & Coke Company,
and 56 coke ovens were under construction.
There were also in operation 10 iron furnaces, with an estimated aggregate capacity of 1,288 tons of pig iron per day;
13 furnaces, with an aggregate capacity of 1,730 tons of pig
iron per day, were out of blast.
The following work is under construction:
Tunnel work and roadbed for double track on improved
line for 1.5 miles east of Welch, upon which the tunnel excavation will be ready for masonry in September 1908.
Tunnel work and roadbed for double track on improved
line 7.0 miles,Claren to Wilm ore,upon which the excavation of
four tunnels will be completed ready for masonry in October
1908.
Double track west of Devon, roadbed for which is about
completed, and upon which track will be in operation by
October 1908, so as to make continuous second track Devon
to Naugatuck.
From its organization to June 30 1908 your Company has
expended for railroad lines, branches and extensions acquired and constructed, for second track, for sidings, yards,
stations and other transportation facilities, for betterments
to property and for equipment, the sum of $59,068,758 03,
of which the sum of $39,053,941 12 was provided by the sale
of capital obligations, and the remainder, $20,014,816 91,
was provided from Surplus Income and from the proceeds
of the Company's 5% Two-Year Collateral Notes.
Additions to the equipment in use were also made through
-the agency of Equipment Trusts, under which there had been
issued an aggregate of $18,500,000 Equipment Trust Certificates, of which $4,600,000 matured and were paid to June
30 1908.
These expenditures and trust agreements have added to
your Company's road 321.61 miles of main line and branches,
197.72 miles of second track and 466.80 miles of sidings;
and to the equipment 540 Locomotives, 155 Passenger Cars,
21,103 Freight Cars and 845 Maintenance of Way Cars.
The work of supplying the road facilities and equipment
demanded by the increasing business offering to your lines
made good progress in the early part of the fiscal year, without, however, at that time fully meeting those demands.
The abrupt turn in the tide of industry and finance which
occurred towards the end of the year 1907, and which impaired both gross earnings and security prices, necessitated
not only the curtailment, but, wherever possible, the entire
cessation of such work. Owing to the great shrinkage of
business, there has been a surplus of such facilities and equipment since November 1907.
In the preceding annual report attention was called to the
possible disastrous effect upon the revenues and credit of
the railways of the enforcement of the policies then being
injected into State and national legislation. There is no
question that the hasty and inconsiderate action then taken
was largely responsible for the severe financial and industrial
revulsion which occurred in the latter part of 1907. Not
only have their revenues been enormously contracted, but
their expenditures as large employers of labor and consumers of materials and manufactures have been correspondingly
reduced, and returns to their owners in the shape of dividends on capital stock have, of necessity, been diminished.
Your Board of Directors, in view of existing conditions felt
1908
obliged to reduce the semi-annual dividend paid in June'
from 2% to 2%.
The effect upon your revenue is shown by the following
comparison of net earnings for the fiscal year just closed with
those of the previous year.
Increase or
Year ending Year ending
Decrease.
Net EarningsJune 30 1908. June 30 1907.
$4,761,995 Inc. $541,540
July to November, 5 mos ____ $5,303,535
6,887,850 Dec. 1,788,656
December to June, 7 mos ____ 5,099,194
Total,
12 mos _ _ _510,402,729
$11,649,845
Dec. $1,247,116
It will be noted from these figures that, while the net earnings of the first five months of the fiscal year showed a gratifying increase, the decrease in the remaining seven months
was so considerable as to result in an important decrease for
the whole year.
For comparative details of traffic and mileage statistics,
reference is made to a table in this report, to which your
attention is particularly called.
The legal proceedings to protect your Company's revenues
in connection with the reduction of passenger rates in the
State of Virginia have progressed to the stage where the case
will be argued in the Supreme Court of the United States
early in the term commencing in October next. The outcome is awaited with the greatest interest by all concerned.
The Classification of Revenues and Expenditures prescribed by the Inter-State Commerce Commission, in accordance with Section 20 of An Act to Regulate Commerce, which
took effect July 1 1907, has made it impracticable to present
with the usual completeness detailed comparisons of Operating Expenses with those of the preceding year.
[VOL. Lxxxvil.
THE CHRONICLE
686
We Certify that the annexed General Balance Sheet is
The Board records with regret the death on Feb. 13 1908
of Mr. 0. Howhrd Royer, one of the Company's Assistant properly drawn up therefrom so as to show the true financial
General Freight Agents. Mr. Royer had been in the service position of the Company at that date.
PRICE, WATERHOUSE & CO..
of the Company and its predecessors for more than twenty
Chartered Accountants.
years. Mr. De Los Thomas, Division Freight Agent, was
promoted to fill the vacancy.
COST OF ROAD JUNE 30 1908.
The certificate of Messrs. Price, Waterhouse & Co., who
$151,521,213 01
were re-elected at the last annual meeting to audit the books The cost of road June 30th 1907 was
forAdd
and accounts of the Company, is attached to the Balance
Honaker Branch
846,598 46
Operation tracks U. S. C. & C. Co
Sheet.
198,181 73
Wayne Branch
31,433 55
The Board takes pleasure in acknowledging the ability
Freeburn Branch
47,446 00
and fidelity with which the Company's officers and em ployees
Right of way and station grounds
244,937 50
Additional main tracks
1,163,322 09
have discharged the duties entrusted to them during the year.
Sidings and spur tracks
162,250 80
By order of the Board,
Terminal yards
720,511 40
Track elevation, elimination of grade crossL. E. JOHNSON,
ings, &c
4,500 65
Station buildings and fixtures
95,733 90
President.
Shops, engine houses and turntables
56,469 39
Water and fuel stations
Reconstruction of road purchased
CERTIFICATE OF INDEPENDENT AUDITORS.
PRICE, WATERHOUSE & CO.,
19,704 93
860 31
$2,791,950 71
Less adjustment in respect of previous year
1,525 10
Cost of road June 30th 1908
2,790,4i5 61
$154,311,638 63
Chartered Accountants.
New York, September 2 1908.
To the Shareholders of the Norfolk & Western Railway Co.:
We have examined the books and accounts of the Norfolk
& Western Railway Company at Roanoke and Philadelphia
for the year ending June 30 1908, and
COST OF EQUIPMENT JUNE 30 1008.
The cost of equipment June 30th 1907 was
$12,483,021 25
Add for-98 locomotives and 1,742 freight cars (200 stock, 150 hopper, 500 coke and 892 drop-bottom gondolas)
3,347,173 63
Cost of equipment June 30th 1908
$15,830,194 88
NORFOLK & WESTERN RAILWAY COMPANY-GENERAL BALANCE SHEET JUNE 30 1908.
Comparison with
June 30th 1907+$2,790,425 61
+3,347,173 83
ASSETS.
COST OF ROAD AND EQUIPMENTRailroad franchises and other property _____________
$154,311,638 63
Rolling stock
________________________________________________ 15,830,194 88
ADVANCES FOR CONSTRUCTIONCONCORD AND FOREST BRANCHES
BLACKSTONE & LUNENBURG RAILROAD COMPANY
BIG STONY RAILWAY COMPANY
INTERIOR & WEST VIRGINIA RAILROAD COMPANY
POCAHONTAS & WESTERN RAILROAD COMPANY
GUYANDOT & TUG RIVER RAILROAD COMPANY
BARKER & CLARK'S GAP RAILROAD COMPANY
CLEAR FORK & OCEANA RAILROAD COMPANY
WEST VIRGINIA SOUTHWESTERN RAILWAY
CARETTA RAILWAY COMPANY
EQUIPMENT LEASED UNDER TRUST AdflfAENr§-,
61; INCOME
EQUIPMENT UNDER LEASES FROM VIRGINIA COMPANY
COMPANY'S SECURITIES OWNED____________
Adjustment preferred stock _________________________
88.300 00
Common stock
___________________________________________________
1,530,800 00
First consolidated
__
bonds______ _____________________
13,000 00
Divisional first lien and general mortgage bonds
10,000,000 00
EQUIPMENT TRUST CERTIFICATES OWNED
*INVESTMENTS IN OTHER COMPANIES
ACCOUNTS RECEIVABLEStation agents ______________________________________________________________________
Traffic balances
_____________________
____________
United States Government __________________________________________________________
Individuals and companies
_______________________________________
(Deferred
Proceeds of Convertible Bonds
insfillmenti
$170,141,833 51
51,182 09
156,327 46
314,73019
411,523 44
205,17247
69 40
22 12
151,655 07
10,386 59
14,476,585 01
+10,386 59
+2,576,585 01
-3,500,000 00
-600 00
+10,000,000 00
11,552,100 00
3,600,000 00
3,861,738 05
+3,600,000 00
+2,753,501 87
-389,015 77
-236,547 69
+3,092 16
-151,508 13
-4,076,000 00
$567,018 35
663,401 17
72,264 96
823,653 '71
INSURANCE PAID IN ADVANCE
MATERIAL AND SUPPLIES
POCAHONTAS COAL & COKE.-doitiPANV-JdA-Sii ADVANCES FOR ADDITIONAL REAL ESTATE
VIRGINIA. COMPANY _
________________
_____
CASH
-1,381,142 76
+2,613 61
+145,789 55
+259,730 09
+98,232 78
+10,185 05
+69 40
+22 12
2,126,338 19
33,869 47
2,778,175 52
906,000 00
6,019,352 16
-12,555 /9
-674,511 87
-19,000 00
-172,713 74
+1,606,085 34
$216,797,060 74
+516,590,297 06
*Includes Lynchburg Belt Line and Connecting Railway Company 5% Bond for $2,748,780 28 referred to on page 13.
CAPITAL STOCKAdjustment preferred ______
Common
LIABILITIES.
_____________________________ $23,000,000 00
66,000,000 00
FUNDED DEBTSouth Side Railroad Company consolidated mortgage bonds
Virginia & Tennessee Railroad Company enlarged mortgage bonds
Norfolk & Western Railroad Co.General mortgage 6 per cent bonds
New River Division first mortgage 6 per cent bonds
Improvement and Extension mortgage 6 per cent bonds
Scioto Valley & New England RR. Co. first mortgage 4 per cent bond
Columbus Connecting & Terminal RR. Co. 5 per cent mortgage bonds-------------------Norfolk & Western Railway Co.First consolidated mortgage 4 per cent bonds
Divisional first lien and general mortgage 4 per cent bonds
Convertible 10-25 year 4 per cent bonds
$89,000,000 00
$1,000 00
5,000 00
7,283,000 00
2,000,000 00
5,000,000 00
5,000,000 00
600,000 00
40,400,500 00
23,000,000 00
14,576,000 00
OUTSTANDING EQUIPMENT TRUST CERTIFICATES FOR LEASED EQUIPMENT _____
NORFOLK & WESTERN RAILWAY CO. 5 PER CENT TWO-YEAR COLLATERAL NOTES
INTEREST ON FUNDED DEBT, EQUIPMENT TRUST CERTIFICATES AND COLLATERAL NOTES ACCRUED BUT NOT MATURED
________________________
LYNCHBURG BELT LINE & CONNECTING RAILWAY CO. CONS7PRIJCTION
_____________________
ACCOUNTS PAYABLEPay rolls
$822,593 50
Audited vouchers
___
690,242 20
Traffic balances
47,726 85
Individuals and companies _
___
309,289 36
_______
TAXES ACCRUED
_____________________________________
_____
RESERVES FOR
Equipment renewal
Rail renewal
____
_______________________________________________________________
___
Cross-tie renewal _________
________
________________________________
Betterments_________________________
PROFIT AND LOSS
.
-With the retirement of H. C. Davis, Secretary and
Treasurer, the corporation of Jones, Davis & Co., Land
Title Building, Philadelphia, was succeeded on September
1st by the new bond firm of E. B. Jones & Co., with offices
at the same address. The new concern will continue to
deal in the same class of bond investments. Among other
offerings, the company is at present handling two issues
of the Illinois 'Fraction Co. system and this week makes
a special offering of that system's Danville Urbana & Champaign Railway first mortgage 5% bonds due 1923. These
+$10,000,000 00
97,865,500 00
13,900,000 00
7,500,000 00
+2,000,000 00
+7,500,000 00
1,186,227 00
220,595 69
+65,775 33
+229,595 69
-452,042 90
-1,508,500 92
-64,819 70
+180,752 00
1,869,851 91
489,859 83
+37,798 27
283,254 45
4,472,771 86
-291,318 70
-157,349 51
___28,565 42
-921,394 22
+366 29
$216,797,060 74
+516,590,297 09
bonds are guaranteed jointly and severally by the Danville
Street Railway & Light Co. and the Urbana & Champaign
Ry. Gas & Electric Co. and are an absolute first mortgage
on the property of the Danville Urbana & Champaign Ry.
Co. Neither of the guaranteeing companies can increase
its bonded debt until the Danville Urbana & Champaign
Railway has shown for the previous twelve months net
earnings of 2 times the interest on its total outstanding
bonded debt. Price and circular upon application to
E. B. Jones & Co.
The Tommerciat Winta.
COMMERCIAL EPITOME.
Friday Night, Sept. 111908.
Increasing confidence in the future is noticeable in many
sections. Textile and other mills in not a few instances
have resumed full time and the number of idle freight cars
has decreased. Improvement in collections is reported,
partly as a result of a larger movement of grain and cotton.
Prices have as a rule been steady.
LARD on the spot has been stronger, owing to light receipts of hogs at firmer prices, the strength of the corn market and light offerings. Trade has been quiet and confined
mainly to jobbers. Western 10.15(4)10.20c. and City 9%c.
Refined lard has advanced. Trade has been extremely
dull, but the strength of the hog situation has been the
dominant factor. Offerings have been small. Refined, Continent 10.50c., South America 11.25c. and Brazil, in kegs,
12.75c. The speculation in lard futures at the West has
been active. Prices have advanced, owing to the light hog
movement, the rise in corn, buying by prominent packers
and commission houses and covering of shorts. The selling
has been mainly to secure profits on the long side.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
9.72% 9.72% 9.82% 9.923
0.65
September delivery
9.973
October delivery
Roll- 9.77k 9.77% 9.85
9.70
9.77%
0.65
9.60
day. 0.55
January delivery
9.47%
PORK on the spot has advanced, owing to the small live
hog receipts, the strength of hog prices, the rise in corn and
light offerings. Trade has been quiet and chiefly of a local
jobbing character. Mess $16 75(4)317, clear $18©319 50 and
family $19. Beef has been firm. Trade has been dull, but
production has continued on a small scale. Mess $14©
$14 50, 'packet $15©315 50, flank $14 50©$15, family
$17©317 50 and extra India mess $24 50©$25. Cut meats
have ruled steady, with a quiet jobbing trade. Pickled
hams 12(4)123ic., pickled shoulders 73/2c. and pickled bellies, 14(4)10 lbs., 10©11c. Stearines have been stronger.
The demand has been light but in excess of the production,
which has diminished, owing to the high price of the raw
materials. Oleo 123(©123/
2c. and lard 12©123'c. Tallow
has been quiet and steady; City 5c. Butter has been
%©24c. Cheese quiet
quiet and firmer; Creamery extras 233
and firmer; State, f. c., small, fancy, 123c. Eggs have
qeen quiet and firm; Western firsts 213'©22c.
OIL.-Cottonseed has been active and firm; prime winter
yellow 42©43c. Linseed has been firm but quiet, with the
demand confined to small lots. City, raw, American seed,
44©46c.; boiled 45©47c.,and Calcutta, raw, 70c. Lard has
been firmer, owing to the advance in the raw material.
There has been a moderate demand for small lots. Prime
68©72c. and No. 1 extra 50©52c. Olive has been quiet
and firm; yellow 90©95c. Cocoanut has been fairly active
and steady; Cochin 7©714c.and Ceylon 6%©63/oc. Peanut
has been quiet and steady; yellow 65©80c. Cod has been
in moderate demand and steady;domestic 38©40c.and Newfoundland 40©42c.
COFFEE on the spot has been quiet and steady. Rio No.
4c. West India growths
7, 631A6Y4c.• Santos No. 4, 8©8Y
have been steady, with a fair jobbing trade. Fair to good
Cucuta 8%©9%c. The speculation in future contracts
has been quiet and confined largely to switching from near
to distant position. Prices have fluctuated within a narrow
range, but in the main the tone has been firm, owing to
strong European cables and support from prominent local
spot dealers. Europe has been a small buyer here. Closing
prices were:
September
October
November
December
5.80c.
5.65c.
5.60c.
5.60c.
January
February
March
April
5.550.
5.50c.
5.50c.
5.50c.
May
June
July
August
5.50c.
5.55c.
7.55c.
5.55c.
SUGAR.-Raw has been moderately active but easier,
owing to larger arrivals. Centrifugal,96-degrees test, 3.90c.,
muscovado,89-degrees test,3.40c. and molasses, 89-degrees
test, 3.15c. Refined has been in fair demand and there
have been larger withdrawals on old contracts. Granulated
5.00c. Teas have been in moderate demand and steady.
Spices have been firm,with liberal sales to grinders. Wool
has been quieter and steady. Hops dull and steady.
Ott PETROLEUM.-Refined has been in good demand and
firm Refined barrels 8.75c., bulk 5.00c. and cases 10.90c.
Gasoline has been moderately active and firm; 86 degrees in
100-gallon drums 19c.; drums $8 50 extra. Naphtha has
been fairly active and steady; 73©76 degrees in 100-gallon
drums 16c.; drums $8 50 extra. Spirits of turpentine has
been dull and easier at 39c. Rosin has been quiet and firm;
common to good strained $2 75.
TOBACCO.-The market for domestic leaf has been very
quiet. Manufacturers of cigars in some cases report that
the consumption has decreased of late instead of increasing
as had been generally expected, and the buying of leaf is
merely to fill immediate needs. Sumatra has been dull;
withdrawals from bond have decreased. Havana has been
dull. Prices have been steady as a rule.
COPPER easier.Trade quiet and production increased. Lake
l33'@133
%c. and electrolytic 133
8(4)13%c. Lead has been
/
quiet and easy at 4.55©4.57%. Spelter has been moderately active and steadier at 4.75©4.80c. Tin has been
q_uiet and easy; Straits 28%c. Iron quietand steady. No. 1
Northern $16 50©317 25 and No.2 Southern $16 75©317 25.
687
THE CHRONICLE
SEPT. 12 1908.1
COTTON.
Friday Night, September 11 1908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
128,934 bales, against 77,203 bales last week and 71,720
bales the previous week, making the total receipts since
the 1st of September 1908, 181,165 bales, against 140,195
bales for the same period of 1907, showing an increase since
Sept. 1 1908 of 40,970 bales.
Receipts at-
Mon.
Sat.
Galveston
Port Arthur_ . _ _
Corp. Chris., &c_
New Orleans_ _ _ _
Mobile
Pensacola __..__ _
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown _ _ _
Wilmington _ _
Norfolk
N'port News, dm
New York
Boston
Baltimore
Philadelphia.. _ _ _
Tues.
Wed.
Total.
Thurs.
8,169 11,237 15,805 10,569
- --1,850
-67 6
273
432
86
568
1,537
609
1,331
416
850
5,390
6-,F45
6;66
76
026
9,833 41,060
316
542
90
9
7,495
93
357
_
362
7,348 14,411 67,539
7,068
3,294
566
535
1,495
4:iii
162
217
1,139
408
1,914
1,851
155
50
72
520
770
155
-
-290
484
290
70
70
Tot, this week 15,575 19,427 25,636 21,341
17,658 29,297 128.934
The following shows the week's total receipts. the total
since Sept. 1 1908, and the stocks to-night, compared with
last year:
Stock.
1907.
1908.
Receipts to
September 11.
This Since Sep This Since Sep
Week. 11908. week. 1 1907.
1007.
1908.
26,622
65,541
56,653
Galveston__ ____ 67,539 102,370 33,470
....
Port Arthur
148
148
CorpusChristi.&c.
5,310
30,817
34,505
8,400 4,432
7,068
New Orleans_ _ _ _
4,164
8,795
1,962
3,294
4,207 1.759
Mobile
Pensacola
952
926
Jacksonville, &p.
38,844
53,537
53,918
55,711 41,178
Savannah41,060
575
1,323
3,845
3,186
__ __
Br .n,w ck ____ ..
7,577
10,244
7,322
6,429
4,569
4,283
_
_
Charleston_.._
Georgetown
7,121
6,466
6,898
1,946 6,732
1,914
Wilmington
10,769
4,059
3,559
1,896 2,393
1,851
Norfolk
264
264
155
155
Newport News,&c
60.470 169,932
New York
3,959
4,589
484
583
Boston
2,825
186
2,039
186
306
290
Baltimore
1,339
1,213
130
50
70
70
Philadelphia _ _
------ -----------------------128,934 181,165 100,227 140,195 248,463 308,857
Total
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1907.
