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• firtantieut
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 89.

lirontrie

Railway & Industrial Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 18 1909.

ght Tim:guide.

1909.

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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.18 have been $3,292,700,723, against $2,571,824,453 last week and $2,734,552,915 the week last year.
Clearings-Returns by Telegraph Sept.18.

1909.
$1,766,269,091
134,133,115
119,835,238
22,358,148
210,210,513
58,614,302
14,582,985

1908.
31,358,474,947
113,985,498
93,492,182
25,528,641
200,988,404
50,622,889
11,104,891

+30.0
+17.6
+28.2
-12.4
+4.6
+15.8
+31.3

Seven cities, 5 days
Other cities, 5 days

$2,326,033,392
415,017,608

81,854,197.452
397,648,496

+25.4
+4.4

Total all cities, 5 days
All cities, 1 day

$2,741,051,000
551,649;723

$2,251,845,948
482,706,967

+21,7
+14.3

$3,292,700,723

$2,734,552,915

+20.4

Total all cities for week

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week
has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Sept. 11, for four years.
Week ending September i 1.

Cearings at1909.

1908,

Inc. or
Dec.

1907.

1906,

$
s
ss
New York
1,576,1305,850 1,300,280,283 +11.2 1,640,045,9)6 2,018,671,584
Philadephia _ _
103,936,088 102,170,337
+1.7 138,744,501 138,014,925
Pittsburgh
39,961,957
35,567,884 +12.4
47,236,036
46,525,609
Baltimore
16,780,900 +33.1
22,335,732
24,175,210
26,097,232
Buffalo
7,154,486
6,252,356 4-14.4
7,944,341
7.677,729
Albany
4,309,445
6,325.036
4,344,738 +0.6
5,373,572
Washington _
5,582,741
4,442,632 +23,7
4,863,715
5,700,168
Rochester
3,223,520
23799,279 +15.1
3;1383615
3,600,000
Scranton
2,015,3:18
1,800,000
2,020,893 -0.3
2.027.401
Syracuse
1,734,715
1.431,679 +21.2
2,307.837
1,596,951
Reading
1,254,751
1,077,337 +16.4
1,289,026
1,353,637
Wilmington
1,118,796
973,471 +14.9
1,154,749
1,154,519
1,118,4761
WIlkeS-llarre
1,034,396 +8.1
1,-80,056
1,080,669
1,331,595
Wheel ng, W. Va
1,122,937 +18.6
1,326,488
1,012.827
1,104,781 .
I Ian Isburg
794,052 +46.7
978,097
998,323
1,232,63
Trenton
1,103,533 +11.7
844,05
York
683,710 +23.6
816,912
607,60
510.926 +19.0
Erie f_
699,044
661,750
640,9
tireensburg
530000 4-20.9
520,546
665,366
673,4
I
Binghamton _. 401,300 • +67.8
551,700
518,500
462.01(1
'Chester
403,899 1-14.4
441,108
455,005
385,139
Altoona
414,981 -7.2
275,000
Franklin
261,783 +5.0
274,182
290,923
-3 1,485,403,309 . +19.7 1,888,005,5-1-13 2,262,038;850
Total Middlo- 1,778,030,06
112.787,463 118,249,386 -4.6 142,500,754 149,753,133
5,198,600
5,456,400 -4.7
6,950,700
6,447,200
2,790,681)
2,389,400 +16.8
3,317,175
3,585,881
1,882,092 +11.7
2,102850
2,215,324
2,717,381
1,580,000
1,434,108 +10.2
2,043,542
2,097,124
1,525,1155 +8.2
1,650,552
1,956.589
2,082,757
1,183.886
1,234,582
+4.3
1,519,498
1.4773125
74/3.091
633,517 +17.2
864,942
927,793
_
833,846
574,621 +45.1
876,802
546,777
37(1,168
439,069
14.3
5313,612
544,146
431;668
397,093 +8.7
489,922
455,274
Total New 13ng 129,733,867 • 134,169',027 -3.3' 103,47.8;684 170,422,2M

Boston
Pro videnf:e
11arttprd
Ntw•Ilaven
.Springfield
Portland
Worcester
Fall River
New Bedford_
Lowell
4101yoke.




$
Chicago
31,755,967
Cincinnati ------ -21,565,800
Cleveland
13,344,087
Detroit
12,217,096
Milwaukee
10.159.240
Indianapolis _ _
7,150.638
Columbus
5,295,700
Toledo
3,230,975
Peoria
2,607,291
Grand Rapids_ _ _
2,105,849
Dayton
1,650,422
Evansville
1,923,408
Kalamazoo
1,256,326
Springfield, Di _ _
956,018
Youngstown __ - 906,913
Fort M ayne
844,387
,
Akron
605,000
Rockford
533,214
Lexington
571,630
Springfield, Ohio.
413,349
Canton
641,739
555,546i
Bloomington- _ South Bend
423;013
Quincy.
519,423
Decatur
385,580
Mansfield
355,313
Jackson
341,250
385,222
Jacksonville, Ill.
117,5201
Ann Arbor
333,551
Danville
Adrian __ _ _. __ _
23,065
Tot.3101.West_
San Francisco..,
Los Angeles
Seattle
Portland
Spokane.
Salt Lake City .. _
Tacoma
Oakland
Helena
Sacramento
Fargo
San Diego
Sioux Falls
San Jose
Stockton
Fresno
North Yakima
Billings
Total Pacific_ _
Kansas City . _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph..
Des Nioines
Sioux City_ __ ._
Wichita
Lincoln
._
Topeka
Davenport
Colorado Springs
Cedar Rapids...
Pueblo
Fremont
Duluth

NO. 2307.
Week ending September 11.

Clearings at-

PUBLISHED WEEKLY.

New York
Boston
Philadelphia,
Baltimore
Chicago
St. Louis
New Orleans

Electric Railway Section
State and City Section

323.174,532

1908.

Inc. or
I Dec.

$
198,175,620
20,433,200
12,493,984
10,988,594
10,293,056
6,899,224
4,233,300
3,051,019
2,197,691
1,733,635
1,2213356
1,670,219
918,634
787,860
576,326
694,563
640,000
514,334
543,487
588,936
1406,393
415,192
379,972
430,000
442,982
321.464
325,000
273,175
108,886
257,446
19,777

'7
+16.9
+5 6
+6.8
+11.2
-1.3
+3.6
+25.1
+5.9
+18.7
+21.5
4-35.1
+25.1
+36.8
+21.3
+57.3
+21.6
--5.5
+3.7
4-5.2
-30.0
+5.8
4-33.8
-4-11.6
+20.8
-12.9
+10.6
+5.0
+41.0
+7.9
+29.5
+16.6

, 1907.
1906.
$
242,375.518 204203,623
25,398,450
22,749,050
17,525,641
16,778,479
14.617,375
11,851,909
11,953,262
9,669,687
7,189,200
7,225.910
5,874,800,
5,478,6(30
4,201,4121
4,575.531
3,520,810;
2,637,756
2,412,471'
2,081,869
2,088,785
1,771,754
1.999,203
1,743,736
1,217.684
1,013.914
899,914
1,093,184
1,012,605
643,536
804,485
721,853
708,090
655,000
553.410
638,189
592,33)1
517,719
462.860
563,2701
555,902
469.936
484,352
391,527
564,845
431,051
430,468
370,940
493,425
345,0(3)
380,237
391,493
363,5131
213,000
313,4191
260,214
93,017
92,563
20,300,
1

282,235,928 +14.6 ' 349,436,231

299.455,008

30,862,006
26,668,618
'3,661,096
8,271,734
11,340,927
9,179,252
7,323,715
6,978,527
3,858,315
2,933,153
5,584,6111
4.477,692
5,072,353
3,827.273
1.649,691,
1.220,824
913,639:
720.606
852,000'
702,407
738,7061
6763100
817,000
547,000
725,000
610,000
481,768
448,271
491,732
449,506
508.824
480,264
431,095
267,065
158,478 .
162,339

+15.7
+14 1
+23.5
+4.9
+29.3
+24.7
+36.5
+35.1
+26.8
+21.3
4-9.2:
+49.5:
4 16.9
+7.5
+9.4
+5.9
+61.4
-2.4

38,331,290
11,149,774
10,804,073
8.230,972
3,666,102
6.223,574
4,958,172
2.438,778
1,124,511

42,790 781
10,622,315
11.342,745
6,646,636
4,702,172
5,154,720
3,938,974
3,041.732
661,359

629,947

493,663

660,000
568,4611
620,000

443,763
443,455

81,260,056

+18.3

89.405.654

87.932,354

43,724,055
35,727.517 +22.4
18,536,941
22,337,150 -17.0
13,166,036
10,877,236 +21.0
10,014,602
7,563,115 +32.4
7,170,794
6,631,101
+8.1
5,540,427
4,324,559 +28.1
3,157,751
2,495,736 +26.5
2,510,c86
2,013.272 +24.7
2,512,679
1.331,53x +88.7
1,282,899
1,055,712 +21.5
1,421.742
998,846 +42.4
955,503
889.160 +7.4
666,550
718.074 -7.2
971,840
01,869 +41.9'
528,622
423.080 +24.9
390,249
331...50 +17.6
3,457,962 Not Included in total

38,311,484
25,572.442
12,289,176
8.882,842
9,140,175
5,638,328
3,258,613
2,405,123
1,394,048
1,157,228
1,096,502
1,123,553
812,251
754,333
636,610
420,213

214,407 425
20,503'3168
9,985,007
7,577.339
7,181,868
4,398,692
'2,614,573
1,781,435
1,292,896
1,115.363
951,556
887,434
6713,645
573,301
531,363
344,320

63,680,331

Tot. oth.West.

112.551,276

98,399,727 +14.4

112,883,221

88,820,275

St. Louis
New Orleans.. _ _
Louisville
Houston
Galveston
Richmond
Savannah
Fort Vl orth _ _ _ .
Atlanta
Memphis
Nashville
Norfolk
131rininghant _
Augusta
Jacksonville
Chattanooga
Knoxville
Mobile
Oklahoma __ ._..
Charleston
Little Rock
Austin
Macon
Beaumont
Vicksburg

57.972,959
12,836,170
9,554,444
11,475,452
5,436,000
5,668,774
9,961,615
5,41.7,687
.7,097,555
3,212,540
2,900,000
2,164,233
1,785,074
1,835,000
1,539,133
1,364,937
1,235,905
1,384,031
1,850,000
1,235.718
1,517.505
880,034
925,000
636,36))
204,633

52,127,233 +11.2
12,405,578 +3.5
8,850259 +7.9
10,423;720 -1 10.1
6,046,000 -10.1
5,562,923 +1.7
„004,283 +39.1
4,727,718 +14.6
3,555,596 +99.6
3,329,068 -3.5
2,669,081
+8.6
1,624,289 +33.2
1,677,341
+6.4
1,312,313 +39.9
1,314.050 417.1
1,111,591 +22 8
1,204,872 +20,2
941,300 +47.1
900,000 +105.5
918,341 +34.6
918,635 +65.2
628,925 +40.0
541.691 +70.8
511,062 +24.5
267,530 -23.5

65,356,360
16,655,883
11,914,264
14,072,696
7,334,500
6,170,650
6,022.737
3,664.861
4,448,748
3;654,936
4,862,024
2.423,348
2,182,224
1,916,8,02
1,563,714
1,479,014
1,436,305
1,3.'8,777
933,105
1,227,819
1,181,226

57,910,068
16808.936
11,0083039
12.019,(365
6,847,500
5,942,621
5,286,884
2,693,153
4,028,836
3,276,261
3,467,115
2,044,222
1.792,429
1,623,932
1,324,015
1,321.157
1,406,308
1,549,850
668,944
1,123,515
995,109

707,779
420,000

627,56(1
300.000

Total Southern 147,083,759 128,573,404 4-14.4 161,502,772 144,064.634
Total all
2,571,824,453 2,197,462,626 +17.1 2,764.712,080 3,052.773,228
Outside N. Y._
. CanadaMOntreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec_
Halifax
St John.. _. _ __ _
Hamilton ___
Calgary
Victoria
1,ondon
FAmonton
. Total. Canada.

995,218,603

897,182,343 +10.9 1,123,766,084 1.034.101,644
-----

25,970,662 +9.3
28,392,903
31,148,660
32,861,219
21,817.142
19,561,935 +11.5
22,292,195
21,635,811
9.430,524
7,477,452 +26.2
11,210,165
10,480,814
5,683,523
3,192,531 +78.0
4,227,403
2,950,975
2,668,343 -5.4
2,524,433
2,513,733
3,274,077
2,146,598
2.1156;792 -8.9
1,702,8.50
2,227,825
1,378,591
1,431,894 -3.7
1 1,824,086 ,
1,076,515
1,251,539
1,326,494 -5.7
1.552,117
1,466011
1,382,523
1,572,720
1;280,387
+8.0 . 1.686;435
1,7753742
1,111;817
1,157;250
1,131,291 +ATM
1,459,718
9613223
1,015;817 +43.7 - 1,118;432 978.743
873,465 +12,0
1,087,699
1,232,704
862,627 .
844,909 .
761.51;
726.079 +18.7

79,094,631
69,013,145 +14.6
83,796.268
81,0840169
- -'
*
*This year's clearings considerably increased by out-of-town clearings department

686

THE CHRONICLE

OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day a new number
of our "Railway Earnings Section." In this publication we give the figures of earnings and expenses for
the latest month of every operating steam railroad in
the United States, big and little, which is required
to file monthly returns with the Inter-State Commerce Commission at Washington—altogether over
800 roads, or systems, comprising an aggregate of
more than 230,000 miles of line.
THE FINANCIAL SITUATION.
The attention of the country has been largely centered on the Bankers' Convention which has been in
session in Chicago the present week. It is sixteen
years since the last previous Convention of the American Bankers' Association was held in Chicago and
twenty-four years since the first meeting of the Association took place in that city. In the meantime
Chicago has enjoyed tremendous growth, and the accounts in the daily papers make it evident that this
wonderful city, which almost over night has risen to
a position of commanding importance in the financial
and industrial world, has itself been as much an object
of interest to the assembled bankers as the Convention.
The city has outdone itself in hospitality and in courtesies to the visiting bankers—in showing them the
"sights" from an industrial and artistic standpoint,
and in putting them in touch and acquaintance with
this truly big city, the product of modern times.
In attendance, the present Convention has apparently exceeded all previous gatherings of the kind,
in part by reason of the fact that the point of assemblage was at the great Western centre, which in popu1 ation and in financial strength ranks second only to
New York. The remarks of Edwin A. Potter in his
address of welcome to the Trust Company Section,
when he said that "Chicago is a great metropolitan
and cosmopolitan city, of which all citizens of the
United States are justly proud," found general endorsement. We risk nothing when we assert that in
Chicago's growth, progress and development the
visiting bankers found food for solid thought and reflection, for in the rise and progress of this Western
city, which only half a century ago was the frontier
post of civilization, they saw reflected the growth and
development of the whole country, and particularly
the Western half of it.
The Bankers' Convention has also attracted attention by reason of the importance of the subjects discussed. Banking and financial questions naturally
occupied a large share of the time devoted to the
serious business of the gathering—we mean the practical work for which the bankers assembled, as distinguished from the entertainments and the social
features, which always form a pleasing incident of the
affair. Some of the discussions at this week's deliberations have excited interest all over the country and
have, even elicited comment abroad. As we shall
furnish.a full report of the deliberations, together with
the reports, papers and addresses presented at the
Convention, in a special publication entitled the
"Bankers' Convention Section," which is to accompany next Saturday's issue of our paper, we shall not
attempt here to enumerate the various topics and sub-




[VOL. Lxxxix.

jects discussed. It seems not out of place, however,
to note that tho need of currency reform was clearly
recognized and strongly emphasized. The retiring
President, Mr. George M. Reynolds, a banker of wide
experience and a close student of affairs, devoted a
large part of his annual address to this all-important
matter.
Like most students of affairs, Mr. Reynolds favors
the idea of a central bank, though he is careful to indicate that there are certain conditions and requirements to which such a central institution must necessarily and inevitably conform. It is rather noteworthy that President Taft has also this week spoken
approvingly of the idea. On the evening of the same
day that Mr. Reynolds was giving expression to his
views President Taft was the guest of honor of the
Boston Chamber of Commerce and delivered an address in which he indicated that he has a strong leaning towards the notion of a central bank. Mr. Taft
spoke approvingly of the work of the Monetary Commission created under the Aldrich-Vreeland currency
bill, and said it was quite apparent that the trend of
the minds of the members of the Commission was
towards "some sort of arrangement for a central bank
of issue which shall control the reserve and exercise
a power to meet and control the casual stringency
which from time to time will come in the circulating
medium of the country and the world."
What the President said, however,in quasi approval
of a central bank is of not so much importance as his
remarks showing that he thoroughly appreciates the
need and urgency of a revision of our currency and
banking laws. He well said that, "while it is probable
that the Vreeland bill passed by the last Congress
would aid us in case of another financial crash, it is
certain that our banking and monetary system is a
patched-up affair which satisfies nobody and least of
all those who are clear-headed and have a knowledge
of what a financial system should be." He also said:
"We must all unite to mend our roof before the storm
and rain shall show us again its leaky and utterly
inadequate character."
The existing situation regarding banking and monetary affairs could not be more trenchantly expressed.
The only criticism that we should be inclined to pass on
the speech of the President is that he spoke of undertaking other legislative work, some of it extremely
mischievous in character and in tendency, before the
Monetary Commission shall be ready to formulate
and present for adoption by Congress a well-thoughtout scheme of currency reform. He declared it
"quite possible that the report of the Commission of a
definite conclusion may be delayed beyond the next
session of Congress." But he also insisted on the need
of amendments to the Inter-State Commerce law and
to the Anti-Trust law. After declaring that "during
Mr. Roosevelt's Administration we were all struck with
the necessity for reform in business methods, for more
scrupulous attention to the conduct of business in
accordance with the law," &c., &c., he ventured the
statement that "the hum of prosperity and the ecstacy
of great profits are likely to dull our interest in these
reforms and lead us back again to the old abuses unless
we insist upon legislation which shall clinch and enforce those standards by positive law."
;0,
This is the Roosevelt policy. and .,t1w. 4ctotigye1t
hallucination all over again. Mr. Roosege14.attempt

SEPT. 18 1909.1

THE CHRONICLE

6S7

deficit is $224,270, all of which is probably due to the
strike which lasted for one week in June, during
which the company's receipts were nominal. When
the strip tickets were abolished in May, it was estimated that the company's receipts would be increased
thereby about $2,000,000 per annum. The increased
receipts for August were at the rate of about $1,000,000 per annum. Charles 0. Kruger, who has been
Vice-President and General Manager, has been elected
President of the company, succeeding John B. Parsons, who declined a re-election, and Mr. Parsons has
been made Chairman of the board. The policy of the
company, framing its attitude towards the public,
The annual report of the Philadelphia Rapid Transit which is most vital for a public service corporation,
Co., made public this week, is the first submitted since will remain,as heretofore,in the hands of the directors,
the company has been operating its completed ele- who are unchanged.
vated and subway road. When the results are comRecent Washington dispatches suggest that a new
pared with those attained before real rapid transit
was afforded to the Quaker City the question naturally matter of controversy between the Government. and
arises whether the expenditure of $20,000,000 for the the Standard Oil Company may arise because of
elevated and subway structures has been fully appre- recent action of the latter in reducing the price it will
ciated by the citizens of Philadelphia. In 1906, pay in Oklahoma for crude oil from 41 to 35 cents a
when transit in Philadelphia was afforded only by the barrel. The new tariff has made the road of entry
surface lines, the Rapid Transit Company carried commercially smoother for foreign oil, and this change,
448,576,785 passengers. In 1907 it carried 492,- together with the very large supply now on hand in
137,038 passengers and in 1908, when the elevated road this country, indicates a likelihood. of further dewas operated and a part of the subway, there were pression in the oil market; there are, however, some
carried 512,869,023 passengers. The entire subway possible counteracting factors, which we mentioned
was completed shortly after the beginning of the last several weeks ago. But the situation naturally sugfiscal year, but the report shows that the number of gests some decline in the price which the Standard is
passengers carried for the year ending June 30 de- willing to pay at present for the crude article, and some
creased 48,604,367, to 464,264,656, which puts the decline seems justified by ordinary business reasons.
system back to the volume of business handled before
But the particular oil referred to comes from lands
the elevated and subway line was in use.
belonging to the Indians and leased on a royalty..
This loss in traffic amounts to about 80,000 daily As the Indians are wards of the Government, it is
riders during the six working days of a week and it proper that the Government should feel an interest
cannot all be accounted for by the depression in in their welfare and look after their income in all
business, as the last six months of the preceding proper ways. So the acting head of the Interior Defiscal year, 1907-08, were the worst period of the de- partment has been looking into this subject, and he
pression. The building of the elevated road, which finds no difficulty or hesitation in believing that the
affords direct and speedy transportation from West oil "is intrinsically worth $1 per barrel." Upon this
Philadelphia to the centre of Philadelphia, has re- belief as a basis of action, he called the acting
sulted in greatly increasing the population west of the Superintendent of the Indian Agency in Oklahoma to
Schuylkill River. West of the river transfers are given come to Washington and talk things over. He anfrom most of the north and south surface lines to the nounces the discovery, already made by many busielevated road without additional cost—that is, for a ness men, that "when a person has something worth a
single fare of five cents. This new population in dollar he hates to take less than half what it is worth";
West Philadelphia has probably been acquired at the and so he proposes to see whether there is any pracexpense of other portions of the city. Passengers ticable method of forcing the Standard company to
who formerly gave two tickets at a cost of eight cents continue paying the old price of 41 cents, which he
to get to their places of employment have moved to considers "fair," rather than the cut one of 35 cents,
points where they need to pay but a single fare of which the company deems all that supply and demand
five cents since the abolition of the tickets. By justify.
paying one fare instead of two such a passenger figures
It is not our part to assume to say what price is
in the report as one passenger instead of two. This proper. The old method was to allow seller and buyer
readjustment of habitations is no doubt one cause of to find that out between themselves; the new one is to
the great falling off in traffic.
set up some outside party as arbitrator, with the
Rentals of underlying companies have now reached peculiarity that he always shows some bias towards
the maximum provided for in the leases. During the the buyer. This particular instance recalls the old
current year,also,the company will be obligated to pay fable of the spelling book which illustrates what a
the full interest upon all of the bonds which have been difference it makes whose ox is gored. The Governauthorized and the fixed charges will therefore be at ment looks on complacently when something pushes
the maximum possible, as the company is now against the Standard company, even when a fine of
financed. In 1906 the company earned a surplus of many millions is announced by a zealous judge; but
$1,032,093; in 1907 its earnings Were $364,048 short when a Government ward encounter's'the law of the
of meeting its 'fixed charges; in 1908-the deficit was Market the 'case is alteieth Miiovêr .We .see the
$92,048'and 'for 'the fi§bal yetir reeently ended the suggestive spectade Of GON;eihiiirtiit*illiiikiieSs to do"
to give effect to it led to the worst panic that the world
has ever seen, and there is more than a probability that
the result would be the same if Mr. Taft undertook to
repeat the experiment. In that event, with currency
legislation deferred, "storm and rain" would again
"show us the leaky and utterly inadequate character"
of our roof before we had a chance to mend it. If
currency legislation is to be deferred by reason of the
inadequacy of the time in which to perfect it, the
Administration would do well to defer ,likewise a renewed application of the Roosevelt policies, so as to
avoid a recurrence of the memorable disasters of 1907.




688

THE CHRONICLE

VOL. Lxxxix.

anything practicable to lower the company's selling of Labor, which was the cause of the general strike
price of oil, and, on the other end of the line, to help in Stockholm in July last. Arbitrators have been appointed for this purpose, as well as to frame regulapush up the company's buying price.
tions for the settlement offpture disputes by arbitration.
King George of Greece has, according to a dispatch
This week, as was the case in the previous week,
Russia obtained, through competitive, bidding, all from Rome, announced to the British Minister at
the South African gold that was offered in the London Athens his intention to abdicate the throne.
A Melilla cable reports that Spanish reinforcements
bullion market on Monday, amounting, as reported,
to about 33 million dollars; the price paid therefor to the number of eleven thousand men have arrived
was 77 shillings 10-g pence per ounce, an advance •at that city. General Marina continues to advance his
compared with the previous price of 1% pence. Co- lines, with the object of outflanking the Moorish posiincidently, the price of American eagles rose sympa- tions on Mount Guruga. The Spanish columns have,it is
thetically to 76 shillings 69 pence per ounce. The reported, encountered many of the natives who beg
reason for Russia's requirements for Cape gold seem for the restoration of peace. Another dispatch, from
to be—as stated by us last week—the need for prepa- the same source, states that the chiefs of various Kharations for the movement of her grain crops, which byle tribes continue to surrender to the Spanish. A
this season will be large, and there are expectations column under General Aguilera has begun its advance.
Preparations for the flotation of a new Turkish loan
of an unusual demand therefor by reason of deficiencies
in the crops of some of the smaller European grain-ex- for $30,800,000, to which reference was made in this
porting countries. The immediate effect of this rise column last week, are officially announced by the
in the price of bar gold was shown in the London open Imperial Ottoman Embassy in Washington as in
market discount rates, which grew firmer, influencing progress; the bonds will bear interest at 4% and the
exchange at this centre on the British capital by con- rate of amortization is 1%. The product of the loan
tributing. to a fall in quotations therefor. The ster- will be devoted to various purposes, and it will be
ling exchange market was also directly affected by placed at the disposal of the Ottoman Government at
dearer money for all maturities. This tended to in- dates fixed in the contract and without fail at the end
crease offerings of foreign finance and other loan hills, of February 1910. Those desiring to participate in
which accentuated to some extent the declining ten- the negotiations are requested to name the price they
are willing to pay for the bonds and to appear at the
dency resulting from dear money.
Ottoman Ministry of Finance to initiate negotiations.
stated
on
that it was exThursday
A Berlin cable
The visit to Pittsburgh this week of a representative
pected that the official rate of discount of the Imperial
the Credit Lyonnaise of Paris gave color to a rumor
of
Bank of Germany would speedily be advanced to 4%
from 3 2%. No change was made, however, in the that such visit was made to conduct a personal exrate of discount on Friday. The committee of the amination into the operations of the United States
Bank discussed the subject at a meeting but decided Steel Corporation incident to the renewal of efforts
that an advance was not necessary. The private to procure the listing of the stock on the Paris Bourse.
rate has been rising steadily during the month, This rumor contributed much to the activity and addue chiefly to the speculative activity and volume vance of the Steel stocks in our market, but it was deof business on the exchanges, which is said to be clared that there had been no change in the listing
greater than at any time since the fall of 1905. situation. A Paris cable says that French bankers
Another cause assigned for the changed condition are of the opinion that an adjustment of tariff relations
of the money market is the heavy investment of must precede any attempts of American railroad or
German funds in foreign securities. The position of industrial corporations to "open the treasure boxes
the Bank has also grown less favorable; it lost about of French thrift." M. Bouzou, the Managing Direc93 million dollars cash during the four weeks ending tor of the Credit Lyonnaise, said, on his departure for
Sept. 7, as compared with a gain of 3yl millions for France, that his visit to the works of the Steel Corthe corresponding period of 1908. The cable reports poration had nothing to do with attempts to list the
that the Bank and the open market are now being common stock abroad.
drawn upon for gold for Russia, and German bankers
Evidence of an advancing tide of activity, and
are buying the metal in London and Paris for shipment
to St. Petersburg and other Russian points. An- consequent prosperity, in the affairs of the United
other reason assigned for the pressure on the Bank is States continues to accumulate. In nearly all directhe heavy requirements of the Imperial Treasury, tions signs of decided improvement over the previous
which now owes the Bank about 50 million dollars, year are visible, and in some instances the situation is
in the form of advances upon Treasury bills. In seen to be especially gratifying. Large bank clearings
view of the large demands of the Stock Exchange, and increasing railroad earnings surely indicate augin addition to the needs of trade, it is expected that mented mercantile transactions and fewer commercial
at the end of the quarter the pressure upon the insti- failures denote comparative financial soundness. It is
tution will be enormous, and the officials of the Bank true, of course, that there has recently been a decrease
are unwilling to meet, without the protection of a in our foreign exports of merchandise, but that is
higher rate of official discount, the situation that merely indicative of the fact that the depressed situation abroad is still existent,curtailing the power to
will develop at the end of the month.
absorb our products. On the other hand, the heavy
.. A Stockholm cable announces that the Swedish imports indubitably testify to the recovery that has
Government has intervened to settle the dispute be- taken place here; a recovery materially assisted by
tween the • Employers' Union and the Confederation the relatively favorable crop situation. With all this




SEPT. 18 1909.i

THE CHRONICLE

689

evidence of improvement it is not surprising that materials entering into it are naturally benefiting
almost unprecedented activity should be witnessed in largely. Current reports, in particular, denote very
the building trade of the country—a trade that is busy times recently in steel. There is some let-up in
peculiarly susceptible to varying conditions. In some the demand at the moment, however, but considerable,
sections where operations earlier in the year were upon business is expected later on. .
a very extensive scale, there is now some let-up, but
that does not in any sense alter the fact that, taking
The outward movement of merchandise from the
the United States as a whole, there has apparently United States, reflecting the
condition of depression
been no year in which as great activity has been that still prevails
abroad, continued in August upon
displayed as thus far in 1909.
the restricted scale noticeable in earlier months of the
August was no exception to the previous months current calendar year.
On the other hand, the imof 1909 in that the contemplated building operations ports of commodities being
of full volume for the
reached an aggregate much heavier than for the same season of the year
furnish evidence of the improved
month of 1908; though, compared with July,the total situation of affairs
here. The official foreign trade
shows a moderate decline. This, however, is in line statement for
August issued yesterday indicates that
with the developments of earlier years, and especially the exports fell
below even the small total of last year,
where there has been much activity in the spring. the month's aggregat
e in 1909 having been only
In fact, in midsummer, as in winter, a period of com- $110,123,679, against
$110,443,055 in 1908 and
parative quietness in building construction is expected. $127,270,447 in 1907. The
current total, furthermore,
Still this year there has been no quiet time, as our proves to be the smallest
August result since 1904.
compilations clearly indicate. Thus, of the 97 cities Shipments of breadstuffs, while
in excess of July,
included in our compilation for the month only 30 were lower than in August of
any year back to 1905.
show smaller totals of estimated expenditure for con- They aggregated a value of
only $10,837,093, against
struction this year than last, and, generally speaking, $17,510,971 in
August 1908 and $13,110,262 in
the losses have been moderate or light in view of the 1907, the falling off
in wheat and flour accounting in
previous activity. On the other hand, in every sec- full for the decline
from last year. Provisions exports
tion of the country there are many instances of work also were less
than for the month a year ago, but only
being prosecuted with phenomenal vigor. In manu- moderately so, and
in cotton and mineral oils losses
facturing centres of New England, such as New of 1% millions and 13i
millions, respectively, are
Bedford, Lowell, Lawrence and Manchester, plans shown. The foregoing items
give an aggregate value
filed in August called for outlay ranging from 132 to of $36,120,112, or about 103
4 millions lower than the
489.7% greater than in the month of 1908; Philadel- total for August last
year and 9 millions smaller
phia, Syracuse and Troy in the Middle Section report than in the month
of 1907. The decline in the comexceptional percentages of increase, as do Cincinnati, bined value of
all articles exported in August, however,
St. Louis, Salt Lake City, St. Paul and a number of was, as will be
seen, only 1-3 of a million of dollars as
other cities West, and Fort Worth and Macon in the compared with last
year, indicating an increase in the
South.
outflow of commodities other than those specifically
Greater New York's operations, needless to say, referred to above. For
the eight months since Jan. 1
continue very active, each borough reporting a volume 1909 the aggregate
merchandise exports were $1,007,of intended construction work much in excess of 433,801, or a decline
of 84 millions from the corresAugust a year ago, and well ahead of the month ponding period
of 1908; a decrease of 189 millions from
of 1907. The aggregate contemplated expenditure 1907, a falling
off of 92 millions from 1906 and
covered by the permits issued reaches $17,825,907, an increase
of only 41 millions over 1905. The
against $12,300,965 in 1908, or an increase of 44.9%, decrease has
been quite general and the items of export
and the gain over 1907 is 18%. Exclusive of Greater that show gains
thus far in the current calendar year
New York, the prospective expenditure represented are few, the most
conspicuous being automobiles,
by August plans is $53,340,425, as compared with cotton manufactures,
leather and manufactures and
$39,802,515 in 1908, an excess of 33.8%, but contrasted vegetable oils. Moreove
r, in addition to the leading
with the like period of 1907 the increase is only 4-10 articles referred
to above, rather important losses are
of 1%. The grand aggregate for all the cities (97 in seen in
cars, naval stores, iron and steel and manufacnumber) is $71,166,332, against $52,103,480 for tures, hops,
tobacco and wood and manufactures.
August 1908, or a gain of 36.6%, and compared with
Imports of merchandise during August exceeded by
the month in 1907 the increase is 3.2%.
nearly 4 million dollars the aggregate for July. The
For the elapsed portion (eight months) of the inward
movement of all kinds of commodities totaled
calendar year 1909 we have returns for 82 of the leading
$116,025,936, against only $91,183,536 in the month
cities of the country, and in the aggregate they of 1908
and $125,806,043 in 1907—this last being the
present incontrovertible proof of building construction only
August aggregate exceeding that for 1909. In
activity. The intended outlay at the 82 cities for the contradi
stinction to the exports, almost all items
period stated foots up 566 millions of dollars, against of import
are coming in more freely this year than last.
3613 millions in the corresponding period of 1908, or Most
notable gains are to be recorded in diamonds and
an increase of 56.6%. Contrasted with the approxiother precious stones, hides and skins, India rubber,
mate cost of 502 millions in 1907, there is a gain silk
and manufactures, wool, chemicals, copper, cotton
of 13%. Greater New York operations are 90% larger manufac
tures, fibres and furs. The total inflow
as compared with 1908, and indicate a gain of 37.9% of merchan
dise for the eight months of 1909 at
over 1907. Outside of this city the addition over last
$946,511,582 exhibits an excess of 246 millions over
year is 43.9%; compared with two years ago it is only the like
interval of 1908 and a loss of but 55 millions
3.5%. With building construction work so active,the from
1907—the year of heaviest aggregate.