1908.
Receipts at-
1905.
1906.
73,860
33,470
427
148
17,727
4,432
3,808
1,759
33,010
41,178
279
3,186
3,848
6,429
1,842
6,732
2,393 . 1,870
99
264
2,751
236
1903.
1904.
76,220
201
17,040
5,309
59,218
3,462
14,125
4,745
6,584
167
282
76,689
546
10,902
5,778
76,697
4,867
11,954
14,239
11,713
107
2,186
25,987
313
7,541
4,271
37,965
134
7,059
20,075
5,372
48
557
Galveston __ _
PLArthur,&c.
New Orleans_
Mobile
Savannah _ _ _
Brunswick _ _ _
Charleston,&c
Wilmington.. _
Norfolk
N'port N., &c.
All others..- - -
67,539
4.283
1,914
1,851
155
1,770
------Total this wk_ 128.934
100,227
139,521
215,738
187,343
110,222
Since Sept. 1..
181,165
140,195
212,582
387,189
343,360
151,785
7,068
3,2,4
41,060
The exports for the week ending this evening reach a total
of 35,516 bales, of which 14,000 were to Great Britain,
650 to France and 20,866 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908.
Week ending Sept. 11 1908. From Sept. 1 1908 to Sept. 11 1908.
Exported toExported toExports
tramGalveston _ _ _
Port Arthur_
Corp.Christ, &c
New Orleans_
Mobile
Pensacola
Fernandina
Savannah _
Brunswick_
Charleston_
Wilmington_
Norfolk
Newport News
New York_ - - Boston
Baltimore
Philadephia
Portland, Mn..
San Francisco_
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit
Total
ContiGreat
ContiGreat ,
Britain.iFr nc nent. Total. Britain. France. nent.
12,680 19,664
6,984
100
650
300
7,780 13,478
156 1.824
8,396
2,817
150
14.000
8,369
100
300
300
5,048
1,668
6,984
650 20.866 35.516
55,665
2,385
2,385
1 300
1.450 [12,880
156
1.700
22,726
2.973
1,700
150
1150
9,819
57,583
85,899
31,304 17,105
29,569
77,978
150
Total 1907- - - 22,597 7.400 19,853 49,850
Total.
40,312
18,497
Pin 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.
[VOL. Lxxxvii.
THE CHRONICLE
688
On Shipboard, Not Cleared forGceat
Sept. 11 sal- Britain. France
Other CoastGermany. Foreign wise.
750 2,356
7,771 11,272
5,444
Leaving
stock.
Total.
457 4,835
2,052 42,634
1,200 6,644
500
500
1,400 2,247
1,000 1,000
_
2,900
4,500
25,982
22,907
46,893
9,741
6,548
3,059
57.570
10,500
Total 1908._ 15,561 11,184 16,278 15,628 6,609 65,260
Total 1907._ 14,177 5,264 6,217 2,370 12,735 40,772
Total 1906- 15,981 6,485 18,455 13,501 12,288 66,710
183,203
268,085
182,941
815
New Orleans-Galveston
_ - 11,546
Savannah _ - _ _
Charleston_ _ .
Mobile
Norfolk
700
New York_ _ _ _
2,500
Other ports_ _
457
9,903
-534
200
-313
-566
1,500
1,500
500
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
141 II f,s2.1 11 IZ.1 11 11 11
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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks;
as well as the afloat, are this week's rAurns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
September 11Stock at Liverpool
Stock at London
Stock at Manchester
1908.
bales. 334,000
12,000
35.000
1907.
064,000
29,000
46,000
1906.
327,000
13,000
34,000
1905.
685,000
25,000
46,000
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
6,000
756,000
20,000
154,000
60,000
3,000
15,000
11,000
3,000
266,000
298,000
152,000
266,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
India cotton afloat for Europe_ _ _
American cotton afloat for Europe
Egypt,Brazil,&c.,afloat for Europe
Stock in Alexandria, Egypt
Stock in Bombay,India
Stock in U.S. ports
Stock in U.S. Interior towns ____
U.S. exports to-day
647,000 1,037,000
124,000
57,000
77,218
164,757
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 1,022,000
57,000
90,000
170,607 234,000
15,000
25,000
27,000
35,000
540,000
565,000
249,651
449,512
121,033
175,170
16,741
55,751
Total visible supply
1,680,966 2,187,050 1,748,032 2,635,253
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 232,000 555,000 234,000 620,000
Manchester stock
25,000
41,000
43,000
30,000
Continental stock
199,000 200,000
94,000 226,000
American afloat for Europe
234,000
164,757
77,218
170,607
449,512
U. S. port stocks
248,463 308,857 249,651
U.S. interior stocks
175,170
133,120 101,611
121,033
55,571
U. S. exports to-day
4,626
12,364
16,741
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
Spot Market
Closed.
Saturday_ _
Monday_ _ _
Tuesday _Wednesday
-Thursday _
Friday_ _
Futures
Market
• Closed.
HOLIDAY.
HOLIDAY.
Quiet
Very steady.
Quiet 10 pts adv _
Steady
Quiet 10 pts adv _ Barely steady
Quiet 10 phi adv-Steady
Total
Sales of Spot and Contract.
Con- ConExport sunen. tract.
100
100
60
100
160
60
60
Total.
_
1,006,966 1,208,050
102,000
12,000
10,000
67,000
57,000
18,000
53,000
364,000
109,000
29,000
3,000
98,000
124,000
21,000
20,000
485,000
683,000 889,000
1,006,966 1,298,050
916,032 1,801,253
93,000
13,000
5,000
58,000
57,000
15,000
27,000
565,000
65,000
25,000
5,000
40,000
90,000
25,000
35,000
540,000
832,000 834,000
916,032 1,801,253
Total visible supply
1,689,966 2,187,050 1,748,032 2,635,253
Middling Upland, Liverpool
5.63d.
7.10d.
5.57d.
5.47d,
Middling Upland, New York.- -9.80c.
12.80c.
10.75c.
9.40c.
Egypt, Good Brown, Liverpool
104d.
Liverpool__ 8 7-16d. 11 1-16d.
814d.
Peruvian, Rough Good, Liverpool
8.50d.
12.00d.
8.70d.
9.35d.
Broach, Fine, Liverpool
Tinnevelly, Good, Liverpool
63id.
5d.
434d. 5 15-16d.
5 WI
5 1-18d.
5 7-16d.
5 5-16d.
Continental imports for the past week have been 24,000
bales.
The above figures for 1908 show a decrease from last
week of 10,586 bales, a loss of 497,084 bales from 1907,
a decrease of 53,066 bales from 1906, and a loss of
45,287 bales from 1905.
689
THE CHRONICLE
SEPT. 12 1908d
QUOTATIONS FOR MIDDLING COTTON AT OTHER
AT THE INTERIOR TOWNS the movement-that is
the receipts for the week and since Sept. 1, the shipments MARKETS.-Below are the closing quotations of middling
for the week and the stocks to-night, and the same items cotton at Southern and other principal cotton markets for
for the corresponding period for the previous year-is set each day of the week.
out in detail below.
SLL1102 9t '1E10a,
Week ending
September 12.
Galveston
New Orleans _ _ _
Mobile
Savannah
Charleston
Wilmington..
Norfolk
Boston
13altimore
Philadelphia.
Augusta
Memphis
St. Louis
Houston
Little Rock_..__
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Movement to September 13 1907.
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The above totals show that the interior stocks have increased during the week 15,762 bales and are to-night 31,509
bales more than at the same time last year. The receipts
at all the towns have been 30,236 bales more than the same
week last year.
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:
---1007
September 11ShippedVia St. Louis
Via Cairo
Via Rock Island_
Via Louisville
Via Cincinnati_
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, hz
Between interior towns
niand, &c., from South
Total to be deducted
Leaving total net overland_a
Week.
2,665
599
74
259
168
468
423
Since
Sept. 1.
4,007
1,623
258
788
346
493
523
4,656
844
45
532
184
597
397
Since
Sept. 1.
1,091
656
1
1,186
315
597
699
8,038
2,580
4,545
959
45
1,582
236
86
1,563
316
86
2,042
1,421
2,586
1,885
2,444
3,235
5,452,
695
2,101
Week.
645
170
-587
a Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 3,235 bales, against 695 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an increase over a year ago of 3,351
bales.
1907-Since
Sept. 1.
140,105
2,101
91,000
1908
Since
In Sight and Spinners'
Week. Sept. 1.
Takings.
181,165
128,034
Receipts at ports to Sept. 11
5,452
3,235
Net overland to Sept. 11.
58,000
Southern consumption to Sept. 11_ 38,000
Week.
100,227
695
49,000
170,169
15,762
244,617
17,925
149,922
13,666
185,931
Caine into sight during week
Total in sight Sept. 11
Northern spinn's takings to Sept. 11 29,567
262,542
32,163
Total marketed
Interior stocks in excess
233,306
21,028
163,588
22,468
254,324
32 481
Movement into sight in previous years:
Week1906-Sept.
1005-Sept.
1904-Sept.
1903-Sept.
14
15
16
18
Closing Quotations for Middling Cotton on-
Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Bales. I Since Sept. 1210,420 1906-Sept. 14
280,403 1905-Sept. 15
243,011 1904-Sept. 16
158,116 1903-Sept. 18
Bales.
337,926
535,266
457,634
254,084
HOLIDAY.
• 9 3-16
9
8
8 15-16
8%
8%
9%
9.30
9%
9.55
9
9%
934
9%
8%
93.4
9%
8 13-16
9 1-16
9
93.1
9.30
9%
9.65
934
934
9%
9%
834
934
9 3-16
834
934
9 1-16
9
93.f,
9.40
934
9.75
9 3-16
3.4
904
934
8%
9 3-16
8 15.16,
9 1-16
9 1-16
9
934
9.50
9.65
9 1-16
931,
934
9 5-16
8%
NEW ORLEANS OPTION MARKET.-The highest,
lowest and 'losing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sardav, Monday, Tuesday, Wed'day, Thursd'u, Friday,
Sept. 5. Sept. 7. Sept. 8. Sept. 9. Sept. 10. Sept. 11.
SeptemberRange
Closing
OctoberRange
Closing
NovemberRange
Closing
December-Range
Closing
JanuaryRange
Closing
FebruaryRange __.._
Closing
MarchRange
Closing
ToneSpot
Options ___._
.04- @ - ® -- ® -8.77-.83 8.93-.97 8.94-.97 8.87-.90
8.58-.68 8.66-.85 8.82-.91 8.74-.83
8.66-.67 8.80-.81 8.82-.83 8.74-.75
- @ -- @ -- @ --- @ 8.62-.65 8.75-.80 8.75-.80 8.66-.70
H01.1DAY.
HOUDAY.
8.52-.63 8.62-.78 8.73-.83 8.64-.75
8.61-.62 8.73-.74 8.73-.74 8.65-.6e
8.53-.65 8.62-.80 8.75-.86 8.66-.77
8.63-.64 8.75-.76 8.76-.77 8.68-.69
_ @ ____ _ @ _ _ @ _ _ @ _
8.64-.66 8.77-.80 8.78-.82 8.71-.75
8.63-.70 8.71-.76 8.85-.89 8.78-.82
8.70-.72 8.83-.84 8.83-.85 8.75-.76
Quiet.
Steady. Steady. Finn.
Easy.
Easy. Steady. Steady.
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South indicate that on
the whole the weather has been favorable during the week.
In some sections there has been no rain and at a few points
the precipitation has been heavy, and elsewhere the rainfall
has been moderate or light. Picking is actively in progress
and the movement of cotton to market has been more liberal.
Reports from some districts are to the effect that the crop
condition is less favorable.
Galveston, Texas.-There has been rain on three days
during the week, the precipitation reaching two inches and
thirty hundredths. The thermometer has averaged 81,
ranging from 72 to 90.
Abilene, Texas.-We have had no rain during the week.
The thermometer has ranged from 62 to 100, averaging 81.
Brenham, Texas.-We have had rain on two days of the
week, the rainfall being forty-three hundredths of an inch.
The thermometer has averaged 84, the highest being 93
and the lowest 69.
Corpus Christi, Texas.-The week's rainfall has been two
hundredths of an inch, on one day. The thermometer
has averaged 82, ranging from 72 to 92.
Cuero, 7'exas.-It has rained on one day of the week,
the precipitation reaching one inch and five hundredths.
The thermometer has ranged from 68 to 99, averaging 84.
Dallas, Texas.-We have had no rain during the week..
The thermometer has averaged 84, the highest being 102
and the lowest 65.
Fort Worth, Texas.-It has been dry all the week. The
thermometer has ranged from 66 to 100, averaging 83.
Henrietta, Texas.-It has been dry all the week. The
thermometer has ranged from 65 to 104, averaging 85.
Huntsville, Texas.-It has rained on one day of the week,
the rainfall being eighty-three hundredths of an inch. The
thermometer has ranged from 64 to 98, averaging 81.
Kerrville, Texas.-We have had no rain during the week.
The thermometer has ranged from 56 to 97, averaging 77.
Lampasas, Texas.-There has been rain on one day of
the past week to the extent of nineteen hundredths of an
inch. The thermometer has averaged 83, ranging from
59 to 104.
Longview, Texas.-It has been dry all the week. The
thermometer has ranged from 65 to 97, averaging 81.
Luling, Texas.-There has been rain on one day during the
week, the rainfall reaching ten hundredths of an inch.
Average thermometer 82, highest 101, lowest 62.
Nacogdoches, Texas.-It has rained on one day during
the week, to an inappreciable extent. The thermometer
has averaged 80, the highest being 96 and the lowest 64.
Palestine, Texas.-There has been no rain the past week.
The thermometer has averaged 82, ranging from 67 to 96.
Paris, Texas.-There has been no rain during the week.
Average thermometer 84, highest 104, lowest 63.
690
0
THE CHRONICLE
San Antonio, Texas.-We have had heavy rain on one day
during the week, the rainfall being one inch and fifty-six
hundredths. The thermometer has ranged from 66 to 102,
averaging 84.
Taylor, Texas.-There has been rain on one day of the
week, the rainfall reaching eighty-four hundredths of an
inch. Average thermometer 84, highest 100, lowest 68.
Weatherford, Texas.-There has been no rain during the
week. Average thermometer 83, highest 102 and lowest 65.
Ardmore, Oklahoma.-Dry all the week. The thermometer has averaged 83, the highest being 102 and the lowest 63.
Holdenville, Oklahoma.-There has been no rain the past
week. The thermometer has averaged 81, ranging from 62
to 100.
Marlow, Oklahoma.-There has been no rain during the
week. The thermometer has ranged from 63 to 100, averaging 82.
Oklahoma, Oklahoma.-We have had no rain during the
past week. Average thermometer 80, highest 95 and lowest 65.
Alexandria, Louisiana.-There has been no rain during the
week. The thermometer has averaged 82, the highest being
96 and the lowest.67.
Amite, Louisiana.-There has been rain on one day of the
week, the precipitation reaching five inches and twenty-six
hundredths. The thermometer has averaged 80, ranging
from 67 to 92.
New Orleans, Louisiana.-It has rained on five days of the
week, the precipitation reaching one inch and twenty-seven
hundredths. The thermometer has ranged from 71 to 92,
averaging 82.
Shreveport, Louisiana.-There has been no rain since
Aug. 24th. Average thermometer 81, highest 95,lowest 67.
Vicksburg, Mississippi.-There has been no rain during
the week. The thermometer has averaged 79, ranging from
67 to 90.
Columbus Mississippi.-There has been rain on one day
of the week, the precipitation reaching nine hundredths of
an inch. The thermometer has ranged from 61 to 96,
averaging 79.
Meridian, Mississippi.-There has been rain on three days
of the week, the rainfall being six hundredths of an inch.
Average thermometer 79, highest 93 and lowest 64.
Eldorado. Arkansas.-We have had rain on one day of the
week, the precipitation being twenty-nine hundredths of an
inch. The thermometer has averaged 78, ranging from 61
to 95.
Fo-t Smith, Arkansas.-There has been rain on one day
the past week. The rainfall reached fourteen hundredths
of an inch. The thermometer has averaged 78, the highest
being 96 and the lowest 68.
Helena, Arkansas.-Crop reports are not so good. Picking
is now in full progress. There has been no rain since Aug:23.
Nights cold. The thermometer has ranged from 59 to 88.
averaging 74.
Little Rock, Arkansas.-We have had rain on one day of
the past week, the precipitation reaching eight hundredths
of an inch. Average thermometer 77, highest 91, lowest 63.
Nashville, Tennessee.-It has rained on two days of the
week, to the extent of sixty hundredths of an inch. The
thermometer has averaged 75, ranging from 62 to 88.
Mobile, Alabama.-Seattered rains in the interior. Picking is making good progress, but crop reports are not favorable. Rain has fallen on four days of the week, the rainfall
reaching five inches and seventy-seven hundredths. The
thermometer has ranged from 70 to 93, averaging 79.
Montgomery, Alabama..-We have had rain on two days of
the past. week, the precipitation reaching forty hundredths
of an inch. Average thermometer 78, highest 93, lowest 65.
Selma Alabama.-We have had rain on three days of the
week, the rainfall being twenty hundredths of an inch. The
thermometer has averaged 78, the highest being 90 and the
lowest 67.
Madison,Florida.-There has been rain on five days of the
week, the precipitation reaching two inches and eleven hundredths. The thermometer has averaged 80, ranging from
70 to 93.
Tallahassee, Florida.-Rain has fallen on four days of the
week, the rainfall reaching three inches and sixty-four hundredths. The thermometer has ranged from 69 to 90,
averaging 80.
Atlanta, Georgia.-The week's rainfall has been ninety-six
hundredths of an inch, on two days. Average thermometer
75, highest 86, lowest 61.
Augusta, Georgia.-We have had rain on two days of the
week, the rainfall being twenty-nine hundredths of an inch.
The thermometer has averaged 77, the highest being 90 and
the lowest 63.
Savannah, Georgia.-.There has been rain on six days of the
week, the precipitation reaching four inches and four hundredths. The thermometer has averaged 78, ranging from
68 to 91.
Washington, Georgia.-It has rained on two days of the
week, the precipitation reaching sixty hundredths of an inch.
The thermometer has ranged from 63 to 90, averaging 77.
Greenivood, South Carolina.-We have had rain on two days
the past week,The rainfall reaching one inch and twenty-six
hundredths. The thermometer has averaged 74, the highest
being 87 and the lowest 60.
Spartanburg, South Carolina.-It has rained on two days
[VoL. Lxxxvu.
of the week, to the extent of one inch and fifteen hundredths.
The thermometer has averaged 75, ranging from 59 to 90.
Charlotte, North Carolina.-Weather fine for picking.
There has been rain on two days of the week, the rainfall
reaching eighty-seven hundredths of an inch. Average thermometer 71, highest 86, lowest 58.
Greensboro, IV orth Carolina.-We have had rain on two
days of the week, the rainfall reaching two incheq. The
thermometer has averaged 70, the highest being 85 and the
lowest 51.
Raleigh, North Carolina.-There has been rain on two days
of the past week, the rainfall reaching three inches and eight
hundredths. The thermometer has averaged 71, ranging
from 56 to 86.
Memphis, Tennessee.-There are reports of deterioration
in the condition of the crop. There has been rain on one
day the past week. The rainfall reached one hundredth of
an inch. The thermometer has averaged 76.8, the highest
being 89.5 and the lowest 63.7.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1908.
Week.
1907.
Week.
Season.
--- ----2,200,205 2,291,844:
Seaso.n
Visible supply Sept. 4
_
Visible supply Sept. 1
1,700,552---1,714,f)tia
iii
American in sight to Sept. 11._ 185,931
262,542 163,588
254,324
Bombay receipts to Sept. 10._ _ _
3,000
5,000
6,000
13,000
Other India Ship'ts to Sept. 10_
10,000
13,001)
3,000
10,000
Alexandria receipts to Sept. 9__
1,000
1,000
3,200
4,000
Other supply to Sept.9_a
2,000
3,000
4,000
8,000
---------------Total supply
1,002,483 1,999,524 2,379,993 2.581,168
Visible supply Sept. 11..
1.689,966 1,689,966 2,187,050 2,187,050
---Total takings to Sept. 11
212,517
309,558 192,943
394,118
. 157,517
Of which American
232,558 150,743
292,118
Of which other
5.,000
77,000
42,200
102,00C
INDIA COTTON MOVEMENT FROM ALL PORTS.
September 10.
1908.
Receipts at-
Since
Week. Sept. 1.
Bombay
3,000
1907.
Week.
5,000
6,000
13,000
For the Week.
Exports from-
Great ContiBritain. nent.
Bombay1908
1907
1906_
Calcutta1908
1907
1906
Madras1908
. 1907
1906
All others1908
1907
1906
Loa
Total all1908
1907
1906
Since
1
Week. Sept. 1. 1
4,000
8,000
Since September 1.
Great
Britain.
Total.
6,000
8,000
9,000
6,000
8,000
9,000
1,000
1,000
Continent.
Total.
12,000
34,000
21,000
12,000
34,000
22,000
1,000
1,000
1,000
3,000
1,000
1,000
3,000
1,000
2,000
1,000
_
2,000
1,000
2,000
1,000
2,000
1,000
7,000
7,000
1,000
5,000
1,000
10,000
5,000
9,000
10,000
6,000
0,000
16,000 16,000
10,000 11,000
14,000 14,000
1,000
1,000
25,000
43,000
31,000
25,000
44,000
32,000
5-0365
17,606
1906.
Since
Sept. 1.
1,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
ELIA lexandria. Eaypt,
September 9.
1908.
Receipts (cantars)This week
Since Sept. 1
6,000
6,400
1907.
1906.
23,000
29,000
11,000
15,500
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1., week. Sept. 1.
1,000 2,250 4,250; 2,000 3,500
3,250 3,250,
3,500 4,000 2,250 5,2501 1,250 3,750
300
500
700
200
_
3,500 5,000 8,050 13,450, 3,450 7,750
Exports (bales)To Liverpool__
To Manchester
To Continent
To America
Total exports
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues firm for yarns and quiet for shirtillgs. The demand
for both yarn and cloth is improving. We give the prices
for to-day below and leave those for previous weeks of this
and last year for comparison.
1908.
8.
July
31 8%88
Aug.
7 8/,,
14 8,4
@)
21 8
88
28 7A
©
Sep.
74 0
ii 715-160
1907.
834 lbs. Shill- Cot'n
ings, common 311d.
Upl's
to lines:.
32s Cop
Twist.
d. s. d.
s. d.
94 4 11 08 1
9
4 11 08
1.0;4©8
4 10 07
4 9 07
0
0
10%
10
d. d.
32s Cop
Twist.
84 lbs. Shirt- Colts
ings, common Mid.
to finest.
Upl's
d. s. d.
s. d.
d.
6.02 104 0 124 6 9 10©
7.28
6.26 10 15-16015-16 6
5.92 IOU 88 12i4 6
5.59 1013 16012 3.16 6
5.25 ii
6 1231 6
7.47
7.29
7.27
7.40
9 88105
8 881043-i
75i 0l0 4
8 CD10 5
84 4 9 07 10',6 5.25 II% 0 12Si 6 8 @i05
9 4 10 08 0
5.47 10A © 124 6 7
104©
7.51
7.10
I
THE CHRONICLE
SEPT. 12 1908d
691
last year. But on all setbacks in prices there has been good
buying and prices have quickly rallied. Many believe that
this is to be a year of high prices, owing to the depleted
stocks in the world, and they are buying on all declines.
The milling demand has been so urgent that there has been
bales.
Total
a trifling increase in the stock at Minneapolis despite
only
Sea
22
upland,
4,021
edric,
9-C
NEW YORK-To Liverpool-Sept.
4,049 the heavy receipts. Cash premiums have remained firm.
Island, 6 foreign
999
crops of the
To Manchester-Sept. 5-Tintoretto, 999
650 Furthermore, a shortage is reported in the
200
To Havre-Sept. 5-Chicago, 450._ _Sept. 8-Aladdin,
4,526 Pacific Northwestern States of fully 20,000,000 bushels.
To Bremen-Sept. 9-Barbarossa, 4,526
300
winter-wheat terriTo Hamburg-Sept. 4-President Grant, 300
1,000 Drought has continued over much of the
To Barcelona-Sept. 5-Buenos Aires, 1,000
1,954 tory. It is interfering with plowing and planting, and
To Genoa-Sept. 4-PrInzess Irene, 1,954 , 6,984
6,984
future ,it would not be surprising
GALVESTON-To Liverpool-Sept. 5-Albanian
11,229 unless rain falls in the near
To Bremen-Sept. 8-Helgoland, 11,229
1,346 if there should be some decrease in the acreage. Winter1,346
gia,
0-Geor
-Sept.
Hamburg
To
105
a disposition to hold on all recessions
To Copenhagen-Sept. 5-Thelma, 105
100 wheat growers show
.
NEW ORLEANS-To Hamburg-Sept. 11-Hohenfelde, 100
300 in prices and the movement in the Southwest has decreased
300
Morch,
5-Helmer
ept.
Liverpool-S
SAVANNAH-To
on the 8th inst. was considered
BOSTON-To Liverpool-Sept.4-Sachem,44_ _ _ _ Sept. 7-Ivernia, 1,668 The Government report
Sept. 8-Devonlan, 965
659_
bullish. It stated the condition of spring wheat at 77.6%,
To St. -John-Sept. 3-Calvin Austin, 96_ ___Sept. 7-Calvin
156 against 80.7% a month ago, 77.1 a year ago and 83.4 in
Austin, 60
150
SAN FRANCISCO-To Japan-Sept. 8-Asia, 150
1906. This pointed to a crop of 240,000,000 bushels, against
35,516 224,645,000 last year, 242,372,966 in 1906 and 264,516,655
Total
in 1905. The total indicated crop of spring and winter wheat
The exports to Japan since Sept. 1 have been 150 bales is 665,000,000 bushels, against 634,087,000 last year, 735,from Pacific ports.
269,000 two years ago and 692,971,000 in 1905. Bulls conthat this country will have little more wheat to spare
tend
folthe
have
LIVERPOOL.-By cable from Liverpool we
for export this year. Strong Chicago interests have been
thatport:
at
lowing statement of the week's sales, stocks, &c.,
buying freely and there has been active covering of shorts.
Sept. 11.
Sept. 4.
Aug. 28.
of an active cash deAug. 21.
48,000 To-day an early advance, on reports
38,000
8,000
bales.. 20,000
Sales of the week
mand, dry weather in the winter-wheat belt, commissionOf which speculators took
1,000
1,000
1,000
shorts, was followed by a decline
Of which exporters took_ _ _ _ 1,000
38,000 house;buying and covering of
30,000
15,000
15,000
Sales, American
4,000 on expectations of a liberal increase in the visible supply,
8,000
7,000
5,000
Actual export
47,000
40,000
31,000
45,000
n.
Forwarded
334,000 and liquidatio
371,000
382,000
395,000
the
SHIPPING NEWS.-As shown on a previous page,have
exports of cotton from the United States the past week
as made
reached 35,516 bales. The shipments in detail,
sollows:
up from mail and telegraphic returns, are af
Total stock-Estimated
Of which American-Est_ _ _292,000
25,000
Total imports of the week
17,000
Of which American
35,000
Amount afloat.
17,000
Of which American
277,000
25;000
17,000
38,000
19,000
268,000
5,000
4,000
59,000
34,000
232,000
13,000
5,000
61,000
43,000
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:
NEW YORK.
IN
DAILY CLOSING PRICES OF WHEAT FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
105
105
103%
104%
No. 2 red winter
10554
Holt- 10534 10434 106
September delivery In elevator--- _ Holl106
10534
10434
day.
day.
10534
elevator
in
December delivery
108
10794
1064
10734
May delivery in elevator
IN
FUTURES
WHEAT
OF
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
98 A 97%
98
September delivery in elevator_ ___ 9774 Holt- 9751. 9754
9834 974 9734
9754
_
__
elevator_
In
delivery
December
10034
100
10134
100%
day.
10034
May delivery in elevator
CHICAGO.
Indian corn futures have advanced, owing mainly to
crop reports. Drought continues over most sections.
bullish
Fair
Fair
Market, 1
Quiet.
business
are said to be burning up and new corn on
demand,
Pastures
Quiet,
12:15
doing,
P. M, J
the ear is being fed to live stock. Moreover, the crop in
5.47
5.48
5.46
5.32
not a few parts is said to be late and exposed to an unusual
5.30
5.25
Sild.Upi.ds
degree to damage by frost. Stocks everywhere are small
8,000
12,000
10,000
8,000
8,000
5,000
iales
500
although some consider prices unduly high the fear
500
and
500
500
500
200
Spec.dtexp
ion restricts short selling even of the distant
manipulat
of
at
Irregular
Futures. Quiet, at Steady. Steady at Steady at Steady at 5158M
acceptances have decreased of late
pts.
Country
months.
pts
@8
6
5
pts.adv.
pts.
1152
partially
pts.
102
Market 1
decline.
J decline. 1 pt. dec. advance. advance, advance.
and smaller receipts are expected. Cash interests have •
tmened
Quiet, at
been large buyers. The Government report was bullish,
Market, 1 Quiet, at Quiet, at Quiet at, Quiet, at Steady at 608
pts.
pts.
the condition at 79.4%, against 82.5% last month,
stating
4
% Pt.dec. 1(4)4% pts. 2©4 pts. 2©3% 8014
decline.
advance, advance. pts. adv. advance.
1'. M.
80.2% last year and 90.2% in 1906. The indicated crop
is 2,595,597,000 bushels, or practically the same as last
given
are
year. To-day prices were stronger early on continued
day
each
for
Liverpool
at
The prices of futures
ordinary
weather and bullish crop reports, but they reacted
dry
good
upland,
of
basis
the
below. Prices are on
on realizing.
later
stated.
clause, unless otherwise
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Fair
business
doing.
The prices are given in pence and 100ths.
Friday.
Fair
business
doing.
Thus: 4 90 means 4 90-100d.
,
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Sept. 5
4 124 4
to
1234 1234 123. 4 124 4 124 4 123f
Sept. 11. P.m. P.m. Pm.P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m.
d.
d.
d.
d.
it.
d.
d.
d.
d.
d.
d.
d.
4 8534 ____ 90 92 94 034 97H 05% 11 4 05 0334
Sept
8434
8534
9234
80
86
8734
77
Sep.-Oct _ _ _ _ _ 4 7034._ _ _ 73 76
72 813475 82 8634 794 78%
Oct.-Nov_ ----4 8634 ____ 69 71
4 6334 ____ 65 67 6734 7534 70 7634 8034 7434 73
Nov.-Dec.
4 0134 .. _._ 83 65 0534 7334 68 74 7734 7134 7034
Dec.-Jan
4 6134 ____ 63 65 05347334 68 74 77 7134.70
Jan.-Feb
_
64% 66 67 7434 6934 75 78 7234 71
4 63
Feb.-Mch.
7634 79 74 7234
4 6434 ____ 66 6734 88 7534 71
Mch.-Apr.
4 6534 ____ 67 6834 69 7634 72 77 80 75 734
Apr.-May.
76 7434
784 81
'
''
4'
4
May-June ..
76 75
---------------- 79 81
June-July ------76 75
81
---70
--------July-Aug..
BREADSTUFFS.
Friday, Sept. 11 1908.
Prices for wheat flour have shown little change during the
week. The strength of cash wheat has caused many of the
mills to ask higher prices, but in the local market buyers
have refused to advance their bids and have purchased very
sparingly. Export business here has been lifeless. At the
large milling centres of the Northwest and the Southwest,
however, there has been an active demand and the mills
are running full time as a rule. It is said that much of the
flour sold by the spring-wheat mills during the week has been
for export. Corn meal has been quiet and steady. Rye
flour has been steady, with a moderate jobbing trade.
Wheat has been irregular, declining at times under the
weight of a heavy movement of spring wheat. The arrivals
during the week at Minneapolis and Duluth, as well as at
Winnipeg, have been far in excess of the receipts for the same
time last year. Present prices are attractive and the Northwestern farmers manifest little disposition as yet to hold.
Moreover, stocks are increasing and some contend that if
the crop moven' ent continues on anything like the big scale
recently witnesFed,the statistical position will lose much of
its strength in the near future. The visible supply in the
world increased 5,914,000 bushels last week. as compared
with an increase of only 344,000 bushels in the same week
NEW YORK.
IN
DAILY CLOSING PRICES OF NO. 2 MIXED CORN
Sat. Mon. Tues. Wed. Thurs. Fri.
89
89
89
89
Cash corn
89
8934 90
00
September delivery In elevator_ _ _ _ Holl- Roll- 7934
6
%
8054
8094
79
day. day.
December delivery in elevator_
IN
FUTURES
DAILY CLOSING PRICES OF CORN
Sat. Mort. Tues. Wed. Thurs, Frt.
7954 7054 8034 8034
7994
September delivery in elevator
Holt- 683.1 68'% 69% 6934
6794
elevator
in
delivery
December
day.
6534
6654 6654 6794 674
May delivery in elevator
CHICAGO.
Oats for future delivery in the Western market have
been dull and featureless. On the whole, however, prices
have been firzn, influenced by the strength of corn. Cash
interests have sold, but there has been a certain amount
of commission-house buying, owing to the belief in a short
crop. The Government report stated the condition at
69.7%, a decline within a month of 7.1%. The condition
last year was 65.5%. The indicated yield is 825,908,000
bushels, against 754,443,000 last year and 964,904,522
in 1906. To-day prices fluctuated with corn, advancing
early and reacted later. Shorts covered, but cash interests
sold and there was scattered liquidation.
NEW YORK.
DAILY CLOSING PRICES OF OATS IN
Frt.
Thurs.
Wed.
Sat. Mon. "Tues.
52
5234
52
53
Holl- HollNo. 2 mixed
day.
day.
White clipped, 32 to
56-58
564-58
34lbs564-5834 584-58
DAILY CLOSING PRICES OF OATS IN
Fri.
Sat. Mon. Tues. Wed. Thurs.
5
4934
49% 49% 49%
4934
September delivery In elevator
5034 5034 5034
3034
Roll5034
elevator
in
delivery
December
524 day. 5234 5234 5234 5234
May delivery In elevator
CHICAGO.
The following are closing quotations:
FLOUR.
$4 70 5515 00
$3 5)551370 Kansas straights
5 2555 5 40
3 1359) 3 Z5 Blended clears
5 2515 6 75
4 iil)@ 4 75 Blended patents
4
2555 4 75
flour
Rye
540
52355
Nominal.
5 1.1(), 8 53 Buckwheat flour
Nominal.
4 80 Graham flour
4 60
4 75
4
4 00 -& 4 25 Corn meal
GRAIN.
C.
Corn (new), per bush.c.
Wheat, per bush.89
No. 2 mixed
:11
N. Duluth, No. 1
Nominal.
lo.)
No. 2 yellow
N. Duluth, No. 2
Nominal.
white
2
No.
f.o.b.105
2
No.
Red winter,
10734 Rye, per bush.Hard "
f.o.b. 8434
No. 2 Western
• mts, per bush.Nominal.
State and Jersey
1556
54
Natural white
70 5572
Barley-Malting
524 @No. 2 mixed
697455-Feeding
Natural white clipped 56 @58
* New.
Low grades.
Second clears
Clears
Straights
Patent, wing
Patent, winter
Kansas clears
0055
692
THE CHRONICLE
[VOL. Lxxxvn.
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL CROPS, ETC., TO SEPT. 1.-The Agricultural
Department issued on the 8th inst its report on the cereal
crops for the month of August as follows:
132,889,093
129,050,518
106,179,899
but the demand is only moderate. Ticketed bleached goods
have been in fair request and are well sold for a month or
more ahead, but unticketed lines have been comparatively
neglected; and their position is far from being satisfactory.
The Crop Reporting Board of the Bureau of Statistics of the United There has been a fair
business in wide sheetings, sheets and
States Department of Agriculture finds, from the reports of the correspondpillow cases. Coarse, colored cotton goods are irregular,
ents and agents of the Bureau, as follows:
The condition of corn on Sept. 1 was 79.4% of a normal, as compared some lines being unavailable
for immediate delivery, and
with 82.5 last month, 80.2 on Sept. 1 1907, 90.2 on Sept. 1 1906, and a
others showing signs of accumulating. The call for linings is
ten-year average on Sept. 1 of 81.0%•
The average condition of spring wheat when harvested was 77.6% apparently reviving. Napped fabrics continue
to be sold in
of a normal, as compared with 80.7 last month, 77.1 when harvested In
a small way, and several agents are refusing to follow the
1907, 83.4 In 1906 and a ten-year average when harvested of 77.9.
Barley.-The average condition of barley when harvested was
revisions made after the recent auction sale. Dark prints
against 83.1 last month, 78.5 when harvested in 1907, 89.4 In 1906 81.2,
and have been in fair request, and a good business continues to
a ten-year average when harvested of 83.5.
The average condition of the oat crop when harvested was 69.7, against be done in sidebands. Fine dress ginghams for spring are
76.8 last month, 65.5 when harvested in 1907, 81.9 In 1906 and a ten-year
moderately active, but staple ginghams are very slow.
average when harvested of 80.7.
Potatoes.-The average condition of potatoes on Sept. 1 was 73.7, Print cloths are unchanged, and there has been some puragainst 82.9 last month, 80.2 on Sept. 1 1907, 85.3 In 1908 and a ten-year
chasing of wide goods at the lowest market prices.
average on Sept. 1 of 80.8. The condition on Sept. 1 In Important potato
WOOLEN GOODS.-In the men's wear woolen and
States was: Maine, 86; New York, 67; Michigan, 72; Wisconsin, 73.
worsted goods market, agents are awaiting the arrival of
GOVERNMENT WEEKLY WEATHER REPORT.
- duplicate orders for light-weights, which should begin to come.
Mr. P. C. Day, Acting Chief of the Climatological Division of
during the next few weeks; in the m eantime they are
the United States Weather Bureau, made public on Tuesday in
principally
with the revisions of orders that have
the telegraphic reports on the weather in the various States already beenoccupied
placed. In the latter, worsteds are being more
for the week ending Sept. 7, summarizing them as follows:
more
and
substituted for woolen fabrics originally purchased,•
The week ending Sept. 7 1908 opened with decidedly cool weather prevailand the position of manufacturers of woolen goods is likely,
ing over the up r Missouri Valley,accompanying an extensfve high-pressure
area, which moved eastward over the States of the corn belt during the therefore, to continue a very unsatisfactory *one; all-wool
following two days; the latter part of the week was generally warm,
ever, over the Great Plains, and thence eastward over the Mississippihow- novelties have had a fairly good sale, but manufacturers,
ordinary woolens have hardly secured enough orders to
Ohio valleys and also westward over the Rocky Mountain and Plateau and
dis- or
tricts, where unusually warm weather prevailed.
make it worth their while to keep their machinery active.
T e mperatures above the normal prevailed over the principal States of
Heavy-weight goods for the fall season are being in oderately
the cotton belt, and also over New England, but over the Atlantic
Coast
States from Maryland to South Carolina the week continued cool.
ordered, and the position of these is now better than it at
Light frosts occurred at exposed points over some of the more
northern one time promised to be. Buyers freely state that they are
States, and light to killing frosts occurred In the elevated
and Nevada and other points in the Mountain districts. portions of Utah not yet ready to place orders for light-weight dress goods to
Sunshine was ample In all districts and It was decidedly In excess
over any extent, and while many lines have been shown, the seamost of the corn and cotton growing States.
Some damage resulted from heavy rains in North Carolina, and the
son continues to drag, and the outlook is very unsettled.
rainfall was generally heavy over the middle Atlantic Coast, and local
rains occurred over the southern flanks of the Appalachian Mountains,heavy By naming unusually low prices, some mills have been able
the Immediate Gulf Coast and from western Missouri and Arkansas along to book a satisfactory volume of business, but they are the
southwestward over the greater part of Arkansas and Oklahoma to the Panhandle
exceptions. In fall dress goods, however, the situation is
of Texas and eastern New Mexico.
Over the greater part of the corn and cotton-growing States there was a different,,and many large buyers have been forced into the
general lack of precipitation, and drought conditions were
severe market to try and secure goods which they failed to place on
over the western portions of New York and Pennsylvan a becoming
and most
the order earlier in the season. Where manufacturers have
Ohio and upper Mississippi valleys. Rain Is also needed in the upperof
Lak
region, upper Missouri Valley, northern New England. and generally over been farsighted enough to manufacture goods for stock purall districts from the Rocky Mountains westward.
poses, they have been successful, but in the majority of
For other tables usually given here, see page 000
cases they have experienced great difficulty in filling their
requirements. This demand has resulted in a much better
THE DRY GOnDS TRADE.
tone being given to the market.
FOREIGN DRY GOODS.-The best grades of imported
New York, Friday Night, Sept. 111908.