690

THE CHRONICLE

[VoL. Lxxxix.

market, and the upward tendency for fixed-date funds
was thus held in check.
Despite the remarkable rise in some stock market
specialties, stimulated by almost daily reports of the
formation of syndicates and other combinations of
banking interests to carry into execution long prearranged plans for the development and unification of
the so-called "Harriman system," there was no evidence of an augmented demand for capital; the needs
of these combinations were apparently supplied
through their own individual resources, and also the
vast credits which they could command in every financial centre in the world.
Money on call, representing bank and trust company
balances, loaned at the Stock Exchange during the
week at 3% and at 2%,averaging 2M%; all lending institutions quoted 23% as the minimum. Time
loans on good mixed Stock Exchange collateral were
firm for all maturities and especially for those at the
end and over the year. While quotations were advanced, comparatively little business was reported;
borrowers who had failed to secure loans that had previously been offered promptly accepted those at the
higher rate and then awaited developments. It was
observed that in some cases old foreign loans were bematured; this would seem to
The striking feature of last week's bank statement ing liquidated, having
s had made provision against
was the reduction in the average and in the actual re- indicate that the borrower
s extending into next year.
serve by sums so great as to cut the surplus below future needs with contract
proceeds of their finance
the
d
the previously recorded minimum this year. Average Foreign bankers employe
were free lenders at this
they
and
loans were contracted by $569,900; the actual decrease and loan bills at 4%
good mixed collateral
on
days
in this item was $4,376,800. The average cash loss rate. Business for sixty
3%@,4%; for four
days,
for
ninety
was $12,147,200; according to the statement of actual was 33/2@39%;
43,4@43/2%,
months,
six
for
43.1%;
conditions, such loss was $11,340,800. Average de- to five months,
43-1@43%.
s,
maturitie
early-in-the-year
other
for
posits showed a reduction of $13,112,400, while the and
is reported for mercantile paper; the
actual decrease was $17,036,300. The average reserve A good demand
apparently increasing. Quotations
and
large
is
fell off $8,869,100; the actual reserve was reduced supply
sixty to ninety day endorsed bills
for
%
1@,4
/
$7,081,725 to $3,066,100. Computed upon the basis are 41
for choice single names ma1@5%
and
e
49
of deposits less those of $1,665,300 public funds, the receivabl
The inquiry is chiefly
April.
and
January
turing in
surplus was $3,582,425.
been liquidating
have
whom
of
some
from bankers,
their funds in
replacing
and
nts
investme
de
An unfavorable bank statement for last week was high-gra
return.
better
a
yields
which
paper,
al
commerci
indicated by the preliminary estimates of the movements of money. On Monday some apprehension was
The Bank of England rate of discount remains unfelt, based upon the continued absorption of bank funds
23/2%. The cable reports discounts of
by the Treasury, that the reserves would be so seriously changed at
clay Bank bills in London 1W/0.
encroached upon during the current week as to make sixty to ninety
0 and at Berrate at Paris is 1%7
necessary an extensive calling in of loans. This fear The open market
it is 3%%. According to our
was, however, not generally entertained, for it was lin and Frankfort
London, the Bank of England lost
observed that the domestic exchanges at some of the special cable from
the week and held £40,312,326
interior cities had turned toward New York, appar- £19,736 bullion during
week. Our correspondent further
ently showing a partial satisfaction of the demand by at the close of the
loss was due largely to exports to
the
that
us
advises
banks at such cities for funds for crop distribution.
of the movement into and out of
The low bank reserve, as disclosed by the last state- Egypt. The details
follows: Imports, via; exports,
ment, tended to impart a firm tone for money on call the Bank were as
0 to Alexandria, £200,000
£100,00
which
(of
0
£377,00
on Monday, and a 3% rate was on the following day
£77,000 to various destinations),
recorded; this was the kighest since April. At the to other Egypt and
0 net from the interior of Great
£357,00
of
receipts
and
same time, rates for time loans for almost all maturities
Britain.
Were advanced, previous offering quotations being
ilkoee bid. The firm tone for call and time money was
The foreign exchange market was only moderately
generally maintained daring the week, though it conwhile the tone was heavy. High
tributed to attract offerings from various sources. active this week,
caused the decline, though the
Commission homes which were not employing money rates for money
l and chiefly confined to short
that they had early in the season procured for their fall was only fractiona
liberal offerings of these forms
clients took advantage of the high rates now ruling on and cables. The more
a good inquiry for remittance,
call; foreign bankers who had withdrawn credits from of exchange attracted
the fall and bring about a
abroad through loan or finance bills found better thus serving to check
but slightl y afopportunit.ies for the use of such 'funds in this partial recovery. Long sterling was

The net result of our foreign trade movement in
August was a balance of imports of $5,902,257; this,
with similar balances in June and July, being the only
occasions since June 1897 when other than an export
balance has been shown. In August 1908 exports
exceeded imports by $19,259,519, in 1907 the favorable
balance was $1,464,404 and in 1906 it was 24 millions.
Moreover, the export balance for the eight months of
1909 at $60,922,219 is the smallest of any corresponding period back to 1895, when a net import was
shown. It compares with $391,369,960 in 1908—the
eight months' record—$194,563,235 in 1907 and
$253,685,676 in 1906. A demand for gold from South
America was responsible for practically the whole
movement of that metal from the port of New York
in August 1909. The outflow from the remainder of
the country was of somewhat larger amount.
The net export, however, was only $3,881,516,
making the net outgo for the eight months
$60,972,158: In August 1908 the movement
was not heavy in either direction and netted
an export of $2,295,895, bringing the eight
months' total on the same side of the account up to
$31,302,067.




SEPT. 181909.!

THE CHRONICLE

691

fected by new drawings of finance and loan bills,to take
The following table indicates the amount of bullion
advantage of the higher rates for time money. Some in the principal Europe
an banks.
of these bills were absorbed for remittance and a few
September 16 1909.
September 17 1908.
for investment. European operators on arbitrage ap- Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
peared to be temporarily out of the market, awaiting
£
£
£
£
£
£
England__ 40,312,326
a recession in those securities which had been sharply France
40,312,32 38,384,09
38,384,092
__ 146,494,560 36,060,8 182,555,36 129,184,249
36,010,268
165,194,51
7
Germany
39,817,900 12,350,55 52,168,4
advanced; consequently buying and selling of Ameri- Russia ___ 127,578.000
42,792,00 13,510,000 56,302,000
8.970,0''136,548.00'116,379,000 7.907,000124.286,000
Aus.-Hun. 57,597,000 12,460,
cans on this account resulted in a balance which was Spain __-_ 16,037,000 31,547,0 70,057, 47,841,000 13,149,000 60,990,000
47,584,
15,712,000 34,022,000 49,734,000
_ _ __ 38,386,000 4, 400,001 42,786,0
37,118,000 4,500,000 41,618,000
not sufficient to affect the market for exchange. The Italy
Neth lands 10,528,000 3,127,4
13,655,4,, 7,768.500 3,953,500 11,722,000
Nat.Belg.
4,220,667 2,110,333 6,331,ill 4,020.0001
2,010,000 6,030,000
supply of commodity bills was small, exports of sta- Sweden -_ 4,382,000
4,382,
4,081.0001
4,081,000
SwitzerPd. 4,883,000
4,883,
4,556,00
4,556,000
ples being light, and those bills that were offered were Norway - _ 1,787,000
1,787,0
1,731,000
1,731,000
promptly absorbed. One feature of the market was Total
weokl4O2,023,453111,026,08 603,049,536449,566,841
115,061,768 564,628,609
Prey. week 492,258,189111,449,783 603,707,97
2448.459,222115,273,528563,732,750
the liquidation of finance bills that had been drawn in
June; there was no evidence of their renewal for another period of three months, and it seems probable THE HOUSE OF LORDS AND THE
BRITISH
that the week's inquiry for sight was largely due to the
MINISTRY.
purchase of this class of exchanges for cover for maIt is quite within the possibilities of the present
turing drafts. After the middle of the week the mar- situation in Great Britain that a political and
constiket was lower, in the absence of demand, and also be- tutional crisis may suddenly be precipitated.
Within
cause of a larger supply of bills.
a short time the question will have to be settled, what
Comparing rates for exchange on Saturday of last action the House of Lords will take on Mr.
Lloydweek with those on the previous day,long fell 10 points George's budget. The strenuous and indignant
oppoto 4 8480@,4 8490, short 5 points to 4 8620@4 8625 sition which the proposed new taxes have encount
ered
and cables 5 points to 4 8650@4 8655. On Monday from the property-owning classes of Great
Britain is
long was 10 points lower at 4 8470@4 8780, short 5 well known. In particular. the Chancellor
of the
points higher at 4 8620@,4 8630 and cables 5 points at Exchequer's proposition for a tax on land
values,
4 8650@,4 8660. On Tuesday short fell 5 points to amounting to a half-penny in the pound on the
capital
4 8615@,4 8625, cables 15 points to 4 8635@4 8645; value of unimproved property, and of 10% on
enhancelong was unchanged. On Wednesday long was 5 ment in value of expiring leaseholds, has
been depoints lower at 4 8465@4 8475, short 10 points at nounced by all the land-holding classes, whose
repre4 8610@,4 8615 and cables 10 points at 4 8630@4 8635. sentation, under the English ,system, is necessar
ily
On Thursday long fell 15 points to 4 8450@,4 8465, large in the House of Lords.
short 15 points to 4 8595@,4 8605 and cables 5 points
The argument that this proposition is an entering
to 4 8625@4 8630. On Friday long fell 5 and short wedge to confiscatory taxes, that it is a demagogical
rose 10 points; cables were unchanged.
scheme of taxation, and that its acceptance will mean
The following shows daily posted rates for sterling that the radical element has merely begun its
campaign
exchange by some of the leading drawers.
against landed property, has been reiterated from
all such quarters. The opposition to the present
Fri., Mon. I Tues., Wed., Thurs., Frt.,
Sept. 11 Sept.'
14 Sept. 15 Sept. 16 Sept. 17 Sept. 18 Ministry's budget scheme
in the House of Lords is
Brown
160 days 4 86
86
86
88
86
86
based
Bros. & Co
primari
1Sight_. 4 874
ly,
but
not
solely,
on the land schedules;
87M
873
874
87M
873.
Kidder, Pea160 days 4 86
88
86
86
86
86
body & Co
1Sight._ 4 873
indeed,
one
of
the
questio
87M
873
ns
87M
of
87M
immediate political
873
Bank British
160 days 4 86
86
86
86
86
86
North America
1Sight_ _ 4 87M
874
interest
87M 87M
is
whether
the
House
of
Lords,
87,4
873
if it take any
Bank of
160 days 4 86
86
86
86
86
86
Montreal
1SIght__ 4 87M
87M
87M
871
action
87M
in
the
87A
matter,
shall
reject
the
budget
Canadian Bank
as a whole
160 days 4 86
86
86
86
86
86
of Commerce
1Sight.. 4 87M
873
87M
87M
873
8754
or
merely
amend
it
through
Heldelbach,Ickelthe
rejectio
160 days 4 86
n
of
the land
86
86
86
86
86
heimer & Co
1Sight_ _ 4 87M
87A
873
87M
871
87M
tax.
The
Lazard
hesitati
160 days 4 86
on
of
the
Peers
over
86
this
86
alternat
86
86
ive
86
FreresSight_ _ 4 87A
87M
873
87M
87M
87A
Merchants' Bank
160 days 4 86
thus leaves three possibilities in the matter—accept86
86
86
86
86
of Canada
Sight__ 4 874
87M
8734
8734
8734
8734
ance of the budget as it stands, rejection of the budget
Rates for exchange on Friday were 4 8450@4 8460 as a whole, or acceptance of all other taxes save the
for long, 4 8605@4 8610 for short and 4 8625@4 8630 tax on land.
for cables. Commercial on banks 4 8425@4 8435 and
The dilemma is in many ways awkward. The House
documents for payment 4 83M @,4 844. Cotton for of Lords, under the shadowy BritishConstitution,
has
payment 4 83%@,4 83.3
%,cotton for acceptance 4 8425 claimed, and at times exerted, a not wholly definite
@4 8435 and grain for payment 4 84%@4 84g.
privilege of vetoing legislation sent up from the House
of Commons. That such a right should have been
The following gives the week's movement of money claimed is not at all unreaso
nable. If the House
to and from the interior by the New York banks.
of Lords existed merely for the purpose of ratifying
action taken by the House of Commons, and if such
Received by
Shipped by
Net Interior
Week ending Sept. 17 1909.
M. Y. Banks. N. V. Banks.
Movement.
ratification were the inevitable order of the day, it
Cerrency
$8,719,000
$5,886,000 Gain $2,833,000
Gold
924,000
896,000 Gain
28,000 would be a question worth considering whether
the
Total gold and legal tenders
89.643,000
$6,782,000 Gain $2,861,000 Peers any longer performed any
serious function in the
With the Sub-Treasury operations the result is as scheme of government. The originating of certain
descriptions of bills is undoubtedly one of their powers,
fellows.
revenue and taxation bills being excepted. But with
Into
Out of
Net Change in
Week ending Sept. 17 1909.
the House of Commons possessing an unchallenged
Banks.
Banks.
Bank Holdinds.
Banks' interior movement, as above_
$9,643,000
$6,782,000 Gain $2,861,000 veto power which was denied to the House of
Sub-Treasury operation
Lords,
28,000,000
32,300,000 Loss 3,400,000
privileg
this
e
could
be
of
no
very
great
Total gold and legal lenders
consequ
ence.
$38,543,003 $39,082,000 Lass
$539,000
As a matter of history, the House of Lords has uEed its



692

THE CHRONICLE

[VOL LXXXIX.

forces
power of throwing out legislation of the Commons with there would undoubtedly be a close alignment of
oldin
the
elements
ve
conservati
the
as
between
very great caution, but has used it on certain memorthe
of
part
radical
more
the
and
sense,
fashioned
the
able occasions. Its clash with Mr. Gladstone over
generally
very
been
has
what
g
,
representin
community
Irish Home Rule bill is perhaps the most noteworthy
instance of the kind; the result in that case, it will be described as the "socialistic tendencies" of the day.
recalled, was Gladstone's counter-attack on the House It has never yet been satisfactorily ascertained just
of Lords itself, and his vigorous denunciation of what how extensive was the voting power of this radical
he called the usurpation by the Peers. His campaign element in the population. . That it contributed to the
against the House of Lords did not meet with public huge majority won by the Liberal Party in the election
; but that majority
.
favor; the Lords have subsequently, though on rare of 1906, there can be little doubt
elements
constituent
of
its
analysis
that
large
so
was
out
of
throwing
occasions, used the same power
case of a
the
in
more
than
difficult
decidedly
been
has
for
bill
the
bill
and
contested bills. The Education
of the
e
part
very
a
To
considerabl
election.
close
ir
and
noint,
instances
a licensing tax are very recent
on
taxation
budget
loads
the
that
fact
the
community
surprise
no
great
attracted
the action at the time
the
any
in
increase
avoids
and
property
of
men
the
or criticism.
Most of these recent moves have, in fact, been imposition on the necessaries of life would undoubtedly
fairly in line with public expectation. The reason operate as an argument for the Ministry. On the
why a possible action along similar lines, in the case other hand, it is not to be forgotten that this very
of Mr. Lloyd-George's budget, is more doubtful, is attitude of the Ministry toward the schedules of taxathat the Peers have never hitherto asserted the right tion would completely alienate from the existing
to alter or veto a financial measure pure and simple. government a part of the community which for posiTradition in the British Government runs strongly to tion, wealth and influence is of high importance, and
the principle that the House of Commons,representing whose vote, even three years ago, was cast for the
directly the people of the realm, must have in their Liberal Party. Whether the gains from the first source
own exclusive hands control of the public purse. The would compensate for the losses from the second, comquestion, therefore, would be raised, in the supposed bined with the loss of support which comes inevitably
emergency, whether the Lords were not at this late after two or three years of a ministry which can by no
day arrogating to themselves a function and power not possibility satisfy everybody, is a political problem
contemplated in the constitutional history of great not at all easy to work out.
If the question set before the people were distinctly
Britain.
Discussions in the English press leave the purpose that of the continued existence and authority of the
and probable action of the House of Lords in great House of Lords, the problem might be further compliobscurity. Apparently the proposition that the Fin- cated, or it might be simpler. The English mind is
ance bill should be amended through exclusion of the notoriously conservative; past experience has repeatland tax has not proved acceptable; opinion seems to edly proved that it will shrink from proposals of a
be divided between the taking of no hostile action and violent or fundamental change. And the change
the throwing out of all obnoxious provisions of the necessarily involved in the abolition, directly or inbudget. Perhaps the reasonable probability is that, in directly, of the House of Lords would be far-reaching.
view of the enormous constitutional perplexities sur- It is entirely true, and will be recognized as such by
rounding the situation, the Lords will take no action. none more clearly than by Americans, that the House
If their decision shall be to the'opposite effect, then of Lords in its present organization is a virtual anachtwo highly interesting political questions will arise— ronism. In a day when the sentiment for popular
with
first, what response the Ministry would make to the representation has spread throughout the nations
revolutions
successful
head
a
to
bring
to
a
vigor
action of the Peers; second, what the response of the such
in communities like Turkey and Persia, it must be
country at large would be.
that representation in
There can be no doubt that if its revenue budget pronounced at least anomalous
which gave the
nation
a
in
,
Parliament
of
were thrown out in whole or in any important part one House
popular
of
supremacy
movement
the
to
by the House of Lords, the Asquith Ministry would first impulse
d
apportione
according
be
should
ion,
representat
resign and appeal to the country in a new electoral and
religious
office.
and
connection
family
campaign. Such a campaign would necessarily have to title,
Nevertheless the fact remains, even when this is
some specific basis of appeal. It might be based solely
that the Lords, as matters stand to-day, are
granted,
on the Ministry's call for expression of opinion by the
substitute existing in the English legislature
only
country at large on the budget's merits as it stands. the
House which nearly all modern States
Upper
the
It might, on the other hand, be made to pivot on the for
essential to maintenance of a proper
deemed
have
voters' verdict regarding the powers, and possibly
of state. Experiments in many
affairs
the
in
balance
the continued political existence, of the House of
pretty conclusively the
proved
have
ts
governmen
Lords itself. In case the Ministry were to be returned
house, with no restraint
legislative
a
single
of
danger
with a safe majority on the first of these two issues, the
legislative body whose
co-ordinate
a
it
from
upon
only outcome of the electoral campaign would be the
promoting legislation.
in
ned
obta
be
e
must
concurrenc
necessary submission by the House of Lords. If, on
to show the easy
failed
not
has
experience
own
Our
the
larger scope,
the other hand, the contest assumed
house,
based upon imsingle
a
by
action
of
possibility
of
the
British
and were made to rest on the judgment
the
of
moment. The
prejudice
hasty
the
or
pulse
of
the
electorate regarding the place and powers
fact
this
very clearly in
had
n
Constitutio
of
our
framers
of
very
House of Lords in British legislation, results
of govtheir
scheme
arranged
they
when
minds
their
deep importance might ensue.
bedistinction
a
clear
made
they
that
and
ernment,
How would the British electorate probably respond
represenas
the
Upper
House
an
of
function
the
tween
it
as
stands,
to either of these appeals? On the budget



SEPT. 18 1909.1

THE CHRONICLE

tative of titled clas es, and its function as a conservative balance in the general scheme, was proved
by the machinery which they constructed.
In En gland's case, it may be said that removal of the
second house from any share in legislation would be in
some respects more hazardous than in any other State.
In the United States, for instance, there would
remain, even in the conceivable case of a similar alteration in the system, the veto power in the hands of the
Chief Executive. Nothing of the kind exists, or is
to-day in any respect recognized as existing, in the
hands of a British public officer. Furthermore, while
our Government is conducted under the terms and in
accordance with the provisions of a written Constitution, applied and interpreted by the courts of law, the
British Constitution is in substance nothing but the
decrees of Parliament itself. What Parliament can
by its vote construct into fundamental law, it can
by its vote remove; the House of Commons, therefore,
would be at once in the position of a body limited in its
action only by such restraint as it should itself see
fit, in the humor of the moment, to impose. This is
the phase of the matter which will present itself most
seriously to the minds of thoughtful students of contemporary politics, and we believe to the minds of an
electorate to which so radical a proposition should be
submitted. The gravity of the issues which would
be at stake in such a contest is, perhaps, the best
reason for expecting that this particular form of
struggle will be avoided on the present occasion, both
by the Ministry and by the House of Lords.
THE CHICAGO & NORTH TVESTERN REPORT.
The Chicago & North Western Railway is one of
those conservatively managed and prosperous railroad
properties which make a good showing in good times
and bad times alike. Apart from the care taken to
promote operating efficiency, so as to reduce the cost
of transportation per unit of work, the policy of the
management of this property has always been to keep
dividend distributions well within the limit of earnings,
leaving a considerable margin of income to be encroached upon before dividends could be endangered.
All excess of income above the dividend rate of distribution fixed upon has been employed for the physical and financial betterment of the company, with the
view to keeping capital and fixed charges low. This
latter, of course, makes it possible to furnish increased
accommodations and facilities without compelling
the traveling and shipping public to pay more for their
service. As a matter of fact, the course of transportation rates has been distinctly downward, and except
for the free way in which earnings have been applied
in raising the standard and efficiency of the property,
the large reductions in rates which have been the feature of the last decade or so would have been out of
the question. Sometimes the application of earnings
for additions, betterments and improvements has been
by specific appropriations (a certain definite amount
being set. aside for the purpose and charged against
the income of the year), and at other times it has been
by simply letting the excess of income go to the general
funds of the company, thereby making it available for
any purpose which the management deemed best in
the interest of the property, the shareholders and the
general public.




693

The last specific appropriation of surplus earnings
was in the fiscal year 1905-06, and it will give an idea
of the magnitude which these yearly appropriations
at one time reached, representing money taken from
earnings which in a less conservative era, and under
less conservative management, would have been paid
out in extra dividends, that in the year referred to no
less than $6,000,000 was set aside for expenditures for
construction, improvements and permanent additions.
Since then the yearly surplus of income has been reduced by reason of unfavorable conditions, more particularly business depression, and it would not now be
possible to employ so large an amount of money in
the old way. However, the Chicago & North Western
had a considerable margin of income above dividend
requirements, even in a year marked by such intense
business depression as characterized 1907-08; and for
1908-09, the twelve months' period under review, results of course are still better. As there never was the
least doubt of the company being able to maintain
its dividends at current rates of distribution (8% on
the preferred stock and 7% on the common stock),
chief interest in the annual report of the company,
which we printed last week, lies in the information it
affords of how close the company is approaching to
the very prosperous conditions existing a few years
ago, when, as we have already seen, it was possible to
make such extraordinary appropriations of earnings
for the benefit of the property.
Considerable interest of course also attaches to the
changes in traffic and in rates, as these enable one to
see whether the return to the old conditions is by easy
or difficult means, and whether there are hindrances,
or a stimulus exists to the forward movement. Speaking generally and broadly, the report of the Chicago
& North Western for the twelve months ending June
30 1909 displays the same results and characteristics
as most of the other annual reports that have come to
hand thus far for that period of twelve months. By
this we mean that there has been improvement in
traffic and in income, both gross and net, as compared
with the twelve months preceding, but that there has
not been a full recovery of the loss sustained in the
previous year. Furthermore, we find that comparisons
as to the passenger business are better than the cornparions as to the freight business.
Owing to the changes in the classification of both
revenues and expenses which the Inter-State Commerce Commission obliged all the railroads of the country to make, under a system which became effective
July 11907, absolutely exact comparisons going back
beyond the date mentioned are out of the question.
However, in the 1907-08 report the results for the fiscal
year 1906-07 had been revised to conform substantially
to the new classifications, and thus we have comparisons with two years.ago which, while approximate,
suffice to indicate in a general way the changes which
have occurred. Stated in brief, aggregate gross earnings declined from $68,359,365 in 1906-07 to $63,219,344 in 1907-08, and have now got back to $65,978,471
in 1908-09. Net operating revenue, after decreasing
from $24,197,271 to $21,578,030, has now recovered
to $22,787,231. The details of the revenues, as well as
the traffic statistics, are rather instructive, and throw
a good deal of light upon prevailing conditions. In
the case of the freight revenues, the recovery has been
on the whole slight and very partial. In the passenger

694

THE CHRONICLE

FOL. LXXXIX

business, on the other hand, where there had really than absolutely necessary, since earnings, though betbeen no falling off in traffic in the previous year— ter, as we have seen, had by no means recovered sufthe small decrease in passenger revenues shown ficiently to warrant the step. Nevertheless, the conin that year being due to a decline in the passenger rate struction expenditures for the twelve months amounted
as a result of the action of State legislatures in mak- to $8,704,731.(not counting the cost of the Manitowoc
ing a compulsory reduction in the charge per passen- Green Bay & Northwestern Ry. and the Milwaukee
ger per mile—there is for 1908-09 a very noteworthy Sz State Line Ry., which were built in previous years
improvement, indicating that, whatever may be the but not taken into the North Western accounts until
character of general trade and industrial conditions the year under review), and this does not include
in the United States, the population tributary to the charges for real estate on account of the new Chicago
lines of the system has been in a pretty prosperous passenger terminal, this item being carried in suspense
state.
for the time being. We observe that during the twelve
Freight revenues in 1907-08 fell off no less than $4,- months there was an increase in that item from $9,846,314. In 1908-09 only $1,669,461 of this loss was 777,037 to $11,032,991—an addition of 131 million
recovered. The passenger revenue in 1907-08 fell off dollars. Thus, the construction outlays or capital
only very slightly, as already stated, decreasing from expenditures were roughly $10,000,000 even in a period
$15,992,110 to $15,734,607; for 1908-09 the amount when, for the reason already stated, restraint would be
is up to $16,875,668. Moreover, the number of pas- exercised in entering upon or carrying out work of that
sengers carried, which had risen from 25,442,826 to character.
During the year the company sold $10,351,000 of its
25,994,182 in 1908, has further increased to 26,951,319
carried
one
mortgage 3% bonds to reimburse itself for
number
the
mile
general
In
the increase .
in 1909.
expenditures
made in redeeming matured bonds.
804,783,605
to
869,455,637
in
from
been
past
1908 and
has
proceeds
of
this
1909.
It
is
sale, together with the available
932,232,161
in
noteworthy,
though,
The
to
income
of
rate
received
per
surplus
$5,170,790,
average
provided the company
the
passenger
that
per mile,
which dropped from 1.99 cents in 1907 to 1.81 cents with the means to carry on its construction work, and
in 1908, did not improve any in 1909, it remaining at at the same time to increase materially its cash reprecisely the same figure. In the case of the freight sources. Of actual cash, it appears from the balance
traffic there was a drop in the number of tons carried sheet there was on June 30 1909 $18,389,358, which
from 34,237,768 to 30,600,322 in 1908, with an in- compares with only $11,506,242 on June 30 1908. It
crease in 1909 to 32,793,418. The increase seems to is proper to add that the company still holds in its
have been chiefly in local or short-distance traffic, treasury unsold $11,281,000 of its own bonds.
inasmuch as the average haul was reduced from 158
CANADIAN PACIFIC PROGRESS AND
tons to 148 tons, and the tonnage movement one mile
PROSPERITY.
showed only a very slight recovery; in 1908 this tonThe Canadian Pacific Railway in its progress and
nage movenr_mt one mile dropped from 5,383,409,034
to 4,837,041,063, while in 1909 there was a recovery development holds a record which is unique, and in
only to 4,863,589,654. The fact that there has been a one particular at least is unlike that of the railroads
larger percentage of short-haul traffic has also served of the United States: it suffered less from the business
to raise the average rate received per ton per mile, depression which swept over the continent during
which for 1909 was 0.90 cents, against 0.87 cents per 1908, and there are few visible traces left of this depression. The annual report just to hand deserves
ton per mile in 1907-1908.
The significance of all these statistics lies in the fact careful study for this reason, if for no other. We do
that they show that the passenger traffic keeps stead- not mean to say that the company was entirely free
ily advancing, indicating great prosperity on the part from the effects of business depression during the fiscal
of the sections of the country served by the lines of the year 1907-08. In the last six months of that fiscal
system, while the freight traffic has as yet made very year it sustained very heavy losses; but these were
little revival, but seems likely speedily to approach offset, at least as far as gross is concerned, by almost
the old figures again when trade activity through the equally large gains in the first six months. As a concountry at large resumes its old volume.
sequence,the year as a whole recorded a falling off of
As far as the income statement for the twelve months less than a million dollars. This was a remarkable
is concerned, this shows that there was available net showing in view of the preceding growth, and we reincome over and above all fixed charges in amount of ferred to it at the time. The figures indicating this
$13,935,293, while the call for the dividends on pre- preceding growth constitute a more effective illustraferred and common stock was only $8,764,503, thus tion of the expansion than any combination of words
leaving a surplus for the twelve months of $5,170,790. and phrases could convey.
In the previous fiscal year there was a similar surplus
In brief, after gross earnings had risen in the short
of $4,874,419. This makes for the two years combined space of two years from $50,481,882 to $72,217,527,
surplus income of over $10,000,000, which has gone the decrease in 1907-08 was only to $71,384,174. The
into the property for its betterment and improvement. report now before us makes it evident that the downThere was no specific appropriation of income for ward turn was a brief one, and that in 1908-09 the upthat purpose, but obviously the money went just as ward movement was resumed with great force. The
surely into the property in one way or another.
evidence of this is found in the fact that gross earnings
It is to be noted that the capital requirements of a for 1908-09 reached no less than $76,313,321, far surlarge system of roads like the North Western are large passiag the best previous record. In the case of the
even in periods of trade depression. In the year under net earnings, the showing is not quite so good, and yet
review, certainly, there was no incentive to spending is very satisfactory. In 1904-05 the amount of the
any more money for construction or other purpo se net was $15,475,088. From this there was an ad-




SEPT. 18 1909.1

THE CHRONICLE

695

vance to $25,303,308 in 1906-07 but a decline in time, however, the additional mileage is raising fixed
1907-08 to $21,792,866; now for 1908-09 there is a re- charges and operating expenses. It is also pointed
covery to $22,955,573.
out that the year was a particularly trying one to those
As far as traffic is concerned, there is evidence of engaged in the steamship trade, and there was a
progress in every direction. In the passenger service shrinkage in net revenue from that source of over
there had been a falling off in the previous year in only $700,000. The directors, nevertheless, appropriated
the long-distance traffic, as was plainly seen from the to the Steamship Replacement fund the same amount
fact that the number of passengers carried increased, as in 1908, that is, $800,000.
while the number carried one mile recorded a decrease.
Notwithstanding all these drawbacks, the company
For 1908-09 there are gains in both, bringing the totals is able to show a surplus for the twelve months
over
up to figures far above any previously reached. Thus, and above all charges and the dividends of 6%
on the
the number carried was 8,779,620 in 1907, 9,463,179 ordinary shares in amount of $3,847,161. In
the prein 1908 and 9,784,450 in 1909. The number carried vious fiscal year the surplus had been
$5,579,715. In
one mile was 1,064,564,999, 1,052,010,356 and 1,071,- arriving at this surplus, no account
is taken of the
149,528, respectively. In the number of tons of company's large income from land sales.
As pointed
freight carried there was a decrease from 15,733,306 out by us on previous occasions,the Canadian
Pacific has
in 1907 to 15,040,325 in 1908, with an increase now to a very extensive land grant, and the yearly
income of
16,549,616. In the number of tons moved one mile, the Land Department reaches considerable proportions
.
after a decrease from 5,946,000,000 to 5.865,000 000 Owing to the business depression, there was a
marked
there is now an increase to 6,372,000,000.
falling off in the land sales in 1907-08, the total area
In reviewing the report for 1908, we pointed out disposed of being only 164,450 acres, as against
994,840
that the company had suffered not alone from business acres in the previous year. In 1908-09, however,
the
depression, but also had to contend with a falling off sales again increased, reaching 376,046
acres, and as
in its grain and live-stock traffic, which latter was this included 69,963 acres of irrigated
land, sold at an
obviously due to causes other than business depression. average figure of $24 71 per acre, the
amount repreIn 1909, however, these items again made marked re- sented by the sales was large. The
greater part, howcovery. In the case of the live-stock tonnage, the ever, of the proceeds of these latter
sales remains in
upward trend was very slight, but the flour and the deferred payments. On the other hand,
the collecgran tonnage expanded enormously, with the result tion of deferred payments on the sales of
previous years
that the 1909 figures far surpass those of 1907. In continues large.
other words, the company moved no less than 97,236,Altogether, the cash receipts of the Land Department
150 bushels of grain in 1909, against only 88,345,234 •from the proceeds of current sales and
from the collecbushels in 1908 and 93,207,009 bushels in 1907, and tion of deferred payments aggregated
$4,193,129. The
it moved 6,683,354 barrels of flour, against 5,843,988 company actually pays 7% dividends
on the ordinary
barrels in 1908 and 6,256,702 barrels in 1907. The shares but 1% of this comes out of
income from the
lumber tonnage again recorded a decrease, indicating land fund. This 1% called for
$1,358,400, leaving,
that in certain lines of business depression still ex- therefore, a surplus of 23
4 million dollars from the
isted. But trade activity in the Dominion continued Land Department to add to the $3,847,161
surplus
under such momentum that the effect on the grand from the operation of the railway, making
over $6,500,aggregates of this depression was, as we have already 000 together. It was out of the large
land receipts of
seen, insignificant.
previous years, it may be recalled, that provision was
In the case of the net, as already shown, the results made for the payment of the
whole $15,000,000 33%
have not been so extremely favorable. That is a fact land bonds which had been
guaranteed by the Dominof some importance, inasmuch as the company is now ion Government.
• •
obliged to earn a return on a larger amount of capital.
During the year under review no specific appropriaFollowing the progressive policy for which it has al- tion out of accumulated income was made to
be apways been famed, the company has been spending plied towards additions and improvements.
In the
enormous amounts for new extensions and additions. previous year the company had contributed a
round
The capital for this purpose has been provided through $6,000,000 for the purpose, and in the year
before that
additions to the outstanding-amount of the ordinary the contribution was $5,000,000. The practice
was
stock and also through additions to the 4% consoli- begun in 1905-06, when profit and loss was
diminished
dated debenture stock and the 4% preference stock. in the sum of $2,535,000 by reason of a
charge of that
Thus, the net surplus remaining over and above the kind. Altogether, therefore, $13,535,000
has been
fixed charges and dividend requirements is not so ex- applied in that manner. Of this sum,
$3,530,500 still
traordinarily large as in other recent periods. The remained unexpended on June
30 1909.
report points out that in the last three years the comWe have spoken above of the company's large yearly
pany's railway system in Canada has been extended capital requirements. In the twelve months
under
1,101 miles, namely from 8,777 to 9,878 miles, and review $4,370,406 was spent for
construction on acwork is progressing on 403 additional miles, most of quired and branch lines, $9,178,764
was spent for
which will be completed this autumn. A considera- additions and improvements on main line and
branches
ble portion of this mileage, it is stated, was constructed and $2,219,104 was spent on leased and
acquired lines.
through new and sparsely settled districts, where rail- As to the new capital obligations created,
£2,727,340
way communication was required to encourage settle- of consolidated debenture stock was
put out and
ment, and while satisfactory progress is being made, £800,000 of 4% preference stock was
issued. In ada little time must necessarily elapse before the terri- dition, the company received the remaining
installtory served by the lines will be so developed as to ments and premium on unsubscribed
stock sold and the
yield the average amount of traffic. In the mean- proceeds of $3,984,000 ordinary stock
disposed of, the