There has been little or no change in the character of the woolen and worsted dress goods are scarce, but current bus trading in the primary cotton goods market during the past ness is light. Silks continue unsettled. Ribbons are active
week, except that, in some instances, manufacturers have and advances are probable. Linens are selling very well.
evinced a greater disposition to meet the views of buyers in Burlaps are steady but quiet.
the matter of price reductions. In view of the fact that Importations and Warehouse Withdrawals of Dry Goods.
present values showed practically no profit, and, in some
The importations and warehouse withdrawals of dry goods
cases, an actual loss, it is apparent that mill owners are an- at this port for the week ending Sept. 5 1908 and since
ticipating lower prices for the raw material in the near future, Jan. 11908, and for the corresponding periods of last year,
and possibly a reduction in wages, to enable them to come are as follows:
n.0.0
out even. Others, however, are undoubtedly willing to sell
00
vo
,40
moo
goods at a slight loss for the purpose of keeping their organ000
vs 00
N
00.
t
on
0000
.,,,,,coot,
izations intact and their machinery in working order, and 0
•oo
hh
ON
k oot.coo
O.
to this must be attributed the resumption of work during the o
ownao
NC;
cou• i
.nn..
O
NO
No
week by several Southern mills which recently shut down.
The bulk of the buying is still for spot goods, or for goods for V. 0
ocooNN
0.
4
incowar-.
•.
cog000...
nawcoa
an
nooco0 01
near-by shipment, and the number of manufacturers that is 00 O
q°"1.0000 on vs
00
.
4:t el
0,44
N .
ovs co
NcSocoo
willing to contract ahead at the current level is very small. •
0.00N
o .ao o.
0.
.V
o
.a 0
o
While orders have mostly been for limited quantities,they
0
have been fairly numerous, and in the aggregate have made
= 000a0
Oh
001..10
oN0
. '4842'8
Va..10
h0
Onhv. 00
•
n
a moderately good showing, still further emphasizing the
0,
'00000 00
11
N.W.
00
NOWaa
•
fact that supplies in jobbers' and retailers' hands throughout
040jh
000
94
u
c.10.0C
00
00
hhNNN
wo
0c0
.N..
.
N..
the country are running very low. Jobbers have had a o4• - vsggg'44;
vs
01
C'S
fairly good trade, but here again orders have been for small
anr.Nto
lots for quick shipment, and have comprised a great variety •
hO
M
• 0000.
Ooo0o
MO .
000000001
Nnol.o v0
lhohOo VM
cot.Nar..
o0
.0
01 O
of lines. American cottons in China are still selling on a lower AWh 010
clocqoo
.
0000;
OCc• ; 00
basis than they could be duplicated at here, and the prospects Z
for an early revival of export demand for that country are 14
O 'acct.= ha .
accordingly slight; business with miscellaneous countries is
Nh
0
yb
• 0MhNO
o• 41..aNno
about normal. In the woolen and worsted goods markets • .4,
tri'm
0=
0
o.
C. W
h2CiVi
co_oomx
there has been a fair demand for dress goods, but the men's
vsN
C*
.q
!!!!!
4N
•
wear light-weight season is now over.
0 No4nN No 4
No
co
B
DOMESTIC COTTON GOODS.-The exports of cotton
Nnacon
00
01000
O
.aNNo
on
N
ONh0
N
co"
000000000 NO
N.Nom nn
goods from this port for the week ending Sept. 5 were 948
Z coc,Nco..
00
CO
wool
•
0".N.
..41No.ovsvsNa
packages, valued at $64,520, their destination being to the
Ocm4n
mot,:coN
(man.
00
mM
COOS 00
00 ..".
.....n
n
, 0.C•1
points specified in the tables below:
.N
-----1007---------1908----00... 01
aN
II
o 010000000 ON ,
•
O0cONCO
01
Since
Since
no 0•
vs
vs
vs
86,414,985
vs
New York to September 5Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
Week. Jan. 1.
10
508
754
17,511
6,788
22,401
88
6,561
225
16,829
30
1,179
223
11,187
49
27,508
343
14,066
1,077
193
416
15
223
422
290
948
2,740
125,382
Week.
43
--ai
Jan. 1.
1,250
1,012 OL0.1
15,218 '
2 410
5,678
24,410 o
3,908
15,805
O
a.
1,652 •
9,773
32,022
19,886
130,614
The value of these New York exports since January 1 has
been $8,031,164 in 1908, against $7,644,142 in 1907.
There is a small hand-to-mouth trade in heavy brown
cotton goods at low figures, but manufacturers will not contract ahead at current prices, and have refused several offers for good-sized lots for future delivery. Medium and
light-weight drills and sheetings have also been sold cheaply,
coo
n.
No
coo
vs
coy
vs
0""
01
OONOO
NvoNto
h00..N
...N
00
00
cs000
cowa.. vs
at-No
vs
Nin
N
01
00
vs
vs
c4r4
00
0
4 N
o. o
N' c5
vsN
o
9.
Co
.04
E.
0
124
0000a
- a
8a
g38maA
5
8
•
A
.2
2
37; 3
g
04)
THE CHRONICLE
SEPT. 121908.]
STMT. AND CITY
DtPriirrtirENT,
MUNICIPAL BOND SALES IN AUGUST.
We present herewith our detailed list of the municipal bond
issues put out during the month of August, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 631 of
the "Chronicle" of Sept. 5. Since then several belated
August returns have been reccived, changing the total for
the month to $17,886,448. The number of municipalities
issuing bonds was 224 and the number of separate issues 311.
In the case of each loan reference is made to the page of the
"Chronicle" where an account of the sale is given.
AUGUST BOND SALES.
Rate. Maturity.
Name.
Page.
1928
5
694_ _Abbeville, Ala
1928
5
C
S.
631_ _Abbevi'le,
1910-1927
5
558__Aderia Sch. Diet.. Ohio
1909-1917
5
494_ _Akron, Ohio
43.
558_ _Albion, Mich
5
558..Alliance, Ohio
43
558_ _Alliance, Ohio
4.40 1913-1932
631_ _Arcade, N Y
1909-1912
6
558..Ashland Sch. Dist., Neb
5
494_ _Ashley, Pa
1909-1918
494__Ashtabu a, Ohio (3 issues)- -- - 5
4 34 1909-1918
631_ _Ashtabu a County, Ohio
43' 1918-1934
558_ _Aspenwall, Pa
f
1980
334
558__Baltimore, Md
1928
4
494.._Bangor, Me
5
494_ _Barberton , Ohio (2 issues)
5
631_Beaufort County, N. C
4% 1023-1044
494_ _ Be levi'le Twp. Sch. Dist., N. J_ 5
1909-1038
558_ _Ben Hill County, Ga
419134918
5
695_ _ Benton Co. S. D. No.33, Wash_ 5
1915-1937
494__Bergen County, N. J
5
428._ Bisbee Sch. Dist. No. 2, Ariz
1938
428_.Back Mountain Twp., N. C_-_ 6
1923
43
558__Bouider, Colo
6
1911&1912
Ohio
Dist.,
558__Bremen Sch.
4.45 1909-1918
631„Bronaville, N. Y
Amount. Price.
$12,000 100
25,000 102
17,500 106.528
87,080 101.957
30,000 101 833
13,500 102.20
3,300 104.60
20,000 100.133
2,000 101.25
10,500 100.60
16,500 103.65
20,000 102.63
17,000 100.293
92
177,000
93
49,000
91
774,000
125,000 102.33
29,846 103.636
50,000
45,000 104.135
75,000 103.466
1,000 100
90,000 109.692
92,000
25,000
95
30,000
1,000 102.30
11,0001100.17 &
1 100.19
Maturity.
Rate
Name.
Page.
1928
6
497__Inka, Miss. (2 issues)
6
561__Iron River, Mich
1909-1018
633Islip Un. Fr. S. D. No. 13,N. Y. 5
431_ _Jefferson, Wis
41911-1918
633_ _ King Co. S. D. No. 130, Wash_ 5
41909-1918
633..King Co. S. D. No. 40, Wash_ 5
41913-1918
561_ _ King Co. S. D. No. 152, Wash.. 5
41910-1913
561__ King Co. S. D. No, 164, Wash_ 5
561__ Kingston S. D. No. 1, Minn
1909-1928
5
561__La Porte Co , Ind
5
367_ _Lakewood, Ohio (3 issues)
41918-1988
8
497 __Las Animas, Colo
4.30 1913-1932
633_ _Larchmont, N Y
41928-1948
5
431_Lexington, N.C
1909-1911
5
562__Lindstrum, Minn
4)4 1913-1923
431__Linton, Ind
1920
562_ _Litt e Lake Sch. Dist., Cal__ _ _ 6
432__Litt'e Rock Sch. Dist., Ark
1909-1918
5
697..Madisonville, Ohio
1909-1938
4
607_ _Madisonville, Ohio
6
633__ Malvern Sch. Dist., Ark
1909-1935
4
562..Manchester, Mass
4
432. Marion County, Mo
5
497..Marion County, Ohio
434
432__Marion County, Ohio
432_ _Marion County, Ohio (2 issues) 4%
5
1918
633__Masonvi e Twp., Mich
4%
1919
497_ _ Massillon, Ohio
41928-1948
497_ _Matagorda Co.Dr.Dist.No.l.Tex 5
5
432_ _Mattoon, Ill
5
41909-1917
033... Mauch Chunk Twp. S. D., Pa
5
1909-1928
497_ _Melrose Sch. Dist., Cal
334 1909-1914
432_ _Miami County, Ind
1933
6
697... Miami, Okla.(2 Issues)
1928
6
633_ _Miami Sch. Dist., Okla
5
1938
368__Montgomery, Ala
434
1910-1924
III
Dist.,
Sch.
Morrison
432_
41913-1928
6
562_ Morse B uff. Neb
1928
633_ Mountain Lake Ind.5,D.. Minn. 4)4
4
41918-1938
Pa
Dist.,
697_ Mt. Carmel Sch.
1928
4
497_ _Nast-1,0.1'e, Tenn
1928
4%
562_ Nashville, Tenn
5
1922-1924
633_ Nassau County, N. Y
5
432_ New Boston Sch. Dist., Ohio
41909-1913
5
633_ New Rochelle, N Y
5
562_ New Rochelle, N Y
1918-1930
5
633_ New Rochelle, N Y
1912-1919
5
633_ New Rochelle, N Y
1910-1917
5
633_ New Rochelle, N Y
1913&1918
5
498..Newport Twp. Sch. Dist., Pa
428__Brookhaven Union Free Sch.
14,000 101.173
1916-1943
41
Dist. No. 27, N. Y
10,000 100
5
41928-1948
428__Brownsvfle, Tex
9,6471
1928
4
631__Buffalo. N Y
25,352 z100
1909-1928
4
631_ _Buffalo. N Y
100,0001
1909-1928
4
631_ _Buffalo, N. Y
15,000 103.90
1918
43
631_ _Canton, Ohio
8,000 100.675
4% 1909-1913
631.._Canton, Ohio
2,000 102.25
1913
41
631_ _Canton, Ohio
6,600 101.41
1913
4%
631_ _Canton Ohio
3,500 103.021
1913
5
issues)
631__Canton, Ohio (2
15,780 104.435
1909-1918
5
428....Carroliton, Ohio (2 issues)
16,000 102.231
4 35 1910-1918
559..Champaign County, Ohio
35,000
4% 41918-1948
631__Charlottesvill , Va
400,000 103.159
1958
4
495__Che'sea, Mass
Var.
12,525
4%
Issues)......
(8
Ohio
_Chillicothe,
631_
2,500 101
419184928
495__Vackamas Co. S.D.No.114,0re_ 6
5,000 103.16
a1913
5
429_ _Clark County, Ohio
2,800 100
419134923
6
429_ _Clark Co. S. D. No. 19, Wash
25,000 107.284
1910-1926
5
429__Columblana Sch. Dist., Ohio
6,875 102.185
5
495__Cor ett, Ohio (4 Issues)
60,000 108.785
1909-1946
5
632.. _Corning Un. Fr.S.D.No.13.N.Y. 4%
25,000 100
1928
695 . Cottonwood F his. Kan
10,000 101.75
1929-1938
6
632__CrawfordsvIlle, Ga
15,000
1928
6
495...Creek Co. Sch. Dist. No. 2, Olt a. 4%
14,500 103.475
1910-1923
495..Cuyahoga County, Ohio
104.537
253,000
1909-1928
4%
Ohio
County,
559 .Cuyahoga
9,000 106.277
1909-1926
5
632..Cuyahoga Falls, Ohio
94.49
1917-1947 500,000
4
559__Da as, Tex
23,000 101.23
1928
4
429__Dayton, Ohio
18,000 107.038
1918
5
632..Defiance, Ohio
5,000 100
1912-1913
43.
560-_De Kalb, Ill
3,000 101.70
1913-1915
5
365_ _Dorchester County, Md
35,000
4
632_ _Dover, Ohio
15,000 104.60
a1921
5
496..Duarte Sch. Dist., Ca
19,824 100
5
365__East Jordan, M, h
7,500 107.203
1910-1924
560_ _East Pa estine Sch. Dist., Ohio_ 5
4,000 100.375
1909-1916
5
495..East Rochester, N. Y
102.18
20,000
1918
365__East Water oo Ind. S. D.,Iowa_ 43
3,000 103.33$
1910-1919
5
496_ _Eldorado Sch. Dist., Ohio
102.50
45,000
5
NV.
Dist.,
Sch.
Va
_Elkins
696_
20,000 102
1909-1924
6
560_ _Elko Sch. Dist., Nev
25,000 100
1938
5
632- _Elyton, A a
25,000
419184928
6
Idaho
496..Emmett,
5,000 104.032
1018-1928
5
406..Excelsior Springs, Mo
15,000 100.046
1933
6
696_ _Fairview, Okla
3,000 100.666
1909-1011
5
430_Forestport, N Y
25,000 100.02
4.35 1913-1937
496_ _Fort P am, N Y
95.50
200,000
5
496__Fort Smith, Ark
22,000 101.431
4 A 1909-1918
430_ _Fostoria, Ohio
3,200 101.421
1909-1914
5
632_ _Franklin County, Ohio
2,500 100.80
1909-1911
6
496..Franklin County, Ohio
75,000 104.45
4%
496__Fremont Sch. Dist., Ohio
3,000 100.50
5% 419134928
560__Fu ton, Mo
10,000
561__Garvin, Ok a
35,000
41913-1928
561__Gothenburg, Neb. (2 issues)... 5
8,000 100
41913-1928
5
496_ _ Graham, Tex
8,000 100
1024
43
496_Green Bay, Wis
Var.
100,000
1911-1920
4
239_ _Greene County, N Y
67,500
Tex
e,
43.
632__Greenvill
25,000'
5
561_ _Greenville Sch. Dist., Mich
32,703
4% 1909-1918
632__Hami ton, Ohio (5 issues)
110,000 101.087
1909-1919
4
430_ _Hampden County, Mass
75,000 100
1938
561 _ _ Hartford,Conn.,Northwest S.D 4
27,000 107.07
1912-1928
5
430...Hartford, Wis
25,000 y104.608
1928
6
696...Hartshorne Sch. Dist., Okla
25,000 100.581
1928
•4
430...Hamilton, Ohio
30,000 100.785
1923
4
366__Hamilton, Ohio
2,700 106.25
6
561_ _Hemet Sch. Dist., Cal
35,000 4% basis
5
41913-1948
431__Hemphi I County, Tex
33,600 100
4
1909-1918
Minn
County,
431__Hennepin
33,000 100.701
4%
308..Henry County, Ohio (8 issues)
2,000 101.025
18,000 100
5
41928-1948
496__Hereford, Tex
9,500
5
1928
561_Higgins Twp., Mich
10,000 102
1928
4)
366-Highland Park, Mich
10,000 100
0 41913-1928
497...H1 dreth, Neb
30,000
5
41918-1938
633„Humbo dt, Tenn
8,000 100
5
41918-1938
Va
,
W.
.
633_ Hundred
20,000 y100
41913-1918
497..Huntley S. D. No, 24, Mont_ _ _ 5
693
Amount. Price
17,500
25,000 101.20
3,000 101.50
7,500
2,500 100
1,500 100
1,200 100
2,000 100
5,000
75,000 110.123
14,555 101.81
100,000
30,000 100.068
20,000 100
1,500 100
12,000 100.417
4,800 105.041
96
60,000
1,328
8,010
98
6,500
160,000 105.038
40,000 100.25
2,250 103.33
11,600 102.019
12,735
10,000
5,000 100
160,000 100
22,000
5,000
30,000 100.705
84,000
34,000
15,000 101.04
100,000 100.50
15,000 102.266
3,000
5,000
40,000 100
200,000
50,000 102.85
110,000 107.363
12,000 105.55
26.000 100.125
111,000 110.133
25,000 109.31
22,000 104.038
145,000 102.78
25,0001100.50 &
1 100.692
5,148,460 100
174,574 z100
3,3021 101.948
12,8661
10,000 106.53
15,000 100.47
2,000 100
30,000 100
9,000 103.072
20,000 102.43
8,000 100
3,000 102
50,000 107.02
25,000 100
5,850 100
7,955 101.695
40,000
3,000 100
1957
14
3
1957
5
498_ Ni'es Ohio
19094913
5
498_ Niles, Ohio
5
433_ _Northfie'd Twp., Ohio
5
433_ Northport, N Y
419114918
634 _ _ Okanogan Co.S.D.No.17,Wash. 6
1918-1947
4%
Cal
Dist.,
498_ Orestimba Sch.
1918
4%
562_ Orrville, Ohio
4% 1910-1921
368 _Orrville Sch. Dist., Ohio
4%
498 _Osceo a Mi s, Pa
4% 1909-1914
433 _Oswego, N. Y
4%
634 _Oxford, Ohio
6
41918-1928
562_ _Pa metto, F a. (3 issues)
4
41913-1928
433__Palo Pinto County, Tex
4% 1909-1918
433__Paoll, Ind
5
1938
498 _Paris,Tenn
5
498 _Peterson, Iowa (2 issues)
433.. Phi lpstown Union Free Sch.
5
20,000 103.20
1909-1928
Dist. No. 4, N Y
5
15,000 102.083
1928
433_ Pierre, So. Dak
5
10,000
41913-1928
698_ Pilger, Neb
2,500 100
1913
6
563_ Pi!ot, Minn
10,000
6
1928
498_ Poplarville, Miss
25,000 104.88
5
498_ Portervi le Sch. Dist., Cal
32,500 100
498__Portsmouth, Ohio (2 issues) _ _ _ 4
40,000 100
1937
5
498_ Prattville, A'a. (2 issues)
7,000 104.30
1909-1918
6
434_ Rafael Sch Dist., Cal
14,500 102.69
4% 1913-1918
563_ Ravenna, Ohio
101.097
300,000
4
369_ Reading, Pa
35,000 100.413
4% 41918-1938
499„Renovo. Pa. (2 Issues)
14,000 101.246
1912-1914
5
563_ Rhinelander, Wis
16,000 101.512
4% 1910-1919
499_ _Rlchwood, Ohio
Var.
4
41918-1938 835,000
563._
100.027
18,000
1909-1918
4
Ind
Dist.,
Sch.
'
Rockville
563_
2,400 102.708
1920
634.._Rocky River Sch. Dist., Ohio.. 4%
6,500 102
434_ Roosevelt Sch. Dist., N Y_
35,000 100
5
1928
563_ Roseburg, Ore
2,000 100
4.95
563_ Royalton, N. Y
125,000 100
434_ Sacramento, Cal. (2 Issues) _
15,000
634_ St. Mary's, Kan
50,000 101.05
4
1938
499_ St. Paul, Minn
30,000 104.125
434
563_ Salisbury, Md
25,000
1933
6
499_ Sallisaw, Okla
634_ Salt Lake City, Utah (2 issues) 4% 41918-1928 600,000
8,000 100.15
4
1919
434_ Sandusky, Ohio
9,500
4%
563_ San Diego, Cal
45,000 103.202
1928
6
635_ Sapulpa. Okla. (3 Issues)
101.28
40,000
434
1928
563_ Sault Ste. Marie, Mich
2,400 100.44
5
499_ Saybrook Twp. S. D., Ohio_
J 4.40%
499__Schoolcraft and Brady Twps.
23,0001 basis.
434 1911-1021
Sch. Dist. No. 10, Mich
15,000
1928
499 __Seminole Co. S.D. No.22, Okla_ 6
100,000 100
5
1938
635_ Shelby, N. C
30,000 100.125
4.40 1913-1937
635_ Shortsville, N. Y
20,000 102
41913-1928
6
434_ Sidney, Neb
500,000 100 •
4% 41918-1928
564__Sliver Bow County, Mont
636,..Snohomish County Sch. Dist.