696

THE CHRONICLE

[VOL. Lxxxix.

two amounts together yielding $10,980,118. Adding to within State borders) are now required to file returns
this the $3,806,129 realized from the issue of £800,000 each month with the Inter-State Commerce Com4% preference stock and the $13,343,870 realized from mission at Washington, and the Commission places
the issue of £2,727,340 of consolidated debenture stock, these returns on the public files, making them availthe conipany realized altogether over $28,000,000, in- able for general use. We have transcripts of these
dependent of the proceeds of the Land Department returns made for us, and we print them in our "Railor the surplus of the Railroad Department. AccOrd- way Earnings Section," the September number of
ingly, it is found that on June 30 1909 the company which accompanies to-day's issue of our paper. In
was unusually well supplied with cash, notwithstand- this number of the "Railway Earnings Section" the
of earnings and exing the requirements for new capital outlays made reader will find the July figures
of every road
both)
of
details
the
as
well
(as
penses
sheet
balance
the
words,
during the year. In other
its statement
rendered
has
which
States
the
in
United
addiin
hand,
on
cash
shows no less than $21,078,813
up
to yesterday
month
that
for
Commission
to.
the
Governin
invested
temporarily
tion to $4,861,901
as a basis,
returns
afternoon. With the separate
ment securities.
we make
received,
In closing, it seems proper to refer again to the large of which altogether 692 have been
an idea
convey
amount of money which has gone into this property, up our grand aggregates, which thus
in one shape or another, against which no capital ob- of the general course of earnings.
Our tables cover an aggregate of 218,506 miles of
ligations have been issued or are to-day outstanding.
entire extent of
Inspection of the balance sheet no longer suffices to road, embracing about 94% of the
mileage there is a
indicate the enormous amount of surplus earnings road in the country, and on this
gross and of
and donations from various sources which have gone gain of $23,529,848, or 12.70%, in the
into the property to provide for its extension and de- $10,109,278, or 15.84%, in the net. —Increase or Decrease—
%
Amount.
July (692 roads)—
velopment. Four years ago the balance sheet was Mlles
1.17
2,524
215,982 Inc.
218,506
of road
12.70
$23,529,848
Inc.
$185,340.563
208,870,411
$
earnings
Gross
reconstructed in an important particular. The item Operating expenses
121,513,824 Inc. 13,420,570 11.05
134,934,394
Govand
Provincial
Dominion
from
subsidies
Inc.$10,109,278 15.84
$63,826.739
$73,936,017
Net
earnings
of "cash
If the foregoing gains followed enlarged results a
ernments and municipalities," and so much of the
proceeds of land sales as had been applied on construc- year ago they would have to be regarded as indition and equipment account, were transferred from cating further noteworthy growth and development.
the credit side of the balance sheet, where they had As a matter of fact, however, comparison is with
previously appeared, to the other side of the account, heavily reduced figures in 1908. It is true that in
and applied in reduction of the item "cost of railway July of last year railroad earnings began to exhibit
and equipment." The proceeds of land sales expended indications of an improving tendency, but only in
in construction aggregated at that time $36,193,521, so far as the losses were not of the same extraordinary
and the subsidies and bonuses received amounted to dimensions as they had previously been. There were
$30,752,195 more, making $66,945,716 together. If still losses, however, and very large losses, too. Our
now we add to this the $13,535,000 of accumulated compilation at the time showed a shrinkage of $27,262,income appropriated the last four years on account 110 in gross earnings and of $6,571,734 in net earnings.
of additions and improvements, and also the $35,164,- These results, however, covered an aggregate of only
830 of accumulated surplus still standing on the books 172,135 miles of road. We estimated that if we could
June 30 1909, and likewise the $27,567,267 balance of have returns for the whole railroad system of the
income from the Land Department, we get a grand to- United States, the loss in gross earnings would be raised
tal of over $143,000,000—$143,212,813—represent- to about $35,000,000 and the loss in net earnings to
ing money that has actually gone into the property about $10,000,000. Elaborate compilations subseor will ultimately become available for the improve- quently made by the Inter-State Commerce Commission
ment of its physical and financial standing. In addi- and covering substantially the entire railroad mileage
tion, the company owns 8,437,594 acres of unsold of the country, but not completed until March 1909,
land in Manitoba, Saskatchewan and Alberta (average confirmed the substantial accuracy of these estimates.
sales the past year $10.96 per acre) and 4,503,505 acres In other words, the Inter-State Commerce Comin British Columbia. As these unsold lands are dis- mission in its final report for July 1908 made the falling
posed of, there will be corresponding contributions to off $33,332,095 in gross and $8,326,217 in net. It
the available assets in the future. All this is indepen- will be seen therefore that, as compared with this loss
dent of a number of other but smaller items, which of $33,332,095 in gross last year, the gain of $23,529,would swell still further the total of the contributions 848 the present year still leaves a considerable shortand appropriations, such as the amounts contributed age even when increased about 6% to cover the
mileage unrepresented in our present tables.
to replacement funds, &c.
As far as the net is concerned, the showing, it will
be noticed, is very much better. By July of last year
NET
AND
EARNINGS
GROSS
• RAILROAD
the roads had pretty well succeeded in getting control
FOR JULY.
of their expense accounts, thus reducing the losses in
The first month of the new fiscal year of the railroads net to small proportions; and the present year, with
(July) begins very auspiciously, inasmuch as our a very substantial recovery in gross earnings, they were
compilations show important gains in both gross and able to save for the net a fair amount of this gain.
net earnings—as compared of course with the small Hence it is that with a loss in the net last year of only
results of a year ago. As we have previously pointed $8,326,217, we have a gain the present year, accordout, these compilations are now very comprehensive, ing to our tables above, of $10,109,232, which would
since all the railroads of the United States (except be raised to about $10,600,000 by an addition of 6%
the very small amount of mileage confined exclusively to allow for the railroads not represented ia our tables,




THE CHRONICLE

SEPT. 18 1909.1

the aggregate railroad mileage of the country now
being about 232,000 miles.
Prior to 1908 the record, as far as gross earnings are
concerned, had been one of almost continuous improvement, 1904 having been the only exception to
the rule. In the case of the net the growth was not
so uninterrupted, there having been a number of
years when, owing to the rising tendency of expenses,
net earnings showed decreases. In the following we
furnish a summary of the July comparisons of gross
and net for each year back to 1896. For 1908 we
have used the Inter-State Commerce totals, but for
the years preceding we give the results just as registered
by our tables each year-a portion of the railroad
mileage of the country being always unrepresented
in the totals, owing to the refusal of some of the roads
to give out monthly figures for publication.
Gross Earnings.
Year.
Year
Given.

Year
Inc. (+) or
Preceding. Dec.(-).

$
$
$
July.
+242,245
1896 ..„ 51,132,76: 50,890,523
1897 ___ 58,183,393 54,228,118 +3,955,275
+833,264
1898._ 63,172,974 62,339,710
1800 ___ 72,204,314 61,434,246 +10,770,068
1900 ___ 83,343,882 77,671,358 +5,672,524
1901 ___ 99,334,53: 86.920,806+12,413,732
1902 ___ 102,960,249 97,691,960 +5,268,289
1903 ___ 115,691,747 97,856,175 +17,835,572
1904 ___ 106,955,490113,678,564 -6,723,074
1905 ___ 118,404,552107,325,222 +11,079,330
1906 _ _ 129,386,441114,556,367 +14,830,073
1907 ___ 137,212 522118,666,092 +18,546,430
1908 _ 194,634,611227,966,707-33,332,095
1909 .208,870,411185,349,563 +23,529,848

Net Earnings.
Year
Given.
$
15,556,978
19,091,236
19,971,051
24,377,447
26,687,209
34,925,716
33,634,610
38,296,851
34,398,740
43,594,553
42,808,250
41,891,837
66,856,745
73,936,017

Year
Inc. (+) or
Preceding. Dec. (-).
$
$
+60,705
15,496,273
16,530,293 +2,560,943
20,694,375 -723,324
19,672,510 +4,704,937
+697,282
25,989,927
27,680,869 +7,244,847
33,824,597 -189,987
31,846,698 +6,450,153
37,353,409 -2,954,669
40,256,131 +3,338,422
36,718,416 +6,089,834
39,448.771 +2,443,066
75,182,9 ;2 -8,316,217
63,826,739 +10,109,278

Notc.-In 1906 the number of roads included for the month of July was 130;
In 1897, 127; in 1898, 123; in 1899, 114; in 1900, 117; in 1901, 108; n 1902, 103;
In 1903,106; in 1904,98; in 1905,94; in 1906,90;In 1907,82;in 1908,792 in 1909,692.
We no longer include the Mexican roads or the coal-mining operations of the anthracite coal roads in our,totals.

697

turns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &c., the
whole going to form the New York Central System, the result Is a gain of
$2,871,745.
I/ These figures are furnished by the company and represent the lines
directly operated east and west of Pittsburgh, Eastern lines showing $1,633,700 increase and the Western lines $1,055,200; for all lines owned,
leased, operated and controlled the result for the month is a gain of $2,774,958.
PRINCIPAL CHANGES IN
Increases.
$837,318
y795,300
a591,692
524,287
523,999
486,515
478,076
430,197
398,651
352,132
334,700
330,754
330,387
305,492
225,053
221,779
176,544
172,758
165,581

Great Northern
Pennsylvania
N Y Cential & Hud River
N Y New Haven & Hart_
Rock Island
Union Pacific
Southern Pacific
Duluth Missabe & North
Northern Pacific
Pittsburgh & Lake Erie_
Delaware Lack & West_ _
Boston & Maine
Lake Shore & MichSouth
Duluth & Iron Range_ _ _
St Louis & San Francisco
Baltimore & Ohio
Bessemer & Lake Erie_ _
San Ped Los Ang & S L_
Elgin Joliet & Eastern_ _

NET

EARNINGS IN JULY
Increases.
$156,395
144,736
144,349
117,539
106,593
102,846

Louisville & Nashville_ _
Chesapeake SC Ohio
Buffalo Roch & Pittsb
Missouri Kansas & Texas
Union RR(Pennsylvania)
Denver & Rio Grande_ _ _

Representing 25 roads
in our compilation__ $8,453,673
Decreases.
$232,154
Illinois Central
158,081
Missouri Pacific
Chicago Milw & St Paul.._ 131,942
124,396
Chicago & Alton
102,955
Kansas City Southern
Representing 5 roads in
our compilation
$749,528

a These figures cover merely the operations of the New York Central
itself. For the New York Central System the result is a gain of $1,260,455.
These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $467,000 increase and the Western
lines $328,300 increase. For all lines owned,leased, operated and controlled
the result is a gain of $795,870.

When arranged in groups, every group records
improvement, as would be expected, in gross and also
every group improvement in net. In July of last year
every group showed a loss in gross but the Southern
group at that time had a slight increase in net by
reason of the great reduction in expenses effected by
some of the larger systems. Our summary by groups
is as follows:
SUMMARY BY GROUPS.
Gross Earnings
Section or Group
-Inc.
(+)or
1909.
1908.
Dec.(-).
July$
Group 1 (25 roads), New England__ _ 10.682,953 9,359,335 +1,323,618
Group 2(125 roads), East. & Middle_ 49,110,511 43,557,362 +5,553,149
Group 3(95 roads), Middle West ____ 30,035,553 26,111,446 +3,924,107
Groups 4 & 5(144 roads), Southern__ 23,610,201 21,789,070 +1,821,131
Groups 6 & 7 (111 roads), Northwest_ 49,046,314 42,942,142 +6,104,172
Groups 8 & 9(145 roads), Southwest_ 32,803,472 29,766,938 +3,036,534
Group 10(47 roads), Pacific Coast__ _ _ 13,581.407 11,814,270 +1,767,137

In the matter of the separate roads gains are the
14.14
12.75
rule, of course, the present time, while losses are the
14.99
8.36
exception. Naturally the most of these gains are of
14.21
10.20
large dimensions, even as the losses a year ago had
14.96
been of like proportions. With the outlook good for Total (692 roads)
208.870,411 185,340,563 +23,529,848 12.70
Net Earnings
continued expansion in railroad revenues, some roads
Inc.(+)or
1909.
Dec.(--).
1908.
1909. 1908.
%
are already again showing great liberality in expendiNo. 1
7,324 7,331 4,009,646 2,959,881 +1,049,765 35.47
tures, and hence it happens that several companies Group No.
2
24,247 23,932 16,833,523 14,517,388 +2,316,135 15.96
Group
25,160 25,171 10,571,841 8,861,959 +1,709,882 19.29
report losses in the net even where there has been Group No. 3
+805,515 12.27
Groups Nos. 4 & 5_ _ 38,594 37,822 7,371,624 6,566,109
13.43
considerable improvement in the gross. A year ago Groups Nos.6 & 7_ _ _ 57,038 56,566 18,535,229 16,337,408 +2,197,821
+993,585 11.16
Groups Nos. 8 & 9 ____ 52.176 51,837 9,894,103 8,900,518
13,967 13,323 6,720,051 5,683,476 +1,036,575 18.23
reductions in expenses were quite the fashion, so much Group No. 10
218,506 215,982 73,936,017 63,826,739 +10,109,278 15.84
so that many important systems which had sustained Total
NOTE -Group I. Includes all of the New England States.
very large decreases in gross earnings were able to con- Group
II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
vert this decrease into a gain in net through savings the
extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
in the expense account. The Southern Railway, peninsula,
and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
the Louisville & Nashville, the Atchison, the Southern Groups IV. and V. combined include the Southern States south of the Ohio and
of the Mississippi River.
Pacific and the Union Pacific all belonged in that class east
all o
Groups VI. and VII. combined Include the northern peninsula of Mich,
Minnesota, Wisconsin, Iowa and Illinois; all South Dakota and North Dakoka, and
at that time. In the following we show all changes Missouri
north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line, Passing
for the separate roads for amounts in excess of $100,- through
Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
both
in
and
the
increases
or
decreases,
000, whether
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south
Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
gross and in the net. It will be observed that the of
Mexico north of a line running from the northwest corner of the State through
Fe and east of a line running from Santa Fe to El Paso.
Pennsylvania Railroad on the lines directly operated Santa
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
Arizona,
and the western part of New Mexico.
and
ineast and west of Pittsburgh reports $2,688,900
crease in gross and $837,318 increase in net, but last
As stated by us in previous months, we have
year it had no less than $5,032,100 loss in gross and changed our system of grouping the roads so as to
$1,128,800 loss in net.
conform with the. grouping or classification adopted
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
Increases. by the Inter-State Commerce Commission. The only
Increases.
Pennsylvania
$209,912
y$2,688,900 Illinois Central
Baltimore & Ohio
279,436 departure we make from the Commission's arrange1,228,767 Southern Railway
Southern Pacific
229,444
1,064,453 Philadelphia & Reading_
Northern Pacific
225,831
1,018,453 San Pedro Los Aug & S L
ment is that we have combined Groups 4 and 5, so
Great Northern
224,392
804,945 Bessemer & Lake Erie. _
N Y Central & Hud River 0847,142 Elgin Joliet & Eastern_ _
212,934 as to bring all the Southern roads together under one
Union Pacific_
211,475
763,128 Norfolk & Western
208,748
Atch Topeka & Santa Fe
745,195 Cleve Cin Chic St Louis
to bring the SouthRock Island
690,976 Louisville & Nashville_ _
185,628 head; also Groups 8 and 9, so as
W‘st_
_
681,085 Wabash
Chicago & North
160,389
have
likewise combined
673,960 Pere Marquette
158,180 western roads together, and
Lake Shore & Mich South
668,331 Buffalo Roch & Pittsb_
143,013
N Y New Haven & Hartf
558,048 N Y Chicago & St Louts..
141,066 Groups 6 and 7, these latter comprising the systems
Chicago Milw & St Paul_
554,695 Chic St Paul Minn & O.._
125,488
Chicago Burl & Quincy_ _
531,113 Union RR (Pennsylvania)
121,568 running west and northwest of Chicago, the mileage
Duluth Missabe ec North
433,748 Atlantic Coast Line
120,702
Pittsburgh & Lake Erie_
947,2.*3 Erie
120,295 of most of which spreads over the territory covered
Boston do Maine
426.595 Delaware & Hudson__ _ _
109,649
St Louis & San Francisco
386,925 Virginian
Missouri Pacific
10°,693 by both groups.
We do not include any of the
372,317
Duluth & Iron Range.. _ _
325,474
Representing 43 roads
Michigan Central
lines
in
our figures, except of course so
in our compilation_ _$20,299,339 Canadian
319,875
Chesapeake & Ohio
308.986
Delaware Lack & West. _
Decrease.
305,692 Toledo & Ohio Central_ _ .._ $110,180 much of the same as lies within the United States and
Denver & Rio Grande_ _ _
Note.-All the figures in the above arc on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however these re- for which returns are filed with the Commission.




&

698

THE CHRONICLE

The confines of the different groups are indicated in
the foot-notes to the above table, but it is important
to note that where a road or system covers more than
one group, or overlaps into others, we have necessarily
been obliged to place it in some particular one of the
groups, as no way exists of dividing it up among the
two or more groups where it may be located. Our
plan in such cases has been to place the road or system
in the group where the bulk of the revenues is apparently obtained. In their annual statements to the
Inter-State Commerce Commission, the companies are
required to show the amounts earned in each of the
groups, but of course no such division is attempted in
the case of the monthly returns.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate 212
shares, of which 25 shares were sold at auction and 187
shares at the Stock Exchange. The transactions in trust
company stocks were limited to one 50-share lot sold at
auction. National City Bank stock advanced in price from
396 to 415, the last of several sales of small lots at the Stock
Exchange having been made at the latter figure.
Low. High. Close.
Shares. BANKS—New York.
160
160
25 Citizens' Central Nat. Bank___ 160
•87 City Bank, National
396
415
415
192
.100 Commerce, Nat. Bank of
19334 19334
TRUST COMPANY—New York.
151
151
151
50 Broadway Trust Co
• Sold at the:Stock Exchange.

Last previous sale.
July 1909-159
Sept. 1909-395
Aug. 1909-188
June 1909-1428
/,

—Announcement was made yesterday that Charles H.
Treat has resigned as Treasurer of the United States, the
resignation to take effect next month.
—The American Bankers' Association yesterday concluded
its annual convention at Chicago, the deliberations of which,
with those of the various sections, had continued since
Monday. Lewis E. Pierson, the First Vice-President of the
Association during the past year, is its newly elected President, and is perhaps the youngest incumbent of the office.
He is thirty-nine years of age. Mr. Pierson is President
of the Irving National Bank of New York and has long
been active in the affairs of the American Bankers' Association. One of the important decisions of the meeting was
the acceptance of Los Angeles for the 1910 Convention.
As early as Saturday the advance guard of banking
pilgrims began to arrive in Chicago, but these were mainly
officials of the organization, chairmen of committees, or
financial newspaper men. On Sunday the delegates arrived
in large numbers from every quarter of the country. By
Monday night 2,600 had registered at headquarters in the
Auditorium Hotel, and two thousand more on Tuesday, the
opening day. Elaborate preparations had been made by
Chicago bankers for the reception and entertainment of this
host of visitors, and the comfortable disposition of the
crowd was made with apparent ease and facility by means
of active committeemen and an efficient information bureau.
Even the weather co-operated with the Chicago bankers to
give the visitors a bright and cordial welcome. Monday was
devoted to committee meetings and conferences. In the
evening at the banquet to the members of the Executive
Council and invited guests, in the gold room of the Congress
Hotel, Speaker Cannon of the United States House of Representatives was the principal oratorical entertainer. Other
speakers of the evening were Comptroller of the Currency
Lawrence 0. Murray and Governor Deneen of Illinois, both
of whom delivered more extended addresses to the Convention on Tuesday. The official program of Tuesday (as
heretofore printed in the "Chronicle") was carried out to
the letter, its most distinguishing features being President
Reynolds's annual address (in which he cogently advocated
the establishment of a Government Central Bank with
$100,000,000 capital), Comptroller Murray's frank and
fearless talk to the bankers on the conduct of his office (in
which he expressed the belief that no other guaranty of bank
deposits is needed than the faithful execution of their sworn
duty by bank officials, bank directors and bank examiners),
and a most interesting and powerful paper by James J. Hill on
"Wealth and the Farm." All these addresses will appear in




Lxxxix.

full in the "Bankers' Convention Section" next week (Sept
25th). The theatrical entertainment of Tuesday evening
(four entire theatres having been chartered for the occasion),
the excursion to Gary on Wednesday upon two of the largest
lake steamers, and the trip by trolley to the stock yards on
Thursday were participated in by thousands of delegates
and their wives, and all seemed to thoroughly enjoy themselves.
The attendance at the meeting of the Trust Company
Section was indicative of a growing interest in this important
branch of the Association—there being more than 500
bankers present. The addresses of Daniel S. Remsen of
the New York bar, on "Post-mortem Administration of
Wealth" and of President Edward T. Perine of the Audit
Company of New York, on "Trust Company Resources and
Revenues," were listened to with especial interest. The
discussion of the several topics prescribed by the formal
program was both interesting" and profitable. Charles
R. Crane, our new Ambassabor to China, delivered a most
interesting address, in which he referred semi-officially
to President Taft's attitude and views on Oriental relations.
He spoke of these questions as "problems of finance, problems
of commerce, problems of internal reorganization and
development." The officers of the Trust Company Section
chosen for the following year are: President, H. E. McIntosh
of Cleveland, Ohio; Vice-President, Oliver C. Fuller, of
Milwaukee, Wis.
Nearly one hundred members were present at the meeting
of the Clearing-house Section, which met in the banquet
room of the Auditorium Hotel. President E. C. McDougal
of Buffalo, N. Y., delivered his annual address, and, upon
retirement from office, was presented with a gold badge as
a testimonial for his efficient services. The new officers
of this section,selected by a unanimous vote of the members,
are President, Sol. Wexler; Vice-President, Whitney Central
National Bank of New Orleans; Vice-President, E. R.
Fancher, Vice-President Union National Bank,Cleveland, 0.;
Members Executive Committee (3 years) J. M. Donald of
Hanover National Bank, N. Y., and L. M. McIntosh, San
Francisco.
The change in the order of Convention meetings this year
—viz.: the separation of the regular sessions of the Banking
Section by two intervening days— has both its friends and
its opponents. Formerly a busy banker could attend the
meetings in which he was particularly interested on two
consecutive days and then depart for home. Now he must
come on Monday evening and remain until Friday evening if
he wants to cover the main sessions of the Banking Section.
The lavish hospitality of the Chicago bankers was evidenced
on every hand. Nothing seems to have been forgotten
by the entertainment and other committees that could
contribute to the enjoyment of the city's guests. The
ball and banquet at the Auditorium Theatre on Thursday
night was the climax of elegance and prodigality. Jas. B.
Forgan, President of the First National Bank of Chicago,
delivered the principal address of the closing day of the
Convention of 1909. His subject was "The Efficacy and
the Limitations of Bank Supervision by Examination, and
the Responsible Source of Bank Management." The
final afternoon, as usual, was mainly devoted to five minutes
speeches by roll-call of the States and to extempore discussion of practical banking questions, constituting a sort
of social free parliament. Following this came the report
of the Committee on Nominations and the installation of the
newly chosen officials of the Association for the ensuing
year.
—The suicide on Monday of John W. Castles, President of
the Union Trust Co. of this city, proved a decided shock to
his many friends and the banking community in general.
Mr. Castles had been in ill health for some months, having
suffered a nervous break-down, and had only last week
returned from a sanitarium. While his health was thought
to have improved, arrangements had been made for his
early departure to Hot Springs in order that his recovery
might be complete before he undertook the active direction
of the affairs of the institution. Mr. Castles had gone to
the office of the company early in the day on Monday, and
with his failure to return to his home on Park Avenue in the
afternoon search as to his whereabouts was instituted,
resulting in the discovery of his suicide at the Grand Union

SEPT. 18 1909.j

THE CHRONICLE

Hotel. Up to about six years ago Mr. Castles had been
prominent as a banker in the South. In December 1903,
when he was President of the Hibernia Bank & Trust Co.
of New Orleans, he was chosen as Vice-President of the
Guaranty Trust Co. of this city, his election to the presidency of the latter following a few months later. His connection with the New Orleans institution, in the capacity of
Vice-President, continued for some time thereafter. On
Dec. 31 last Mr. Castles retired as President of the Guaranty
Trust, his resignation having followed the acquisition of an
increased interest in the company by E. H. Harriman.
With the severance of his relations with the Guaranty Trust
Mr. Castles was chosen to fill the office of President of the
Union Trust Co., which had become vacant through the
death of Edward King on Nov. 18. His health, however,
was much impaired, and he never really became active in
the affairs of that company. Mr. Castles was fifty-one
years of age. His early business connections were with the
drug trade, and later he became identified with the wholesale
grocery business. His start as a banker occurred in 1892,
when he bought-an interest in the Southern National Bank of
New Orleans and became President of that. institution.
With the consolidation of that bank and the Hibernia
National Mr. Castles retained the presidency, and he likewise continued as chief executive of its successor, the
Hibernia Bank & Trust Co., formed through the consolidation of the Hibernia National Bank and the Southern Trust
& Banking .Co. At the time of his death Mr. Castles was
a director of the Hanover National Bank, the Morristown
(N. J.) Trust Co., the Maryland Trust Co. of Baltimore, the
Northern Assurance Co. of London, the Chesapeake & Ohio
RR., Szc.
—J. P. Morgan Jr. was elected to the board of directors
of the National City Bank of New York on Tuesday to fill
a vacancy. Another member of the Morgan firm, George
W. Perkins, has for some years been on the board of the
National City. There have been rumors afloat that the
bank contemplated increasing its capital from $25,000,000,
but we are advised that no such action is under consideration.
—An order authorizing the payment of a 50% dividend
to the depositors of the Binghamton Trust Co. of Binghatnton, N. Y., was signed by Justice George F. Lyons on
Aug. 31. The institution closed its doors on April 9, foi1 owing the embarrassment of the private bank of Knapp
Brothers at Deposit, N. Y. The Knapp Brothers were said
to have owned 979 shares of the trust company's $300,000
capital. The liquidation of its affairs has been conducted
by the Banking Department in conformance with the law
passed in 1908, Alfred H. Hudson, Deputy State Superintendent under Clark Williams, having been delegated to
take charge of its affairs. The deposits of the institution
at the time the Banking Department took charge, it is stated,
amounted to $3,190,585. The city of Binghamton was reported to have a deposit amounting to over $65,000, besides
which the company held court funds of the State of $47,000.
—In reorganization proceedings of the Columbia Trust Co.
of Middletown, Conn., C. W. Dickerson, formerly VicePresident, was elected President. on the 30th ult. Frederick
S. Bacon has been chosen Vice-President and William II.
Edward Secretary and Treasurer. The number of trustees,
it is stated, is to be reduced from 18 to 9, and the board of
directors from 12 to 9 members. It is also reported that the
trustees have been authorized to change the name of the
company and to sell any or all of its assets in order to meet
the obligations. In October of last year the institution was
placed under an order restraining the payment of funds or
disposal of any assets for a specified period. Arrangements
for a settlement with the depositors have since been made,
and several months ago the company reopened its doors
for a trust and investment business. We were advised at
that time that the institution was not, however, inviting
deposit accounts for the present.
—The stockholders of the Metropolitan National Bank of
Boston ratified on the 8th inst. the consolidation proceedings
with the Atlantic National Bank, which were announced in
July. The Metropolitan was placed in voluntary liquidation on the 9th inst., its business being merged with that of
the Atlantic National. I. E. Noyes and Arthur W. Haines
are the liquidating agents.




699

—The Federal Trust Co. and the Mechanics' Trust Co. of
Boston, having a capital of $500,000 each, this week
consolidated their business. The Federal Trust continues as
the name of the newly formed organization, the office of the
Mechanics' being maintained as a branch by the consolidated
institution. The stockholders of the Federal Trust will on the
21st ratify the action taken by their directors last Saturday
with respect to the absorption of the Mechanics, and will
at the same time act on the proposition to increase the
capital of their institution from $500,000 to $1,000,000. The
price paid for the stock of the Mechanics is $123 per $100
share, and an opportunity is given the stockholders of the
latter to subscribe to the new stock of the Federal at $138
per share. Joseph H. O'Neil, President of the Federal, will
be the chief executive of the enlarged company. The
official staff will otherwise consist of Frederick H. Payne,
James W. Kenney, James J. Phelan and John C. Heyer,
Vice-Presidents; Jamuel A. Merrill, Treasurer; J. H. Turnbull, Secretary; and David Bates, Actuary. Vice-President
Payne had been President of the Mechanics' Trust Co. since
last April, when he was chosen as successor to the late
C. 0. L. Dilloway.
—Roger W.Babson, of Wellesley Hills,Mass.,has been elected a director and a member of the Executive Committee of the
Gloucester Safe Deposit & Trust Co. of Gloucester, Mass.,
succeeding the late John K. Dustin, who was also VicePresident of the company. This institution, it is stated, is
now the largest of its class between Boston and Portland,
Me., having aggregate assets approaching $4,000,000.
—Two national banks of Salem, Mass., are to go into liquidation, namely the Asiatic National and the Naumkeag
National, through merger proceedings recently entered into.
A week or more ago these two banks arranged to consolidate
under the name of the Asiatic National. This consolidated
institution, it is now reported, will be taken over by the
Naumkeag Trust Co.
—No better proof could be given that the First National
Bank of Pittsburgh required new and commodious banking
quarters to take care of its expanding business than the
statement just published by that institution under date
of Sept. 1st, in which deposits of nearly twenty-five millions
of dollars are reported. We show below the deposits as
reported under the various calls made to the Comptroller
during the past year.
Sept. 1 1909
June 28 1909
Apr. 28 1909

$24,296,503 Feb. 5 1909
22,286,371 Nov. 27 1908
20,890,954 Sept. 23 1908

$19,236,835
17,614,592
16,889,033

Thus it will be seen that in less than one year deposits
have been increased $7,407,469 and since the last statement
$2,010,132. The new home of the First National at Fifth
Avenue and Wood Street is one of the most impressive
buildings in Pittsburgh, combining, as it does, beauty with
strength and convenience. The official staff is headed by
James S. Kuhn as President; William S. Kuhn and J. L. D.
Speer, Vice-Presidents; F. H. Richard, Cashier, and
Alexander Murdock, T. C. Griggs and Wm. McK. Reed,
Assistant Cashiers.
—The People's Bank of Wilkes-Barre, Pa., announces the
death on Aug. 31 of its Vice-President, Franklin J. Leavenworth.
—The Harris Trust & Savings Bank of Chicago has declared the usual quarterly dividend of 23.%, payable Oct. 1
to stockholders of record Sept.'16. The sum of $250,000
has been transferred from undivided profits to surplus, increasing the latter to $1,000,000. It is announced that
all the $1,250,000 capital of the Harris Safe Deposit Co.,
which is to finance ,the erection of the proposed building
of the Harris Trust, has been subscribed for by the stockholders of the institution.
—According to its last statement, under date of Sept. 1
1909, the First National Bank of Milwaukee shows a material
gain in deposits, they having increased since the previous
call (June 23 1909)from $15,411,036 to $16,431,936. Aggregate resources advanced during the period mentioned from
$19,959,084 to $21,301,872.
—At meetings of the directors of the Northwestern
National Bank and the Minnesota Loan & Trust Co. of
Minneapolis on the 11th inst., a plan was unanimously
approved which contemplates a joint ownership of the capital
stock of the two institutions by the individual stockholders
of each. The bank and trust company will remain separate and
distinct, as heretofore, and the functions and charters of each

700

THE CHRONICLE

(Vol,lax=

APPLICATIONS TO CONVERT INTO NATIONAL BANKS
will continue entirely separate and independent. The
APPROVED.
management of each institution will remain identical with
The Cocke County Bank of Newport, Tenn., into "The First National
Bank of Newport." Capital, $50,000.
what it has been in every particular, the only change being
NATIONAL BANKS ORGANIZED.
that it is proposed that the individual stockholders of each
September 3 to September 7.
company will own his pro rata share of the stock in the other 9,529—The First National Bank of Ravena, N. Y. Capital, $25,000.
C. F. Suderly, Pres.; C. D. Hawn, Vice-Pres.; H. W.Pond, Cashier.
institution, and the evidence of ownership will appear on the 9,530—The First National Bank of Blue Mound, Ill. Capital, $25,000.
Clinton L. Montgomery, Pres.; Harry N. Dunnavan, Vice-Pres.;
same certificate, under the plan adopted by the First
Arthur G. Miller, Cashier.
First National Bank of Mooresville, N. C. Capital, $50,000.
National Bank, Chicago, and the First Trust & Savings 9,531—The
Geo. C. Goodman, Pres.; W. C. Johnston, Vice-Pres.; C. P. McNeely, Cashier; C. F. Melcher, Assistant Cashier. Conversion of
Bank. The capital stock of the Northwestern National
the Bank of Mooresville.
Bank is to be increased by the issuance of $1,000,000 new 9,532—The Hermitage National Bank of Nashville, Tenn. Capital, $300,000. Frank Dibrell, Pres.; W. J. Cude and W. Z. Dozier, Vicestock, making it $3,000,000. It will have a surplus of
Presidents; N. F. Cheairs, Cashier; E. S. Brugh and A. B. Cummings, Assistant Cashiers.
$2,000,000,and undivided profits in excess of $100,000. The 9,533—The
First National Bank of Sharon, S. C. Capital. $25,000. J. H.
Sa
ye, Pres.; J. L. Rainey, Vice-Pres.; A. M. Haddon, Cashier.
capital of the Minnesota Loan & Trust Co. will be enlarged
LIQUIDATION.
from $500,000 to $1,000,000, besides which it will have a
6,163—The First National Bank of Geary, Okla. Aug. 10 1909.
surplus of $100,000. In contemplation of this arrangement 7,457—The Continental National Bank of Louisville, Ky. Aug. 26 1909.
6,545—The American National Bank of Los Angeles, Cal, Sept. 1 1909.
and because of its need of more room for its rapidly increasing 8,107—The First National Bank of Mound Valley, Kan. Sept. 1 1900.
4,787—The Bankers' National Bank of Chicago, Ill. Aug. 31 1909.
has
purchased
business, the Northwestern National Bank
from the, liquidating committee of the National Bank of
Auction Sales.—Among other securities the following, not
Commerce, the National Bank of Commerce building and land regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
on the corner of Fourth Street and First Avenue South, imStocks.
Blocks.
mediately adjacent to the bank's present quarters, for the 50 Tokeneke Corp.
151
corn._ _ _ _$46 per sh. 50 Broadway Trust Co
Bonds.
3 Continental Insurance Co_ _ _1610
sum of $275,000. It is contemplated that the trust company
$50,000 South.Indiana Ry. gen. Is,
25 Citizens Central Nat. Bank _ ......160
$26
1916. Nov. 1908 coup. attached 20
1 Madison Safe Deposit Co
will, as soon as convenient, occupy this building, as will also
$20,000 Chanute Cement & Clay
280 Commercial National Bank,
some of the departments of the bank. The two institutions
Product Co. 65, 1925, J. & D__ _$2,000
Chicago, new stock_ _ _ _221-22134
50 International Banking Corp_.._155
$14,000 Western Foundry & Supply
will have a combined capital and surplus of something in 125 The Lubricating Metal Co___$50 lot Co. 1st Ser. B. 6s, 1912, J. & J. 2034
Hadsell
Lime
Co
Western Foundry & Supply
750
$65
lot
$6,000
excess of $6,300,000. Their total resources, according to 20 Lawyers Mortgage Co
251
Co. 1st Ser. C. 68, 1914, J. & J.- 2034
their last published statements, are nearly $35,000,000. The
managing officers of each institution will become members
DIVIDENDS.
of the board of directors of the other and will co-operate in
The following shows all the dividends announced for the
the building up of each. For some time the directors of the future by large or important corporations
Dividends announced this week are printed in italics
bank have been considering the advisability of organizing a
trust company, to be owned in conjunction with their instiWizen
Books Closed.
Per
tution. The arrangement which they have just been able
Days Inclusive.
Name of Company.
Cent. Payable.
to conclude with the Minnesota Loan & Trust Co., whereby
Railroads (Steam).
Ashland Coal & Iron Ry
50c. Sept. 25
the two institutions remain as distinct and separate as Atlantic
Coast Line RR., preferred
2% Nov. 10 Nov. 1 to Nov. 9
Beech
Creek,
1
Oct.
1 Holders of rec. Sept.23
guaranteed
(quar.)
before, the stock ownership, however, being mutual and iden- Boston & Albany (quar.)
2
Sept. 30 Holders of rec. Aug. 31
& Maine, coin.(guar.)(No. 176).._ lA Oct.
1 Holders of rec. Sept. 15
tical, is therefore considered particularly advantageous. The Boston
to
Oct. 6
Canadian Pacific, common
Oct.
1 Sept. 2
3
to
Oct. 6
Common (extra)
plan is a sound one for the stockholders of both institutions,
A Oct. 1 Sept. 2
to
Oct. 6
Preferred
2
Oct.
1. Sept. 2
for the City of Minneapolis and the entire Northwest, in Chesapeake & Ohio (quar.)
1
Sept. 30 Holders of rec.Sept. 1la
Chicago Burlington & Quincy (guar.)._ 2
Oct.
I Sept 26 to Oct. 3
that it furnishes a trust company with $1,000,000 capital and Chicago
& Eastern Illinois, pref. (guar.)_ _
1% Oct.
1 Holders of rec.Sept.16a
Chicago & North Western, pref. (quar.) 2
Oct.
1 Holders of rec. Sept. 17
$100,000 surplus and a bank with a capital and surplus Chicago
Rock Island & Pacific (guar.)._ 1% Oct.
1 Holders of rec. Sept. 20
Cleveland Akron & Columbus
2
Sept. 25 Holders of rec. Sept.15a
of over $5,000,000.
Si.
L., pref. (quar.)_ _
Cleve. Cin. Chic. &
1% Oct. 20 Holders of rec. Oct. 1

MonttargiTrannurcialguglisixcgtun
English Financial Markets—Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Mon.
Tues.
Sat.
Wed.
Thurs. Frt.
Week ending Sept. 17.
23 11-16 23%
23 13-16 23%
d 23%
23%
Silver, per oz
83%
83%
83 9-16 83 9-16 83%
Consols, new,2% per cents__ 8.3%
83 13-16 83%
83%
83 9-16 83 9-16 83 9-16
For account
98.40
98.423/i 98.42% 97.67% 97.70
French rentes (in Paris)_ _fr. 98.40
813
84A
85
8034
834
Amalgamated Copper Co.__ 84%
9%
9%
9%
9%
9%
9%
b Anaconda Mining Co
1213j 121%
122
12434
Atchison Topeka.& Santa Fe 1223
1233
107%
Preferred
107%
107%
107%
1073
107%
1213.
Baltimore & Ohio
119
119%
1203.
121%
120%
97
97
97
Preferred
96%
97
963.
Canadian Pacific
188
187
187%
186
186%
186%
Chesapeake & Ohio
8334
82
81%
86%
85%
853
Chicago Mliw. & St. Paul_ _ _161y,, 15934
16034
161
164
1654
Denver & Rio Grande
4734
47%
49
48
49
473
Preferred
8834
89
88J.
883
883
883
Erie
353
35
35%
36%
36%
36%
First preferred
53%
53%
53%
54
54x. 544
43
43
Second preferred
435
433
44
433
156
156
Illinois Central
155
1563
158
15834
155
Louisville & Nashville
156%
155
159
158
15934
Missouri Kansas & Texas_ _ _ 43
41%
42%
43
423
4234
77
77
Preferred
77
77
77
77
57
National RR.ot Mex., 1st pt. 57
57
6134
583,
6034
23%
Second preferred
23%
2434
26
233
263.
137
N. Y. Cent. & Hud. River_ _13934
137%
141
1425
1383
48
49
50
49
N. Y. Ontario & Western_ 49
50
Norfolk & Western
96
95%
96
97
97
97
94
94
Preferred
94
94%
94
94
Northern Paelfic
160
1593
15934
160
1573
15734
723
a Pennsylvania
74
7434
7234
7234
75
85
8234
86
a Reading
8334
8434
863j
48
48
48
48
a First preferred
48
48
513j
50
,
52
51
52
a Second preferred
52
40
41
Rock Island
3934
3
4034
4034
129
Southern Pacific
127%
13134
13134
129%
12834
3134
32
Southern Railway
31
3134
3134
32
71
71
72
73
Preferred
72
71
20934
Union Pacific
211%
909%
2083
2093j 21134
11334
110
11334
11234
Preferred
11334
112
81%
U. S. Steel Corporation
8534
8234
8134
8034
8534
Preferred
131
129%
12834
12934
13034
12834
2034
Wabash
21
2034
21
2034
2134
51
4934
5234
50
5234
Preferred
51
77
7634
77
77
Extended 4s
7634
77
a Price per share. b £ sterling.

gauxnurciat mut tniscellarttons4tius
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.




Colorado & Southern, first & second pref. 2
Oct.
1 Sept. 141 to Oct. 1
Delaware & Hudson Company (quar.)_ 234 Sept. 20 Holders of rec. Aug. 30
4
Nov. 1 Holders of rec. Sept. 18
Evansville & Terre Haute, common
234/1 Oct. 15 Holden) of rec. Sept. 22
Preferred
2% Oct. 15 Oct. 2 to Oct. 14
Georgia RR. & Banking (guar.)
1 Holders of rec. Sept. 18
Interborough Rapid Transit (ouar.)__. 2% Oct.
4 Holders of rec. Sept-.25
1% Oct.
Joliet et Chicago, guar.(guar.)
Oct. 15 Holders of rec. Sept.30
Kansas City Southern, preferred (guar.)_ _ 1
I Holders of rec. Sept. 15
1% Oct.
Manhattan Ry. (guar.) (No. 102)
Minn. St. Paul & S.S.NI., corn.(No. 13)... 3
Oct. 16 Holders of rec. Oct. 1
Preferred (No. 13)
3% Oct. 16 Holders of rec. Oct. 1
Leased line certificates
2
Oct.
1 Holders of rec. Sept. 20
Newark & Bloomfield, guaranteed
Oct.
1 Sept. 23 to Oct. 1
3
New York Central & Hudson River (guar.) 1% Oct. 15 Holders of rec. Sept. 22
N.Y.Lackawanna & West., guar. (quar.) 1% Oct.
1 Sept. 16 to Oct. 1
N. Y. New Haven & Hartford (guar.)._
2
Sept. 30 Holders of rec. Sept. 15
Pittsburgh Bessemer & Lake Erie, common_
134t Oct.
1 Holders of rec. Sept. 15
Pitts. Ft. W.& Chicago, spec.guar. (qu.) 1% Oct.
1 Sept. 16 to Oct. 1
Regular, guaranteed (quar.)
1% Oct. 5 Sept. 12 to Oct. 5
Pitts. Youngstown & Asia., corn. & pref
334 Sept. 25 Holders of rec. Sept. 15
Reading,second preferred
Nov. 10 Holders of rec. Oct. 23
2
St. Louis & San Francisco—
1 Sept. 17 to Oct. 1
Chic. & East. Ill. pf. stk. tr. ctfs. (qu.) 1% Oct.
1 Holders of rec. Sept. 16
Oct.
K.C. Ft. S. ez M. pf. stk. tr. ctfs.(qu.) 1
1
134 Oct.
Southern Pacific, corn. (guar.)(No. 12)._
1 Sept. 16 to Sept.30
Oct.
2
Southern Ry., M.& 0.stock tr. ells
Oct. 15 Holders of rec.Sept.30a
2
Toledo St Louis & Western, preferred
1 Sept. 14 to Oct. 17
2% Oct.
Union Pacific, common (quar.)
1 Sept. 14 to Oct. 17
Oct.
2
Preferred
3% Oct. 15 Oct. 6 to Oct. 15
Warren,guaranteed
1 Holders of rec. Sept. 15
234 Oct.
West Jersey & Seashore
Street & Electric Railways.
1 Sept. 22 to Oct. 1
Oct.
1
Amer.Cities Hy. & Lt., pref.(qu.)(No.13) 1%
1 Holders of rec. Sept. 9
Oct.
Brooklyn Rapid Transit (guar.)
1
Oct.
Sept. 15 to Sept.30
134
Tract.,
Capital
Washington, D.C.(quar.)134 Sept. 30 Sept.21 to Sept.24
Chicago City Ry. (guar.)
.
Sept. 17 to Sept. 30
34 0c
Octt.
lx
Cincinnati Street Ry.(guar.)
Holders of rec. Sept.15
Columbus (0.) Railway & Light (quar.)
1 Holders of rec. Sept. 15
Oct.
Duluth-Superior Traction, corn. (No. 1) 1
1 Sept. 20 to Oct. 1
1% Oct.
Halifax Elec. Tram., Ltd.(guar.)(No.51) 2
Oct.
1 Holders of rec. Sept. 18
Houghton County Traction, common
1 Holders of rec. Sept. 18
Oct.
3
Preferred (No. 3)
1 Sept. 10 to Oct. 1
Oct.
1
Louisville Traction, conlmon (guar.)
1 Sept. 1() to Oct. 1
2% Oct.
Preferred
1 Holders of rec. Sept.20
Oct.
1
Manila El. RR. & Lt. Corp., com.
Oct. 18 Oct. 9 to Oct. 18
Northwestern Elevated (Chicago), pret_ _
1 Sept. 9 to Sept. 30
$2 Oct.
Philadelphia Traction
1 Holders of rec. Sept. 15
1x Oct.
Portland Ry.,Lt.&Pow.,pt.(qu.)(No. 13) $3
1 Sept. 16 to Oct. 1
Oct.
Ridge Ave. Pass., Phila. (guar.)
1 Holders of rec. Sept. 15
St. Joseph Ry., L., H.& Pow., pf. (qu.) 1% Oct.
1 Holders of rec. Sept. 21
Sao Paulo Train., Lt. & Pow.,Ltd.(guar.) 2% Oct.
1% Oct. 15 Holders of rec. Oct. 1
Seattle Electric Co., common
3
Oct.
1 Holdere of rec. Sept. 10
Preferred (No. 18)
1
Syracuse Rapid Transit, pref. (quar.).... 134 Oct.
1% Oct. 1 Holders Of rec.,
Toronto Railway (quar.)
ept. 15
IA Oct. 1 Holders of rec. Sept.21
Tr -City Ry. & Light, pref. (guar.)
11
3 Oc
csct.
Holders of rec. Smt. 15
Twin City Rap. Tr., 111Inneapolls,pf.(qu.) 2
Sept. 26 to Oct. 1
Union Traction of Indiana, preferred__ - _
1 Sept. 16 to Oct. 1
United Trac. & Elec., Providence (quar.) 1% Oct.
1 Sept.23 to Oct. 1
West End Street Ry., Boston ,common_ $1.75 Oct.
1 Holders of rec. Sept. 15
Washington Water Pow., Spokane (guar.). 1% Oct.
1 Sept. 25 to Oct. 1
West India Elec. Co., Ltd.(guar.)(No. 7). 114 Oct.
2% Oct.
Winnipeg Electric Ry.(guar.)
Banks
4
Oct.
1 Sept.25 to Sept. 30
Chatham National (guar.)(No. 155)
2
Oct.
1 Sept. 28 to Sept.30
Chelsea Exchange (guar.)
1% Oct.
1 Holders of rec. Sept. 8
Coal & Iron National (quar.)
2
Oct.
1 Sept. 19 to Sept.30
Metropolitan (quar.)
Nineteenth Ward (monthly)(No. 39)
131 Sept. 3 Holders at rec. Sept. 28

SEP.E. 18 1909.1
Name of Company.

THE CHRONICLE
Per
Cent.

Wizen
Payable.

Books Closed.
Days Inclusive.

Trust Companies.
2
Sept. 30 Sept.26 to Sept.30
Columbia (quar.)
3
Sept. 30 Holders of rec. Sept. 29
Fifth Avenue (guar.)
5
Sept. 30 Holders of rec. Sept.30
Guaranty (guar.)
Oct.
1 Sept. 16 to Oct. 1
Lawyers' Title Ins. & Tr. (qu.)(No. 44) 3
Oct.
I Holders of rec. Sept. 18
Long Island Loan & Trust,Bklyn.(guar.)- 3
5
Sept. 30 Sept. 24 to Sept.30
Mercantile (quar.)
6
Sept. 30 Sept. 18 to Sept.30
Metropolitan (quar.)(No. 51)
5
Sept. 30 Sept. 25 to Sept.30
Morton (guar.)
8
Sept. 30 Sept. 25 to Sept.30
New York (quar.)
Miscellaneous.
Sept. 30 Sept. 25 to Sept.30
Aeolian, Weber Piano & Piatwia,
1 Holders of rec. Sept.22
Amer. Beet Sugar, pref. (quar.)(No. 41) 134 Oct.
14 Oct.
1 Holders of ree.Sept.16a
American Can, preferred (quar.)
1 Holders of ree.Sept. 10a
34 Oct.
Amer. Car & Fdy., com. (quar.)(No. 28)
14 Oct.
1 Holders of rec.Sept. 10a
Preferred (quar.)(No. 44
2
Oct.
1 Sept. 11 to Sept.30
Amertcan Caramel, pref. (guar.)
3
Oct.
1 Holders of rec. Aug. 31
American Express(quar.)
Oct.
1 Holders of rec. Sept. 25
American Ice Co., preferred
10
Sept. 30 July 21 to Aug. 1
Amer. Lt. dr Traction, coin. (stk (Dv)
14 Oct. 21 Sept. 22 to Oct. 21
American Locomotive, pref. (quar.)___ _
American Malt Corporation, preferred._ _ 24 Nov. 3 Oct. 22 to Nov. 11
American Malting, preferred
$1.56 Nov. 1 Oct. 22 to Nov. 11
14 Oct.
American Piano (guar.)
2
Am. Pipe & Construction (quar.)
Oct.
1 t-solders of rec. Sept. 15
American Radiator, common (guar.)._
134 Sept. 30 Sept.22 to Sept.30
American Shipbuilding, pref. (guar.).
14 Oct. 15 Holders of rec. Sept. 18
Amer. Smelt. & Rfg. ,com.(qu.)(No. 24) 1
Oct. 15 Sept. 29 to Oct. 4
Preferred (quar.)(No. 41)
Oct.
1 Sept. 15 to Sept. 23
American Snuff, common (guar.)
5
Oct.
I Holders of rec. Sept. 15
Preferred (quar.)
14 Oct.
1 Holders of rec. Sept. 15
Amer. Sugar Ref., coin. & pref. (quar.)
14 Oct.
2 Holders of rec. Sept. la
American Surety (quar.) (No. 81)
2
Sept. 30 Sept. 17 to Sept.30
American Tobacco, preferred (quar.)_ _ _ _
Oct.
1 Holders of rec. Sept. 15
American Type Founders, common (quar.) 1
Oct. 15 Holders of rec. Oct. 11
Preferred (glair.)
Oct. 15 Holders of rec. Oct. 11
American Writing Paper, pref
1 Holders of rec. Sept. 15
1
Oct.
3
Brooklyn Union Gas (No. 35)
Oct.
1 Sept. 19 to Sept. 30
Butte Elec. & Pow., coin.(quar.)(No.20) 134 Oct.
1 Holders of rec. Sept. 15
14 Nov. I Holders of ree. Oct. 15
Preferred (quar.) (No. 33)
Calumet & Hecla Mining (guar.)
$8 Sept. 29 Holders of rec. Sept. 3
2
Cambria Iron
Oct.
1 Holders of rec. Sept. 15
Canadian General Elec., Ltd., com.(qu.) 14 Oct.
1 Sept. 15 to Sept.30
34 Oct.
Preferred
1 Sept. 15 to Sept.30
Carolina Pow. & Lt., pret.(qu.) (No. 2). 134 Oct.
1 Holders of rec. Aug. 31
Celluloid Company (quar.)
134 Oct,
1 Holders of rec. Sept. 14
Central Coal (.1t Coke, com. (guar.)
Oct. 15 Oct. I to Oct. 15
Preferred (guar.)
14 Oct. 15 Oct. 1 to Oct. 15
Central Leather, preferred (guar.)
14 Oct.
1 Sept. 4 to Oct. 1
Chic. June. Rys.&U.Stk.Yds.,corn. (qu.) 2
Oct.
1 Holders of rec. Sept.13
Preferred (coax.)
134 Oct.
1 Holders of rec. Sept. 13
Chicago Telephone (quar.)
2
Sept. 30 Sept. 26 to Sept. 30
City Investing, preferred (guar.)
1 Holders of rec. Sept. 27
14 Oct.
Columbus & Hocking C. ct I., pref.(guar.) 134 Oct.
1 Sept. 21 to Sept. 30
Columbus (0.) Gas & Fuel, preferred_ _ _ _
154 Oct. 1 Holders of rec. Sept. 15
Consolidated Cotton Duck, preferred
1
Oct.
1 Sept. 21 to Oct. 1
Crucible Steel, pref. (guar.)(No. 24)
13-4 Sept. 30 Holders of rec. Sept.20a
Cumberland Tel. dr Tel.(quar.)(No. 104) 2
Oct.
1 Holders of rec.Sept. 15a
Extra
2e
Oct.
1 Holders of rec. Sept. 15a
Dominion Coal, Ltd., common (quar.)
1
Oct.
I Sopt. 18 to Sept. 30
Dominion Iron & Steel, Ltd., pref
1 Holders of rec. Sept. 15
34 Oct.
Preferred (extra)
-id Oct.
1 Holders of rec. Sept. 15
33
Duluth Edison Eke., pref.(guar.)(No. 14) 13.4 Oct.
1 Holders of rec. Sept.21a
duPont(E.I.)deNemours Powd.Pref.(qu.) 14 Oct. 25 Oct. 16 to Oct. 25
du Pont International Powder, pref. (gu.). 13.1 Oct.
1 Holders of rec. Sept. 20
Eastman Kodak, common (guar.)
1 Holders of rec. Aug. 31
23-4 Oct.
Preferred (guar.)
1 Holders of rec. Aug. 31
14 Oct.
Electric Boat, preferred (guar.)(No. 25).... 2
1 Holders of rec. Sept. 20
Oct.
General Chemical, pref. (quar.)
134 Oct.
I Holders of rec. Sept. 20
2
General Electric (guar )
Oat. 15 Holders Or rec. Sept. 4a
General Motors, preferred
1 Sept. 21 to Sept.30
34 Oct.
Great Lakes Towing, preferred (guar.)... _
14 Oct.
1 Sept.21 to Oct. 1
Guggenheim Exploration (guar.)(No.27) 24 Oct.
1 Sept. 18 to Oct. 1
International Paper, preferred (guar.)._ _ _
34 Oct. 15 Oct. 5 to Oct. 27
International Sliver, pref. (guar.)
14 Oct.
1 Sept. 18 to Oct. 1
Internat. Smoke!. Pow.& Chem.,com.(qu.) 1
Oct. lk Holders of rec. Sept. 20
Preferred
Nov. 15 Holders of rec. Nov. 5
4
Knickerbocker Ice, preferred (No. 21)_ _ _
1 Sept. 21 to Oct. 1
44 Oct.
Mackay Companies, corn.(quar.)(No. 17) 1
Oct.
1 Holders of rec. Sept.11a
Preferred (quar.)(No. 23)
Oct.
1
1 Holders of rec. Sept.11a
Massachusetts Lighting Cos. (guar.)
14 Oct. 15 Holders of rec. Oct. 1
Mergenthaler Linotype(guar.)
254 Sept. 30 Sept. 22 to Sept.30
Michigan State Telephone, pref. (quar.).. 134 Nov. 1 Oct. 19 to Nov. 1
National Biscuit, corn. (guar.)(No. 44).... 14 Oct. 15 Holders of rec. Sept.28a
Nat. Enamel & Stamping, pref. (guar.). 14 Sept 30 Sept. 11 to Sept. 30
National Lead, common (quar.)(No. 23) 14 Oct.
1 Sept. 11 to Sept. 14
National Licorice, preferred (guar.)
134 Sept. 30 Sept. 25 to Sept.30
National Sugar Refining, pref. (guar.)._ _
134 Oct.
2 Sept.19 to Oct. 3
National Surety (guar.)
2
Oct.
1 Sept. 21 to Oct. 1
New England Colton Yarn, corn. (guar.)—
14 Oct.
1 Holders of rec. Sept. 17
141 Nov. I Oct. 16 to
Preferred (queer.)
New Orleans Brewing, common
5
Sept. 25 Holders of rec. Sept. 20
Preferred
5
Sept. *23 Holders of rec. Sept. 18
134 Sept. 20 Sept. 12 to Sept. 20
Niles-Beinent-Pond, common (guar.)._
North American Co.(quar.)
14 Oct.
1 Holders of rec.Sept. 15a
14 Oct. 15 Holders of rec. Sept.30
Otis Elevator, common
Preferred (guar.)
134 Oct. 15 Holders ot rec. Sept.30
Phelps, Dodge & Co., Inc. (quar.)
24 Sept. 30 Holders of rec.Sept.23a
Pittsbiagh Pleas Glass (guar.)
14 Oct.
1 Holders of rec. Sept. 20
Quaker Oats, common (qear.)
13.4 Oct. 15 Holders of rec. Oct. 4
Common (extra)
34 Oct. 15 Holders of rec. Oct. 4
Quincy Mining (quar.)
Aug. 25
Sept. 20 Aug. 22 to
$1
Railway Steel Spring, pret. (guar.)
14 Sept. 20 Sept. 8 to Sept. 20
Republic Iron & Steel, pref.(quar.)(140.30) 14 Oct.
1 Holders of rec. Sept. 23
Preferred
1 Holders of rec. iuly 31
Mb Oct.
Royal Baking Powder, common (quar.) 234 Sept. 30 Holders of rec. Sept. 15
Preferred (quar.)
134 Sept. 30 Holders of rec. Sept. 15
Oct.
1 Holders of ree Sept. 15
Safety Car Heating dr Lighting (quar.).. 2
Sears. Roebuck & Co., pref. (quar.)
14 Oct.
1 Holders of rec.Sept.15a
Shawinigan Water & Power (guar.)
1
Oct. 20 Holders of rec. Oct. 7
Sloss-Shellield Steel & Iron, pref. (quar.)_
14 Oct.
1 Holders of rec. Sept.20a
Swift Ai Co.(quar.)(No.92)
4 Holders of rec. Sept. 11
14 Oct.
Union Bag & Paper, pref.(quar.)(No. 42) 1
Oct. 15 Holders of rec. Sept.30
Union Typewriter, first pref.(No.33)_
34 Oct.
1 Holders of rec. Sept. 17
Second preferred (No. 33)
4
Oct.
1 Holders of rec. Sept. 17
United Bank Note Corp.,pret. (quar.)..
134 Oct.
1 Sept. 16 to Oct,. 1
United Fruit (guar.)(No. 41)
Oct. 15 Holders of rec. Sept. 27
2
United Gas Improvement (guar.)
2
Oct. 15 Holders of rec. Sept.30
United Shoe Machinery, common (quar.) 2
Oct.
5 Holders of rec. Sept. 14
Preferred (quar.)
5 Holders of rec. Sept. 14
134 Oct.
United States Leather, pret. (quar.)_ _ _ _
14 Oct.
1 Sept. 4 to Oct. 1
U. S.Finishing, common (guar.)
1
Oct.
1 Sept. 21 to Sept.30
Preferred (guar.)
14 Oct.
1 Sept. 21 to Sept.30
Smelt.,
Ret.
&
Min., corn. (quar.) 1
U. S.
Oct. 15 Holders of rec. Sept.30
Preferred (quar.)
14 Oct. 15 Holders of rec. Sept.30
(J. S. Steel Corp., coin. (quar.) (No. 23)
54 Sept. 30 Sept. 10 to Sept. 30
Utah Consolidated Mining (guar.)
50c. Oct. 15,Sept.24 to Oct. 1
Utah Copper Co.(guar.)(No. 5)
50c. Sept: 30 Sept. 18 to Sept. 30
Va.-Carolina Chem., pref. (qu.)(No. 56)
2
Oct. 15 Oct. 1 to Oct. 14
Western Union Teleg. (quar.) (No. 162)
Oct. 15 Sept.21 to Oct. 13
Westlnghouse Airbruke (guar.)
234 Oct.
9 Sept. 26 to Oct. 8
Extra
134 Oct.
9 Sept.26 to Oct. 8
Wilkes-Barre Gal & Electric (guar.)._
1
Oct.
1 Holders of rec. Sept. 15
Yukon Gold Company (No. 1)
10e. Sept. 30 Sept. 18 to Sept.30

14

134

14

134
154

134

701

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Sept. 11.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
We omit two ciphers (00) in all cases.
Banks.
Oat omitted.

Capital. Surplus.

Loans.
Average.

Specie. Legals. Deposits. ReAverage. Average. Average. s've.

$
Bank of N. Y._
2,000,0 3,452,5 21,421,0 4,166,0 1,539,0
Manhattan Co_
2,050,0 3,567,7 37,000,0 9,397,0 1,528,0
Merchants' _ _ _ _
2,000,0 1,692,7 21,753,0 4,129,0 1,695,0
Mechanics' _ _ _ 3,000,0 3,701,3 31,139,0 8,839,0 1,087,0
America
1,500,0 5,178,4 29,571,5 6,217,8 1,814,5
Phenix
8,214,0 1,570,0
1,000,0
680,3
419,0
City
25,000,0 27,811,3 199,936,7 42,339,3 5,281,0
Chemical
3,000,0 5,958,3 28,066,4 4,883,7 2,110,
Merchants' Ex..
600,0
6,822,1 1,324,0
412,1
554,5
Gallatin
1,000,0 2,419,0
974,4
834,7
9,238,7
Butch.& Drov_
300,0
157,6
2,106,1
373,5
76,4
Greenwich _ _ _ _
500,0
755,1
7,324,5 1,880,9
200.0
American Exch, 5,000,0 5,051,3 32,210,7 5,418,9 1,423,0
Commerce
25,000,0 15,722,1 167,145,0 27,258,8 10,014,4
Mercantile _ _ _ _ 3,000,0 2,495,7 15,094,1 1,941,3 1,130,8
Pacific
500,0
864,8
4,167,9
291,8
576,9
Chatham
450,0 1,024,4
7,482,4 1,105,6 1,090,0
People's
200,0
470,5
429,8
134,3
2,149,7
Hanover
3,000,0 10,747,5 68,736,0 15,085,8 6,727,7
Citizens' Cent
2,550,0 1,484,5 23,079,4 5,695,7
321,7
Nassau
500,0
435,8
6,041,1
776,5
881,7
Market & Fult_
1,000,0 1,674,0
8,108,8 1,281,5
942,6
Metropolitan _ _
2,000,0 1,309,7 12,094,0 2,983,4
208,1
Corn Exchange. 3,000,0 5,372,3 43,044,0 7,246,0 5,594,0
Imp. & Traders' 1,500,0 7,554,5 26,039,0 4,105,0 1,968,0
Park
3,000,0 9,792,8 91,482,0 25,886,0 1,513,0
East River_
250,0
1,407,2
104,3
220,5
93,0
Fourth
3,000,0 3,399,6 25,483,0 5,150.0 2,500,0
Second
1,000,0 1,868,6 12,178,0 2,898,0
152,0
First
10,000,0 18,968,1 118,923,1 27,788.0 1,175,7
Irving Exch.-- 2,000,0 1,450,4 20,796,8 3,871,3 1,710,1
Bowery
250,0
789,7
3,456,0
808,0
59,0
N. Y. County_
500,0 1,631,2
8,009,2 1,335,6
667,7
German-Amer.
656,2
750,0
4,174,7
795,2
214,9
Chase
5,000,0 6,655,1 81,548,0 17,827,0 4,704,0
Fifth Avenue...
100,0 2,178,6 13,180,5 2,678,0 1,090,8
German Exch.200,0
375,0
857,6
3,648,7
405,8
Germania
4,818,3
862,1
200,0 1,020,9
595.5
Lincoln
1,000,0 1,312,4 16,235,7 3,301,6 1,196,0
Garfield
7,886,1
1,000,0 1,160,8
1,789,7
164,7
Fifth
218,6
475,4
3,258,3
793,1
250,0
Metropolis _ _ _
1,000,0 2,020,2 10,657,9
879,0 1.703,6
West Side
200,0 1,087,3
4,555,0 1,079,0
245,0
Seaboard
1,000,0 1,782,1 19,491.0 3,901,0 1,828,0
Liberty
1,000,0 2,610,4 17,815,5 3,505,1
972,8
N. Y.Prod. Ex. 1,000,0
687,2
7,831,5 2,143,5
365,4
State
1,000,0
810,3 12,936,0 3,612,0
257,0
14th Street_ _
320,1
1,000,0
5,453,1
813,3
525,5
Copper
2,000,0 2,675,0 29,318,5 6,993.8
926,0
Coal & Iron_
1,000,0
303,9
5,776.0
909,0
578,0

20,491,0 27.8
43,800.0 25.0
23,003,0 25.3
34,408,0 28.8
31,948,1 25.1
7,655,0 26.5
194,264,3 24.5
26,792,4 26.2
7,086,2 24.5
7,053,9 25.6
1,896,6 23.7
8,281,8 25.1
26,075,8 26.3
149,835,5 25.0
11,969,1 25.6
3,790,6 22.9
8,196,1 26.7
2,397,7 23.5
81,938,9 26.6
23,173,1 26.1
6,708,2 24.7
8,143,7 27.3
12,348,8 25.8
50,716,0 25.2
23,815,0 25.5
105,536,0 26.0
1,369,1 22.8
27,603,0 27.7
12,211,0 25.0
114.205,0 25.3
21,915,3 25.4
3,503.0 24.7
8,160,0 25.0
4,028,0 25.0
89,889,0 25.0
14,912,7 25.2
3,540,8 22.0
5.587,0 26.0
17,657,0 25.4
7,950.0 24.5
3,595,9 28.1
10,345,2 25.0
5.084,0 26.0
22,430,0 25.5
17,656,6 25.3
9,485,2 26.4
15,658,0 24.7
5,777,4 23.1
31,557,3 25.0
5,884,0 25.2

Totals, Average 127,350,0 174,754,0 1348,305,2 279,929,5 71,872,0 1381,329,3 25.4
Actual figures Sept. 11

1345,802,3 273,876,3 72,542,1 1373,009,2 25.2

On the basis of averages, circulation amounted to $51,630,400 and United States
deposlts (included in deposits) to $1,678,000; actual figures Sept. 11, circulation
$51,642,500; United States deposits, $1,665,300.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
STATE BANKS AND TRUST COMPANIES.