200,000 100
4% 41918-1928
No. 24, Wash
5,000 100.20
434 1909-1933
636_ South Canonsburg, Pa
8,000 100
1909
6
499_ Sparta, Wis
Var.
31,884
1909-1918
434__Springfield, Ohio (8 Issues)..... 5
Var.
40,342
1909-1918
5
564__Springfield, Ohio (6 issues) _
5 1918,'28&'38 100,000 105.150
435_ Sullivan County, Tenn
100
4,336
4)4
Ind
County,
Switzerland
435_
500,000 103.782
4% 1909-1928
564_ Syracuse, N. Y
2,541 100
1909-1918
8
636_ _Terre Haute, Ind
55,000 100
5
Texas
564_
4 N 1928,'33&'38 525,000 105.276
564_ Toledo. Ohio
11,000 104.87
1913-1923
5
61h) Tomah, Wis
8,000 100
1912-1927
6
636_ Trout Lake, Minn
35,000 104.16
500_ Trumbull Co. Rd. Dist.No.2, 0. 434
75,000 101.533
1938
5
500_ Tuscaloosa, Ala
16,705
4
500_ Union City, Pa
50,000 101.832
5
'1909-1948
564_ Upland. Cal
102.187
69,580
&5
%
4
1909-1928
(3
Issues)
Y.
N
Utica,
564_
27,600 106.159
636_ Ventura,Cal
20,000 100
5
500....Vermilion, So. Dak
20,000
5
436_ Vinton, Iowa
45,000 106.527
1909-1948
5
636_ _Visalia, Cal
500_ _Walla Walla County Sch. Dist.
10,000 100
434 41913-1928
No. 73, Wash
50,000 101.50
1914-1918
5
371_ Warren County, N. Y
90,000 100.044
4.30 1909-1938
565_ Waterloo, N. Y
25,000
1933
6
500 _Waureka, Okla
16,000 100
434 1909-1918
371_ _Wayne County, Ind
10,000 100.85
41918-1928
565_ _Weiser Ind. S. D. No. 1. Idaho_ 5
23,000
1923-1928
637„WessIngton Springs, So. Dak_ 5
8,600 101.076
5
41918-1938
500__West Covington, Ky
3,900 100
5
637_ West Point, Iowa
3,500 100
1909-1915
566_ _West Union Sch. Dist., Iowa_ _ _ 5
1918 . 43,383 100.23
6
566_ White County. Ind
104.09
139,000
4%
1938
371_ White Plains, N. Y
20,000 103.821
4% 1939-1942
501_ _WhitelPlains, N. Y
633_.New York City (4 issues)
Name.
Rate.
Page.
637_ _Williams, Iowa
534
501_ _ Wilson Creek, Wash
5
566_ _W1nnetka Sch. Dist., Ill
5
372_ _ Wood County, Ohio
5
501_ _Wyandot County,Ohlo (2 Issues) 5
372_ _Youngstown, Ohio
5
372_ _Youngstown, Ohio
5
372 Youngstown, Ohio
5
700_ _Yuba City
6
566_ _ Zion City, Ill
5
[V oL. Lxxxim.
THE CHRONICLE
694
Maturity,
1928
1913-1922
1909-1913
1910-1914
1909-1928
1909-1913
1908-1912
1909-1938
1909-1917
Amount. Prize.
2,000 100
7,000 100
10,000 105.90
50,000 101.799
39,000 102.756
41,000 107.76
1,050 100.119
2,300 100.076
30,000 108.858
22,500
Total bond sales for August 1908 (224 municipalities covering 311 separate issues
k$17,886,448,
a Average dates of maturity. d Subject to call in and after the earlier
year and mature In the later year. Jr Not including $7,591,200 of temporary loans reported and which do not belong In the list. z Taken by
sinking fund as an Investment. y And other considerations.
BONDS SOLD BY CANADIAN MUNICIPALITIES.
Page,
Rate.
Maturity. Amount. Price.
Name.
558__Aberfclly Sch. Dist.,Sask
1918
8
$1,500
558__Asquith Sch. Dist., Bask
1928
734
631_ _Aylesbury Sch. Dist., Sask
1928
8
100
558_ _Aylmer, Que. (2 Issues)
5
33,000
558_ _ Birch Creek Sch. Dist., Bask--- -1,500
1928
658..
Sch. Dist., Alta_ _ _ _ 7
6,000
428.... Brenda, Man
1928
4
40,000
428_ _ Burnaby, B. C
1933
6
13,000
632_ _Cornwall, Ont
1928
4).4
20,000
550.. Crocus Plain Sch. Dist., Bask-.. 8
1918
2,500
429_ Daysland Sch. Dist., Alta
1009-1918
6
6,000
1918
560_ Ellis Sch. Dist., Sask
8
2,400
5130__FIr Valley Sch. Dist., Sask_ _ _ _ 8
1918
1928
560_ _Fort William, Ont
5
560_ _Fort William, Ont
1938
434
1938
560_ _Francis Sch. Dist., Sask
534
496Frontenac County, Ont
434 1909-1918
1938
498.. Glace Bay, N S
5
11171
1928
561_ _ Glelchen Sch. Dist., Alta
6
18,000
93
1009-1028
496_ _ Guelph, Ont
5
6,400
1928
632_ Hamiota, Man
4
25,000
1918
561:_Holmstead Sch. Dist., Alta..
7li
1,800
1928
43,4
407_ _Ingersoll, Ont
5
533..- Kamloops, B. C.(3 issues)
100
1928
561_ _Lemberg Sch. Dist., Sask
6
2,500
1938
561_ -Lethbridge, Alta. (2 Issues)
5
51,000
1909-1938
497_ _Llstowell, Ont
6,000
1928
4
432_ _MacDonald, Man
20,000
95.75
1928
6
633.._Melita, Man
4,000
5
1928
633_ _Mellta, Man
5,000
5
1009-1928
10,000
633_Merritton, Ont
98.91
1928
4
432_ Aellniota, Man
35,000
1948
4
033_ _Moncton, Ont
10,000
4
1909-1927
562.._Napanee, Ont
7,006
1909-1938
5
8,000
562_ _ Niagara Falls, Ont
1909-1938
5
17,000
633__North Bay, Ont
4 A 1909-1928
433Pembroke, Ont
41,760
98.778
5
1938
563_ _Picton, Ont
20,000
1948
5
18,000
563 Portage La Prairie, Man
1938
5
563_ _Port Arthur, Ont
36,650
434 1009-1928
433_ _ Port Elgin, Ont
6,000
4
498_ _ Prescott, Ont
19,336
1928
8
563.. _Prudential Sch. Dist., Sask
3,500
634_ _Red Deer, Alberta
30,000
1909-1928
6
4,500
563_ _Red Deer, Alberta
1,000
634__RIch Sch. Dist., Alta
Various
5
563.. _St. Boniface (4 Issues)
194,250
434
1948
634.. St. Louis, Que
625,000
98.05
4
1909-1928
563.. _St. Marys, Ont
40,000
434
8,000
563_ _Sandwich, Ont
1909-1928
5
635.._Sarnla, Ont
7,000
434__Sky Hill S. D. No. 1782, Alta_
1,500
5
24,000
699....South Vancouver, B. C
11918
8
564__Stewartville Sch. Dist., Alta
1,000
1916&1928
15,500
564_ _Strathcona, Ont. (2 Issues) _ - - _ 6
1,000
635_ _Sedley, Sask
5
1909-1938
435__Streetsville, Ont
7,500
334
1944
1,250,000
564_ _Toronto, Ont
1933
454
2,000} 95
565 Vernon, 13 C
5 1918,'23,'28&'33 28,500
565_ _Vernon, B. C. (5 Issues)
8
1918
565__WellIngton Sch. Dist., Sask
2,000
2:32
11:283
News Items.
Arkansas.-Constitutional Amendments.-On Sept. 14 the
electors a this State will be asked to vote on two proposed
amendments to the Constitution. One of these amendments relates to the qualifications required of male citizens
in order to entitle them to vote at any election held in the
State of Arkansas. The other amends Section 1 of Article 16
of the Constitution as regards the issuing of bonds by cities,
towns, counties and other municipalities. The amendment
in full is given herewith:
Section 1, Article 18.-Neither the State nor any city, town, county or
other municipality In this State shall ever loan Its credit for any purpose
whatever, nor shal any county, city, town or municipality ever Issue any
interest-bearing evidences of indebtedness, except such bonds as may be
authorized by law to provide for the construction and maintenance of public
highways in counties, cities and towns and the construction, purchase
and maintenance of public Improvements of a general nature In cities and
towns.
Provided, That bonds or evidences of Indebtedness shall not be issued for
an amount more than ten per cent of the assessed valuation of all real
and personal property in city, townlor county proposing to issue same.
Such bonds shall not bear a greater rate of interest than live per cent per
annum, and In order to provide for the payment of such bonds and interest,
a special tax not to exceed three mills on the dollar, In addition to the rate
of taxation now authorized, may be levied by said counties, cities and
towns.And
the State shall never Issue any Interest-bearing treasury warrants or
scrip.
The above resolution was filed In the office of the Secretary of State on
May 23 1907.
Each elector may vote for or against the above amendment.
Witness my official signature this 24th day of February 1908.
0. C. LUDWIG, Secretary of State.
(Seal.)
The Memphis, Tenn., "Commercial Appeal" of Aug. 28
contained the following regarding the validity of the above
amendment:
Little Rock, Ark. Aug. 27.-Amendment No. 10, known as the "bond
amendment," authorizing cities and towns to issue bonds for public Improvements, is having a rocky road to travel. As stated In these dispatches
a day or two ago, it was recently discovered that the resolution providing
for the submission of the amendment to the people of the State at the
coming September election failed to provide for tile payment of the interest on the bonds, and to-day a more faulty error was discovered when It
was learned that the measure did not legally pass the last Legislature,as Is
believed by every one.
It was discovered to-day that the joint resolution passed by the House,
providing for the submission of the amendment, was a different measure
than that passed by the Senate, and contained a number of words that
were not In the Senate measure.
This, of course, renders the measure worthless, and even if It were adopted
by the people at the election next month,It would be Invalidated by the
courts.
Indiana.-Special Session of Legislature.-Governor J.
Frank Hazily has ordered a special session of the Legislature
to convene on Sept. 18. In a statement following the
proclamation, the Governor declared that the condition of
the specific appropriations made at the last session of the
Legislature alone justified the call for the extra session.
Other matters which he wishes considered in the special
session are: Repeal of the law appropriating $120,548 to
Vincennes University; legislation to aid the executive to
cope with the night riders which threaten southern Indiana;
a law by which the liquor traffic shall be controlled by local
option with the county as a unit, and an increased appropriation for the Indiana Girls'School and the Women's Prison.
St. Louis County (P. 0. Duluth), Minn.-Bonds Declared
Valid by State Supreme Court.-In an opinion handed down
Aug. 28 the State Supreme Court holds constitutional ChapTotal Canada
3,074,402
ter 130 of the Laws of 1907 under which this county issued
PREVIOUS
REVISED TOTALS FOR
MONTHS.
$600,000 court-hous e bonds sold on June 8. See V. 87,
The following items, included in our totals for previous p. 1485.
months, should be eliminated from the same, as the sales
have not been carried to completion. We give the page
Bond Proposals and Negotiations this week
number of the issue of our paper in which the reason for the have bet)n as follows:
be
found.
may
sale
consummate
the
failure to
Abbeville, Ala.-Bond Sale.-On Aug. 4 J. B. McCary &
Name of Municipality.
Page.
Amount.
494__Adena Sch. Dist., Ohio (July list)
$17,500 Co. of Atlanta purchased at par the $12,000 5% 20-year
50,000 coupon electric-light bonds described in V. 87, p. 237.
631_ Beaufort County, N. C. (January list)
561_ _Hugo, Okla. (March list)
150,000
Aitkin County (P. 0. Aitkin), Minn.-Bond Offering.433.. _Milton Sch. Dist., Ohio (June list)
50,000
150,000 Proposals will be received until Oct. 13 for the following
562_ _North Yakima, Wash. (May list)
564.. Seneca Falls, N. Y. (June list)
22,000
566_ _W.chlta Sch. Dist. No. 1, Kan. (July list)
150,000 ditch-construction bonds at not exceeding 6% interest:
We have also learned of the following additional sales for
previous months.
$4,200 Ditch.No. 1 bonds.
500 Ditch No. 2 bonds.
164,000 Ditch No. 3 bonds.
I 6,000 Ditch No. 4 bonds.
Authority Chapter 230, Laws of 1907, and amendments
thereto, Date July 11908. Fred Stearns is County Auditor.
Albion, Calhoun County, Mich.-Description of Bonds.We are advised that the $30,000 43/
2% bridge bonds awarded
on Aug. 18 to A. B. Leach & Co. of Chicago (V. 87, p. 558)
dated
and
Sept. 1 1908
are
mature $3,000 yearly beginninc,
.
in 1915: The price paid for the issue was $30,550, or 101.833°
Denomination $1,000. Interest semi-annual.
Alexandria Independent School District No. 2 (P. O.
Alexandria), Douglas County, Minn.-Bond Sale.-On
Sept. 1 the $10,000 5% 10-year coupon high-school- improvement bonds described in V. 87, p. 494, were awarded to the
Union. Investment Co. of Minneapolis at 103.40, accrued
interest and blank bonds.
Angleton Drainage District, Brazoria County, Tex.25,000 106.782 Bonds Registered.-The $120,000 5% 20-40-year (optional)
50,000
Par coupon bonds offered without
success on July 30 (V. 87,
20,000
98
p. 363), were registered by the State Comptroller on Aug. 27.
20,000
35,000
Apple Creek, Wayne County, Ohio.-Bond Election.56,700
30.000 100
Reports state that, an election will be held to-day (Sept. 12)
10,000 100
to vote on the question of issuing $7,000 water-works-plant
4,000 100
7,000 100
bonds.
Arbo (P. 0. Grand Rapids), Itasca County, Minn.-Bond
All the above sales (except as indicated) are for July.
These additional July issues will make the total sales (not 011ering.-Proposals will be received until 9 a.m. Sept. 21 by
Harmanirracy, Chairman :of the Board of Supervisors, for
including temporary loans) for that month $21,160 138.
5
494_ Barberton, Ohio (2 issues)
434 1909-1918
428__Boone County, Ind. (June)
434 1909-1918
428_Boone County, Ind
1913-1931
559__Bullitt County, Ky. (April) _ _ 5
428_ _Carroll County, Ind. (2 Issues)._ 434 1909-1918
1948
5
559_ _Clay County, Miss
428__Cass County, Ind. (3 Issues)..... 434 1009-1918
1918-1927
696__East Grand Forks, Minn.(June) 5
1914-1923
496„Emplre Sch. Dist., Cal. (June)- 6
d1913-1928
430_ _Excelsior Springs, Mo
5
496_ _ Fort Dodge, Iowa
434 d1918-1928
696_ _Franklin Graded Com.S.,D.,Ky. 5
496_ _ Gary, Ind
6
430_ _ Hamilton County,Ind.(2 issues) 434 1909-1918
431_ _Hendricks County, Ind
434 19094918
431_ _Huntington County, Ind
434 1909-1918
431_ _ IC,sc., usk County, Ind
4 g 1909-1913
432_Morgan County, Ind
434 1909-1913
1957
562_ _New York City
3
1957
562__New York City
4
1908
562__New York City (June)
3
1957
582 New York City (June)
3
433 ..North Hempstead Union Free
1913-1028
Sch. Dist. No, 10, N. Y
5
1935
4
698 __Pike County, Ala
1938
5
434_ _Roxboro, N. C. (April)
4
434_ _Saginaw, Mich. (4 Is., March)
434_ _Saginaw, Mich. (6 is., May)__ _ 4
434_ _Saginaw, Mich. (5 Is., June)_ _ _ 4
1938
434_ _South Sharon Sch. Dist., Pa_ _ _ 434
434_ _Spokane Co. Sch. Dists., Wash.'5
153
(2 Issues)
d1918-1928
6
564__Toppenish, Wash. (May)
$8,001 101.86
5,100 100
2,120 100
50,000 100
15,000 100
20,000
35,517 100
50,000
10,000 106.66
12,000 100.175
25,000 101.20
18,000
72,000 100
14,080 100
4,080 100
35,532
10,000 100.35
17,500 100
268,000
204,8251z100
2,500
114,000J
SHPT. 12 1908d
THE CHRONICLE
$10,000 bonds voted on Aug. 26. Maturity from five to
fifteen years.
Atchison School District (P. 0. Atchison), Kan.-Bond
Sale.-Of the $100,000 432% school-building bonds voted
on June 30 (V. 87, P. 178), $50,000 have been sold to the
State School Fund Commissioners at par. We are advised
that the remaining $50,000 bonds of this issue will be offered
for sale about Jan. 1 1909. Denomination $1,000. Date
Aug. 15 1908. Interest Jan. 1 and July 1. Maturity July 1
1923, subject to call, however, at any time.
Athens, Athens County, Ohio.-Bond Offering.-Proposals
will be received until 12 in. Sept. 28 by W.B. Golden, Village
Clerk, for $10,000 5% sewer-construction bonds. Authority Section 2835, Revised Statutes. Denomination
$1,000. Date March 1 1908. Interest semi-annual. Maturity $1,000 yearly on March 1 from 1912 to 1921 inclusive.
Certified check for 5% of the bonds bid for, payable to the
Village Treasurer, is required. Purchaser to pay accrued
interest. Delivery within ten days from the time of award.
A like amount of bonds was awarded on July 13 to the
Provident Savings Bank & Trust Co. of Cincinnati (V. 87,
p. 178); if these bonds take the place of those sold in July
we are not advised as to why the first sale was never consummated.
Beaufort County (P. 0. Washington), N. C.-Description
of Bonds.-The $50,000 5% gold coupon or registered bridgeconstruction bonds awarded on Aug. 4 to the Security Trust
Co. of Spartanburg (V. 87, P. 631) are in denomination of
$1,000 each and are dated July 1 1908. Interest semi-annual. Maturity on July 1 as follows: $15,000 in 1937, $20,000 in 1938 and $15,000 in 1939.
Benton County School District No. 33,Wash.-Bond Sale.r
-We have just been advised that the $1,000 5-10-yeae
(optional) coupon building bonds offered on Aug. 6 wcrs
awarded to the State of Washington at par for 5s.
Bloomfield, Ont.-Debenture Sale.-W. C. Brent of Toronto was the successful bidder for the $1,000 debentures
recently offered by this place.
Boissevain, Man.-Debenture Offering.-Further details
are at hand relative to the offering on Sept. 15 of the $15,000
5% coupon electric-light-plant debentures mentioned in
V. 87, p. 495. Proposals for these debentures will be received until 12 in .on that day by G.C.Smith,Town SecretaryTreasurer. Date Sept. 1 1908. Interest is payable at the
Union Bank of Boissevain. Maturity part yearly on Sept. 1
from 1909 to1938 inclusive. Total debt this issue. Assessed
valuation for 1908 $500,000.
Brookhaven, Miss.-Bond Sale.-This city on Sept. 1
awarded the $15,000 school-fin provement bonds described
in V. 87, p. 559, to A. J. Hood & Co. of Detroit at $15,155
(they to furnish blank bonds)for 5 2s.
Ceres School District, Stanislaus County, Cal.-Bond
Offering.-Proposals will be received until 11 a. m. Sept. 15
by S. B. Mitchell, County Clerk (P. 0. Modesto), for $20,000
6% building bonds.
Cincinnati School District (P. 0. Cincinnati), Ohio.Bond Sale.-On Sept. 8 the $200,000 4% 40-year coupon
school-property-improvement bonds described in V. 87, p.
428, were awarded to C. E. Denison & Co. of Cleveland at
105.31 and interest-a basis of about 3.744%. A list of
the bidders follows:
C. E. Denison & Co., Cleve_$210,621
German Nat. Bank, Cin__ ._ 209,561
Field, Longstreth & Co., Cin 208,530
Union S. B. &'Ir. Co., Cln __ 207,620
Rud. Kleybolte Co.,Inc.,C1n. 206,737
Well, Roth & Co., Cln
$206,685
Central Tr. ec S. D.Co., Cin. 206,620
Atlas National Bank,Cin__ _ 206,529
Fifth-Third Nat. Bank,Cin_ 206,300
Colbert County (P. 0. Tuscumbia), Ala.-Warrant Offering.-Further details are at hand relative to the offering of
the $25,000 warrants issued to the contractor for the rebuilding of the court-house,o.nd mentioned in V. 87, p. 559. Proposals for these warrants will be received by the County
Commissioners up to Sept. 15. Denomination to suit purchaser. Warrants are tax-exempt. Date Oct. 1 1908.