Week ended Sept. 11.

Capital as of April

Slate Banks
Trust Cos.
State Banks
Trust Cos.
In
In
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
25,975,000

59,675,000

37,306,000

$
8,598,000

$
7,725,000

173,921,500

10,316,230

9,786,676

Loans and investments__
Change from last week_

304,336,300 1,127,679,900
+2,360,900 —5.623,200

85,908,700
+708,500

131,204,000
—161,300

Specie
Change from last week_

49,572,300
—1,443,800

124,636,300
—1,388,000

Legal-tenders & bk. notes
Change from last week_

25,512,800
—545,600

14,282,800
+182,800

Surplus as of April 28._ _

Deposits
Change from last week_

354,856,600 1,261,596,500
+997,300 —13,363,300

92,307,8001 140,579,600
4-735,909
—238,300

Reserve on deposits
Change from last week_

95,395,500
—4,470,300

147,795,000
—623,200

20,184,800
+294,700

19,956,700
—107,300

27.6%
28.7%

16.4%
16.4%

22.6%
22.4%

14.8%
14.8%

P.C.reserve to deposits
Percentage last week_ _

+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes, for both trsut companies and State banks, not only cash items, but amounts
due from reserve agents. Trust companies in New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required is computed on
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repro
sented by certificates, an also exclusive of deposits secured by bonds of the !Rat
of New York. The State banks are likewis erequlred to keep a reserve varying
according to location, but in this case the reserve is computed on the whole amount
of deposits, exclusive of deposits secured by bonds of the State of New York.
Reserve Required for Trust Companies
—Trust Cos.—
—State Banks—
and State Banks.
Total
Of
Total
01
.which
Reserve
which Reserve
Location—
Required. in Cash.Required. in Cash
a Transfer books not closed. b Declared 64%, being accumulated dividends in Manhattan Borough
25%
15%
15%
15%
full, payable % Oct. 1 1909 and 1% each Oct. 1 from 1910 to 1915, inclusive.
Brooklyn Borough(without branches in Manhat.).15%
20%
10%
10%
d On account of accumulated dirs. e Payable In stock of the Amer.Tel. & Tel. Co.
Boroughs
(without
branches
Other
in
Manhattan)
15%
10%
15%
734%
h. Also 234% payable April 15 1910. t Erroneously reported last week as Bessemer
25%
15%
15%
15%
& Lake Erie. k Also 1% payable Jan. 1 1910. 1 Declared 6%, payable in quar- Any Borough with branches in Manhattan
terly installments.
6%
5%
15%
10%
Elsewhere In State




[VOL. Lxxxix.

THE CHRONICLE

702

Boston and Philadelphia Banks.-Below is a summary of
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York not in the Clearing and Philadelphia.
We omit two ciphers (00) in all these Mures
House.-These figures are shown in the table below, as are
also the results-both actual and average) for the ClearingCapital
and
Loans.
Legals. Deposits. a Circu- Clearings.
Specie
House banks. In addition, we have combined each corre- Banks. Surplus.
lation.
sponding item in the two statements,thus affording an aggre- Boston,
21_ _ 40,300,0 216,648,0 24,203,0 4,578,0 266,017,0 7,569,0 147,155,3
gate for the whole of the banks and trust companies in the Aug.
Aug.28.. 40,300,0 216,290,0 23,858,0 4,313,0 260,992,0 7,585,0 121,906,3
Sept. 4.. 40,300,0 213,138.0 23,179,0 4,683,0 260,667,0 7,607,0 144,991,5
Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear:House
Banks.
A ctuaIFtgures

Week ended Sept. 11.

(Nat. Banks 1
Capital i June 23.
!State Banks
Surplus 1 April 28_ _ j

Clear.-House Stale Banks & Total ol all
Banks.
Trust Cos. not Banks& Trust
Average. in C.-H. Aver. Cos. Average.

127,350,000

127,350,000

69,700,000

197,050,000

174,754,000

174,764,000

182,845,100

357,599,100

Loans and investments 1,345,802,300 1,348,305,200 1,219,876,500 2,568,181,700
-4,639,600 -5,209,500
Change from last week -4,376,800
-569,900
Deposits
1,373,009,200 1,381,329,300 a1,197,549,400 2,578,878,700
-8,063,400 -21,175,800
Change from last week -17,036,300 -13,112,400
Specie
273,876,300
Change from last week -11,324,700

279,929,500
-8,293,900

130,954,900
-1,066,500

410,884,400
-9,360,400

72,542,100
-16,100

71,872,000
-3,853,300

623,362,100
+549,200

95,234,100
-3,304,100

Legal-tenders
Change from last week

Aggr'te money holdings 346,418,400
351,801,500
Change from last week -11,340,800 -12,147,200
Money on deposit with
other bks. & trust cos.
Change from last week

c154,317,000
506,118,500
-517,300 -12,664,500

Total reserve
346,418,400
351,801,500
Change from last week -11,310,800 -12,147,200
Percentage to deposits
requiring reserve__ _
25.26%
25.48%
Percentage last week
26.12%
25.76%

183,503,300
535,304,800
+720,300 -11,426,900

Surplus reserve

3,166,100

29,186,300
+1,237,600

29,186,300
+1,237,600

17.3%
18.04

Sept.11._
Phila.
Aug.21__
Aug.28..
Sept. 4__
Sept.11_ _

40,300,0 211,157,0 23,371,0 5,129,0 260,428,0 7,509,0

112,787,5

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

145,695,0
115,813,9
136,147,6
103,937,0

275,384,0
274,910,0
276,773,0
277,187,0

77,887,0
78,135,0
76,650,0
74,048,0

326,231,0 16,467,0
323,584.0 16,457,0
324,038,0 16,505,0
322,177,0 16,524,0

a Including Government deposits and the item "due to other banks." At Boston.
Government deposits amounted to $1,811,000 on Sept. 11, against $2,016,000 on
Sept. 4.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept. 11; also
since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
Total 36 weeks

1909.

1908.

$2,954,980
13,178,697

$2,854,120
11,608,708,

1907.

1906.

$3,773,926
9,848,001

$3,565,135
13,588,235

$16,133,677 $14,462,8281 $13,622,827 $17,153,370
$118,230,765 583,443,064 3132,835,263 $112,273,420
474,205,494 344,592,216, 483,317,809 412,112,933
$592,436,259 $428,035,280 8616,153,072 $524,386,362

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. 11 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.

6,469,175
1909.

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries
and other banks and trust companies in New York City. with this Item Included,
''
from last week. In
deposits amounted to $1,377,464,900, a decrease of $11,172,300
the case of the Clearing-House banks, the deposits are "net" both for the average
and the actual figures. b Includes bank notes. c Of this amount State banks
held $15,397,900 and trust companies $138,919,100.

For the weea.
Previously reported
Total 36 weeks

I

1908.

1907.

1906.

$8,239,385 $11,892,831 $9,869,586 312,188,653
413,605,273 432,566,267 425,275,090 404,656,159
$421,844,658 3444,459,098 3435,144,676 $416,844,812

The following table shows the exports and imports of
The averages of the New York Clearing-House banks specie at the Port of New York for the week ending Sept. 11
combined with those for the State banks and trust companies and since Jan. 1 1909, and for the corresponding periods in
in Greater New York outside of the Clearing House. compare 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Exports.
Week.

We omU two ciphers (00) in all these figures.
Week
Ended.
July 17....
July24July 31._
Aug. 7.
Aug. 14_ _
Aug. 21__
Aug. 28__
Sept. 4_ _
Sept. 1L.

Loans and
investments.
2,523,184,8
2,535,951,3
2,551,022,4
2,563,916,2
2,567,635.5
2,570,714,7
2,580,237,8
2,573,391,2
2,568,181,7

Deposits.
2,581,866,5
2,594.113,3
2,604,154,9
2,616,185,2
2,617,930,8
2,611,409,4
2,614,262,2
2,690,054,5
2,578,878,7

Specie.

Legals.

Tot. Money Entire Res.
Holdings. on Deposits

437,970,9 104,503,7 542,474,6 572,739,3
437,311,3 104,681,2 541,992,5 570,710,3
437.042,8 104.904,6 541,947,4 569,955,0
434,345,5 101,907.0 536,252,5 • 564,823,3
432,116,1 101,089,2 533,205,3 561,422,0
428,500,3
98,753,7 527,254,0 554,242,3
99,986,0 525,353.2 552,476,3
425,367,2
98,538,2 518,783,0 546,731,7
420,244,8
410,884,4
95,234,0 506,118,5 535,304,8

Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Sept. 11, based on average daily results.
We omit two ciphers (00) in all these figures.

Banks.

Capital.

Surplus.

Loans,
Disc'ts
and
Investments.

N. Y. City.
Boroughs of
Man.& Brx.
228,2 1,291,3
Wash. Irts 100,0
Century __ _
200,0
149,6 1,629,4
249,4 4,532,9
Colonial _ _
400,0
300,0
Columbia _ _
430,7 5,504,0
Fidelity
_
2ocr,o 182,7 946,6
684,2 3,433,6
Jefferson... 500,0
284,2 2,635,2
Mt. Morris_
250,0
Mutual _ _ _ _
200,0
318,7 3,885,3
402,2 3,870,0
Plaza
100,0
93,8 1,852,1
23d Ward_ _
200,0
960,4 8,052,2
Un'nEx.Nat 1,000,0
100,0
Yorkville _ _
439,9 4,133,2
New Neth'd 200,0
241,5 2,057,0
142,0 1,195,0
Bat.Pk.Nat. 200,0
314,2 2,073,2
Aetna Nat_ 300,0
Borough of
Brooklyn.
524,3 2,999,7
Broadway _
200,0
787,0 5,972,0
Mfrs.' Nat. 252,0
933,9 11,715,2
Mechanics'_ 1,000,0
Nassau Nat. 750,0
954,5 6,346,0
Nat. City_ _
300,0
598,5 4,254,0
North Side_
200,0
141,8 1,666,1
Jersey City.
First Nat_ _
400,0 1,253,6 4,471,5
720,5 2,967,6
Hud.Co.Nat 250,0
Third Nat _ _
209,0
372,9 1,913,0
Hoboken.
First Nat_ _
220,0
626,1 2,381,9
Second Nat
125,0
244,3 2,388,6

Specie.

Legal
Tender
and
Bank
Notes.

134,2
72,4
39,3 228,3
672,8 372,1
571,0 533,0
84,9
83,5
8,3 467,2
506,6
46,0
29,9 635,0
319,0 416,0
142,4
50,9
777,9 1,255,0
49,6 835,1
82,0
249,0
33,8
226,1
24,3
471,3
23,2 507,5
611,7 104,3
324,5 1,408,4
273,0 525,0
114,0 635,0
78,5
134,4
287,5
155,3
52,2
99,8
79,4

Deposit withClearing,
Agent.

Other
Net
Banks, Deposits
&c.

244,6
1,330,7
102,8 151,5 1,840,0
619,6 1,012,8 6,611,7
415,0
6,440,0
126,3
966,0
197,6 154,1 3,398,7
442,4
70,1 3,510,2
5,2 4,532,6
440,1
743,0
4,838,0
250,3
2,126,9
130,5
8,085 5
310,3 251,6 5,434,7
245,0
25,0 2,257,0
53,1
1,089,5
147,7
37,8 1,970,0
497,0
912,0
1,284,6
1,629,0
702,0
380,7

494,9 4,165,1
166,6 6,646,7
279,0 14,902,8
6,909,0
171,0 5,525,0
281,3 2,297,7

445,3 2,181,4
135,4
29,8
406,9
190,5

416,0 6,262,2
249,0 2,696,5
22,9 2,255,7

115,9
82,3

58,3 1,830,8
282,1 2,770,8

9,6
90,7

••Tot.Sept.11 8,147,0 12,266,0 94,161,6 6,437,3 9,139,2 12,795,5 4,129,2 110693,8
Tot. Sept. 4 8,147,0 12,266,0 93,554,5 6,347,0 8,775,7 12,963,5 3,824,4 108973,5
Tot. Aug.28 8,147,0 12,266,0 93,941,2 6,508,9 8,881,5 11,568,5 3,516,6 108519,9




Imports.

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

SinceJan.l.

2,051,195
5,000
$500,120 42,733,450
4,030,195

$721,666 $29,043,613
25,700 3,069,550
11,090
529
107,485
44,226
28,029
$747,895 $32,303,993
731,124 30,032,987
1,501,798 35,130,219

Total 1909
Total 1908
Total 1907

SinceJan.l.

$13,958,120
13,881,232 '$5,036

$500,120 $76,659,192
47,041,800
50,000 34,432,015

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

Week.

19,034
7,309
67,225
11,230

$199,428
2,148,158
10,055
580,138
390,190
1,784,117
1,613,022

$109,834 $6,725,108
115,391 13,250,216
155,761 7,714,00
$46
4,835
1,705
32,313
544

$216,175
6,39/
64,795
101,723
1,628,949
708,570
813,375

$39,443 $3,539,978
58,009 2.555,771
262,481 2,104,968

Of the above imports for the week in 1909, $3,360
were American gold coin and $905 American silver coin,
Of the exports during the same time,$500,120 were American
gold coin and $
were American silver coin.

Aanittng and gtnanciat.
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 rrask & Co,
. NE W YOR
WILLIAM AND PINE STS..
Branch offices: Chicago. Ill., and Albany. N. Y.

MOFFAT cic

WHITE

BANKERS
Members New York Stock Exchange
THE ROOKERY
5 NASSAU STREET.
OHIOAGO
NEW YORK
Banking and Exchange of every
description in connection with

IMPORTS AND EXPORTS

International Banking Corporation
NO. 60 WALL STREET. NEW YORK
Capital & Surplus. 16.500.000
Special facilities for Traveler
Branches at Horns and Abroad.
In all parts of the 'N

SEPT. 18 1909.1

THE CHRONICLE

Vanbersi Gazette.
Wall Street, Friday Night, Sept. 17 1909.
The Money Market and Financial Situation.-The security
markets have been less disturbed this week than might have
been expected. Usually the passing of so conspicuous
a personage in the financial world as Mr. E. H. Harriman
is followed by results more or less disastrous in security
values and by important changes in the management of
the interests with which he was identified. In the present
case both these results have been averted, all of which goes
to show that the present financial and industrial situation
is ,on a substantial basis.
Another event of the week worthy of note has been an
advance in call loan rates to 3%, the highest quotation for
loans of that class since the early days of February. This
rate is, of course, low for the season of year, and the advance
mentioned seems slight in view of the fact that last week's
bank statement showed the surplus reserve held to be so
small that the ordinary transactions of a single day might
easily wipe it out. That money rates will further advance
seems inevitable, although the financial situation abroad
is such that a gold movement in this direction might easily
be established. No doubt a little higher rates here will
bring into this market funds in considerable. volume now less
profitably employed both at home and abroad.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 23% to 3%. To-day's rates on call were 2%@3%.
Commercial paper quoted at 43%@43% for 60 to 90 day
endorsements, 4%@5% for prime and 4 to 6 months' single
names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £19,736 and the percentage
of reserve to liabilities was 53.36, against 52.68 last week.
The rate of discount remains unchanged at 23/2%, as fixed
April 1. The Bank of France shows a decrease of 20,725,000
francs gold and 575,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
Sept. 11.

Differences
from
previous week.

1008.
Averages for
week ending
Sept. 12.

1907.
Averages for
week ending
Sept. 14.

$
$
$
$
Capital
127,350,000
126,350,000 129,400,000
Surplus
174,754,000
161,115,909 164,098,300
Loans and discounts_ _ _ 1,348,305,200 Dec.
569,900 1,322,730,500 1,088,972,200
Circulation
51,630,400 Inc.
47,000
54,493,100
50,649,200
Net deposits
1,381,329,300 Dec. 13,112,400 1,420,061,900 1,044,852,400
U. S. dep. (Incl. above)
1,678,000 Inc.
43,500
9,462,900
30,072,600
279,929,500 Doc. 8,293,900 326,511,600 198,909,900
Specie
71,872,000 Dee. 3,853,300
Legal tenders
80,496,700
69,221,900
Reserve held
25% of deposits

351,801,500 Dec. 12,147,200
345,332,325 Dec. 3,278,103

Surplus reserve
Surplui, excl. U.S. dep

407,008,300
359,015,475

268,131,800
261,213,100

6,469,175 Dec. 8,863,100

51,992,825

6,918,700

6,888,675 Dec. 8,858,225

54,358,550

14,436,850

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

Foreign Exchange.-The market was quiet and lower
this week, influenced by dear money, a pressure of coinmodity bills and a light demand for remittance; the tone was
weak at the close. Gold transferred to San Francisco,
$500,000.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86 for sixty-day and 4 873/2 for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 8450@
4 .8460 for long, 4 8605@4 8610 for short and 4 8625@4 8630
for cables. Commercial on banks 4 8425@4 8435 and
documents for payment 4 833/2@4 843%. Cotton for payment 4 833/2@4 833%; cotton for acceptance 48425@4 8435,
and grain for payment 4 843/@4 843%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 18%d@5 183
% for long and 5 164@5 16%a for
short. Germany bankers' marks were 94 13-16@94% for
long and 953%@95 5-16d for short. Amsterdam bankers'
guilders were 40 14@40 16 for short.
Exchange at Paris on London 25 143/2; week's range
25f. 15c. high and 25f. 143/2c. low.
The week's range for exchange rates follows:
Long •
Sterling Actual-,
High
4 8480 0
4 840014 8620
4 345() 64
Low
4 846014 8595
Parts Bankers' Francs5 18%a @
High
5 18%15 10%b
Low
5 18%d el
5 18%15 1730
Germany Bankers' Marks0 94 1546195%
High
94%
Low ------949-10 0 94 11-16105 3-16
Amstordarn Bankers' GuildersHigh
140.21
140.14
Low

Short
0
0

a

4 863014 8850
4 860514 8625

64

5 16Nal
5 17% 1

0
@

05 546d1
95%

10
64

4 8660
4 8630

4400121361
@

Less: a 1-16 of 1%. d 1-32 of 1%. /13-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%.

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah,
buying, 50c. per $1,000 discount; selling, 75c. 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, 10c. per $1,000 discount.
St. Louis, 15c. per $1,000 discount. San Francisco, 10c.
per $1,000 premium. Montreal, 313%c. per $1,000 discount.




703

State and Railroad Bonds.-Sales of State bonds at the
Board were limited to $32,000 Virginia 6s, deferred trust
receipts, at 4234 to 45.
Although railway and industrial bonds have been SOM:s.what more active this week, the increase is due largely to
unusual interest in a few issues and the market as a whole
is still relatively dull. Western Union con. 4s, series A,
have been the conspicuous feature. They advanced from
99 at the close last week to 1029/è on Tuesday, the transactions on the way up being on a large scale. Subsequently
about half of this advance was lost. A few convertible issues
have been notably strong, including Atchison, Pennsylvania
and Norfolk St Western. U.S.Steel 5s are fractionally lower.
United States Bonds.-Sales of Government bonds at
the Board include $3,000 3s, coup., 1908-18, at 101 8;
$1,000 38, reg., 1908-18, at 10134, and $1,000 4s, reg., 1925,
at 1163%. The following are the daily closing quotations;
for yearly range see third page following.
Interest
Periods
2s, 1930
registered Q-Jan
2s, 1930
coupon Q-Jan
3s, 1908-18
registered.Q-Feb
3s, 1908-18
coupon'Q-Feb
3s, 1908-18_ __ _small coupoa,Q-Feb
4s, 1925
registered Q-Feb
4s, 1925
coupon Q-Feb
2s, 1936_Panama Canal regis Q-Feb
2s, 1938.Panama Canal regis Q-Nov

I

Sept.! Sept.
11 1 13

Sept.
14

Sept.
15

Sept.
16

Sept.
17

3 *103% *100% •100% .100% *100%
*100%
*100% *1003
% *100% .100% .109% *100%
101% *101% *101% .101% *101% *101%
.101% .101% .101% .101% 101% *101%
116% *116 -.116 .116 *116 .116
.117% *117% *117% *117% *117% *117%
*KOH *100% .100% .100% *100% .100%
*100% *100% .100% .100% *100% *100%

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

Railroad and Miscellaneous Stocks.-The stock market has
been irregular. On Monday there was a reaction from the
sharp advance which took place at the end of last week.
This movement carried prices off from 1 to 334 points, but
spent itself during the day. On Tuesday the tendency was
reversed and has so continued, carrying the whole list to a
substantially higher level and a few issues to the highest
prices reached since 1907. Among the latter are Pennsylvania, Reading, Central of New Jersey, United States Steel,
Western Union and American Telephone & Telegraph.
To-day's market was decidedly irregular, the coal stocks
showing great strength during the last hour, while several
issues close fractionally lower than last night. In the last
hour Central of New Jersey moved up 6 points on the sale
of a few shares and is over 10 points higher than last week,
and Reading shows a net gain for the day of 3 points.
The industrial list has been strong on continued evidence
of increasing general business, United States Steel selling at
the highest price in its history. Western Union has been
unusually active at prices ranging from 2 to nearly 4 points
higher than last week.
For daily rolume of business see page 711.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follew:

.m. 17.

Week"1,1,Kie

1

Sales 1
for ;
iVeek.1

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Alice Mining
2001 8234 Sept 14 $2% Sept 14 32
Amer Teleg & Cable_
2001 84 Sept 151 84% Sept 17 75
Col Fuel & Iron, pref.
100,102 Sept 11102 Sept 143 67
Evansville & Terre H't
2031 60 Sept 1 60 Sept 14 60
General Chemical
2001 95 Sept 13 95 Sept 13 Si
Kanawha & Michigan
1031 57 Sept 13 57 Sept 13 50
Manhattan Beach
1091 3 Sept 15 3 Sept 15 23%
M St 1' & S S M subscrip
sets, 4th paid
3171140 Sept 14140% Sept 14 130
do pref. 4th paid_ _ _
224160 Sept 1)160 Sept 15 147%
Peoria & Eastern
1001
25 23% Sept 11 23% Sept 11 23%
StL&SF-C&Ellinew
stock trust cents
, 67 Sept IS 67 Sept 16 62%
i03124 Sept 1 124 Sept 16 115
U S Leather, pre(
3,470; 17% Sept 13 22% Sept 17 6
Vulcan Detinning
2901 75 Sept 11 76 Sept 15 43
Preferred
I

Highest.

Vet 823%
Feb 84%
Meh 102
July 60
Jan 95
May 61
Jan

May
Sept
Sept
July
Aug
July
June

May 140% Aug
July 181
Aug
Feb 27 June
Apij 70
Mch 128
Feb 22%
Jan 76

Ap
Mch
Sept
Sept

Outside Market.-Improvement in the "curb" market was
noticeable in an upward tendency to prices, though there
was considerable irregularity. The feature of the speculation was the heavy trading and sensational break in Chicago
Subway, and, while there was no positive news concerning
the company, the liquidation was accompanied by various
conjectures. The stock closed at 17 last Friday and on
Monday of this week dropped to 10. After this it recovered
several points, but again weakened,and to-day broke to 93%,
a new low record. The close was at 1034. American Tobacco went down from 460 to 452 and up to 457, the final
quotation being 455. Southern Iron & Steel corn., "w. i.,"
sold up from 1934 to 193%. The preferred, "w. i.," fell from
5434 to 5234, but rose to 543%. Standard Oil rose from 699
to 700. United Cigar coin. advanced 4 points to 83. Chic.
Great West. coin., "w. i.," moved up from 2834 to 303% and
back to 293'. In bonds Atlantic Gulf & W. I. 5s rose 2
points to 72. Western Pacific 5s sold between 9834 and
%. The new Cuban 43/2s were actively dealt in at from
983
963
% to 973% and back to 963%. After this transactions were
• on the Stock Exchange at 97. Copper stocks generally recorded small gains. Boston Consolidated advanced from
1434 to 15 and closed to-day at 143%. Butte Coalition rose
a point to 2534. Davis-Daly improved from 5% to 634 and
s. Greene-Cananea sold down
First National from 534 to 63/
from 934 to 8% and up to 934, closing to-day at 9%. United
Copper common was traded in up from 1034 to 11 and down
finally to 1034. Goldfield Consolidated advanced from 63/2
to 6 15-16 and ends the week at 6 8. Giroux eased off from
%,but advanced to 10, closing to-day at 93/s.
9 to 85
Outside quotations will be found on page 711.

New York Stook Exchange-Stook Record, Daily, Weekly and Yearly
4)CCUPYIN44 TWO
STOCKS-HIGHEST AND LOWEST :ALE PRICES.
Saturday
Sept. 11.

Monday
Sept. 13.

Wednesday
Tuesday
Sept. 14.' Sept. 15.

2'hursday
Sept. 16.

Friday
Sept. 17.

Sates of
the
Week
Shares

PAGES

STOCKS
NEW YORK STOCK
EXCHANGE

Range stnee Jan. 1 1000
On Oasis of 100-share tots
lowest

Highest

Railroads
12014 12078 11978 12034 148,414 A tch Topeka & SantaFe 9778 Jae 13 1211$ Aug 12
11858 120
11818 11938 11734 11812 11818 119
'2,
50014 Jan 20 10634 J
800 1-1. Do pref
10434 1042 10424 10424 10424 105 *10412 105
10434 10434 *104 105
4,600 Atlantic Coast Line R R.- 10713 Jai 14 14312 Aug 12
134 1361 13538 1361 136 13614 136 136
13234 133
135 135
10312 Feb 23 12214 J'ly 2,,
Qaltimore & Ohio
11614 11714 11534 11628 11638 1171 117 11812 11814 11834 11734 11812 19,700 LI
92 Feb 4 int Apr 12
Do pref
800
9514 *94
9514 *94
951 *94
*94
9514
9412 9412 95
*94
0 8273 J'ne 7
7958 45,700 Brooklyn Rapid Transit_ 67 Jan
7078 7714 7614 7714 7612 7714 7634 7814 7734 7878 78
z165 Mch 3 18914 Aug 2
181 18134 181 18178 18134 18214 182 18212 8,012 Paned fan Pacific
18134 18212 18112 182
6014 Jan 11 6934 Aug 21
200 kAanada Southern
*6812 70 *5812 71
*6812 70
6858 6834 *6812 70
*6812 72
215 Feb 2.3 321 Sep 17
2,340 Central of New Jersey
312 317 *315 318 315 321
311 314
31078 31078 305 305
65.53 Jan 6 84 Sep 16
8212 8334 /04,450 Chesapeake & Ohio
84
8334 83
8314 83
7978 8058 7914 8018 80
6778 Feb 24
7434 Apr 1
5,920 Chicago Fe Alton RR
6978 6912 70
65
66
64
6614 6612 67
*61
64
64
,
7
Feb 24 7813 \fel
71
pref
Do
200
73
73
__ 73 *____ 73 *__-- 73 *---- 73
8 Aug20 1234 Aug30
5,000 Chic G Wes aft; dep 1st pd
1138 11
11
1038 1118 1038 1078 1034 11
1114
Do 4% deben ctts dep_
*62
63
*62
*61
63
*61
*61
63
*61
27 Aug 16 3534 Aug30
Do pre( "A" ctfs dep
250
3412 7412
35 *34 Us
*34
35
35
*34
*32
35
*32
1314 Atig23 1673 Aug30
Do pref "B"&Cs1st pd
2,700
1618 16
16
1614 1534 16
1534 1534 1514 1512 1512 16
16414 Sep 17
15578 15634 15612 15834 15878 16038 16014 16414 207,030 Chicago Milw & St Paul_ 141 Feb 23 181 Aug 6
15578 15758 155 157
hich15
15813
Do
pref
9,400
17634 17718 17714 17712 180 18038
177 177
*17512 17612 *17512 177
1,850 Chicago & North Western 17313 Feb 24 19812 AUg 1,
19512 196
19412 196
105 195
192 192 *192 194
*192 195
x208 Mehla 4230 Aug 7
Do pref
*22112 230 *22112 230 *22112 230 *22112 230 *224 230 *223 230
Chic St P Minn & Omaha 148 Apr 22 167 Aug 1%
163 163 *160 165 *160 165
*160 165 *160 165 *160 165
16682 Jan 503180 J'ly 27
Do pref
*170 180 *170 180 *170 180 *170 180 *170 180 *170 180
7 Jan 4
4 J'ly 6
200 Chic Iln Trac ctts stmpd
6
582 512 *5
*5
6
614
*5
6
*5
6
*5
12 J'ly 12 1814 Jan 27
Do prof ctfs stmpd
*13
1412 *1212 1412 *1212 1412 *1234 15
*1212 15
*1212 15
4.8 Jan 29 7913 Feb 10
2,550 Cleve Cin Chic Fe St L
7414 76
75
75
75
76
72
72
*7314 7414 7158 72
100 Jan 4 105 kich22
Do pref
-_-- *105 107 *104 110 *104 110 *104 110 *104 110
5173 Sep 10 6814 Jan is
225 Colorado & Southern
52
5212 5212
52
52
52
*51
*50
52
*51
*51
52
7612 Jan 2 86 May 1
82
590
82
Do 1st preferred
82
82
8218 *79
81
8112 382
81
*81
82
77931142 Jan '2 8413 Jan 7
preferred
Do
2d
801
300
81
81
801
80
*77
*7912
*7912
8014 8014
*80
81
16734 Feb 24 200 May14
19314 19418 19253 19612 15,510 nelaware & Hudson
190 19112 188 19114 19018 1913 192 193
680 Apr 22
300 Ielaware Lack & West_ 535 Feb
650 550
550 550
550 550
545 560
_ 550 *545 550
3753 Jan 6 54 Apr 20
4734 4738 48
4712 4734 6,985 Denver & Rio Grande
4612 4514 4634 4614 4658 47
40
Jan 6 90 Feb
Do pref
2,583
86
*8534 8614 8518 8634 8512 8614 8512 8614 8634 8634 86
• 56 Jan :80 7134 Aug13
*6912 75
75
*69
75
75
100 Detroit United
*69
6914 6914 *67
75
*65
100 Duluth So Shore & Allan 15 Aug30 21 Jan In
1512 1512
28 Feb 23 3613 Jan 16
-2812 281
Do pref
200
2912 2912
2253 Mehl( 39 J'ne 7
-5414 347 3458 3514 35 3533 -5818 36114 39,800
3434 358 -5578 35
6:2 hl
383
2
Aug 9
ehti
ic
Ah
4634 A
6
2
52
52
6212 5234 5334 5,400 La Do 1st pref
5178 *5114 52
52
5212 *51
52
4214 4214 *4212 4312 43
Do 2d prof
421
700
42
43
*4118 42
42
42
131353 Feb 24 15778 Aug 12
15312 15438 31,925 Great Northern pret
152 15312 15034 15134 151 15212 15234 15338 15312 154
8812Aug 1
_ 6618 Meh 12
RAI R
348
27,250
Iron Ore
8034 8078 821
83
8024 82
7978 8033 80
W.deb ctfB 14 Feb 26 17 Jan 4
16 Green Bay &properties_1514 15144
*1514 16
15
-1-4
A34
_ *1514 ---- *1514 16
7813 Sep 14
1
Feb
39
7612
Electric
*____
77
avana
7512
78
875
78
781
7814
-__
*70
W75
8313 Feb 5 .110 Sep lb
300
Do prof
*8612 90
90 *8812 92
90
*8312 -00- *8312 90
*8312 130
300 Hock Val J P & M Co rcts 97 May 3 126 Aug 14
122 12214 *118 1221 *__ 12212 *____ 12212
*118 125
*125
9412 J'ne 11
88 Apr 2,
pret
Valley
100
Hocking
92
*90
93
*90
93
02
92
*90
93
*92
*92 -93
16218 Aug 12
1:37 Feb
15334 15434 4,400 Illinois Central
15414 155
15012 15233 151 1521 15214 154
15212 154
1153 Mch23 19 Jan 6
3,900 1-nterboro-1etropolitan
1458 1434 1412 1458 1453 15
1434 1438 141
1414 1412 14
3;134 hfch23 6233 J'ne 28
Do prof
4612 4734 47
4734 47
4812 18,110
4614 4478 4612 4558 461
46
27 Feb 24 36 Apr 15
2914 2912 30 *2912 3014 2,250 Iowa Central
*29
2012 *2812 2912 2818 2834 29
48 Sep 9 62 Apr 15
Do pref
6314 *52
6312 1,625
62
35234 5234 *52
5034 50
50
53
*51
4 Feb 2 82 Sep 14
743
trots,
-C
M
1
1182
&
prof
S
900
Ft
82
x82
*8134
82
82
82
8212
*8034*8034
31 Feb 23 6014 Aug 18
4714 4658 4712 4734 4814 4712 4838 12,910 mansas City Southern
4 4558 4638 46
4658 74737512 Aug 18
13778 Feb '24
Do pref
7338 2,900
73
7314 7314 7312 73
7234 7314 7234 73
73
• 73
1913 Feb 25 2912 Aug 2
2712 *26
27
100
27
*25
ake Erie & Western
27
*22
27
*23
*23
2712
27
43 an 23 6473 J'ne 14
300 IA Do pref
58
60
59
61
60
60 *58
*52
61
*52
*53
61
59 Jan 4 7118 May24
200 Long Island
69
6518 6518 *65
*6512 69
69
*65
69
*65
69
*65
z121 Jan 29 16213 Aug 12
3,700 Louisville & Nashville
15434 155
14912 14912 15134 1541 15412 15538 15434 155
15034 153
14014 Aug20 15312 Jan 4
825 • anhattan Elevated
143 143
14112 143 §14112 14112 *14112 143 x142 142 *142 144
18 J'iy 2 42 Jan 5
etropolitan Street
*20
24
24
24
*20
*20
24
*20
*20
23
*20
23
51 Sep 16 65 Jan 8
52
5214 5214 51
5112 5134 1,300 Minneapolis & St Louis
5378 5314 5314 6212 53
*52
81 mob 10 90 Jan 8
Do pret
88
*83
88
88 *83
88
*83
*83
88
*84
88
*84
14414 14412 144 14478 3,045 Minn St P & S S Marie.. 13283 Jan 2 14912 Jan 8
14224 14234 143 14324 14318 14418 14334 144
147 Apr 13 16412 Aug 0
Do nret
*156 165 *157 165 *158 165 *159 165 *160 165 *101 164
89 J'ly 22 92 Sep 17
Do leas:'d line ctfs
1,100
9112 9112 *9112 9134 9134 92
*9012 9112 9118 9118 9114 011
3512 Feb 23 44/3 is , 22
Texas
Mo
&
Kansas
25,650
4114
4178
4212
415
4114
8
417
8
411
41
4034
4014
4178
41
Do prof
800
71 Feb 23 7518 Aug24
75
75
7514 *73
*7438 75
*73
75
*74
75
7534 75
7713 Aug 5
65 Feb 24
70
7212 14,100 Missouri Pacific
6938 6934 7114 7012 7214 7178 73
7114 68
69
ash Chatt & St Louis_ 12212 Jan 6 13013 Aug 12
100
135 135 *135 140 *133 138
*130 135 *130 135 *130 135
at Rys of ilex 1st pref 4912 Apr 5 61 Sep 16
6912 4,100
59
5814 5834 5918 61
57
5553 56
5558 5528 55
2212 Aug 16 2653 May22
Do 1.:(1 pre(
231
2418 2518 2514 2558 2434 2514 28,900
23
23
2278 2318 23
137 13918 138 139 /07,660 N Y Central & Hudson_ 12012 Feb 24 14834 Aug 18
13318 13412 13338 1341 13434 137
13458 137
9812 Mobil 59 J'ne 1
100
57
*55
N Y Chic & St Louls___
67
6612 5612 *55
561
6612 *53
5612 *52
*52
100 Feb 20 100 Feb 20
Do 1st prof
*100 105 *100 105 *100 105 *100 105 *100 105 *100 105
7614
Apr 6 88 Aug17
8812
100
Do
2d
*86
pref
88
88
88
*87
88
*85
88
*86
88
*86
15713 Feb 24 17434 J nui4
610 NY'Nli de Hartford
170 170
170 170
*169 172 *169 172 *16912 17134 *16712 170
10,000 N Y Ontario & Western_
4214 Feb 24 5653 311012
4714 4833 4814 4918 4834 50
4734 4714 473
4818 47
47
8914 Jan 6 9658 Aug 7
9334 9414 9412 9514 9414 9434 6,700 Norfolk & Western
9312 94
9218 93
9358 94
9212
600
92
9112 911
8513 Mc1126 92.2 J'ly 28
92
92
Do adjustment pref
01
*9012 9212 Ol
45,488 Northern Pacific
1:1314 Feb 29 15913 Aug 11
15234 15358 15278 15424 iKi4 1553-4 15512 15614 15512 157
15358 155
104
1,400
10312
*102
105
713 Mob 3 107 Sep 16
Pacific
107
Coast
*102
Co
106 106
*104 105 *102 105
11.
Do 1st pref
100 Mch30 105 Aug21
*100 108 *100 106 *100 106 *100 108 *100 108 *100 110
88 Meh27 10012 Sep 3
Do 2d pref
*100 10512 *102 106 *102 108 *102 108 *103 108 *105 110
12613 Feb 13 146 Sep 10
14458 14578 179,650 Pennsylvania
14053 14134 14018 14158 141 14314 14334 14478 14514 146
8612 Jan 5 9473 Aug 3
9012 901
90
0038 91
90
9014 0012 1,100 Plttsb Cita Chic & St L
9012 91
*9114 92
104 Feb 10 116 Aug 5
Do pre(
*100 115 *100 115 *____ 115 *110 115 *110 115 *110 115
113 Feb 23 171 Sep 17
eading
16634 16838 16614 171 1099800
16078 16358 15934 1641 163 1651 16514 168
89 meh22 96 Aug23
390 Li, 1st pref
39314 9314 9314 9312 *92
9312 19212 9212
*9314 94
*9314 94
90 Feb 1 10434 May.13
2d pref
800
*9814 101
*99 102
10012 10012 100 1004 101 101 *100 103
2013 Feb 24 4233 Aug 12
Company...
3812 391, 3958 4038 3912 4014 63,125 Rock Island
38
3914 3712 3814 3778 39
5758 Feb 24 8033 Aug 10
Do pret
7514 7434 7078 7612 7738 7678 7758 17,000
7412 74
7434 7512 74
6514
73 J'ly 1,
itich29
prof_
13t
Fr,
San
&
1,645
L
Qt
7214
7218
*7112 7212 *7112 72'2
7114 7112 7114 7114 7112 7214
30 Feb 23 6034 Sep 16
Do 2d pref
9,700
601
50
59
6034 5934 60
5678 5678 581
5612 5714 56
2812 J'ne 2
2614 2628 2712 2718 2712 3,400 St Louis Southwestern.. '2012 Feb 25 7112
2558 2553 2518 2518 *2478 2538 25
J'ne '2
4713 Jan 6
Do pref
6538 6712 6758 6958 6858 6914 11,800
651
6514 65
6518 6518 65
11452 Feb 24 13913 Aug 1,
12512 12718 12578 1271 12678 12858 12838 12953 12812 12934 190,100 Southern Pacilic Co
127 129
24 34 Aug 11
Feb
22
stmpd_
cfs
tr
v
Southern
12,700
3178
3114
31
3118
8
7
30
4
313
3078
3014
3014
30
3038 31
60 Jan 6 75 Aug 12
do
Do pref
7034 7114 4,311
6918 6912 6934 6934 71
6834 6834 68
69
69
30 Feb 24 4013 Aug 23
12,750 Texas & Pacific
3512 3578 3714 3678 3712 3612 37
3558 35
3553 3638 35
16 J'ly 2 421% Jan is
Y)
(N
Avenue
7,950
hIrd
2314
2314
2334
23
23
2234
2212
2418
2312
2158
2218 2318
7 May12 1533 Jan 2
Light
&
Railways
Toledo
*814 10
10
*8
*812 10
*812 10
*812 10
*812 10
43 Feb 26 5434 Apr 10
62
1,950 Toledo St L & Western
5234 *51
5134 5178 6114 5112 6112 5158 5134 5178 52
Feb 24 7414 Jan 4
6434
7158
pret
4,400
Do
7118
7118
7118
7058
713
704
4
7012
7034
7078 7078 7018
11014 Aug 16
10878 10912 10914 10934 2,450 Twin City Rapid Transit 97 Jan 2 219
,10878 10878 108 10818 10814 10814 *108 109
Aug 16
17212 Feb 24
nion Pacific
20434 20733 20514 207,8 604,190
20318 205
207 21078 x201 20478 20134 204
11813 Aug b
1
Mch
x94
57,550
pret
Do
110
8
1093
11034
1101
10712
10934
10912
11012
10712
10918 112 x10612
13
Sep
47
25
Feb
30
Fr
San
of
45
4512 4534 4578 47
452 4,200 Unit Rys Inv't
4612 4612 47
44
4312 44
6014 Feb 25 77 Sep 14
7458 10,150
Do pre(
7412 7512 7453 7514 73
77
7412 75
70
69
67
.1'11015
3
243
23
Feb
lb
6,200
abash
2012
2
2034
2012
2018
2014
2033
0
8
7
19
8
7
2018 2012 1978 2018
41 Feb 23 6134 J'ne 16
33,540
Do pret
4914 4934 51
5034 5112 4988 61
4812 48
4834 5038 47
312 J'ly 30 2833 May 7
1,810 Western Maryland
5
6
5 • *312 512
5
*312 514
6
5
5
5
1273 Jan 4
6 J'ly 13
Erle
Lake
900
&
Wheeling
10
934 978 *9
934 934
914 934
912
912 912 *9
1514
J'ly 13 1573 Jan
21
Do 1st prof
1912 *18
21
*18
*18
21
*18
21
*18
*18
21
1,3
1,
15
9
6:42
86
12
300
Do 2d pret
1012 *10
10
12
*9
12
*9
12
12
*9
*9
3578 Jan 6 6378 Apr 20
100 Wisconen Central
*5212 54,2 *53
55
551 *53
55
5512 *53
5578 5578 *53
1), ore( Truct Co etts
*90
*90
*90 ____ *90
9312
*90
--

N

U

W

BAN tiS AN

Tau ST

CO AIP AN1 0S-3ROK E {S'

Range for Previous
Year (1908).
Lowest

r bli
Feb
16
11
334 f'e
4812 Jan
8 Jan
20 Me';:
170 Jan
62 Feb
69 hich
12212 Feb
(33 Jan
1713 Feb
10 Feb
2713 Feb
'57 Aug
18 Feb
46 Feb
12 Jan
34 May
30 Feb
8714 Feb
120 Jan
15 Feb
vo /deb
61 Feb
7914 Jan
12312 Feb

10114 Dec
104 Dec
11112 Dee
11173 Dec
91 Dec
6934 Dec
18018 Nov
68 Nov
129 Dec
5933 Dec
6873 Dec
79 Dec
1453 Nov
6814 Aug
Dec
1713 Nov
15212 Dec
16434 Dec
18512 Dec
224 Dec
160 Dec
174 Dec
713 Dec
18 Dec
7012 Dec
1973 Dec
59 Dec
79 Dec
78 Dec
181381 Dec
(75 Nov
93014 Dec
8314 Dec
56 Nov
1834 Nov
33 Nov
36 Nov
5133 Dec
Dec
114 Dec
148
7513 Nov
1712 Dec
40 Dec
84 Dec
10412Dec
93 Dec
14934 Nov
20 Dec
4913 Dec
3212 Dec
67 Dec
7512 Dec
4238 Dec
7213 Dec
26 Dec
58 Deo
5638 Dec
12534 Dec
15434 Dec
4413 Deo
5812 Dec
90 Dec
135 Nov
16112 Dec

1712 Niel,
46 Feb
2812 Feb
9734 Jan

4312 Deo
7512 Dec
6712 Dec
122 Nov

90I Jan
2413 Jan
90 Jan
60 Feb
1283 Jan
2913 Fob
68 Feb
7.1 Mob
11018 Jan
65 Sep
90 May
79 Mch
10834 Jan
59 Jan
8113 Meh
11218 Feb
78 Jan
16 Jan
1012 Feb
2034 Feb
42 .1 no
1914 Feb
19 Itch
2912 Feb
6614 Feb
Ms Jan
2612 Mel)
1234 Feb
1512 Alch
612 Oct
12 Feb
33 Feb
7814 Feb
11012 Mch
/914 Apr
15 Jan
2712Jan
634 Mel)
13 Alch
5 htch
N:et:II
412 1.
)218 Apr
L Feb
.1312

126 Dec
5712 Deo
106 Nov
85 Deo
161 Nov
4772 Dec
8614 Nov
88 Dec
15734 Nov
0312Jan
00 May
97 Jan
13214 Deo
8812 Dec
10834 Nov
14314 Dec
112 Deo
69 Deo
2514 Dec
6253 Dec
(39 Deo
4214 Dec
24 Dec
6578 Dec
12212 Dec
2714 Deo
6313 Dec
3714 Dec
47 Aug
1512 Dec
50 Dec
7312 Dec
9038 Dec
18473 Nov
98 Nov
40 Dec
5912 Deo
2053 Dec
5234 Dec
24 Deo
314 Deo
18
3
1614 Dec
_1_5:: DNov
ecI

te; Feb
8333 Feb
5912 Meh
7613 Feb
80 Jan
3714 Feb
140 Feb
54 Mel,
160 Feb
2512 Feb
10 Feb
a Meh
710 Feb
3312 Me.,
1512 Feb
8 Feb
10312 Jan
1:38 Jan
13512 Jsn
1185 Jan
114 Feb
14012 Jan
58 Apr
4 Apr
9712 J'ne
8513 Feb
21 Feb
6033 Jan
• 3934 Feb
14112 Feb
420 Jan
eb
.c
1414 F
3014 Itch
3212 Apr
Feb
1134 Feb
12 Mel)
1433 Mch

QuarAnoNs

Ask
But
Ask
Hank.
Ask
Banks
1114
Ma
Bid
Ask
Banks
Bank 7
Ask
HUI
Banks
Banks
15
Prod ExchT
_ 200
__,,,
ueltih
180 6
aswsaN
64i... Ne
9 . 530
____ Fifth
300 350 Jefferson
ChAseaEx 3 200
__..
HU_
iteserve_
815
851
Liberty
Chemical - 930 445 First
New Yore
Seaboard __
New YorkCo 750
435
Lincoln ...... 420
1/5
,. „. 14th St 11 _ _ 155
180
Citizens' CU 1(3.)
Aetna
33713
_ 42713
13 3
2
1
7
3
York
Second
___
New
335
345
230
____
tlanhattan9
23/12
Fourth
5
341
585
1196
City
576
America 11250
__
N'ht &Day1. 220
263
350
150 Gallatin _ .. _ 343
Aaric't &Ful 255
255 Coal de Iron 140
Atn.-ir Exch, 250
410
,11,(1
IntLilm
1
.
State 11_ ___
.. Niechanice_ 252 260 19th Ward_ 5
_ Garfield ___ 293 3_0_3
Colonial $_. 300
Batteiy Pk 133
__
Northern
11.
Am
140
_
5_
9
.
1
.
180
erm
•
G
_
5
2
4
tiereant11.3
3/5
Columbia 11Bowery -. 375
Pacific 11
\torch Exch 163
Corronzate . 3192 t19312 Germ'n Ex3 450
Bronx Borol 300
45(1
4(35
i r n I ou EEC
I
C.!
_
Germania 11 550
tierchants' _ 1.6•3
.
1-tfi Copper ._ ... 205
Bryant Pk 1 155
295
A'ash ll'ts 3
cle's It.. 280
rip
eo
Pa
65
4
375
2135
1
11
i
tletropolls
reenwich
•
G
8.)
40
3
335
11...
150 Corn Ex
Butch & Dr 140
185
n'est Side 3
175
Phenix
555
Hanover __
135
d etronorn1 18113 19a
175
East River. 125
E
Century 11_ 170
625
f()divine 9
Plaza 9- - - _ 610
175 Imp & Traci 850 56J
--- tilt hiorris11..
Fidelity 11,... 165
325
Chase
310
250--Firth Ave ,10011
__ ttutual 3.. '/143
.... Irving' N Ex 195
Chatham
36;
Ex-dividend
a
and
rights.
0301(3.
day.
I
on
s
State
made
11.19
cats
were
IdCO3.
I1
4
Ex-rtrets.
man
sates
Less
no
prices:
and
s'13tel
asked
Sale at S ock. Exchange or at auction this week. 11 First Installment paid. n Sold C; private sale at this price.




Highest

Biel

Ask

17213 1321:
135
355
375
135
300

14212
375
.....

270
500
426

--.
....

....
fa'
8 2 iii"
Pi:

New stoOke

kiew York StOCIE 1te0Or1-Conciudect-Page

SEPT. 18 1909]

STOCKS--HIGHES7' AND LOWEST SALE PRICES
SatUrdaY
Sept. 11.

Monday
Sept. 13.

Tuesday
Sept. 14.

iVednesday
Sept. 15.

Thursday
Sept. 16.

Friday
Sept. 17.

sales of
the Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

'705

Range since Jon. 1 1909
or tents ot 100-share tot;
Lowest

Highest

Range tor Previous
Year (WV)
Lowest

II Ones(

.
Industrial&Miscellancoul.
*226
_ *226
__ *228
.*226
_ *228
_ *226
Express
WO Jan 20 1225 Aug20 164 Jan 12(X) Aug
1514 153-8 *1478 -1118 *1412 -1112 15 153
, 15 -1-il.
3518 1538 7,700
-Cha
lmer
Ills
s
1678 Aug. 3
6 Met, 1638 Dee
1234 Feb 24
54
62
5353 541'4 5334 54
5178 5178 51
51
52 52
3,900
Do pref
14 Mc)
5234 Dee
38 Feb 24 5738 Aug 3
8158 8334 8178 8412 251,875 Amalgamated Copper
7818 8158 77
7878 7914 8034 8038 82
883$ Nov
4518 Feb
65 Feb 26 8918 Aug 12
*47
4718 47
49
48
48
4734 48
4814 1,550 Amer Agricultural Chem_
4712 4712 48
3.5 Nov
13 Jan
3312 Jan 5 50 Augh
__
_ 103 103 *101
*10134 10212 *10112 10212 *102 10212 *10214
100
Do pret
66 Nov
9512 Jan 18 103 Aug 1
7812 Jan
4-614 46
4314 4414 4278 4412 4312 4434 4412 -4878 46 -4-634 15,300 American Beet Sugar_- 1014 Jan 13 4912 Aug 2
1'44 Apr
Feb
912
*95 97 *95 97 *95 97
9612 9612 *95
97
9634 9634
200
Do pref
9718 J'ne 11
8134 Deer
65 Jan
12 J'in I
*12
1258 1218 1238 1218 1214 1212 1234 1212 1234 1212 1238 3,800 American Can
712 Feb 23 1418 May.21
4 Feb
1014 Nov
8334 84
x8234 8314 82
8214 8312 8218 8278 8238 84
8212 4,700
1)0 pre(
Joe 4
86
708 Nov
44
Jan
23
Feb
7112
67 6758 6614 6712 6714 63
6734 6878 6873 7038 6934 7058 22,260 American Car & Foundry
5034 Dee
2612 Feb
4414 Feb 24 7078 Aug 4
11858 11838 11834 11834 11934 11934 *11712 11934
118 11934 *11712 121
675
Do pref
8414 Met, RV Dee
10712 Feb 23 12434 Aug 3
7438 7434 75
7438 7538 75
7314 7212 7312 73
73
7538 9,000 American Cotton Oil
'2434 Feb
4434 Nov
4218 Jan 5 7712 Aug '9
*102 103
102 10218 10112 10112 *101 107
102 103 *102 103
400
Do pref
97 Nov
98 Jan 7 10614 Mayll 180 Jan
*226 240 *226 240 *226 240 *225 240 *228 240 *228 240
American Express
1205 Feb 5 13212 Aug 11.; 170 Feb *224 May
9
9
9
0
834 831
9
914
914 933 *914 938 2,700 American Hide & Leather
812 Dec
614 Feb 23 10 Sep 3
234 Feb
4738 4734 48
4834 4834 4738 48
4938 4918 4912 49
4912 4,000
Do pref
34 Feb 21 8178 Aug 3
1212 Mcl. 3734 Dec
2714 2634 2914 2858 2912 2812 2918 14,337 American Ice Securities_
2158 2414 24
25
21
3173 Aug
1212 Feb
1878 Jan 6 4214 Apr 13
1718
16
1634
15
16
17
1612 1612
1612 1678 1638 1612 7,825 American Linseed
1712 Deo
(1 Mcb
12 Feb 2: 20 J'nel4
4212 4414 43t2 4412 44
4338 4338 4212 43
4434 4314 4334 6,000
Do pref
17 Mel
3614 Dee
20 Jan 19 4734 J'nel4
59
5834 59
5914 5034 58
6112 61
6112 11,800 American Locomotive__
5914 6012 60
5934 Aug
49
Feb
Feb
6914
23
3138
4
Aug
118 115 115 1115 116
115 11512 116 116 ',116 118
770 - Do pref
8512 Jan 113 Dee
10014 Feb 24 122 Aug 4
*812 9
*8
9
*812 9
*812 9
*812 9 '9
9
100 American Malt Ccrp
, Diell
brz Sep
512 J'ly 16 1112 Jine 1
45212 6212 5234 54
54
53 5313 *53
5414 5534 56
Do pret
5634 3,532
..2 Jan 7 5812 200 3
21
Jan
5 lii Sep
9112 9112 9114 9114 91
91 - 19034 9034 9114 9114 9114 9138 1,130 Amer Smelters Sec pref 13 80 Jan 4 9238 Aug27
8418 Aug
70 Jan
9434 9758 9434 11634 9573 9712 9714 9912 9878 10034 9834 10038 103,670 Amer Smelting& Refining 7734 Feb 24 10478 Aug12
8512 Feb 107 Aug
11312 11378 11318 11358 211112 11134 11214 11214 11212 11234
11278 2,500
Do pret
101 Jan 2 11634 Aug 0
8734 Feb 11038 Aug
*250 __ *250 ____ *250
___ *280
___ *290 _ _ *250
_ _ ___ _- American Snuff
'225 Mcb 9 280 Aug 5 180 Aug 200 Apr
*100 102
102 102
100 102
*102 105
*100 104
11278104-- 410012
100
Do pref
95 Mch 1 105 May22
80. Met
9712 Sep
58
58
5714 58
59 59
59 60
6134 62
3,995 Amer Steel Found (new). 3478 Feb 24
6038 62
6314 Aug 7
41 Nov
28 Sep
*128 130
129 129 *128 130
132 133
12912 13338 13218 134
10,600 American Sugar Refining 121 Joe 17 1.13 Apr
9834 Jan 13;34 Aug
*123 128 *124 127 *124 126
126 127
12678 12678 *125 12712
331
500
Do pref
Apr • 105 Feb 131 Nov
190 J'ne16
14018 14114 13978 142
14218 14338 14312 14414 14314 14378 14278 14311 60,680 American Teleph Ss Teieg 125 Feb 1 14414 Sell 15 101 Jan 13238 NOV
102 102
10214 10212 102 10238 510114 10114 10118 10118 10034 101
2,400 American Tobac (new),pf 1012 Feb 6 104 Alay-1,
2212 Jan
0712 J'i5'
*38
3812 39
40
3838 381. 38
39
3858 3934 1,400 American Woolen
3912 40
1512 Feb
26 Feb 4 4012 Aug27
:238 Dee
10512 10512 10512 1053'4 10512 10578 10578 10578 10578 106
10534 106
2,100
Do pref
7814 Feb
9:134 Jan Ii WIN 2'0e14
07
Nov
46
47
4578 4634 4614 4738 4714 48
481: 48
48
4858 14,380 dAnacoruiaCopper Par$25 63734 Feb 26 $52 May 8 $2712 Feb
531.: Nov
*109 ..- 109 ____1*109 -._ *109 ___ *109 ___ *109 -------- Aisoc Merch 1st pref
105 Apr 2 114 Joe 26
*10712 _
10712 .. _ *10712 *10712 .. _ *10712 . _ *10712 - -- --- -.
Do 2d pref
10112 Feb 17 10412 Feb 11,
*412 -4-3-4 *413 -43-4
412 -4-5; 458 745-8
413 112
412 -412
700 4fBatOpilas Mining Par$20 $278 Jan 29 $612 J'ne 30
55 Mch
2212 Jan
34
3412 34
34
3378 341s 3418 3578 35
35
38
16,100 Dethiehem Steel
36
12 Jan
2714 Nov
67
67 67 *65 67
6714 6714 6912 68
67
68
67
1,900 I P Do pref
Sep
4 3
47
1834 Feb
66
24
912 S
M 211
p 13
6
4 Nov
35 Apr
*148 150 *148 150
149 149 *148 150 *149 151 *14612 147
500 Brooklyn Union Gas_._ 118 Jan 28 15112 Sep 1 285 Feb :521 Nov
1758 18 *1712 1814 1712 19
1878 1918 1834 1834 1878 1878 3,100 Brunswick Dock & C Imp 13 Jan 13 20444 .2114212
6 Jan
17 Nov
*3014 32 *3014 32 *3014 3114 3012 3012 *3012 3114 3078 3078
300 ilutterick Co
2378 Jan ', 3478 %1ay)? 110 Feb 426 Jan,
43)4 4438 4234 4378 4358 4378 4312 4038 4434 4614 4438 40 102,930 i
lentral Leather
ilich 2 4638 Sep 15
2512
1512
Dec
Feb
33
10812 10812 108 10812 *10712 109
109 109 *108 10912 109 109
762 k) Do pref
7533 Jan 102 Dec
9934 AP* 5 in Sep 1.
43
4334 4233 4234 43
4312 4334 4514 4518 4632 4512 45
16,635 Colorado Fuel & Iron_
29 Feb 23 4838 Aug L
42 Dec
iiiris Feb
7514 7512 75
75
76
76
77
76% 7718 '76'2 7712 4,775 Col & Hock Coal & Irim. 2138 Feb Et 7712 Sep 17
1434 Men
771.Dec
28c. 29c. 26c. 26e. 26c. 28e, 76
28e. 28e, 28e, 28c. _
. 2,800 Comstock Tunnel_Par $2 21e Apr 24 304) Jan 21
44e Apr
20e Mch
14212 14412 14212 144
14413 145
14412 14712 147 14734 14614 14714
-- 15,000 Consolidated Gas (N y).. 11412 Feb 4 16514 Jan 4
96 Jan
107 Dec
2258 23
2212 23
2212 2234 23
2378 2314 2317 23
2338 11,800 Corn Products Refining
2612 J'ne 2
1012
21
Feb
103
4
Feb
2012 Aug
87
87
8612 8612 881s 8614 8614 87
87
87
8678 87
2,300
Do pret
7314 Feb 24 0312 J'ne 1
SU Aug
*54
60 Jan
60 *54
60 *53 60 *53
60 *54
60 *54
60
Crex Carpet
Jail 5 61 May25
4S14 Oct
4712 Oct
3758 3778 3814 3712 37
3714 3734 38
3778 38
3818 3818 2,350 Distillers Securities Corp 45
3212 Feb 23 4112 Jan 26
414 Feb
1834 Dec
*77
9912 *77
87 *77
8912 *77
87 *77
87 *77
87
Federal Mining & Smelt's 65 111Ch '2 0512 Mayll
94 Aug
7212 Nov
*8912 9134 *8812 92 *8812 92 *8812 90 *8812 90
90 90
100
Do pref
10 Feb 24 04 Aug 11
89 Feb
80 Nov
-- ---- ---- ---- ---- ---- ---- ---- --- ---- ---- ---- ______ Federal Sugar Ref of N Y 445
Mch20 151 J'iy 12
88 J'ly
6812 J'ne
Do
pre!1
110
5
Aug
90 Jan
3
731.Feb 100 J'ly
10512 115-1-2 164- 1643-4 'la- 1.6-6-3-4 1ii;i4 161167 168
18778 188
5,100 General Electric
15018 Feb 23 17234 Aug12 111 Jan 16234 Deo
*95 100 *04 100
99 *95 100
97
100 100 *95 100
400 Granby Cons MS & P
91 Mch 12 110 Jan 4
7814 Jan1091- J'iy
88 88 *87
88
88 88
88 88
8812 89
4,100
8934
89
I
nt
Harvester
Aug12
8978
stk tr ctfs 62 Jan 30
675i Nov
52 J'rho
*11912 120 *118 120
120 120 *11918 120
12014 12014 120 12018
700 1 1)0 pref stk tr ctfs
10914 Jan 16 123 J'ne 3
g9 Joe 11014 Nov
*618 7
614 614 1614 614
634 634
7
718 *614 7
487 Int Mer Marine stk tr etts
0 Jan 2
538 rly 9
9 Ma5
6 Oct
21
23
2134 2134 2134 2214 2112 22
2134 2318 22
2212
6,100
Do
prof
1834 J'ly 9 275 Jan 2
26/8 Dec
16 Feb
1734 1814 1712 18
1812 1812 1812 18
18
1812 173 1838 5,600 International Paper
9/2 Me1113 1914 Aug24
8 Apr
1314 Nov
6714 68
6612 6678 6714 6712 6734 6734 6738 6738 466 4 6612
pref
995
Do
Vichlii
4734
1293
4
Aug 3
47 Oct
49 *4712 49
49
65 Jan
4734 4838 48
49
48
4938 4814 4914 6,000 Internat Steam Pump
33)2 Feb 25 4938 Sep lb
13 Jan
3978 Dec
*8814 89 *88 89
8812 8858 *88
89
89
9058 9012 9114 3,625
Do pref
8212 Jan 30 9114 Sep 11
8414 Dec
*8114 8314 *81
65 Jan
8412 *82
8412 841. 8412 8412 85
2,300 Mackay Companies
8514
847
8
8514
Jun
Sep
21
17
70
52 Feb
78 Nov
*7334 7412 *7312 7434 *7378 7434 *741.
.
4 7434 7412 7412 7434 743
330
Do prof
6978 Feb
6912 Jan 9 This J nelu
7134 Nov
10778 108
10512 108
105 108 *105 10812 108 11014 110 112 4 3,650f/
1
41 Minna' Biscuit
17
Dec
0612 Jan :: i12 Sep.
Jan
*12414 12714 12714 12714 1241. _ *12414 ___ *12414
1
..
I
*1241
Do
pref
4
11812Jan
11 12714 Sep 13 10
9(702
c
68
2 Jan12
18
18
1813 1818 1834 -183-4 1914 -2014 2014 -2-078
- 2012 2118 4,900 Nat Enamel'g & Stamp'g 1258 Feb 24 2118 Sep 17
71,
*94 100 *93 99 *94
Dec
Feb
1514
99 *94
9712 9834 9834 *98 100
100
Do pref
82 Jan 5 99,2 Set/ 2 r.70 - Feb 28214 Deo
8018 0034 8812 89
8934 9014 9014 9112 9058 9112 9034 91
15,320
National
Lead
7114 Feb 25 114 Aug13
92 Aug
18 Feb
*10934 11034 11014 11178 *11012 112
11134 11134
11134 111 111
500
Do pre(
10234 Apr 21 11334 Aug12
8712 8712 8712 8712 8712 8712 89 89 *111
8712 Jan 10014 Nor
*00
93
92 92
630 New York Air Brake__
80 Feb 23 97 Aug 10
*135 143 4135 143
98 Nov
W Jan
135 143 *135 143 *137 145 *137 145
N Y & N J Telephone
1113 Jan 7 14212 Aug :,
90 Feb 122 .NON
8212 83
81
8278 8234 84 58212 8212 8212 8234 82
8234 3,400 North American Co. new 72 .14n 13 8712 J'Ile14
4218 Mch
78 Nov
3212 34
3212 33
3212 3234 33
3312 33
35
3418
35
12,100
pacific
Mall
2918
Feb 24 3634 Jan 14
24 Apr
115 11510 11412 11434 11434 11514 115 11612 11612 11718
4014 Deo
eoples (I L & C (Chic) 10112 Jan 13 *20 Aug 10
116
8 12,750
10612 Dec
FO
2212 2378 2218 23
Jan
2278 2338 2278 2338 2214 2314 2218 1167
2258 22,005 Pittsburgh Coal Co
10 Apr 21 2412 Aug 21
02 Nitt
*60 62 *59 62 *60 62
1434 lied
6158 6178 6134 6134 6012 6058
900
Do pret
40 Feb 25 63 Aug27
3612 Feb
4912 4912. 4834 4914 4812 49
50 Dec
4812 5012 5012 6112 5014 51
9,785 Pressed Steel Car
3012 Feb 23 50 Aug.,,*
Dec
*107 108
1714
Feb
45
107 107
107 107 410712 10712 10712 10712 4107 107
540
Do pref
96 Feb 26 11134 Aug 11
*190 194
69 Jan 10214 Dee
194 194 *190 196 *192 196 *191 196 *101 195
100 Pullman Company
169 Jan 311 200 Aug 6 147 Jan 174 Nov
*514 614
512 612 *5
6
55
.8 558
6
6
534 534
700 Quicksilver Mining
158Jan 4
1138 J'ly c
134 Dec
12 Apr
*5
634 *412 634
634 634 *6.4 712
7
7
712 712
300
Do pref
3 Meh29 10 May13
312 Dec
1l2 Jan
4978 4978 4812 .4812 *4712 4934 4934 51
51
5112 5012 5112 3,910 I.) ailway Steel Spring-. 3212 Mch 8 5412 Aug
4
2334 Feb
4914 Dec
*106 107 *105 106
10512 109 *10512 109 *105 110 *105 10734
IV Do pref
97/8 Feb 24 109 Aug 11
73 Jan 103 Dec
3812 39
3818 3814 3833 3878 3834 3978 40
42
4138 4214 51,200 Republic Iron & Steel
1658 Feb 23 4214 Sep 17
143.4 Feb
10612 10678 10538 10538 106 100
29 Nov
10614 10678 107 10734 107 10734 6,600
Do pref
6718 Feb24 11014 J'1y 28
63 Joe 8912 Nov
85
8538 *83 85
8434 8512 8534 89
8712 9012 8834 90/2 12,100 kaloss-Sheffield Steel & Ir 68 Feb 23 I 9012 Sep 16
*119 11934 *119 122 *119 123
1.0 Jan
8134 Nov
119 119
119
119
11812
11812
300
63
Do
pref
10738 Feb 20 ,20 Sep 1
*36
8712
38
11014 Dec
36
30
3534 3534 3634 3634 37
37
37
3778 1,020 aTennesseeCopper Par$25 $3434 Feb 26 $49 Jau 4 $2517 Jan
Feb
*85
65214
91
Nov
*8718 91
*8718 91
*8718 91
*8713 91
Texas Pacific Land Trust 8012 Feb 23 9378 J'ly 10
0034 01
*1314 1414 *13
8412 Dee
45 Feb
141: *1212 1414 *13
14
*1312 14
1378 1378
100 1 [Mon Bag & Paper-_-914 Feb 24
1538 J'ne18
4
Feb
*75
78 *75
95
78 *75
8
Nor
78
7812 *77
78
79 *75
79
200
k
, Do pref
643 Jan 8 8114 J'ne 29
*108 10912 *108 10912 *108 10912 *108 10912 10912 10912 *10834 10912
6634 Nur
4434 J3n
105 united Dry Goods of ars x109
Sep 1 11134 Aug 6
*32
33 *32
33
3178 3178 3218 3218 32t2 3418 3314 3334 2,600 U S Cast I Pipe & Foundr
2438 Fels 24 3512 J'ne 1:
4742 Fen
a L;78-Dec
*8314 8512 *8314 85
8312 8312 84
84
8412 8412 85
8512
900
Do pref
70 Meh 2 8712 Aug13
*85 95 *86
7v8 Aug
:08 Jail
95 *89
95
*86
95 *88
95
*86
95
United States Express
82 Feb 10 199 Apr 30
*81
82 030
20 Feu
82 *81
90 Jan
83
8118 8412 8414 8512 8534 87
13,600
U
S
Realty
&
Iniprovem't
64 Feb 23
Sep 17
*14
304 Feb
16 *1358 15 *14
16
14
14
15
64 Nov
1614 1512 16
1,5(10 U S Reduction & Refin'g 10 Mehl2 87
1712 J'nell
*32
4 Feb
1514 Aug
38
38 * 32
38 *32
38 *36
35
38 *32
38
400
Do pref
24 Feb 24 3912 Aug12
16 Feb
5112 5238 5034 52
39 Attq
5134 5178 53
51
5134 5214 52
5212 10,550 United States Rubber
'27 Feb 24 5758 Aug111
11912 11978 119 11918 11834 11938 11938 11978 120 12018 11934 12014
173
4
Feb
3712
Am
3,000
Do 1st pref
98 Jan 29 12312 Aug24
76 Feb los Dec
*8612 88 *86
8712 *86 88
87 *86
87
8738 8734 8734
700
Do 2d pret
6712 Feb 25 1,913 Aug 73
70
8038 78
42 Feb
7512 No%
7914 7812 7934 7912 8134 8218 8414 83 84 935,116 United States
Steel
4114 Feb 23 8414 Sep 16
12534 12612 12434 12538 125 12538 12512 12638 12634 12712 12634 128
2534 Jan
54,34 Nor
28,811
Do pref
107 Feb 23 12138 Aug 4
4838 4958 4818 4812 4734 49
C712 Jan 11-DA Nov
4012 4973 50
49
49
4918 3,700 aUtah Copper.. -Par $10 1t3938
47
Feb 2.. 55412 Aug12 20 Jan $5234 Nov
4712 4512 4612 4612 47
48
43
47
487
,8
483
4
493
8
7,550
VirgItila-Carolina
- Chem.._ 4078 Feb 24 5614 .1'ne 14
*12018 123 *120 123 *120 123 *120 123
16 Feb
4534 Dec
12134 12134 120 121
500
Do pre
114 Jan 19 12318 Aug23 287 Jan 115 No
68 6812 *67 08 *67 68
88 68
8812 75
7414 7578 5,500 VirvInta iron Coal & Coke 87 Feb 2.: 7578 Sep
*310
17
- *310
43
Jan
18 Nor
*310
_ *310
_ .*310
_ *310 „
I, ells Fargo & Co
300 Jan 5 330 Ma,y28 1250 Feb 325 Nor
76
-8078
- 79 7-9-7-8 54,201 I' astern Union Teleg
64 Feb 24 8133 Sep 14
85
8512 8412 85
41 Feb
8478 86
7134 No
8512 8612 8612 8738 87
8712
9,000
Westingh'seEl
&Mfg
assen 74 Feb 24 90 Aug 7
*130 140 *130 13311 130 13312 *126 13313 *128 13312 *128 137
18 Mei
114 Nov
Do 1st nref_
110 Arch 3 130 Aug 12
58 14.., 125 'boy
;JAN KS AND TRIM': CO.11PANI ES-3AN k
ERS! QUOTATIONS
ow
Ask
Bann s
Banks
Bid
Ash
Ask
Trust Co's 1114
I rust Co's Bul
Ask
Ask
'trust Co's Ma
frost Co's Met Ask
Brooklyn
Brooklyn
N Y Ctly
Cluarly Tr_ 690 710
NY Life53Tr 1175 11100
Brooklyn
Vorth Side 1. 150
105
Borouvli 1,_ 00
_
Carnegie _ _ 175
Guardian
160
Ti
155
_ AI Y Trust_ 625
_ itrooklyu Ti 410
Broadway 1 375 425 41474:012'2- 155
420
1000
102.5
- Central Tr.
Hudson _,_ 175
_ Standard Ti 380
. Citizens' _. 138
Bro
I_ .-okiwn . 143 Prosp'etPk1 150
145
feu Columbia _
290 300
rinicicerb'kt 335 350
citieGuds
Ti
495
505
-_-Fiatbush -- 200 225
180
First
..... Verminal 11
--.. 130 4,0mme.,.,18,j 135
145 Law T lecT7 245 250
rr Co of An, 355 370
Franklin .. 210 220
730
Union 11-- 100
11111i:041_ _ 110
105 Com'wealth ...... 155
Lincoln Tr_ 165 171)
fi
att
on
inl e
lit
.
o_n _. 210
Home ilk . 110
68
5 275
Kropire .. 30) 310
125
Manhattan 310 390 (
11
7S
nio
11111: 14
MntgT&
24
75 1'4
0516
5
Homcsteact1 100
125
frost Co's
Equitwo-Ti 475 490 3fercantile
725 750 Unit States 1230
__
Kings
-:. 5:.0
Manuiae'rs 410
Co
-_-430
N Y Gity
Farm Lo.Vi 1625
‘fetropecn
515
.
555
Van
NOrden
235
'250
Mechaniesi 240
L
isl L & Ti 310
250
kstor ....... 330 350 Fidelity .... 203 .107
, 1-5-Tr. 500 525
Washington 375 410 la 9 1
hiontauk _ 440 . . 14ankeis"ri 900
150
170
...... Fifth Av Ti 400 420 ‘Ivrton
127 • Westehestei 145
Mutual _ . 120
151 P„.43
1el'.,--_ -_: 285 .,00
Nassau --... '240
..... Fulton -___ 270 .
'-:7-0- irway Tr... 1151
...
.
Slut
1:..0
c
,
Alrn133
Windsor
....
135
145 Queens Co.. 120
Nat City__ '40 311)
137)
Will,amsb'e 80 .00
Bid and askeuJmices: ni ia.,xs..4n cats day S Lass ULM 100 saares. ; Ex-r
1.1•Itts. o .4ev: stoekt. c 01-(11V, and riots. 4 Now q °tea dolin.rs p22 share.
,
Salo at Stock ISzobatizo or at auction this week. S Trust cc. certificates. 11 Banks
marked with a paragraph (11) arc State banks.