Interest at the rate of "5 or 6" %, payable annually in February. Maturity $5,000 yearly on Feb. 1 from 1910 to 1914
inclusive. Oscar G,Simpson is Judge of Probate.
Collinsville High School District, Madison County, Ill.Bond Sale.-This district recently awarded an issue of $41,000
04% bonds to the Harris Trust & Savings Bank of Chicago.
Columbus, Ohio.-Bonds Authorized.-Ordinances providing for the issuance of the following coupon assessment improvement bonds were passed by the City Council on Aug. 31:
$4,000 4% Central Avenue bonds.
4,000 414% Clifton Avenue bonds.
8,000 434% Eighteenth Street bonds.
Engler Street bonds.
1,000 4%
2,000 434% bonds for the alley north of Madison Avenue,
2,000 434% Nineteenth Street bonds.
Lechner Avenue bonds.
13,000 4%
The above bonds will be dated not later than Dec. 11908.
Interest March 1 and Sept. 1 at the City Treasurer's office.
Maturity March 11920, but, with the exception of the lastmentioned issue, are subject to call after Sept. 1 1909.
Correction.-The reports that the Harris Trust & Savings
Bank of Chicago had purchased $1,600,000 of an issue of
$4,000,000 refunding bonds were incorrect, according to
advices received from the Sercetary of the Sinking Fund
Trustees.
Conway, Beaver County, Pa.-Bond Offering.-Proposals
will be received until 8 p. in. Sept. 16 for $20,000 5% coupon
695
water-plant bonds. Denomination $1,0,00. Interest semiannual. Date Aug. 1 1908. Maturity $1,000 yearly on
Aug. 1 from 1918 to 1937 inclusive. Frank S. Brown is
Secretary of Council.
Cottonwood Falls, Chase County, Kan.-Bond Sale.Aug. 26 the $25,000 4
20-year water-works bonds voted
on June 1 were bought by the State of Kansas for the School
Fund at par. Denomination $500. Date Aug. 1 1908.
Interest Jan. 1 and July 1.
Cowley School District No. 28 (P. 0. Cowley), Big Horn
County, Wyo.-Bond Offering.-Proposals will be received
until 12 m. Sept. 15 by Charles A Welch, Clerk, for $3,000
coupon school-building bonds at not exceeding 6% interest.
Authority Article 3 of Chapter 3, Title 6, Division 1, of the
Revised Statutes of 1899. Denomination $3,000. Date
Jan. 1 1909. Interest semi-annually at the office of the
County Treasurer in Basin or at the State Treasurer's office
in Cheyenne. Maturity $300 yearly on Jan. 1 from 1910
to 1919 inclusive. Certified check for $100 is required.
Cumberland County (P. 0. Fayetteville), N. 0.-Bond
Offering.-Proposals will be received until 12 m. Sept. 14
for $15,000 6% steel-bridge bonds. Authority Laws of the
General Assembly of 1907. Maturity ten years. Herbert
Lutterloh is Chairman of the Board of County Commissioners.
Curlew, Alberta.-Debenture Sale.-W. C. Brent of Toronto has been awarded $1,000 debentures.
Cuyahoga County (P.0. Cleveland), Ohio.-Note Offering.
-Proposals will be received until 11 a. m. Sept. 16 by Wm.
F. Black, Clerk Board of County Commissioners, for the
following Center Road improvement notes:
notes. Denomination $375. Maturity $375 each six Months
from March 1 1909 to Sept. 1 1918 inclusive.
45,000 5% notes. Denomination $1,000. Maturity on Sept. 1 as follows:
$4,000 In each of the years 1910, 1911, 1913, 1915 and 1917
and $5,000 In each of the years 1912, 1914, 1916, 1918 and 1919
$7,500 5
The above notes are dated Sept. 1 1908. Interest semiannual. Certified check for $1,500 is required. Purchaser
to prepare the notes at his own expense.
Bond Offering.-Proposals will also be received until 11
a. ni. Sept. 24 by the Board of County Commissioners,
William F. Black, Clerk, for $300,000 43-% coupon bonds.
Authority election held Nov. 5 1901; also Sections 871 and
872, Revised Statutes. Denomination $1,000. Date Oct. 1
1908. Interest semi-annually at the County Treasurer's
office. Maturity $15,000 yearly on Oct. 1 from 1909 to
1912 inclusive and $16,000 yearly on Oct. 1 from 1913 to
1927 inclusive. Bid to be made on a blank form furnished
by the Board of County Commissioners, be unconditional,
and be accompanied by an unconditional certified check or a
bond signed by two disinterested persons, residents of and
owning real estate in Cuyahoga County, for 1% of bonds
bid for, made payable to the County Treasurer.
Dawson and Frontier Counties Joint High School Districts
Nos. 51 and 111 (P. 0. Farnum), Neb.-Bond Offering.Proposals will be received until 7 p. m. Sept. 15 for $12,000
6% school bonds. Date Sept. 1 1908. Maturity $4,000 on
Sept. 1 in each of the years 1918, 1923 and 1928. Certified
check for 5% of amount of bonds bid for is required. Purchaser to pay accrued interest. Assessed valuation of joint
districts, $200,000. W. R. Fitch is Secretary of district.
Dayton, Montgomery County, Ohio.-Bond Offering.Proposals will be received until 12 m. Sept. 14 by Edward
Philipps, City Auditor, for $50,000 5% coupon Sewer District No. 3 bonds. Denomination $1,000. Date Sept. 15
1908. Interest payable semi-annually at New York. Maturity $5,000 yearly on Sept. 15 from 1908 to 1917 inclusive.
Certified check for $2,500 on a national bank, payable to
the City Auditor,is required.
Douglas County (P. 0. Alexandria), Minn.-Bids.-Following is a list of bids received on Sept. 1 for the $44,000
432% drainage bonds described in V. 87, p. 429:
H. T. Holtz & Co., Chicago, $44,541 21 with accrued Interest and blank
bonds, to be dated Sept. 1st 1908, due Aug. 1st 1918, payable at Central
Trust Co., Chicago. Denomination $500.
Minnesota Loan & Trust Co., Minneapolis, $44,065 and accrued Interest,
date not stated, due Aug. 11918. Denomination $1,000.
First National Bank of Alexandria, par for $12,000 of issue.
Commercial Investment Co., Duluth, Minn.. $44,000 and accrued Interest.
U. M. Stoddard de Co., Minneapolis, for MacDonald, McCoy & Co., Chicago,
for bonds at b% Interest, $45,270, less cost of bonds, but including
Interest accrued.
Kane & Co., Minneapolis, for bonds at 5% Interest, $45,100, with accrued
interest and blank bonds.
Trowbridge & Niver Co., Chicago, par and accrued interest, less.$1,200 for
expenses.
Union Investment Co. Minneapolis, par and accrued interest,
for expenses; or, par at 4% interest.
"Bids of Holtz & Co. and Minnesota Loan & Trust Co.,
held in suspense until Sept. 12 1908, 1 p. m, All other bids
rejected."
Dunklin County (P. 0. Kennett), Mo.-Bonds Not Sold.No sale was made on Sept. 3 of the $59,350 93 District No. 12
and $19,449 19 District No. 10 6% coupon drainage bonds
described in V. 87, p. 560.
East Carroll Parish (P. 0. Lake Providence), La.-Bond
Sale.-The successful and only bidder on Sept. 2 for the
$22,000 5% coupon funding bonds described in V. 87, p. 430,
was R. J. Walker of Lake Providence. The bonds were sold
as follows: $11,000 at par and $11,000 at 99. Purchaser to
pay accrued interest.
East Chicago, Lake County, Ind.-Bond Sale.-N. W.
Halsey & Co. of Chicago recently purchased of this city an
issue of $28,000 6% bonds. Date Sept. 1 1908. Interest
THE CHRONICLE
696
payable at East Chicago. Maturity from 1910 to 1919 in.clusive.
East Grand Forks, Polk County, Minn.-Bonds Offered to
Investors.-American Trust & Savings Bank of Chicago is
,offering at 102 and interest, netting the investor 4.85%, the
$50,000 5% coupon water-works bonds described in V. 86,
p. 1424. Maturity $5,000 yearly on June 1 from 1918 to
1927 inclusive.
East Washington (P. 0. Washington), Washington
County, Pa.-Bonds Not Sold.-No award was made on
Sept. 4 of the $11,000 432% coupon street-improvement
bonds mention of which was made in V. 87, p. 430.
Elkins School District (P. 0. Elkins), W. Va.-Bond Sale •
-The $45,000 5% coupon school-house bonds offered on
Aug. 22 (V. 87, p. 365) were awarded, we are informed, to
.Seasongood & Mayer of Cincinnati at 102.50. Maturity
$15,000 in twenty years, $15,000 in twenty-five years and
$15,000 in thirty years.
Everett, Mass.-Note Offering.-Dispatches state that
-this city will receive proposals until 5 p. m. Sept. 15 by
Nathan Nichols, City Treasurer, for $40,000 43/
2% firestation notes.
Fairview, Okla.-Bond Sale.-The $15,000 6% 25-year
coupon electric-light bonds, for which proposals were asked
until Aug. 31 (V. 87, p. 560), were awarded to W. J. Hayes
& Sons of Cleveland for $15,007, the price thus being 100.046.
An offer of $15,225 was also received from S. A. Kean of
Chicago, but it was not accompanied by the required certified check. Securities are dated Oct. 11908. Interest semiannual.
Fitzgerald, Ga.-Bond Sale.-The Provident Savings Bank
& Trust Co. of Cincinnati was the successful bidder on Sept.8
for the $75,000 sewer, the $30,000 school-building and the
$25,000 water and light 5% gold coupon 30-year bonds
described in V. 87, p. 430. The price paid by them was
$132,121 50.
Foosland School District (P. 0. Foosland), Champaign
County, Ill.-Bond Sale.-This district has sold $1,200 5%
bonds.
Fort Wayne School City (P. 0. Fort Wayne), Ind.-Bond
Offering.-Proposals will be received until 8 p. m. Sept. 14
by the Board of School Trustees, Ernest W.Cook, President,
James H. Fry, Secretary and Anselm Fuelber, Treasurer,
for $100,000 4% coupon school-building and improvement
bonds. Authority an Act of the General Assembly approved March 9 1903 as amended by an Act approved
March 7 1907. Denomination $1,000. Date Oct. 1 1908.
Interest semi-annually at the United States Mortgage &
Trust Co. of New York City. Maturity $10,000 on Oct.
1 1917 and $90,000 on Oct. 1 1918. Certified check for
$1,000, payable to the "School City of Fort Wayne", is
required. Delivery on or before Sept. 30 1908.
Franklin County (P. 0. Columbus), Ohio.-Price Paid for
Bonds.-The price paid for the $58,900 VA% road-improvement bonds awarded on Sept. 3 to Otis & Hough of Cleveland
(V.87, p.632) was 101.137 and accrued interest. Following
are the bids:
00 Seasongood & Mayer:Cin_$59 360 00
Otis & Hough, Cleveland_$59,570
59,540 00 Well, Roth & Co., Cin_ _
Hayden,Miller&Co.,Cleve.
Barto,Scott&Co.,Colum__
First Nat. Bank, Cleve_ _ _
C. E. Denison & Co., Ciev.
Central Tr. & S. D.Co.,Cin
Breed & Harrison, Cin___
59,490 50
59,490 00
59,454 00
50,430 10
59,400 65
__
SecurityS.B.&Tr.Co.,Tol_
Prov. S. B. & Tr.Co.,Cin_
Field,Longstreth&Co.,C1n.
New First Nat. Bk., Colum
59,353 00
59,283 25
59,276 96
59,152 00
59,020 00
A bid was also received from Albert Kleybolte & Co. of
Cincinnati.
Franklin Graded Common School District (P. 0. Franklin), Simpson County, Ky.-Bond Sale.-The $18,000 5%
coupon building bonds described in V. 87,p. 303, were sold
on July 22 to Well, Roth & Co. of Cincinnati. Maturity
thirty years,•subject to call, however, $500 yearly on July 1
from 1910 to 1923 inclusive and $11,000 any time after fifteen
years.
Gadsden, Etowah County, Ala.-Bond Sale.-On Sept. 1
the $100,000 5% 30-year coupon water-plant bonds described
in V. 87, p. 430, were awarded to the First National Bank of
Cleveland at par and accrued interest.
Garvin, McCurtain County, Okla.-Bond Offering.-This
town is offering for sale an issue of 6% 20-year schoolbuilding bonds. Denomination $500. Interest Jan. and
July. A. W. Moseley is Town Clerk.
Gibbon School District No. 2 (P. 0. Gibbon), Buffalo
County, Neb.-Bond Offering.-Proposals will be received
until 6 p. m. Sept. 15 by the Board of Education, M. D.
Marsh, Secretary, for $18,000 5% school bonds voted on
July 18. Denomination not to exceed $1,000. Interest
annually on July 1 at the office of the County Treasurer in
Kearney. Maturity on July 1 as follows: $1,000 yearly
from 1913 to 1926 inclusive, $2,000 in 1927 and $2,000 in 1928.
Certified check for $500 is required.
Green Valley, Ont.-Debentures Sale.-D. H. McDonald
& Co. of Fort Qu' Appelle have been awarded $1,200 debentures.
Greenville, Ohio.-Bond Sale.-On Sept. 7 the $2,500 4%
2-6-year (serial) coupon Central Avenue improvement bonds
described in V. 87, p. 430, were awarded to the Greenville
National Bank of Greenville at 101 and accrued interest-a
basis of about 3.73%. A bid of $2,505 was also received from
the Second National Bank of Greenville.
fVoL. Lxxxvii.
Halifax, N.S.-Debenture Sale.-This city has sold $37,500
4% debentures to J. C. Macintosh and F. B. McCurdy & Co.,
both of Halifax, who bid jointly. These securities take the
place of the $25,000 sewer and $10,000 sidewalk debentures
mentioned in V. 87, p. 561. As it was found that these debentures would only bring 93.333, it became necessary to
increase the amount of the issue to $37,500 in order to realize
$35,000, the sum required to make the proposed improvements.
Hamilton, Ont.-Debenture Offering.-Proposals will be
received until 5 p. m. Sept. 14 by S. H. Kent, City Clerk,
for $90,000 4% 30-year water-works coupon debentures and
$80,000 4% 20-year Technical School coupon debentures.
Interest semi-annually in Hamilton. Denomination $1,000.
Date Sept. 11908.
Harpersfield, Stamford and Jefferson (Towns) Union Free
School District No. 1 (P. 0. Stamford), N. Y.-Bond Sale.On Sept. 5 the $23,000 432% coupon or registered building
bonds described in V. 87, p. 496, were awarded to Fenwick
& Rogerson of New York City, $10,000 at 100.73 and interest
and $13,000 at 101.47 and interest. The other bidders were:
W. J. Hayes & Sons, Cleve_ 423,010 I Order of the Golden Seal, RoxI bury, N. Y
par
Maturity $500 yearly on Nov. 1 from1909 to 1928 inclusive
and $1,300 yearly on Nov. 1 from 1929 to 1938 inclusive,
bonds due after twenty years being subject to call.
Hartshorne Sob:to' District No. 1 (P. 0. Hartshorne),
Okla.-Bond Sale.-This district has awarded the $25,000
6% 20-year coupon building and site-purchase bonds offered
on Aug. 25 and described in V. 87, p. 496, to MacDonald,
McCoy & Co. of Chicago at 104.608, accrued interest and
blank bonds. The other bidders were as follows:
John Nuveen & Co., Chic_$25,885 00
Jefferson Tr. Co., McAlest. 25,867 00
C. H. Coffin, Chicago_ __ 25,751 00
G. I. Gilbert, Okla. City.. _ 25,750 00
A. J. McMahon,Okia.CIty. 25,625 00
Speer & Dow, Ft. Smith_ _$25,527 50
Dallas Tr.&S.13.,Okla.City. 25,313 00
First N. B., Barnesville, O. 25,350 00
R.J. Edwards, Okla. City. 25,250 00
W.J.Hayes & Sons, Cleve_ 25,007 00
Hemlock, Ont.-Debenture Sale.-An issue of $1,360 debentures was recently disposed of. The securities were
purchased by W. C. Brent of Toronto.
Henrylyn Irrigation District, Col.-Bids Rejected.-Proposals were asked for until Sept. 5 for the $3,000,000 bonds
to provide for the construction of the Intermountain tunnel
for the purpose of bringing water through the Continental
Divide from Williams Fork River, and voted on Aug. 9.
See V.87, p. 431. All bids reeeived,lowever, were rejected.
Herkimer County (P. 0. Herkimer), N. Y.-Bid.-In addition to the successful hid of par and accrued interest submitted on Sept. 3 by W. N. Coler & Co. of New York City
for the $120,000 4% 14-23-year (serial) coupon or registered
highway-improvement bonds (V. 87, p. 632), an offer at par
1.1.s was also received from Edmund Seymour & Co. of
for 4/
New York City.
Holmstead, Alberta.-Debenture Sale.-This place has
sold to W. C. Brent of Toronto an issue of $1,800 debentures.
Houston, Tex.-Bond Offering.-Proposals will be received until 12 m. Sept. 17 for the $100,000 5% coupon
street-repair bonds described in V. 87, p. 431. Denomination $1,000. Date August 5 1908. Interest semi-annually
at the Union Trust Co. in New York City. Maturity August
5 1938, subject to call after August 5 1928. Certified check
on any Houston bank for 1% of bonds, payable to H. B.
Rice, Mayor, is required.
Hudson County (P. 0. Jersey City), N. J.-Bond Offering.
-Proposals will be received until 4 p. m. Oct. 1 by the
Board of Chosen Freeholders, for $100,000 Boulevard repair bonds; $350,000 bonds to build a bridge over the Hackensack River; $350,000 bonds for constructing a viaduct;
$55,000 bonds for the extension of the lunatic asylum ,and
$18,000 bonds for the Morris Canal bridge. These bonds will
6% interest and will be dated Oct. 1 1908.
carry 43,
Humboldt, Iowa.-Bond Sale.-On Sept. 1 the $5,500
43/°;/0 5-10-year (optional) coupon water and drainage bonds
described in V. 87, p. 497, were awarded to Ira C. Calef of
Barre, Vt., at 100.20 and accrued interest. The following
bids were also received:
G M.Bechtel &Co.,Davenport_ _ $5,5101Mercantile Trust Co.,St. Louis_.par
Jackson County (P. 0. Jackson), Minn.-Bond Sale.Thos. J. Bolger Co. of Chicago was awarded the three issues
of ditch bonds, aggregating $142,000, offered on Sept. 8
for $142,835.
Kalamazoo, Mich.-Bonds Authorized.-This city has
authorized the issuance of funding and refunding bonds.
Kansas City, Mo.-Certificate Offering.-Proposals will be
received until 3 p.m. Sept. 14 by the Board of Park Commissioners, Geo. T. Hall, Secretary pro tempore, for $48,070 67
park fund certificates, "Series S." Denomination $1,000.
Interest Jan. 1 and July 1. Maturity part yearly from one
to twenty years inclusive. A deposit of $5,000 is required.
Kenneth, N. B.-Debenture Sale.-J. Addison Reid has
bought $1,400 debentures.
Senora, Ont.-Debenture Sale.-This town recently disposed of $39,000 sinking fund debentures issued for the
development of water power and due in 1937. The securities
were purchased by Aemilius Jarvis & Co. of Toronto.
Lake County (P. 0. Crown Point), Ind.-Bond Offering.Proposals will be received until 12 in. to-day (Sept. 12) by
Chas. A. Johnson, Auditor, for $60,000 5% coupon bonds
for erecting a jail, repairing the Sheriff's residence,and for
the erection of a stable. Authority an Act of the General
SEPT. 1 1908
THE CHRONICLE
Assembly approved March 3 1899. Denomination $500.
Date Sept. 1 1908. Interest January and July in Crown
Point. Maturity $5,000 each six months from July 1 1909
to Jan. 1 1915 inclusive. Bonds are free from all taxes.
Certified check for 3% of bonds bid for, payable to the
Board of County Commissioners, is required. Bonded
debt this issue. Assessed valuation for 1908, $48,670,000.
Purchaser to pay accrued interest.
Lakefield, Ont.-Debenture Sale.-A. E. Ames & Co. of
Toronto have purchased $3,068 434% local-improvement
debentures maturing part yearly for twenty years.
Leechburg, Armstrong County, Pa.-Bond Offering.Proposals will be received until 8 p. m. Sept. 14 by John
A. Hill, Borough Secretary,for the $10,000 5% coupon fund
ing bonds voted (V. 87, p. 304) on July 25. Denomination
$500. Date Sept. 1 1908. Interest semi-annually at the
First National Bank of Leechburg. Maturity $5,000 on
Sept. 1 1918, but subject to call after Sept. 1 1913, and
$5,000 on -Sept. 1 1923, but subject to call after Sept. 1 1918.
Bonds are free from State tax. Certified check for 10% of
the bonds bid for, payable to Chas. J. Neiman, is required.
Total debt,including this issue, $26,744 92. Assessed valuation $555,890.
Lincoln, Mass.-Bond Sale.-On Sept. 5 $52,000 4% coupon school-house-loan bonds were awarded at 101.81 and
interest to Blodget, Merritt & Co. of Boston. Denomination $1,000. Date Jan. 11908. Interest semi-annual. Maturity on Jan. 1 as follows: $3,000 yearly from 1910 to 1923
inclusive and $2,000 yearly from 1924 to 1928 inclusive.
Lincoln, Lancaster County, Neb.-Bond Offering.-Proposals will be received until 12 m. Oct. 5 by Thomas H.
Pratt, City Clerk, for $16,000 432% (optional) refunding
bonds. Date Nov. 1 1908. Interest semi-annually at the
Nebraska fiscal agency in New York. Maturity one-tenth
yearly after the tenth year. Certified check on a Lincoln
bank for 2% of bonds bid for is required.
Lucas County (P. O.Toledo),Ohio.-Bond Sale.-On Sept.
4 the $82,000 434% bridge-repair bonds and the $60,000
434% road-improvement bonds described in V. 87, p. 432,
were awarded to Otis & Hough of Cleveland and Seasongood
& Mayer of Cincinnati at their joint bid of 104.68 for the
former issue and 106.161 for the latter. The bids received
were as follows:
$82,000
$60,000
Bridge Bonds. Road Bonds.
Otis & Hough, Cleveland, and Seasongood &
Mayer, Cincinnati
$63,697 00
$85,837 60
Nationa Bank of Commerce, Toledo
85,575 00
0. E. Dentson to Co., Cleveland
85,567 00
63,408 00
Wollenberger do Co., Chicago
63,287 00
85,521 90
Cleveland Trust Co. Cleveland
63,346 20
85,419 40
Well, Roth & Co., Cincinnati
63,370 00
85,295 00
Hayden, Miller So Co., Cleveland
83,434 00
85,141 00
First National Bank, Cleveland
63,059 50
85,087 50
Hoehler & Cummings, Toledo
63,072 00
6
50
Central Trust & Safe Deposit Co., Cincinnati
8
855:080177
Field, Longstreth do Co., Cincinnati
62,770 00
84,950 00
Security Savings Bank & Trust Co., Toledo
62,778 00
84,935 60
Fifth-Third National Bank, Cincinnati
62,795 00
84,903 00
Spitzer & Co., Toledo
62.727 00
84,853 60
Provident Savings Bank & Trust Co., Cincinnati- 84,853 60
62,718 00
A. Kleybolte & Co., Cincinnati
62,472 00
84,533 80
The bridge-repair bonds mature $4,500 yearly from one to
sixteen years inclusive and $2,500 yearly from seventeen to
twenty years inclusive, while the road bonds mature $4,000
yearly from six to twenty years inclusive.
Luton School District No. 2080, Sask.-Debenture Sale.This district has sold $1,200 school debentures to D. H.
McDonald & Co. of Fort Qu'Appelle.
Madisonville (P. 0. Ind. Station M, Cincinnati), Ohio.Bond Sale.-On Aug. 26 the $1,328 49 5% Archer Strea and
the $8,010 71 4% Stewart Place 1-10-year (serial) coupon
assessment bonds 'described in V. 87, p. 432, were awarded
to Seasongood & Mayer of Cincinnati and W. H. Settles &
Co.,respectively.
Manitoba, Province of.-Bids Rejected.-The Provincial
Treasurer rejected all bids received on Sept. 1 for the $400,000 40-year telephone and the $40,000 30-year drainage
4% debentures described in V. 87, p. 497.
Margo, Sask.-Debenture Sale.-The Oatario Securities
Co. was the successful bidder for $1,000 debentures recently
sold.
Marion, N. O.-Bonds Voted-Bond Offering.-At an election held Sept. 8 145 voters declared unanimously in favor
of a proposition to issue $20,000 5% 30-year bonds to extend
the water system and obtain a gravity supply. Interest
semi-annual. Proposals for these bonds will be received at
once. W. F. Wood is Mayor.
Marion, Ohio.-Price Paid for Bonds.-We are advised
that the price paid for the $29,980 refunding and the $5,935
street-improvement (city's portion) 4% bonds, awarded to
the Central Trust & Safe Deposit Co. of Cincinnati on Sept. 1,
was par and $5,950 43 (100.259) respectively. Purchaser
to pay accrued interest. Bids at par less the following
amounts for fees were also received:
& Mayer, Cincinnati
Well, Roth & Co., Cincinnati
Breed & Harrison, Cincinnati
$29 980
$5,935
Refunding (city's portion)
Bonds.
Bonds.
$220
Nothing.
4o
200
265
80
697
Medford, Middlesex County, Mass.-Bond Sale.-Thia
city has awarded to Estabrook & Co. of Boston, at 104.815,
an issue of $40,000 4% school bonds. Maturity 1928.
Medicine Hat, Alberta.-Debenture Sale.-Aemilius Jarvis
& Co. of Toronto were the successful bidders for $20,000 5%
school debentures recently offered for sale. Maturity part
yearly for twenty years.
Merrill, Lincoln County, Wis.-Bond Sale.-On Sept. 3
the $25,000 park and $25,000 street-improvement 434%
10-19-year (serial) coupon bonds offered on Sept. 2 and described in V. 87, p. 562, were awarded to the Commercial
National Bank of Chicago.
Miami, Okla.-Bond Sale.-The $30,000 sewer and $4,000
jail 6% 25-year coupon bonds offered on Aug. 24 and described in V.87, p. 432, were awarded to the Thos. J. Bolger
Co. of Chicago. The bonds will be dated Oct. 1 1908.
Middletown, Butler County, Ohio.-Bond Sale.-On Sept.
5 this city sold the $11,670 40 434% 1-10-year (serial) coupon tax-exempt Crawford Street and West Alley paving
(city's portion) bonds, described in our issue of Aug. 15.
The Central Trust & Safe Deposit Co. of Cincinnati was the
successful bidder, paying 101.90 and accrued interest-a
basis of about 4.111%. Following are the bids:
Premiums.
Central Tr. & S. D. Co., Cin_ _$221 74 [Fifth-Third Nat. Bank, Premiums.
00
Seasongood & Mayer, Cin_ __ 207 73!Field, Longstreth & Co.,Cln__$185
Cin_ 170 00
S. Kuhn & Sons, Cincinnati__ 205 40 Davies-Bertram Co. Cin_ ___ 154
00
R. Kleybolte & Co.,Inc., Cin. 205 40 Security S. B. & Tr.
'
Co., Tol_ 141 20
Well, Roth &Co., Cincinnati. 192 00 !First National Bank, Cleve_117.50
C. E. Denison & Co., Cleve__ 190 25
Motherwell, Ont.-Debenture Sale.-Debentures to the
amount of $1,000 have been sold to W.C. Brent of Toronto.
Mt. Carmel School District (P.0. Mt. Carmel), Pa.-Bond
Sale.-The $40,000 4% 10-30-year (optional) coupon funding
and school-building bonds offered on Aug. 28 and described
in V. 87, p. 497, have been sold to the First National Bank,
the Union National Bank and the Guarantee Trust & Safe
Deposit Co., all of Mt. Carmel, at par.
Mt. Clemens School District No. 1 (P. 0. Mt. Clemens),
Mich.-Bond Sale.-On Sept. 3 local banks purchased at
par the $24,000 4% coupon school bonds described in V. 87,
p. 562. The following bids were also received:
John B. Thayer, Chicago____$23,115 I Woodin,McNear&Moore,Chl.$23,050
Maturity $4,000 yearly on March 1 from 1912 to 1917
inclusive.
Mt. Vernon, Westchester County, N.7.-Bond Offering.Proposals will be received until 8 p.m. Sept. 15 by the City
Council for $40,000 5% refunding redemption bonds. Authority Sections 155 to 200 of Chapter 182 of the Laws of
1892, as amended, and also pursuant to the provisions of
Section 7 of the General Municipal Law, as amended. Denomination $1,000. Date Oct. 1 1908. Interest semiannually at the office of the City Treasurer. Maturity Oct. 1
1914. Certified check for $1,000 is required. Botds will be
engraved and certified to as to their genuineness by the
United States Mortgage & Trust Co. of New York City, and
their legality approved by Caldwell & Reed, New York
City, a copy of which opinion will be delivered to purchaser.
Bonds will be delivered on Oct. 1 1908. A. W. Reynolds
is City Clerk. Bid to be made on form furnished by the
city. Accrued interest to be paid by purchaser.
Nebraska City, Otoe County, Neb.-Bond Scde.-The Otoe
County National Bank of Nebraska City has purchased the
$5,000 4% park bonds mentioned in V. 87, p. 562, at par.
Newark, N. J.-Bond Offering.-Proposals will be received
until 12 m.Sept. 21 by J. H.Bacheller, City Comptroller, for
the following bonds:
$1,361.000 4% registered or coupon school bonds. Date Oct. 1 1908.
200,000 4% registered or coupon track elevation bonds. Date Sept. 1
1908.
Maturity optional at any time after 40 years from their date.
New London, Huron County, Ohio.-Bond Sale.-The
$17,000 assessment and the $5,000 electric-light (city's portion) 5% West Main Street improvement bonds, for which
proposals were asked until Sept. 5 (V. 87, p. 562), attracted
the following list of bidders:
Barto Scott & Co.,Columbus $23,085
Otis & Hough,Cleveland_ _ _ _ 22,962
Hayden, Miller & Co., Cleve_ 22,935
First Nat. Bank, Cleveland__ 22,892
Security Savings Bank to
Trust Co., Toledo
22,838
Well, Roth & Co., Cincinnati 22,812
Seasongood & Mayer, Cinc_ _522,809
Rudolph Kleybolte & Co.,
Inc., Cincinnati
22,800
W. J. Hayes & Sons, Cleve._ 22,710
New London National Bank,
New London
22,493
Field,Longstreth.& Co., Cinc. *5,365
*For the $5,000 issue.
All bidders offered accrued interest in addition to their bids.
The securities answer the following description:
$17,000 5% West Main Street improvement assessment bonds. Denominations $1,000 and $700. Maturity one bond on April 1 and
one bond on Oct. 1 each year from 1009 to 1918 inclusive.
5,000 5% (village's portion) bonds for improving West Main Street and
repairing the electric-light plant. Denom nation $500. Maturity $500 yearly on April 1 from 1915 to 1924 inclusive.
The above bonds are dated Sept. 1 1908 and are free from
taxation. Interest April 1 and Oct. 1.
New Mexico (Territory of).-Bids.-Following is a list of
the bids received on Sept'. 5 for the $40,000 4% 20-30-year
(optional) coupon armory-building bonds described in V.
87, p. 498:
Coffin & Crawford, Cin__ _$40,062 50 IOUs & Hough, Cleveland_$39.460 00
& Co., Toledo_ ___ 39,625 00 Seasongood & Mayer, Cin_ 39,460 00
Markdale, Ont.-Debenture Sale.-This town recetnly Spitzer
Harris Tr. to S. Bk., Chic_ 39,550 00
sold $10,000 5% bonds to A. E. Ames & Co. of Toronto.
With the exception of Coffin & Crawford,all.bidders offered
Maturity part yearly for thirty years.
accrued interest in addition to their bids.
698
THE CHRONICLE
[VOL. Lxxxvii.
registered sewer bonds described in V. 87, p. 563, $23,000
were sold on Sept. 3 to the Ocean County National Bank of
Point Pleasant Beach at par and $1,000 were bought by
Wm. Howard of Point Pleasant at 101.75. There were no
other bidders.
Prescott School District No. 1, Yavapai County, Ariz.Bond Offering.-Proposals will be received until Sept. 16 by
A. W. Robinson, Clerk of Board of Trustees, for $30,000
5% gold coupon bonds. Denomination $1,000. Interest
annually at the County Treasurer's office in Prescott. Maturity $1,000 in 1913, $1,000 from 1915 to 1920 inclusive,
$3,000 from 1921 to 1927 inclusive and $2,000 in 1928.
Certified check for $500, payable to the "Board of School
Trustees of School District No. 1," is required. The Board
of Trustees of this district will meet at the office of the Board
of Supervisors of the above county at 2 P. M. Sept. 17 to
act upon and dispose of all bids.
Providence, R. I.-Temporary Loan.-This city has borrowed $467,000 from Bond & Goodwin of Boston for 60
23/2% discount.
bonds. Denomination $500. Date Aug. 1 1907. (lays at
$5,000 434% sewer
Maturity $500 yearly on Aug. 1 from 1909 to 1918 inclusive.
Richfarms, Sask.-Debenture Sale.-Debentures to the
6,000 434% sewer
bonds. Denomination $1,000. Date Sept. 15 1908.
Maturity $1,000 yearly on Sept. 15 from 1912 to 1917 in- amount of $1,200 have been purchased by Houltain & Cross.
clusive.
'Rochester, N. Y.-Note Sale.-On Sept. 8 $200,000 6Interest semi-annual. Authority Section 2835, Revised months water-works-fin provement notes were awarded to
Statutes. Certified check for 2% of the bonds bid for, paya- Bond & Goodwin of New York City at 3%% interest and
ble to the Village Treasurer, is required. Purchaser to pay $26 premium. The bidders were as follows:
accrued interest.
3 % Interest and $26 premium
Bond & Goodwin, NewlYork
3 % interest and $7 premium
Goldman, Sachs & Co.,11New York
Ogden School District (P.0. Ogden), Utah.-Bond Sale.- William
4% interest and $20 premium
A. Read & Co. New York
4% Interest
On Sept. 1 the $75,000 4% 5-20-year (optional) coupon Alliance Bank, Rochester
school-improvement and high-school-building bonds deNote Offerings.-Proposals will be received until Sept. 18
scribed in V. 87, p. 433, were awarded to N. -W. Halsey & for $200,000 notes due in eight months.
Co. of Chicago at 95.81. The other bids were as follows:
Proposals will also be received until Sept. 25 for $849,006
E. H. Rollins & Sons, Chicag0-92.64 notes. Maturity eight months.
Harris Trust 6s Savings Bank,
90.00
95.125 Richard B. Flint
Chicago
Rome, Floyd County, Ga.-Bond Sale.-The City Clerk
Olinda School District, Orange County, Cal.-Bond Sale.us that the following coupon (with privilege of regisadvises
Los
of
Co.
Trust
Angeles
purchased
On Sept. 2 the Los Angeles
bonds have been sold:
tration)
(serial)
registered
and
school-house
the $5,000 5% 2-11-year
4% 20-30-year (serial) bonds, mentioned in V. 86, p. 997.
lot-purchase bonds described in V. 87, p. 562, at 100.60 and $50,000
Issue of $50,000 434% 10-20-year
20,000 bonds-the unsold portion of
(serial) bonds mentioned in V. 86, p. 997.
accrued interest. A bid at 100.25 was also received from
Pasadena.
of
Co.
the Wm. R. Staats
Roseburg, Ore.-Bonds Refused.-According to the "PortOmaha School District (P. 0. Omaha), Douglas County, land Oregonian" of Sept. 4, the $35,000 5% street bonds
Neb.--Bond Offering.-Proposals will be received until awarded on Aug. 21 to Morris Bros. of Portland (V. 87, p.
2 p. m. Sept. 15 by J. F. Burgess, Secretary Board of 563) have been refused by them on the ground that the
Education, for the $250,000 432% school-building and initiative petitions contained a number of irregularities.
addition bonds mentioned in V. 87, p. 241. Denomination After due consideration by the city authorities:the case was
$1,000. Date July 1 1908. Interest semi-annually at the left in the hands of the attorneys for further investigation.
Nebraska fiscal agency in New York City. Maturity July
St. Mary's, Pottawatomie County, Kan.-Bond Sale Not
1 1928. Certified or cashier's check on a national bank Consummated.-We are advised that when regular applicaof Omaha for 2% of bonds bid for is required. Bonds tion was made to the State School Fund Commission for the
to be delivered on Oct. 15 1908 or $100,000 on that date, purchase of the $15,000 electric-light bonds mentioned in
$100,000 on Nov. 15 1908 and $50,000 on Dec. 11908, at last week's issue, the said Commission found that it could not
option of purchaser. Accrued interest to be paid by suc- buy the same "on account of lack of funds." The securities,
therefore, will be placed on the market.
cessful bidder.
Oneida County (P. 0. Utica), N. Y.-Bond Sale.-This
San Bernardino School District, San Bernardino County,
county on Sept. 9 awarded the $100,000 5% road-improve- Cal.-Bond Offering.-Proposals will be received until Sept.
ment bonds offered on that day to Parkinson & Burr for 21 by the Board of County Supervisors (P. 0. San Bernar$102,031.
dino) for $35,000 VA% bonds. Denomination $1,000.
Oologah School District No. 33 (P. 0. Oologah), Rogers Interest payable semi-annually on Feb. 24 and Aug. 24.
County, Okla.-Bond Sale.-The $6,000 5% 5-16-year Certified check for 10% is required.
(serial) coupon or registered school-house-construction bonds
Sanford, Fla.-Bond Offering.-The City Bond Trustees
described in V.87, p. 241, have been sold.
are offering for sale $15,000 6% bonds.
Oxford, N. S.-Debenture Sale.-An issue of $1,500 debenSan Francisco, Cal.-Bond Sale.-According to the "New
tures was recently awarded to W.C. Brent of Toronto.
York News Bureau," the city of San Francisco on Sept. 10
Perkasie School District (P. 0. Perkasie), Pa.-Bond Of- awarded the four issues of 5% bonds, aggregating $3,280,000,
fering.-This district will offer at public auction at 3 p. m. offered on that day, to the Los Angeles Trust Co. and J. H.
to-day (Sept. 12) $3,500 4% coupon school-building bonds. Adams & Co., privately. N. W. Harris & Co., E. H.
Denominations $200, $300 and $400. Date Oct. 12 1908. Rollins & Sons and other bidders for the bonds have made
Interest semi-annually at the office of the Treasurer of the a vigorous protest.
Prominent among the large bids received are the following:
School Board. Maturity on Oct. 12 as follows: $1,000 in
& American
each of the years 1926 and 1927, $900 in 1928 and $600 in E. H. Rollins & Sons and__ 107.15 London, Paris Francisco_
_ _ 106.70
Bank, San
N.W.Harris & Co. (jointly)-1929. Bonds are free from all taxes. Certified check (or Crocker,
Woolworth Nat. 106.73 N. W. Halsey 63 Co. and 105.625
National City Bank, N. Y__
Bank, San Francisco
cash) for 10% of bid, payable to the Treasurer of the School
Board, is required. Total debt, not including this issue,
Sausalito, Mann County, Cal.-Bonds Voted.-At an elec$16,100. Assessed valuation,$1,088,853. Erwin R.Strouse tion held Aug. 31, 469 voters were in favor of issuing $100,000
Board.
School
is Secretary of the
5% 40-year water-works bonds, while only 21 were against it.
Philadelphia,Pa.-Loan Authorized.-The Select and ComSelma, Dallas County, Ala.-Bond Sale.-Arrangements
mon Council of this city on Sept. 3 authorized the Mayor have been made by this city with four local banks to take
to issue, at a rate not exceeding 4%,$3,500,000 registered or an issue of $80,000 Broad and Water streets paving bonds.
coupon certificates for various municipal purposes. DeShamokin, Northumberland County, Pa.-Bond Election.
nomination $100 or multiples thereof. Interest Jan. 1 and -An election will be held Nov. 3 for the purpose of voting
July 1 at the office of the fiscal agency in Philadelphia. on the question of issuing $55,000 street-paving bonds.
Maturity 30 years.
Shrewsbury, Worcester County, Mass.-Notes Voted.Pike County (P. 0. Troy), Ala.-Bond Sale.-This county This town recently voted to issue $16,000 3%% electricbonds
to
&
Farmers'
the
4%
$50,000
13
awarded
on July
light notes maturing $1,000 yearly.
Merchants' National Bank of Troy at par. Denomination
Simcoe, Ont.-Debenture Sale.-Reilly & McLean have
Interest
Masemi-annual.