Adams

-7-114 7612 "80




7612 81-4 7852 -81-32 7612

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

Jan, I 1900, the Exchange method of gaoling bonds ?vas ekanied, and prices are now a7
interese"--ex;v: for Income and defaulted bonds.
.--"csui
.
7
BON Ds .
N. Y. STOCK EXCHANGE
WEEK Eximso SEPT 17

4°-

Price
&Was
Sept 17

Week's
Range or
Last Sale

Range
Since
/anuary

ISDN Dr,
N. Y. STOCK EXCHANGE
WEEK ENDING SEPT 17

Rio
Ash Lose
Hton No
I. 8%. Guyerlllllent
Ill S 2s consul registered.d1936
10034 10114 11)11
/
2Ply'09
1004 10114 101 Aug'0:,
c1103t
S 28 consol coupon
1011410214 1011
4191
S 38 registered
/
2 1014
1011
/
4 10214 1017 1017,
k1918
C S 38 coupon
U S 3s cou small bonds k1918 -F
1001
/
2 Nov'08
11 S 48 registered
1925 •F 116
1
1161
/
2 11614
/
4
1925 -F 1171
S 4s coupon
'18 Sep '09
.148 Pan Can 10-80 yr 28.4193
-N 1904 10I4 101 Mar'09

t.

Low _High Cent of Gat It 11.-(Con)
3d prof income g Ss stampei.
1011
/
2 1024
Ohatt Div purinou c 48.1951
101 103
Mao & Nor Div 1st g 53.11146
101 103%
Mid Ida & Atl Div 5s. 194'7
10034 102¼
Mobile Div 1st g Os
1)40
11614 11014 ,;en 11215 Sot Gs col g 58 1937
Cent ot N gen'l gold 58.1987
118 121
Registered
101 1011
/
4
Am Dock & Imp go 58.4
.19
98
27
1
Foreign Government
Le & Ruil It gen gag 53 1920
-.Argentine-Internal 5e of 1009 11.16 # 0678 Sale 95%
Leh & Wilks B Coal 55..11/12
07 51
03
00
ainpermi Japanese Uovernin't
gI910
Con ext guar 4Ias
-Sterling ioan 44s
9475 Sale 9478
1925 F.
95's 31 9038 9534
N Y& Long Br gen g 4s 1941
ILit series 41
9378 Salt, 93%
1112 J- J
35 8014 94
/
2s
Cent Paeitio See to Pacific Co
94
1
2 Sale 8774
Sterling loan 45
1931, J.J # 87/
87114 1.1•4 80.4 g8s. CentVermont 1st go 04e e14)211 q-F
25 101.4 10412 Chas & bar See MI Coast Line
Repoli ol Cuba 58 erten debt.. 11-8 4103 Sale 103
104
93
1)4"
)
98
San Paulo(Brasil)55 tr rects'111 4-4
94
al911 A-0
05/
1
4 Ches & Ohio gold Os
9734 100 4 991
/
2 904
3 9734 101 14
U s of Mexico s I g Cis of 1891i
Gen funding & impt 5s.11129 .14
1954 (.14-j
Gold 4s of 1904
-D 94 Sal. 94
1st cousol g 5s
0414
1939 M-N
9214 95
1939 SI-N
Registered
ST hese are pr ices on the b asts o/ $5 to Z.
State and City Securities
General gold 41
11,99922 PIUS
/
25
110 Nov'08 -•
Dist ot Columbia 3-654
11)24 V- A 107
Registered
95
Louisiana new consol 48 1914 J -J
10514 Dec'04
Big Bandy 1st 48
1944 J.D
1940 • J
New York CityCraig Valley 1st g 5s
/
2Sale 101
4s when and as istined.1959 M-1- 1011
1011
/
2 55 10041014
Potts Creek Br 1st 48 1946
R db A Div 1st con g 45 1989 J•.1
4'0 Coruorate Stock
101 103
1058 M-N 101 10 I. 1•2 MA, 10114
Ot 110% 112%
2d consol g 4s
New 4/
1957 ii-N 111 sal. 11078 Ill
19811 J-4
1
2s
.
1917 31-N 11034 111 4 11.)476 1047
Warm Spr Val 1st g 56 1941
104 104%
New 44s
/
2 26 11038 1124
Greenbrier By 1st gu g Is'40
4'/
- o Corporate Stock _195 M-N 111 Sale 1104 1111
104% 104% 1014 Ii 104 10434 Chic & Alt RR ref g 38-1949 A-0
4 .2 0 assessrat bonds.. 181'?
1U1' till% Sep '09 • -• 101 103 L4
1957 M-N
Railway 1st lien :31
/
2s 1950 J -J
4,1
/
2 Corporate Steck
113384'utf011 •
Registered
1.123
4 113%
N 1 State-Highway 45 195 M.S
J -J
1933 J -J 162
1021
/
2 Jan '01)
22
u F-A
95
Chic Burl& Q-Deny 1)43 119
So Carolina 472520-40
10,114 102.4
9534
9534 Feb.01.
1941) -J
Illinois Div 31Registered-25
Nun new settleinent 38 1913 J • J
0541 0534
J
Aug'01'
93
94
11 1 /
1
2 9:5
Viiginia tuna dem 2-88-1991 J
J -J
3714 48
/
2 45
40 Sate 421
80 deferred Brown Bros otfs.
1940 J.J
Ills Div 4s
Iowa Div sink fund 5s 11119 4-0
Railroad
Sinking fund 4a
1019 A-0
,k taearna Cent See So By
Nebraska Extonsiou 46 11127 SI-N
11 labs Mull See At Coast Line
Registered
1027 SI-N
Albany di, Suso Bee Del& tlud
Southwestern Div 45...J021 M-S
Anegneny Valley See Penn Els
Joint bonds See Great North
lleg db West See Bud 1t&
Debenture 55
11113
2 831
41995 4-J
813
/
2 86
851
A u Arbor 1st g 4s
General 4s
1958 M-S
/
2 8734
atoll T &s Fe-Gen g 48.11.11)5 4.-0 10014 Sale HMIs 10,)4 1.58 100 1017
. Ran & St J os consol 63 11111 ot-s
/
2 100 A.ug'011
1995 A-0 1.111% 1001
Registered
hiocro E 111 ret & imp g 4s1985 J-J
99 10076
9.1) 78
0378
114
41995 Nov
Adjustment g 45
1st()ousel g Os
92 951
/
2
A-0
931
/
2 921
/
2 ifeb.09
Registered
411105 Nov
General consol 1st 58
021
/
2 9214
19
11:3
514 M-N
90
94
94
41095 li-N
Registered
stain i.ed
9272 951
94
/
2
M-N
117 118 117 Sep '09
Chic & End CIty 151 58 19
113
Sub recta(full paid)cony 48
37
6
'141411914
119 Sale 116 4 11914
Chicago & Erie See Erie
1955
Couvg4s
1021
/
2 120
119
JO,
1171411914
Sale
1.05% 120% chic In & Loulsv ret 6s 1947 J • 4
10-year cony g 55 ...., 1917 J _
„
9L.
9 , i'ly'oe
Refunding gold Os
91),
Debentures 45 Seriesif 191 F-A 1)11%
4 9114
1047 ▪ •.1
98/
1
2J'ly
Loulav N A & Oh 1st 68 1910 4-4
1913 F-A 1184
Series K
984 984
971
/
2
97%
971
/
2
Aug'ulf
Ohio Ind & Sou 50-yr 4s 1956• J
97
99
East Okla Div let g 4s 1028 M-S
3
4
93
9414 9414
0438 1
9334 961
Short Line 1st 45 g
1959 J -J
/
4 Ciao Mii & 81 P term g Os 1914 .4
1104 112 111 12J'ne'U9
General g 45 Banes A..0111811 J -4
11114113
* be Pres & Ph 1st g 58 1942
Registered
at1 Knox & N See L .N
e1981.1
.. 9514 9512 "a4 13 9444 9634 General g 3708 series 13 4.669
Atlantic Coast 1st g 4E1.41052 It- 8
-J
'0
Sep
111
25-yr deben 4s(w
11078111
1934 .1-.1
Ala Mid let gu gold 55 1928 M-N 110
9614 J'ne'02
Ohio & L Su Div g 5s
/
2 961
/
2
961
Bruns& W 1st gu g 4s -1938 J-4
1921 .1-J
Chic & Mo Riv Div 5s 1926 J -J
Charles & Say lit g 7 19311 -4 13234
16 86 031
Ohio & Pao Div 6s
/
2
o1952 M-N 01 Sale 91
1919 J -4
L & N coll g 4s
01
Chic & P W 1st g 55
127 J'Ile'00
12't 127
1921 J -J
Say b'& W 1st gold 64-1934 4-0
Dak & Gt So g Os
112,2 114
1st gold Os
1934 A-0 112 113 1124 J'11009
1010 .1•4
1171
/
2 J'neqh.
971
/
2
Far & Son assu g Os
97
9714
1924 J -J
SU Sp Oca & G gu g 48 -1919 J-J
Haat & D Div 1st 7s
Atlantic & Danv See South By
1910 J-4
1st 56
Austin & N W See Sou Pacific
1910 J-4
924 Sale 921s
921
/
2 49 9238 95
LaCrosse Jo D 1st Os. 1919 J -J
/
23.1920 -J
14alt& Ohio prior 1g 31
93
Mineral Point Div 55.. 1010 -J
03
LP Registered
92
41925 Q-4
100's
1004
65
Sale 100
So Minn Div 1st Os
1910 J -4
Gold 48
9934 101%
41948 A-0
101) 98
Wis & Minn Div g 5s.. 1921 J -J
Registered
08
08 10034
41949 4-J
120 Oct '01
Mil & No 1st 51 L 68
1010 .1-1)
Pitts J tine 1st gold Os...1922 J -J 108
90 J'IV0i,
1st consol Os
1013 4-D
PJun & Al Div 1st g 31
88
/
2811)25 M-N 8834 89
8914
934 'YU 93
Ohio & Northw cons 7s
1915
F
06
PLE & W Va Sys ref 4511141 M-N 98 is Siue 93
IS 90
00% 9114 9078
91
01%
Southw Div let g 372s...1926 .1-J
Extension 45
1886-1926 F-A
91 Apr'011
Registered
41925 4-J
91
Registered
1836-1926 F-A
91
103 J'ne'09
103 103
General gola 343
Can Ohio R late g443..1930 m-S 19212
1987 11.N
1131
/
2 113 Anit'09
11014 1133,
Registered
01 Lor & W con 1st (4.5s 1933 A2)1987 14-F
1051
/
2 Feu'07
Monon ktiv 1st gu g os..1919 F-A 101
Sinking fund 6s...1879-1929 4-0
1131
/
2100
1134113 4
'
09
Ohio River ER 1st g 58 1936 J-D 11314.
Registered
1879-19211 A.0
1104 110,
4 J'71031h
1081
/
2112
1937 4-0
General gold Os
Sinking Lund Os 1879-1929 A-0
11034
119% Miu.'04
Registered
Pitts Clev &Toilet g Os 1922 A.;
1879-1021) A.0
1131
/
2
98 Apr'09
US .08
Debenture Os
Pitts & West 1st g 48-1017 J -J
11109 M-N
100 Nov414
Registered
1001) .11-N
Stat lel By 1st gug 410s 1943 J -1)
Debenture Os
Beech Creek see N I C di B.
1021 A•0
Registered
Bellev & Car See Illinois Cent
1021 A-0
Sinking fund deb Os
1033 M-N
Bklyn al, Montauk Bee Long 1
Registered
1033 M-N
Bruns db West Bee All Coast L
North
Illinois
1st 5s
1910 M-S
Bunalo N Y & Erie See Erie
115; 11634 Ang'Oil
MU L S& West let g es 1921 M-S
116% 11738
Banal° B & P gen g 5s 1937 if-S
109.4 109,
6 110 le Ply'UV
Ext & Imp 8fund got; 19211 F -A
1957
100 1101
/
Consol 44s
2
199
lout.
Ashland Div 1st g 6s 1925 M-S
100 10014
All cfa West,1st g 45 gu 1999
103 Ply'08
Mich Div 1st g Os
1943 J.4 115%
1924 J -J
...
.
.
Cl & MalI 1st gu g 5s
11734 Sep '09
i1734 119
Incomes
1011
Roch & Pitts 1st g tis 1921 F-A 1174
12014 1201
/
2Aug'09
1022 -D
/
2 Ohio Rock lel& Pao 6s 1917 J -J
Consol 1st g Os
11834 1211
g7
8914 May'01.1
871
Registered
/
2 190
Run & Soso 1st ret g 4541951 J -J
1917 J -J
General gold 4s
BurCIt&N See 0 It db P
1988 J J
/
2 10514 1051
1051
/
2 3 10514107
Registered
an So 1st ext Os
1013
1988 J -J
102
102 Sep '09
Refunding g 45
1011
/
2103
2d Os
1913
1934 4•0
100
1021
/
2
10034 Iiday'07
Registered
Coll trust Somali 45 191u 5/1.N
..
1013 Il-S
J 4s
Carb & Shawn See III Cent
1012 M-N
Carolina Cent See Boob Air L
51 -As
11115 SI-N
Carthage & Ad See N Y U & 11
N 45
1916 NI-N
04s
Ced it la 1' Jo N SeeBOE&N
1917 on-N
P48
Con Branca By See Mo Pao
1918 M-N
1164 Fell'09 .... 11514116¼
Chic It I & Pao Bit 48 2002 11•N
Cent ol (la RJR 1st g 5s..p11145 F-A 11638
Registered
1945 11-1,1
Consol gold 55
110% 10934 110
4 10838 11138
2002 .11 N
Registered
1045 11.ti
Coll trust gold 58
113 Apr'06 .... ......
1013 11-S
1st pret income g Os....p1945 Oct 8
Bur Ced R.& Northern85
U0'78
85 Sep '011 .... 70
.
Stamped
00
85
90 J'ne'011 .... 80
Con 1st & col tr g 5s 1934 4-0
Registered
76 bale 76
84
Oct
2u pret income g
7614 '26 03
1934 A-0
CULP& N W 1st go 5s 1921 A-0
77
2d wet income g 58 stamped
60
84
70 Sep'09
80
/
2Sep '01)
53
'7214 711
So pret income g Ds....p1945 Oct
M & St L 1st gu g 78 1927 J

C

Price
Pr ab
Sept 17

Week's
Range or
Last Sale

Range
Since
January I

1i1i'. No Low high
Sh Late
/
2 Aug'OU
i 7214 701
51
80
905.Sep '00
90%
11038 001
/
2
10478 Pue'08
110
1008 10934 115 Nov'05
1101
/
2
1101
/
27
.1sY'1714
111)1411014
104 106
105 107 10514 Sep'09
127 129
,1214 Sup'0
127 1213
126 127%
/
2 Aug"))
1261
109 1101
/
2
110 110 Ply NM)
191
10078
0934 101
10076 Sep '09
10918
1002 100,e 3 01178 11)0
100

lita

00

8014 Sep '011

/
2 901
/
2
801

102
1011410314
102 Sep '011
10012 that 10014 li/034 -I!. 1001
/
2 10314
4 1141
1141
/
2 117
/
211434 1l4' 113
113 1144 Feb'08
131411414
103% Sale 1113-/
14 101's RAS%
1
2 104
1021
/
2
105 Apr'09
105 103
8838 91
8834 89 Aug'09
112 110 May'01,
1071
/
2 110%
9.03
. Liu Jan '09
110
90
9934 9934
1 99 1001
0944
/
2
Aprii9
904 1/074
1131
/
2 1. eu'05
10714
......
93
1354 95 Sep'05
78'4 77% Sep'03
771
/
2 80
75,
2Salt 75i
751
/
2 •31) 731
/
2 77
73 Feb'u;)
73
73
991
/
2
1)914 Aug'09
1111 70 19034
110', 12 90
90" 111)
1)0
13
Deem%
91%
100/
1
2 101 101
2 100 10378
101
111514
10534 Apr'01-i
105%106
034 100
91.1% 101%
9944 Sup'09
11) 9938 1021
100
11978 UM
/
2
/
2
101181011
/
2 Mar'011
1011
091
99 100%
/
2 9958 091
/
2bee '01/
2
101%102 10178 101% 1 10134 1031
91114 Salt. 9938
Ut.34 67 98 101
1021
/
2
1025. Aug'09
102% 10334
87
,
4 Sep uI
/
2
861
/
2 871
85
90
1205.12914 121136 set,'09
1295.137
1131
/
2114 114 18 114 18 1 114 115%
114 11,0'09
114 1141
/
2
11344'1y'09
11314
1134 115
1281
/
2
113 114

1281
/
2 Aug'09
127 129
1124 114%
11214 Ata)'oo
10141921
/
2
10134 J'ly '0i93% 951
/
2
854 Aug'iki
9514
10414101114
19424 195" 10114 bup .09
IOU 103.4 1031
1024 194%
/
2 Sep'09
1034 Dec '118
90
11 894 02%
89'-) 89
941
/
2sale 1141
/
2 94 28i. 94's 05
109 14
111934 10934
/
2 5lay'01)
1991
/
2
11134 Aug'011
11134 1131
1102
14)13's 10134 1011
/
2.1'nu'ot
101 14 HA%
108% DM 10978 103',, 6 108 41104
104,
104%10578
104%
8 Aug'01,
1201
/
2
1371
/
24'1y %h.
10012101¼ 11./1
101 102%
100
lul 5111109
101 101
2.071
Aug'0,)
/
4 101158 107
107 107
10014
101385lay'611
101 18 10134
10014
10111
1001
/
2 10014
/
2102
109%
10934 110
Aug'09
DM% 101% 11)04 J'ly 915
101% 1011
/
2
196
10738 107%
19714 J'11e'09
11314 1141
11414 1161
/
4 115 Augqiu
/
2
1004,102 DM% J'ly'09
UM% 102
100 14 J'iy
1)814
99% 101
1/0
Shi
904 24 901
/
2 9434
53,5 Apr'91)
931
/
2 93%
112t,
112 .Aug'oo
112 112
1111
/
2
1.9934
10934 10104
/
2
108 1101
1104
.110 Augut)
11034 11034
1104 Jan'Ou
.9014 101
9078
UM/
1
2J .ne'Uli
19038 100%
1005. May'00
107 10914
1011 IMP 10714 sep '011
103 J1
/
21.3'07
111 1131
110 113¼ Ill Sep 'tie
/
2
101) J 'ty
10014
101 Apeub
101 101,
2
118 119%
111241111% 118 Sep 09
113 115
113 Aug'09
113
112 4,1fEt,q)"
12 i34
1211
/
2
1231
122% 1231
/
2Apr'08
/
2
1031
/
2 1034
102
/
25lay'09
1031
113
/
2
5 113 1141
113 Sale 113
1131411314
113
113¼ Aug'09
91.1% 13 1)95. 10114
Ms% Sale NU%
90 10011
99 Aug'09
/
2
98 100
94¼
/
2salt U134
921
11014 04
1.17 J'ly'04
137 J'ne'011
97
97 14
97
94% Aug'09
11478
1144 94%
93-', Feu'MI
9414
9334 93%
9314 Atig'1.11)
113's
931
/
2 95
931
/
2 Aug'0.,
9314 115
934 934
/
2 so Pie) 7540 821
7934 Sale 781
/
2
80 Xly'09
80
80
/
2 921
021
/
2 bale 921
/
2 4 - 87's 9414
114 115
104

115 May'00
1291
/
2Mar'03
111 Novq)5

115

117

MISCELLANEOUS BON 0,
--Continued on Next Page.
Street Railway
Street Railway
81% 92
Brooklyn Rap Tr g 58
1945 4-0 105 Sale 10412 105
2 1024108
Bet St By gen col tr g 5s.1997 F-A
82% Sep'09
8170 84
43's 0338
1st refund cony g 4s
875.550 814 891
2002 A-0 4810.
2002 J-J
8774 Sale 8578
48 J'Iy 'Ull
/
2 .Itet g 4s
103 1051
/
2
kik City 1st con 50.1916 1941 -J 10388 105 10338Ply'09 .... 1021
Bway& 7thAvlstog 5s 1943 J -0
/
2105
105 104 Ply'ID
100 1021
/
2
ilk (..1 Co & S con gug 55 1941 .VI-N
Col& 9th Av 1st gu g 55.111113 M-S
00
994 9910 Mar'00U9 h 99
1021
/
2 100 xpo'ut)
100 1021
/
2
Bklyn Cu El 1st g 4-55 1950 F.,A 105 10514 103
/
2 1.
4 100% 106
1051
Lex Ay& I'le let gu g 5s101,03 M-S
100 100 Aug'thi
0512 Mg
Stamped guar 4-5s
1021
/
21041
1950 F-A 1.3
Third Ave RR con gu 4s2000
68 J'iy'09
/
2
101 Aug'09
09
84 631
70
/
2 72%
Kings Co El lst g 4s
1949 lf-A
80
Cent Tr Co certfs stmpd...
871
/
2
/
2rly'09
8411
/
2 871
/
2 871
'70 Sale 09
108 1151
Stamped guar 48
1941) F-A 861
88
/
2
864 3 85
Third Ave By 1st g 53 1937
/
2 88
80's
100 110¼ 10914 J'1Y'09
'01.1
Sep
1051 J -J 81
Nassau Elec gu g 4s
8078
831
'00
/
2 801
Lt
gen
781
Sep
/
2
84
&
/
2
81
By
_1935
On
82
414s
86/
1
2 804,
N
J-J
Conn IV& List& ref g 4728 . -1-3 10178
102 1023,, St Jos RyLt11 & P 1st g 513'37 5I-N 101 102¼ 08 Nov'08
102 J'Iy'Ob
Stamped guar 443
10138 1921
1101
/
2 N ov'06
19
/
2 St Paul City Cab con g Gs.,1937 J -J
J•4 10238
19214 J'ly'09
Del United 1st con g 448 103 4--h
/
2 85
99 Ply'Oil
Trt-CityRy& Lt lstsf 5e.1923 A-0 971 99
/
2 8214 1 811
98
09
821
Havana Elee consol g 58 11)1). F-A 9138 95
98 Apr'01)
10 89
Underground of Lou Os 11120 11-N
92
08
92
98
1.1914
92
Inter-Met coil 4's
81% 8 731
1056 A-0 8314 Sale 8214
/
2 851i
835. 18311 70 83
8434 Sat,, 84%
1933 J.J
4125
Inter Rap T S-yr cony 03 1911 SI-N
7
103 104%
/
2 3442 7 22
Income 65
104 1035. 103%
371
/
2
3414 Sale 841
1948
•.15-year 5s S.:ries A
84 (Jot 'o8
1002 M•N 102'78 Sale 1021
50 102%1031
. Union El(Ohio) 1st g 58 1945
/
2 103
It ternat Tree coil tr 4s 1041j J-J
7178 Ply'00
7178 721
80
8436 Aug'09
/
2 United Rya St L let g 48 1'334 J-4
84
841
/
2 80
Manila Eleo 1st & coil 58 1953 VI- S
98 Al
79%
......
United Rlts San Fr s f 45 1927 A-0 7634 Sale 76%
7634 88 72
4N rpriee Friday; latest this week. Flat. anue Jan 5 Due Apr a Due may g Duo J'ne
ue J 'ly gDue Aug °Due out p Due Nov a Oution'sal• I