1908.
Date
July
1
$1,000.
bought
$1,300 debentures.
1935.
Jan.
turity
Snohomish County School District No. 98, Wash.-Bond
Pilger, Neb.-Bond Sale.-On Aug. 25 the $10,000 5%
coupon
5-20-year (optional) registered water bonds described in Sale.-On Sept. 1 the $10,000 5-10-year (optional)
V. 87, p. 241, were taken by Frank A. Wheeler, a con- building bonds described in V. 87, p. 564, were awarded to
the State of Washington at par for 43/s. A bid of par for
tractor of Havelock, in payment for work done.
53's was also received from Wm.D.Perkins & Co. of Seattle.
.-Proposals
Offering
-Debenture
Pincher Creek, Alberta.
SecretaryD.
G.
Plunkett,
by
Southport, No. Caro.-Bo nd Election.-Reports state
will be received until Sept. 15
Treasurer (P. 0. Box 14), for $20,000 5% local-improvement that the City Council has chosen Sept. 21 as the day upon
which to vote on the question of issuing the $5,000 bonds
.debentures. Maturity twenty years.
better equipment
Point Pleasant Beach (P. 0. Point Pleasant), Ocean for improving the streets and purchasing
County, N. J.-Bond Sale.-Of the $24,000 5% 30-year for fighting the fires. See V. 87, p. 564.
New York State.-Bonds Not Sold.-We are advised that
the bids received on Sept. 8 for the $190,000 5% registered
Canaseraga Creek bonds described in V. 87, P. 498, only aggregated $8,000. These offers were rejected.
Niagara Falls, Ont.-Debenture Sale.-The $8,000 5%
registered public-school debentures recently authorized
(V. 87, p. 368) have been sold to Wood, Gundy & Co. of
Toronto at 99. Maturity part yearly on July 1 for thirty
years.
Nottingham School District (P. 0. Nottingham), Cuyahoga County, Ohio.-Bond Sale.-On Sept. 2 the $4,000 4%
coupon fire-protection bonds, a description of which was
given in V. 87, P. 498, were awarded to Otis & Hough of
Cleveland at par and accrued interest. No other bids were
received. Maturity $500 yearly on Oct. 2 from 1912 to 1919
inclusive.
Oberlin, Lorain County, Ohio.-Bond Offering.-Proposals
will be received until 12 m. to-day (Sept. 12) by Harry T.
Marsh, Village Clerk, for the following bonds:
SEPT. 12 1908.1
THE CHRONICLE
South Vancouver, B. 0.-Debenture Sale.-The $24,000
5% coupon school-building and site-purchase debentures
offered on Aug. 15 (V. 87, P. 242) were awarded to Wood,
Gundy & Co. of Toronto. Denomination not less than
$1,000. Date June 4 1908. Maturity "on or before"
June 4 1958.
Stewartville, Ont.-Debenture Sale.-W. C. Brent of Toronto has purchased $1,000 debentures.
Stratborne, N. S.-Debenture Sale.-An issue of $1,700
debentures has been disposed of to W.C. Brent of Toronto.
Strathcona, Man,-Debenture Sale.-An issue of $12,000
4% 20-year telephone debentures has been disposed of to
the Dominion Securities Corporation, Ltd., of Toronto.
Struthers, Ohio.-Bonds Defeated.-A proposition to issue
$23,000 sewer bonds met with defeat at an alection held
Aug. 19. The vote was 109 "for" to 127 "against."
Taft, Muskogee County, Okla.-Bond Sale.-This town
has issued $10,500 school-building bonds.
Tegna School District, Stanislaus County, Cal.-Bond
Offering.-Proposals will be receievd until Sept. 15 by the
Board of County Supervisors (P. 0. Modesto)for $30,000 5%
bonds. Interest annual. Certified check for 10% is required.
Tod Township (P. 0. Osceola), Crawford County, Ohio.Bond Bids.-A list of the proposals submitted on Sept. 3 for
the $12,000 5% 16-year coupon road-improvement bonds
awarded on that day to the Security Savings Bank & Trust
Co. of Toledo at 108.551 (V. 87, p. 636) follows:
Security Savings Bank &
Trust Co., Toledo
$13,036 20
Farmers' Exchange Bank,
New Washington
13,000 00
Otis & Hough, Cleveland_ 12,970 00
Bucyrus City Bk., Bucyrus 12,930 00
Well, Roth & Co., Cincin_ 12,876 00
0.E. Denison & Co., Clev_ 12,873 00
Hayden, Miller & Co.,
$12,862 00
Cleveland
First Nat. Bank, Cleveland 12,807 00
W.J. Hayes & Sons,Clev_ 12,801 00
Second Nat. Bk., Bucyrus 12,626 40
Providence Savings Bank
ec Trust Co., Cincinnati_ 12,621 00
AlbertKleybolte&Co.,Cin_ 12,600 00
699
Union Point, Greene County, Ga.-Bond Offering.-Proposals will be received until 7:30 p. m. Sept. 14 by the
Mayor and Council for the $10,000 6% building bonds voted
on July 15. Interest semi-annual. Maturity $500 yearly
on Jan. 1 from 1912 to 1931 inclusive. Certified check for
$200 is required.
Union Township (P. 0. Rutherford), Bergen County,
N. J.-Bonds Not Sold.-The Township Clerk did not receive
any proposals on Sept. 8 for the $25,000 43% 30-year gold
coupon or registered water-system -extension bonds described in V. 87, p. 564.
Urbana, Ohio.-Bonds Voted.-Dispatches state that a
proposition to issue $150,000 municipal-water-works-plant
bonds carried by a vote of 969 to 66 at an election held
Sept. 1.
Van Buren Township (P. 0. Dayton), Montgomery
County, Ohio.-Bond Sale.-Reports state that Seasongood
& Mayer of Cincinnati have been awarded $10,000 5%
1-20-year (serial) road bonds at 107.565-a basis of about
4.107%. Interest semi-annual.
Washington County (P. 0. Washington), Pa.-Bond
Sale.-The County Board of Commissioners on Sept. 10
awarded the $125,000 4% bridge bonds described in V. 87,
p. 565, to Hayden, Miller & Co. of Cleveland-for $126,578.
Wayne County (P. 0. Richmond), Ind.-Bond Sale.-On
Sept. 5 the $16,600 43% Washington Township gravel-road
construction bonds described in V. 87, p. 565, were awarded
to Thomas B. Millikan at par and accrued interest. There
were no other bidders. Maturity $830 each six months from
May 15 1909 to Nov. 15 1918 inclusive.
Wellsville, Columbiana 00unty, Ohio.-Bond Offering.Proposals will be received until 12 p. m. Sept. 15 by J. F.
McQueen, City Auditor, for the following bonds:
$3,650 5% coupon storm-sewerage-system-extension bonds. Denomination
$1,000, except one bond for $650.
2,350 5% coupon sanitary-sewerage-system bonds. Denomination $1,000,
except one bond for $350.
1,000 5% coupon fire-house-repair bonds. Denomination $500.
1,200 5% coupon Eighteenth Street Improvement bonds. Denomination $500, except one bond for $200.
Tomah School District No. 1 (P. 0. Tomah), Monroe
County, Wis.-Bond Sale.-MacDonald, McCoy & Co. of
Chicago were the successful bidders on Aug. 25 for the $11,Date Aug. 11008. Interest annually at the office of the
000 5% 5-15-year (serial) coupon refunding school bonds
dated Aug. 1 1908 and described in V.87, p. 500. The price City Treasurer. Maturity Aug. 1 1928. Bonds are free
from all taxes. Purchaser to pay accrued interest.
paid was $11,535 75, or 104.87-a basis of about 4.393%.
NEW LOANS.
NEW LOANS.
800,000
STATE OF NEW YORK
VILLAGE OF PEEKSKILL, N. Y,,
Canal Improvement Gold Bonds
V.
EXEMPT FROM TAXATION
Dated July 1, 1908
Due July 1, 1958
AMOUNTING TO
$5,000,000
Issued in Coupon or Registered Form
Will be Sold Saturday, September 26th, 1908,
At 10 O'clock a. m., at the
State Comptroller's Office, Albany, N, Y.
These bonds bear a rate of THREE per cent interest, but by the operation
of Chapter Z50 of the Laws of 1907, as amended by Chapter 228 of the Laws of
1908, these obligations of the great Empire State practically pay FOUR per
cent interest when owned by insurance companies, trust companies and savings
banks, operating in the State of New York, and are therefore a most desirable
investment for said institutions.
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon
a solvent bank or trust company of the cities of Albany or New York, payable
to the order of the Comptroller of the State of New York, for at least two per
cent of the par value of the bonds bid for.
All proposals, together with the security deposits, must be sealed and endorsed "Loan for Canal ImproN ement," and enclosed in a sealed envelope directed
to the "Comptroller of the State of New York, Al any."
All bids will include accrued interest.
The Comptroller reserves the right to reject any or all bids.
FOR FURTHER PARTICULARS ADDRESS
MARTIN H. GLYNN, State Comptroller, Albany, N. Y.
Dated Albany, August 31, 1908.
WATER BONDS
Notice is hereby given that pursuant to the
authority of Chapter 161 of the Laws of 1908, the
Board of Water Commissioners of the \Wage
of Peekskill, N. Y., has resolved to issue bonds
for the erection of a water filtration plant and
appurtenances.
Notice is further given that there will be issued
sixty bonds each of the denomination of 31,000.
That they will bear date October 1 1908, and
that the interest thereon will be made payable en
the 1st days of April and October in each year;
that said bonds will run for the term of thirty
years and be payable on the first day of October,
1938 at the Peekskill National Bank, PeekskIl.,
N.Y.
The bidder or bidders to whom the bonds shall
be awarded will be required to take the bonds
and pay the money for the same at the Peckskl
National Bank,Peekskill, N. Y.
The bids for said bonds will be for the Icwest
rate of interest at which the said money wi., be
furnished.
Sealed bids must be filed with the Superintendent
of the Water Works and Clerk of tile Board of
Water Commissioners at the Municipal Bui ding,
Peekskill, N. Y., on or before 12 o'clock, noon,
on the 17th day of September 1908. Each bid
must be accompanied by a certified check on some
state or nattonat bank for the sum of $500,payable
to the order of the Board of Water Commissioners
of the Village of Peekskill, N. Y., as an evidence
of good faith and as liquidated damages and not
as pena'ty, that the bidder or bidders WI within
five days after the award of the issuance of said
bonds accept in writing the award so made to it.
him or them, and waive all questions as to the
legality and regularity of the issuance of said
bonds; and further, as liquidated damages, and
not as pena!ty, in case said bidder or bidders.
whose bid or bids shall be so accepted, sha,i fail
to fulfill the terms of said bid or bids on the 22d
day of September.
,1908 at 11 o'clock In the forenoon
of that day at the office of the board.
Notice is further given that the Board of Water
Commissioners of the Village of Peekski,i will
meet at the Municipal But ding, Peekskill, N. Y.,
on the 17th day of September, 1908, at 7:30 p.m
and will then and there proceed pub,icly to open
said bids and award the furnishing of said money
for said bonds to the bidder or bidders offering
to take the same at the lowest rate of interest
(not to exceed five per cent., however), and
furnish the money as hereinbefore set forth. 12
Bidders will be required to state whether
their bid is for the whole amount or for a portion
of the same, and if for a portion what amount will
be taken at the rate of interest bid, and further
if the bid shall be for the whole amount of the
issue, whether the bidder will accept a portion of
the bonds only at the same rate of interest.
The Board of Water Commissioners reserve
the right to reject any and all bids.
Dated, Peekskill, N. Y.. August 28 1908.
MELVIN R. HORTON,
FRANK SOUTHARD,
President.
CALEB E. PIERCE,
ALLEN L. SUTTON,
Treasurer.
SILAS W. WASHBURN
Secretary.
Water Commissioners of the Villace of Peekskill.
LANNING G. ROAKE,
Supelintendent.
Lxxxvii.
THE CHRONICLE
700
Wiarton, Ont.-Debenture Offering.-Proposals will be
received until 6 p. m. Sept. 21 by W. J. Ferguson, Town
Clerk, for $15,000 5% coupon debentures. Date June 1
1908. Interest annually at the Town Treasurer's office.
Maturity part yearly on June 1 from 1909 to 1924 inclusive.
Purchaser to pay accrued interest.
Bonds to Be Offered Shortly.-This town will shortly offer
for sale about $12,000 sewer assessment debentures.
Willow Creek School District No. 2046, Sask.-Debenture
Sale.-D. II. McDonald & Co. of Fort Qu'Appelle were
recently awarded $1,350 school debentures of this district.
Wilmington, N. 0.-Bonds Awarded in Part.-This city
has sold $200,000 4% 40-year water-works and sewerage
bonds to a Cincinnati banking house. These securities are
part of an issue of $500,000 bonds recently voted. Interest
semi-annually at place designated by purchaser.
Wilson, N. C.-Bonds Not Sold.-No award has yet been
made of the $15,000 5% 15-year coupon electric-light-improvement bonds offered on Aug. 15 and described in V.
87, P. 437.
Woodbury, Gloucester County, N. L-Bond Sale.-The
$85,000 432% 30-year coupon (with privilege of registration)
funding bonds described in V. 87, p. 637, were awarded on
Sept. 8 to Kountze Bros. of New York City at 101 and
accrued interest-a basis of about 4.44%. Bids at par for
$10,000 worth of bonds were also. received from the Woodbury Trust Co. and the Farmers' & Mechanics' National
Bank, both of Woodbury.
Wyandot County (P. 0. Upper Sandusky), Ohio.-Bond
Offering.-Proposals will be received until 12 m. to-day
(Sept. 12) by J. N. Traxler, Auditor, for $24,000 5%
road-improvement bonds. Authority an Act of the General Assembly passed April 1 1900. Denomination $400.
Date July 1 1908. Interest semi-annually at the office
of the County Treasurer. Maturity $4,800 yearly on.
Jan. 1 from 1910 to 1914 inclusive. Bonds will be delivered within five days from date of sale. Currency or certified check for $500, payable to the County Auditor, must
be deposited by each bidder with the County Treasurer.
NEW LOANS.
$100,000
CITY OF WILMINGTON, DELAWARE
Yonkers, N. Y.-Bond Offering.-Proposals will be received until 12 m. Sept. 15 by James T. Lennon, City
Comptroller, for the following bonds:
$50.000 4M% Road-improvement bonds dated Aug. 15 1908. Interest
April 1 and Oct. 1. Maturity $2 500 yearly on Aug. 15
from 1909 to 1928 Inclusive.
16.000 434% School bonds dated Sept. 1 1908. Interest semi-annual.
Maturity *800 yearly on Sept. 1 from 1909 to 1928 inclusive.
Bid to be made on each issue separately and be accompanied by a certified check for 2% of bonds bid for, made
payable to Gideon H. Peck, City Treasurer. Bonds will
be ready for delivery Sept. 21 1908. The validity of these
issues h as been certified to by Delafield & Longfellow
of New York City, a copy of whose opinion will be delivered
to purchaser.
Youngstown, Ohio.-Bids.-The following bids were
received on Aug. 31 for the $4,860 sidewalk-construction
and $2 540 Grace Ave. and Hillman St. sewer 5% bonds
maturing part yearly on Oct. 1 from 1910 to 1914 inclusive,
described in V. 87, P. 372
$2,540
$4,860
bonds.
bonds.
$2,610 15
$4,995 40
First National Bank, C'eveland
2,601 65
Seasongood & Mayer, Cincinnati
4,977 61
2,597 50
4,970 00
Otis & Hough, C eve and
2,592 90
4,963 90
Fifth-Third Nationa Bank, Cincinnati
Barto, Scott & Co., C eve and
2,590 20
4,957 20
Hayden, Mil er & Co., C eve and
2,593 00
4,951 00
Mahoning Nationa. Bank, Youngstown
4,933 00
2,568 50
4,911 50
New First National Bank, Co.umbus
2,588 26
C. S. But er, Boston
Fled,Longstreth & Co., Cincinnati .(for both jssues)-- $7,602
The council adjourned until Sept. 14, when the bonds
will be awarded.
Yuba City, Sutter County, Cal.-Bond Sale.-On Aug. 31
the $30,000 6% 1-30-year (serial) gold coupon municipalwater-works-construction bonds described in V. 87, p. 566,
were awarded to G. G. Blymyer & Co. of San Francisco for
$32,657 50 (108.858) and accrued interest-a basis of about
5.163%. An offer of $32,370 was also received from N. W.
Halsey & Co. of San Francisco.
Zelma School District No. 2070, Sask.-Debenture Sale.An issue of $1,200 school debentures has been awarded to
D. H. McDonald & Co. of Fort Qu'Appelle.
MISCELLANEOUS.
Cuban Securities
HUNT, SALTONSTALL & CO.,
A SPECIALTY
SINKING FUND LOAN.
Sealed bids will be received for $100,000
Delaware,
Sinking Fund Loan of Wilmington,21st
Members N. Y. Rook Exchange
1908.
until 12 m., Monday, September
1908, In
Bonds w 11 date from Sept. 21st
multiples
denominations of fifty dollars or
rate of four
Telephone 6444 Hanover
thereof, and bear Interest at the on
April 1st
per cent., payable semi-annually
as
mature
follows:
will
and
1st,
and October
BRANCH orricE
Sixty-eight thousand two hundred dollars
April, A. D. firtstot
($68,200) thereof on the first day of
Building. 5th Ave. and 4:ict
eight
hundred
thousand
thirty-one
1931; and
Telephone 1558 Bryant
day of Oct.
dol ars thereof ($31,800) on the first
being for the
A. D. 1931. All of the said issue
to
Department,
be
Sewer
and
use of the Street
grading,
expended for the curbing, guttering,
widening, paving and Improving of streets and
and
conduits
sewers
of
avenues and the building
in the City of Wilmington, Del.
All proposals must be accompanied by certified check, payable to the order of "The Mayor
and Council of Wilmington," for two per cent.
of the amount of bonds bid for, and the same to
beforfe ted if the bidder falls to accept and pay
for bonds awarded. The successful bidder or
bidders will be required to settle for the bonds,
with accrued interest from Sept. 21st, at or
before 12 o'clock m., Monday, Sept. 28th 1908.
These bonds will positively be sold to the highest
bidder without reservation
Address all bids In sealed envelopes to Howard
D. Ross, City Treasurer, marked "Proposal
for Sinking Fund Loan."
Sink. Fund Comm's:
Finance Committee:
A. B. MOORE,
WM.P. WHITE,
F. D.LACKEY,
WM. LYONS,JR.
WM. T. LYNAM.
JAMES KANE,
BANKERS,
HOWARD D. ROSS,
Attest:
City Treasurer. Wilmington, Del.
MISCELLANEOUS.
FRANCKE, THOMPSON & ROBE)
43 Exchange Place
Members of New York Stock Exchange
Investment Securities
60 STATE STREET
BOSTON
t.
• Perry, Coffin & Burr,
INVESTMENT BONDS.
MacDonald, McOoy & Go.,
MUNICIPAL AND CORPORATION
BONDS.
187 La Salle Street. Chicago
60 State Street,
BOSTON.
Blodget, Merritt & Co.
THE AMERICAN MFG. Co.
MANILA, SISAL AND JUTE
CORDAGE.
60 State Street, Boston
MUNICIPAL AND RAILROAD
BONDS.
30 NASSAU STREET, NEW YORK
65 Wall Street,
New York.
STATE, CITY ie RAILROAD BONDS
LIST ON APPLICATION.
OOD & MAYER,
SEASONG
Mercantile Library Building,
E. M. Farnsworth & Co.
PRIMROSE & BRAUN
Established HINE.
INVESTMENT BONDS
New York City Bank, Trust and Fire
Insurance Stocks
H. C. Speer & Sons Co.
24 MILK STREET, BOSTON
CINCINNATI.
First Nat. Bank Banding,Chicago
CITY COUNTY
AND TOWNSHIP
BROKER
44 AND 46 WALL ST.
NEW
YORK.
INVESTMENT SECURITIES.
Correspondasee Invited
MAX B. BORG ak CO.
BONDS. BLACKSTAFF & CO
OTTO JULIUS MERKEL
NEW YORK
43 EXCHANQE PLACE -
INVESTMENTS
1332 Walnut Street
PHILADELPHIA
LIST OF SPECIALTIES ON REQUEST
Miscellaneous Bonds and Curb Securities
A SPECIALTY
NEW YORK
20 BROAD ST
3305 RECTOR.
R. T. Wilson 8c Co.
Bankers & Commission Merchants
33 WALL STREET
-
-
NEW YORK
@FedFRASER