SEPT. 18 1009.1

New York Bond itecord-Continued-Page 2

707

.,
IIIINDl.
.BO
NI),
Price
Weetc's
'1, -,
Nano!
4 r.e vs
.1-nee
_
Range
N. Y. STOOK EXCHANGE
Range orrS -",,
Frid au
N. Y. STOCK KX0HANGE ,
Since
Sines
Rant'
,or
,-,.•
Aridat,
Wittsit EsniNo SEPT 17
Sept 17 • Last Sate -1 Z Military 1
43.1Wick,: filmotxo SEPT 17t,'
Last ,
4: 7: January I
.,
a
Sept 17
,
..
iita.
434 how
11ta8 No tote Big! Erie-(Con)
Ohio Rock 1 & Pao-(Con)
8,9
Mal No /..o,o Mot
A, Low
. 102 Aug'os ....
Choc tik & 0 gen g 58.01910 -I -1 104%
N V 4 tireen L gut e 58.194C M.N 105
:08 108
108 Mar'00 .
110% 1 I 1 18.Aug'09 .... 111 1111
Consol gold Si
1952 M-N
N Y SUS & W let ref 5s.1937 o • J
/
2
196
It; 105 4 io711
106% ,06
106 105 Mar'UV ---- 1.08 105
Kook & Des M lst
2d gold 41
1923 A-0
/
2a
.... ...,
1004 Doe'ik .... .
1937 F-A
11.1Cont
)1110 St L& N 0 See
bs...
General gold 58
194o F-A
88
142
80 Aug'09 .... f40
91
31110 St L & Pitts See Penn 0e,
Terminal 1st gold 5s 1043 r4-5 113
1141
/
2 Dec'0
DItio St P 31 & 0 con 68 1930 J -D 1284 1293 128 Sep '09 ...- 128 130%
Regis 8,3,000 each 1943 M-N
....
0-0
'
03
92
1
03
J.D
31
45
193(4
Mid
Cons 6s reduced to
}Mot N J lstg 66 1910 4-0 100
101/
1
2 May'Oi .... 101; 10211
128¼ Sep '01/ .... i2814 129 %
Wilk & Ea 1st gu g5s 1942 J -D 103% 1054 104% Aug'Oi .., 101 10514
Ch St P & Minn let its 1918 MN 1283
12958 31 ttetn• .... 124%129% 4v& Intl 1st con gn g 63 1.926 2-1 112 114 114 Aug'0',
Nor W1900118111 1st bs 1930 J•J 128
. 1091
/
2115
115
116
/
1
2
Aug'tiv
•
0
11.111,
....
A
1155
Erie
68
8
&
119
1st
g
St P & 6 City
Pitts See Penn Co
1121
/
2Apr'09 .... 112 112; Evans & T 11 1st cone 63 1921 1-2 115 115; 115
Chic& \Vern Ind gen g 68g1932 Q.11
115
1 112 1151,
941
/
2 94% 944 Aug'09 .... 94% 98
1952 J. J
1st general gold 5s
Consol 50-year 4s
10314 Aug'01 , .. 103 104',
1942 4-0
Mt Vernon 1st gold 66 1923 4-0 108
Chic &- W Mich See Pere Maro
114 A or 05
Sufi Co Branch 1st g 58 193u 4-0
Choc 0& Gulf ,See C R 1 & P
115 J'ne'06
..
11:3 Oct '00
/
28-1937 J. J 101
Diu H & D 2d gold 41
Wargo cib So See ChM So St P
105
Ii
A
ug'09
1091
1941
/
2
*A-N
0in & 1 1st KU g 5s
.... 95 109¼ C lint& Pere 31 See Pere Star
Fla C& Penin See Sea Air Line
0 Fmd & Ft W Pit gu4sg.'23 11-N
70 Aug'08
CM 1 & W 1st eu g 49.1953 J.J
Fort St U D Co 1st g 4¼a.11141 J -J
105 Mae:0- .... .........,
88
Ind Dec & W 1st g 511.-1935 J •J 105 1(0
9131
/
2Jan'09 .--• 961
/
2 Ft W & Rio Or 1st g 48.-1928 .1 -2
/
2 961
8534 87
86
86
1 ..
86
88
1071
/
2Dec'02 ..-- ......
2 ,al Iia,r & SA See So Pac Co
1935 J-J
1st g-uar gold Os
1 Tod H.d3 Hof1882 lin 58.191:3 4-0
3 1 SV L &0 See 0(JO & St L
97 J'ly'05 ..., 97
99
)1n S & (J See C C C St L
Georgia & Ala See bea A Llne
Neartield & Mall See B II & P
tha Car do Nor See Sea A Line
98
08
4 974 98% Georgia Pacific See So ity
Dlev CinC & St 1,gen g 48 1093 J-1) *08
Oatro Dtv 1st gold 48.-1935 81•J
O4½ Aug'09 .... 941
94½
Gila V 0& Nor See So Poo Co
/
2 97
94 ,-. Aug'01. .... 94
/
2..
Cin W& AI Div 1st g 43.1091 I -J941
95
thouv & Oswegat See N Y Cent
/
2 1/5% 951
951
/
2Aug'015 ..-- 951
St L Div 1st col It g48-11490 3I-N
/
2 97% Grand Rap& tad See Penn Hit
II! ,Jc: '07 ...
Registered
Gray's Pt Term See St L S W
11.19t, )1-14
92 Feb'08
96
Spr & Col Div 1st g 48-1940 11-13
Gt Nor-C13do Q coll tr 48 1921 .1 J
96/
1
2Sale
11358
974 22
96% 991..
98 Sep '06 ...
13egistered.h,
W W Val Div 1st g 44 194,0 J -J
971
/
2 9084
11121 4-J '
96'
1. 9654 tql
106 AprO., .. 106 106
et Paul M do Man 2d 68 1909 A.-0 1001
1001
/
2J'ne-ol• .... 1001
/
2
C 1St L& C consol 6s 1920 M-5 105
/
2104
98% Aug'09 .... 98% 997,,
1933 J -J 1291
/
2
1st COU801 gold 6s
1st gold 4e
1.3.1 Sep ',ii
131 132a,
8193t, Q-1. 98%
98 L
1,8 Aug',0.1.., 98
Registered
132% 132 Apr'ut .. i32 13o
Registered
k1936 Q-9 93
1933 J• J
110 10918 10918
10941091
108
Reduced to gold 41
/
2
108
/
2
Cm n S & Cl con 1st g 56-1926 J -J
1 10.8 111
/
2s 1933 J -J 1071
/
2J'ly'09 .... 1111
1111
/
2 1111
/
4
108% J'ne'01 .... i0834 10834
Ropetered
1914 3-1) 111
1933 J -J 107
C (J 0& 1 consol 7s
Dakota ext gold 6s
/
2102 102 Sep '011 .._. 1u2 1031
1910 M-N 1011
1914 J.D
Canso'sink fund 7s
/
4
130 Noy'06
Mont eat let gold 46 1937 JD
100 10034 Aug'05 .... 994 101
General consol gold138 1034 J -J 125
100 4 Oct '04 . ,
Registered
1937 J -D
1934 J -J
Registered
....
'06
J'iy
94
E MituiNorLqvling 481946, 4-0 99
101/
1
2J'ly '0: .... Iiiii; iiiii..]
Ind B1 & W let prof 46 1940 4-0
Minn Union let g 68 192'1 1 - J 112
124 May'l) .. .
0 Ind & W 1st pf 5s...d11336 Q•J
96 Sep '01 .... 924 961
/
2
Mont C 1st gu g 6e
/
2 4804,
/
2132 1301
1304 1.324g
1937 I • J 1301
Peo & East let con 4s 1940 4-0 9434 95
69 Sep '09 .... 40
59
56
6018
13614 May'll
Registered
111140 Apr
. ... - - -..
1937 J • J
Income 48
.
-4..
1st guar gold 58
114' 117
1937 J • J 114¼ 116¼ 115 Aug09 .:
Dlev & Marietta See Penn Rit
Co
Penn
J'ne'u'a
4.1)
116
116
.... i itS. 116%
Will & 88' 1st gold 58 1938
Dlev do Pitts See
1
,
47 j j 81 Sale 80
83
17 80
871
/
2 Greenbrier By See Cites 33 0
Col Midland let g 4s
98 Salt 07%
981
/
2 13 974 99
Gulf & 6 1 1st ref 65 t d 511 611452 J-2
95
95 Sale 95
Colorado & Sou 1st g 48-1925 F A
1 95
9731
99% 130 96 4 100¼ lien & St Jo See
98 Sale 98
1935 tell-N
/
2s
Ret mid & ext 41
0 13 do Q
116% '4 114¼117', i I mutatom.0 see 14 (
3 isr Ha!, R
Ft W & Den Clot g 6s 1921 J •D 115 115% 115
Dolum & Greenv Se4 So Ry
1041
/
2
1
1041
/
2
104
Hock Val letcontool g41
109
/
2
1051
/
28 1909 J - J
jot & Hock Val See Hook V a,
Registered
/
28011'
104 11/01
,it'
1999 J-.1
9854 May'09 .
Doi & Tol See Hock Val
981
/
2100
/
2 98%
Col & /I V 1st ext g 4s 1948 A-0 981
Dot Conn & Term See N & W
98
b9
Col & Tot 1st ex 48
9914, b09'91,.... 97
914½
1955 F-A
Joun ,Y, Pas Rivs lot g 48.1943 A •0
Roust E & W Tex S'ee Bo Pat
95 Jan'09 .... 95
Cuba 1313 1st 5U-yr 5 g
96
1952 J.j 100
Honst& Tex Con See So Poe Oo
Apr
01.,
104
104
....
ak &So See CM & lit P
llinois Central lat g 48..1051 J -4
103%104
.. 107% Apt 't.i",
I. Registered
alias & Waco See Id. K & '1
11151 J -J
-let
681
/
2 90
6 881
/
2 94.'s
gold 3/
1
28
Del Lack & Western
1951 J -J 423%
11314
'09
J'ly
....
113
112
94
94
113½
/ 94
Registered
114%
94
94
Diorris& Essex 1st7;-1914 .21-N
1951 J -J *
1
2 May'0, .. 031
/
2 94%
03/
Extended 1st g 3/
1915 J.1) 11451154 1.16%Aug'ut: .... 115¼117%
1
28
1051 A-0
lst consol gnarls
127 J'ne'06
90
80
811 J'ly '01 _
1st gold 38 sterling
Registered
11113 3-1)
1951 4A-8
94
94
94
9614
1
93%
1004
Coll Trust gold 48
102% 102
102
1021
/
2
195'2 A•0
200:, J -D :`
1st ref gu g 3128
119 Aug'00 ..... 119 121
1952 A •0
:,9 J'ne'01 ..., stl
09
Registered
NY Lack &W 1st 68.-1921 J.J 11814
1955 M-N
/
2 111 Sep '00
09 , , 1.18/
994 salt 99¼
110¼112%
1
2 1011
lat ref 4s
1923 F-4 110 1101
Construction Os
/
2
Aug'08
103%
994100%
101 Aug'01
L N 0& Tex gold 45 -1963 51-N
. 90 1015
9104
.
1923 M-N
Term do improve 48
..
ltrl 4 set,'03 ....
87 .3i ity'u".
Registered
Warren 1st ref gug3.40 2000 F-A .93
1953 )4-N
120 May'09
rio 122
99¼ 100
Cairo Bridge gold 4s
100% 100 Apr'vl, ..
Del & Hod let Pa Div 74 11)1711-S 1207a
1950 J -0 *
Aug'ul
1414
120%
1017 31-S
Registered
59¼ 92
LouisvDivdoTerm g3/
694 J .1.111.1,1, ..
87% 814
1
28 1953 J -4
1916 j.D 100 sale 1031
/
2 106 120 100 107%
1921 F-A 105
123 atuy'lr.
Middle Div reg 5e
10-1r cony deb 48
/
2 102% Aug'Ol, .... 1011
/
2103%
79
Omaha Div 1st g 3s
79 Apr'ul .. . 714
/
28- 1922 J .j 10238 1031
1st hen equip g 41
1951 if-A
/
21112
Aug'013
1014
1011
101 103
11143 M.N
794 Dec'u.
St LOUU3Div&term g 38 1951 J -J
1st &ref 43
1054 17 97 107
1946 4-0 105½.¼a10 105
Registered
/
2s
70
Alb & Sus cony 31
1051 J - J
1264 J'1Y'
90%
1284 128%
90
90:8 90
Gold 31
2 90
14
/
2s
'
Rens & Saratoga 18t 78 1021 M-13 128½
1951 J - 41 4
1014 Oct '111
.
Registered
Del Itiv 1111 Bridge See Pa RR
1951 J -J,
/
2Sep '09
97% 971
96
100 Nov'u
981
/
2
Soling Div 1st g 810_1931 J-4
Dens'& R (Jr 1st con g 48 1936 J -J
104 j'ne'uli .... 103 106
1936 j.j 104
Western Lines 1st g 48_1051 b..- , ,,
Consol gold 41
/
2s
8„V 4 10132 ''Utja4 Ma) .)1) -• 1-00 il 111°4
121 Feb '01 .... ,21 121
1021
/
2J'13- 105
10134 103'.
Improvement gold 58 1928 ,.I -I, 1021
Belles' & Car let 6s
/
2
1923 ..,
'
4- - .....
ii5/
1
2Sale 954
95% 69 92% 1031
/
2
Carb & Shaw 1st g 414.-19132 5
1955 F.4
1st & refunding 58
"
.
I'S liar"
95. 99
)•••• 98
18
3-I)
Feb'06
11934 Aug'05 ... 118% 120
119%
98
Ohio St L & N 0 g be 1051
.
Rio Or Juno 1st gu g 58 1935 J -0
116.5..Puell9 .... 118%110
78 J'no'01) .,., 78
80
75
Registered
Rio gr So 1st gold 4s
1940 J -J
1051 J -JJ 117
vo
110
.
let)'05
Mar'1.16
83
50
Guaranteed
92
Gold
31
/
2
9
1941 J -J
1951 J -J-)
100 Meet).
95
Mempli Div let g 48 1951 J
13 913 1091
/
2
Rio(hr West lot g 4s. 11130 J .j 95 Sale 04%
8454 65/
1
2 J'ly 'lib .. 83
li8 J'Iy've
St L Sou 1st gu g 4s
87
Alge aud col Unlit 48X 1940 4.0
1931 4"'
97 Jan'02
1.16
Ind 131 & West see0U 0& St L ,
UtaliCentIstgug48 al91-, A-0
99%
98 Aug'011.... 96
Hid Ill& Ia 1st g 4s
Dee M oi & Ft D See Al & tot 1,
110 Sep '04 ....
31-N
110
111
t, 109 112
11 "
sai
lilt & Great Nor 1st g 63_1°95110, j
Des Mot Cu By 1st g 58 1917 .11-N
-j 1e
9
"
1008 Aug'uti .... 85 103%
2:1 gold 58
96
95 J'ly'09 .... 93
1909 4-8
Dot & Mack let hen g 48 11395 3-1) 95 ---1995 j.1, 91
84
1.12 J'ly'08
',. 801
102
88
........, 102 1031
/
2 103'3
1.12
/
2 102
Trust Co certf8
Gold 48
60
3d gold 4s
48 J'ne'ut) --48
47
1921
Detroit Southern'
!-'
80
1
2 Aug'uu , .. i tit,h 11114
811
60
/
2 Aug'09 ... 80
82
Iowa Central let gold 58 1936 4'0 Dm% los% ,u,5/
Ohio Sou Div 1st g 48 1941 M-8
1111
/
2J'ne'01,.
771
1111
/
2 Ih 74% 82
/
2 116
(hold 48
771
/
2sale 7454
1-8
1951.
Dul & Iron Range 1st 58-1937 A-0 112
112; 1061
/
2 Alar'06 .... ......
1037 A-0
Registered
li'
..a
aint&
11
(
iictit b6e
1914 ..1•1
'eeeTl'
ol6
:011
2:1 6e1
•-• .
K 0 Ft8& 31 See SL L & 8I
Dul Short Line See Nor Pao
111% 1101
/
2 Feb'08 .... 1.101
/
21101
/
2 it I;& 34 II & B See St,L& S M
Dul So Shore & All g 58_1931 J -J
Kan C & Pacific) See AL K & '1
Vast of 5111111 See StPM & .Al
747, 11 71% 75%
7434
Kan City Sou let gold 38-1950 4.0 7134 Sale
.11.1481. Ten Va & Ga See So Itj
63 Oct '0,
/
4 115
Registered
1050 A-0
Elgin Jul do East let g 158 11141 .*4-N 113% 115 115 Sep'09 .._. 1121
Ref & impt 5s(w 1) Apr 1950 ...,. 101/1
/
2Sale 1004 /UtO7, 201 10041018,
Elm Cort & No See Leh& N Y
991
/
2 May'Uto .
1941 34.N 101
Kentucky cent bee L o, N
Erie 1st ext old 48
nth, 51.9 1064 107 1064 Ply'04 .... 1051
/
2106% Kook & Des Alo See C R I&P
26 ext gold 68
1041
/
2 Apr'05 .... 1041
/
2 1041
/
2 Knoxville do Ohio See So Hy
1923 ,:i.b 1044
/
28
3d eV, gold 41
1071
/
2 Aug'ut,
106 1071
/
2 i ako Erie & W 1st g 58..1937 J -1 114%
112% 1161,
111% Sep '0, .
1920 A-0 106
4th ext gob u 58
117 Jai, 05
07
1.420 gold 58
97
/
4
107 Aug'ut . . 101 109;
991
1928 3W
1941 J -J 107%
6th ext gold 4s
/
2 114i,
3 1224 1251t
125 124% 124%
North Ohio 1st gag 63 1941 A-0 1121, 114% 113 J'ly'09 ... 1121
1920 al-S
let consul gold 7s
121 124 Aug'ut, .. 122 134
I, Silo & Mich S Bee N Y Cent
11120 11.5
let 0011801 g Hind 78
91
-4 65
Lett Val N Y let pug 41
69
/
2 10i-.',
3 1061
8988 88%
/
2 107%
89
/
23 1940 J -J 10712 107% 1071
Erie 1st con g 4s prior 1900 J -J
8,3.
861
/
2 bt“
4 Alay'uti
liegistered
1940 J -J
Regtatered
199u J -J
10734 107 .AtigIA .. 107 107
57
/
2 80
8 691
7654
771
Lehigh Val(Pa)cons g 46 2003 81-N
/
2 764
98
9712 Sep 'u.
713
971
/
2
1st C01.801 gen lien g 46-11306 J•J
85½ Fell'01
Len V Ter Ity let gu g 58.1941 A-0 *1151
115% ,Ply'US .... 116% 118%
Registered
/
2
linit. 3-3
109% Oct '05
; 90
751
65% 86 Sep '08 ,
Registered
Penn colt tr g 4s...... 11)51 F -A
1941 A-0
831
/
2 15 63
894 Leh V Coal Co let gu g 50 1933 J -J 10884
109 I'1y'01' .._ 04) 109
1
2Sale 85
50-year cony 43 A
11153 4.0 83/
41, 57¼ 80
76
97
117 Aug'09 .... 06
Leh & N V 1st guar g 48-1114:3 11-6 98%
Series 11 1053 A-0 76 Sale 15
do
Registered
194., M-S
Bull N Y& Erie let 7s 1916 J.1) 1164 1174 116.8Aug'09 .... 115 1108
1154117/
113% Jan'00
1
2
El 0 & N let pf 68
Ohm & Erie 1st gold 5s 1962 2/1-31
1914 A -0 102%
116¼ 1.167•J'ly'1)9 .
I.0114 Sey '05 .._ 101.14 1011,
(hold guar 68
Choy & _Mahon Val g 58.11136 ,.j 110¼ .....• 121 1-)
1914 A-CU 1014
"'
() •
127 J'uto'09 .... 126 128½ Leh .15 liud R See Cent of N 1
Long DOCK oonsol g 68_1035 A-0 126
/
2120
Mai& Rit let cur K1165.1922 ,YI-N
Leh do Wllkeelo See Cent of N.?
1.14 J'ne'09 .... 1121
Deck & Imo let Cur tia__1913 J..1
1081, 110 Aur'09 .... 106 110
Leroy & Caney Val See Mo P
'

PI

-9

,111SUELLA NE4)US ROND.o-Continued on Next Page.
Lilts and Electric Light
0:m. and Electric Light
Atilintall L Co 1st g 08 194`,
/
21041
/
2
NY0ELH&Pg 6s...1948 J-D 103 104 103% 1031
/
2 9 1001
103
likiyn U has let oou g 58 1043
. 86.* 14 834 861
Purchase
/
2
money g 4e...1949 F-A
107;
861
/
2 Sale 853
108
107%1091
/
2Sop'09
/
2 1071
104.
Butialo :las let g 58
60
9 10.014 100/
74
1
2
Ed El 111 let cony g 58_1910 M-8
67
70
Lou% 1004 100¼
70 Sep '08
11 t /
1
4,J'Iy
110 112
1st coneol gold Os
Columbus Gas let g 58.-11132
1995 J-J
192o
961
/
2May'u9
..... :01
101
97
981
/
2
Detroit City tine g be
101
4 100½ 102 ki N Y&Q El LdloP 1st con g 5619:30 15-4
971
/
2J'ly'09
100
971
/
2 971
/
2
N Y & Rich Gas let g 56.1921 'SI-N
Del Guts Co con let g be 1916
95% Sep '08
1.00 102
10434 Nov105
Pet do PasO & E con g 55.1949 M.S
ItqG L N Y lat con g bo 1932
913 Mar'06
/
2 1191
/
2Sale 1191
/
2 1 Ill) 121
Peo Gas & 0 let con g 68 1943 4-0 1191
Gas& Else Berg Co c g 55 1945
611
/
2Oct '01
102%104
1
2 Sep'02
Refunding gold Os
1947 M-S 103 1031
/
2 103/
101 107% Doc'Ot)
g 68.-11/13
(Jr Rep th L Co
103 1041
Cke 1st go g 5s 1037 J -J 103% 1041
/
2
01i
/
2 105 J'ly'09
/
2Sep 'Oo
10434 1051
/
2 1041
105 105
Hudson Co Gas 1st g 58-11141.1
96
1 101% 103
102
100 100
Con G Coot elt let gn g 53.'36 J•D 102¼ 103 102
1UU May'00
Hat, city(310)Gas ling 58 1922
/
2.
1041
86% 841
/
2
Ind Nat Gas& Oil 30-yr 53'36 11-N
V31
/
2 114¼ Aug'09
King,/ Co El L & P g Os 19.3•
117¼ 117¼ Aug'09
1(1184 J'Iy,09
110 118
Mu b'uol that; 1st gu g551947 M-N 161½.
101%10184
hase money t3s
99¼ J'103'09
991
/
2 991
/
2
1 i,
88 Sep 'Oh
Syracuse Lighting let g 54251 243 991
/
2
PurcEd El 11 Btu 1stcon g 41111t11U31
102% 103% 1.031
110 May'06
......
/
2 1034 1 102% 105
Prentoi. & El let a 58 10414 81.5
141C Gas Lot St List g 58.61019
90 Jan'08
1()0¼ 101 100 J'Iy'09
Ret and ext 1st g 58
......
1934
100 1311¼ Union Bloc L& P 1st g 58 1932 U.S 100
/
2 91 Sep'09
911
;Milwaukee Gas L let 4e 1101
91
91
1/24 Utica El L & P 1st s f g 56 1950 J -J 102
1021
/
2 Mar'09 .... Iio2 h 1024
_Newark Oen Gas g
Westchester Ligheg IX 58 1950 J-D 103½
108%
......
*No price lfrunty; latAtet. DUI anti tusked this weeK.e Due Jas It Des u ob D ue Apr e Due Aar 4 Des J'ly MIMI Aug •Due too? q DOA 1300 SOPthen 8A10 ,




New York Bond Record-Continued-Page 8

7O8
110N1),
N.Y.STOCK EXCRA NGE
Wkgg Etvinke SEPT 17

e

Price
Priam?,
Sept .17

WeeIc's
z
Range
Range or'
c
Since
Last Sale g
ianuaro 1

BONI).
N. Y. STOCK EXCHANGE
WERE{ &lam. sEpT 17

Price
brio'ab
Sept 1 7

4It

Bin
Bela Iv o 1,ow awl
Ask Lois
Long Dock See Erie
Bkln & Slab Bch See L I
112%
11268 112
Lone rat,(t-ist con g58 /i1931
Ito 112% 4 Y Cent & 11 Itiv g 3168.1997 J • J
99,
2
h1931
1st consol gold 48
Registered
-7-3
General gold 48
97% 98
9714 Ply'09
96
Deben g 49
97%
11)7
34 (41.N
Ferry gold 4 128
192: VI. S 100 104 10014 Ape° •
Lake Shore coil g 3128. 111118 F A
0014 100'9
4914
°et '00
Gold 4s
96
97
1934' ./
Registered
F -A
Unified mold 4s
91
96% 94
98
1941. NiL 96
Inch Cent coil g3128. 191:s
98
92- F -A
104% Dec'08
Debenture told 58
1434 J.1) 105%
Registered
F -A
Guar ref gold 4s...
97% 99
97%
9714
1949 vt-s
4 97
Beech Creek let gu g 48 10
99%
19:r6 J • J
Bklyn & Mont 1st g 68 1911 VI- S 101134
Registered
J -J
Dec'08
lstss
V1.3
1013
100
8
231 gu gold Is
1911
J -J
11014N ov'06
NYB&MB latcon g 58 193i. A 0 100
0
15
:337''' A-0
Beech Cr Ex t 1st 31-2s b1
1:
9:
NY&RBletg5s
Cart Si
1427 It-s 103 108 105 Apeiri
1st go g 4s. .1981 JO
109 Nov'thi
Nor Sh13 1st con it itn5so11132 Q-J 107
Gouv Si °awe 1st gu g Os 1942 .1)
T,onialana & Ark 1st g 68.1921 II-S
94% 914, 00 Aug'09
99
96
Sifoh Mal 1st go g 4s 1091 M-S
Launiv
Nasiiv gen g tis 1031 J •0 115.6 116% 115% Sep '09
J Juno it gu 1st 4s 1986 F.A
11514117'.
Alay'ou
117
Gold Is
110 117
1937 VI-N 115%
N Y Si Harlem g 3'.o 2000 NI-N
99% 33 1(91410214
Unified gold 48
99% Sale 90%
194
,J -J
N Y Si North 1st g 55. 1921 A-0
100 ALay'01.
Registered
100 10014
N Y & Pu lat con gu g 48 1993 A•0
194.. .1. J
105 J • ne'Oa
Sink fund gold 6s
Nor Si Mont 1st gag 58.1916 A-0
1910 A-(3 103
110% Sep '09
Coll trust gold 55
10534 110.6
1931 d•N 110
Pine Creek tog guar 65.1932 J -D
Aug'01.
111%
111%
.1
•D
E II & Nash 1st g
111 111
WJI,0con 1atoxt58.h1922 A-0
10714 J'ne1,0
107% 10734
LUin & Lex goid 41.28 11131 d-N 103%
Oswe & R 2d gu g 58...e1915 F-A
125
125
N 0 ife M 1st gold 68
1931. J •J 125
1 124% 12538
13 W&OTH 1st gu g 58.1918 M-N
'04
Jan
120
1930 J--1 118
N 0 & M 2d gold 6s
120 120
Rutland 1st con c 4 %s 1941 J -J
Pensacola Div gold 6s 1920 NI- s
10714 A ug'00
Og&LChani 1st gu 48 g1948 J.J
117 May'07
St L Div 1st gold is
1921 M.23 114%
Rut-Canad 1st gag 43.1949 J -J
75
71 May'09
2d gold 38
71
St Law Si Adlr isle Is 1996 J -J
71
951, 9516 Aug'09
Atl Knox & Gin
55 M-N
481
_1
9 18u
A-0
95
2,1 gold Os
06%
11(3 110 J'ly 06
ALI Knox & Nor 1st g513194') .1 D
Utica & Blk Rivgug4s.1
199
922
6 J -J
110 Jan '09
Mender Bdge lstst g 65.1931 11-S
110 110
Lake Shore gold 3%s
11197 .1-D
97
9718 97
97
Kentucky Cent gold 48 1987 J • J
lu 96
9834
Registered
1
1.1)
12
97
L, J-1)
103 Deo'08
L&N & SI & SI 1 at g 4418 1946 11-S 10318
M-S
Debenture g 4s
90
90
L& N-south M joint 48.1952 J J
3 88
01%
25-year g 48.
. 1031 Ni-N
113 11314 J'ly'09
.1937 F- A
N Fla & 6 1st gn g
11236 11514
Ka A& G R1tgiio5s.193S J .J
J
-J
104 1087*
N&C Brig° gen gu 6s..
41681945
Mahon 0'1 RR 1st 58..1934 J -J
1011
8ar'09
Pens & All 1st gu g tis 19.
21 F.A 111
101) 109..6
P1tts & L Erie 2i1 g 5s.a1928 A-0
1109 11014
& N Ala con gu g 65 11136 F- A 107
1 110%115%
Pats MoK & list gu 68 1932
9512 May'00
L & Jett lidge Co gu g 48 1945 M-5
94.
21 guar Oa
115%
1934 J • J
LN A & Ch See 0 ift.
MoKees& B V lstg6s 191e J J
jt/I ahon Coal Sea L S & AI 8
Mich Cent 1st cousol 6.4 11109 3,1-S
itLanhattan Ry cousol 48 1990 A-0 07% 984 99 Aug'09
92%100
58
1931 M.
104 Apr'05
Registered
1990 A-0
43Registered
1931
Stmpd tax exempt 1990 A-0 99% Sale 'J9 -.t
9316
1 99 41 10034
1940
hfcli'pt & B V See N 1: Cent
J -J
Registered
96
95 Aug'09
6.1.ex Cent cons g 4e
.11)11 J-J
It-s
83% 96,4
jL& S 1st g '3 1.28
26 Aug'01.
1st cons too g 3s
20
27
"4% 27%
al 939 J'ly
1st sr 3%5
1
1 542
111 M-N
25% Apr 319
28 cons inc g 3s trust recta..
2034 25%
20-year deb 48
1429 AU
140 Ply'00
61ex Internet 1st con g 48.1977 1i -S
SO
80
Bat c Si Star 1st gu g3s 1989 J •D
80 Feb'08
......
Stamped guaranteed .1977 NI-S
Y Chic& St List g 4s 1931 A-0
L0038 Slay'09
1.0038 101
diex North 1st gold 68.-19lu J -D
Registered
1931 A-0
Siloii Cent See N Y Cent
Debentures 4s
1931 NI.N
Slid of N J See Erie
West Shore 1st 48 go. 2301 J -J
MtILS&\V Hee Ohio
N
Registered
2361 J -J
Ull cfc North Bee 011 M & St 17
N V Si Greenw Lake See Erie
13214 J'ne'011
Minn &, St L 1st gold 7a..1927 J-D 133
132%133% N YSi liar See N I & Lind
118 Jan '07
Pacific!, Exist gold 68-1921 A•0 11/834
N Y Lack & W See I) LSi W
1013 May'01,
South West Ex 1st g 76 1910 J -D
10134 103% N YLE&W See Erie
109 III LA N Y& Long Br See Cent of N J
1st ammo!gold Is
1934 SI-N 108% 110% 109% Ply'09
85% 85% Aug'09
1st and refund gold 48 1949 NI-3
8414 8714 N Y N 11 Si 11-Cony 6s 1948 .1 -3
07 Apr'01$
91
92
Des AL & Ft D 1st gu 4s .'35 J-J
....
Cony deben 3145
1450 J -J
Minn & St L gu See 0 dee N
Housatonic It coo g 58 1937
99%100
10014
SeP
J
-J
••• 99 100%
hi SLY& SSAL Gong 4intgu'38
/1 Si Derby con cy 58 1918 NI-N
90 J'ly'01) •. 09
98%
Id S 51 cas A 1st g 4 lot gu 1926 J -J
99
N I Si North SeeNiredeli
Minn Un See St PM &M
N Y 0 & W ref 1st g 48.41992 1,1Mo Kan & Tex 1st g 48 1990 J-1) 100 100% 10014 10036
98%101 14
Regis $5,000 only
p1992 II-3
°MU F.A. 8734 80% 88 Sep '00
20 gold 48
803
. 88,4 Ai Y & Put SeeN Ye& IL
106 100 Sep '09
104% 109% N Y & R 11 See Long Island
1st ext gold 5s
1044 M-N
55
1st & refand 45
2004 M-S 84% 85% 5488
83% 87% N YS.t, W Sea Erie
90% Sale 9014
Gen s I 41-as
1936 J_J
90% 93% N Y Tex Si M See So Pao Co
9034
338 Apr'09
85
St 1, Div let ref g 4s
2110 I /01) 83
89% Nor Si South 1st gem
88
1941 M-N
Dal & Wa _
109%110
1 st gu g 5s 11/40 sgroi 100 101% 10914 Mar'i/l)
Norf Si West gen g Its
1931 M-N
93 Apr'0.,
93
92
Kan & no let g 4s 1990 F- A
93
93
Improvem't & ext g 68 1934 F -A
• K & lat gn g ba 1942 A-0 114% Sale 114 14 11414
113 114%
Now River 1st g 6s
1932 A-0
• K & Ok lat gu 5s
N Si W By 1st con g 48 1996 A-0
1942 NI-N 10814 109 109'. Aug 09
108 112
106.6
105
hI K& T otT lstgug5s 1942 11-S 1013
1.05 110
Registered
1906 A-0
Apr'01.
111% 110%
Sher Sh & So 1st gu g 58 11)43 J -D
110% 110%
Div'l 1st lee gen g4a 1944 J .2
Tex &. Okla 1st gu g 5s 11143 M-S 107 109 103 J'iy
108 111%
10-25 year cony 45.-1.932 J.D
610 Pacific mit con g its _1920 11-N 112%114% 113 Sep'09
113 116
Pocali 0 Si C joint 48 11141 J -D
101%
10114
102 101%
Trust gold Os stamped a1011 M-6
100%10288
CC..tx T latgug 5s
1022 J•J
10114 Feb'07
Registered
41917 11-8
Soto V Si N E 1st gu g 48 1984) 11.N
101% 1111% 101
1st 0011 gold Os
1920 F-A
101 10334 North Illinois See Clii Si N W
82,
, 13 78% 85% North Ohio See L Erie & W
1945 M-3 82% sale 82%
40-year gold loan 414
1,5%
11(3.6 J'ne'09
81 Is extd at 4./0
1938 .11-N
91318 96.6 Nor Pao-Prior lien g 48 1997 Q
94% Sep 'in)
94
95
Cent Br By 1st gu g 48 11119 11 -A
89
11518
Registered
1997(,1-2
110% 89 Mar'09
Con Branch U P 1st g48 11148 J-1,
89
01
General lien gold 38....a2047 4•F
110 Idar'05
Leroy& C VA L 1St g58 1920 J -J
Registered
100
100
1P.
A
100
Mo
1st
of
1
ex
99%
g
45.1938
100%
Pao R
St Paul-Do! Div g 4s .
a2
1119
014
115 Sep '09
11214115
28 extended gold 58 193e J -J 114
Dui short L 1st gu 58-1916 M-S
St I,1r Al& Sgen con g 551931 A-0 104114 1103 109% 1U014 12 109 12 112
OB&Qcolltr4s See t N or
'v11
Sep
A-0
111
Gen con stamp gill g 5a 1931
110% 111%
St P & N P gen g 68....11123 F-A
Unified a, ref gold 48 1920 J -J
87% 89
86
9034
8714 Sep 'Ws
Registered certitio's..1923
8104 *ft; 88.s
8938 Sale 89%
Rlv & 19 Div 1st g 4s 1933 NI-N
St Paul Si Dill 1st 58....1
1.1 16 b -A
19:36
Verdi V I & W 1st g 58 11126 38.5
28 Is
107'. Apr'Ot,
11117 A-0
Slob J & K C lat cone g 58 1115J J -J
118 Dee'06
2-1)
1st consol gold 48
Slob 46 Ohio new gold 6s 1921 J -D 121 122% 122% Aug*,111
Wash Cent lot g 4a
194a
1st extension gold 6s..hr.)27
117% 118'6 11734 J'ne'011
Nor Pee Ter Co 1st g 63 11/33
-j
General gold 48
90 Ply'09
89
.193a -s
Nor Ity Cal See So Pao
rdontgom Div 1st g 68..11/47 F -A 11234 112% 11234 Aug4/9
Nor Wi8 See()bt P Al Si 0
St L & Cairo coil g 48-811330
84.4
75 May'im
Nor Si Mont Nee N Y Cent
Guaranteed g 48
13(3 101 Nov'U4
1931 -J
j IInd& W Bee C C C&StL
hI & U coil 48 See Southern
luo lhtv RR See Balt Si ()
Mohawk .5b Mal See Z.1 VO&tl
•)re Si Cal bee So Pao Co
Monongahela ktiv See II & 0
.ire Short Line See (In Pa0
Mont Cent See St 2 & AL
iswego Si Rome See N Y
Morgan'a La & '1' See S P Co
ilac Coast Co 1st g 5s
11)46 J-1)
Morris & Essex See Del L&
C ao ot Missouri See Mo Pee
XI ash Chat & St List 78.1913 J -J
11014 110% 110% 1 110%112% Penn RR 1st real eat g 4E4 1023 ,VI-N
1.1 1st consol gold 6s
192,A-0 112%113 112% Aug'OL
112% 113%
Collard gold 56
loll .\1•5
Jaaper Branch 1st g 68 11123 J -J 117
116% May'lli
C00801 ;fold 48
..
11)43
Mo.M. lit W Si Al 1st 6.s 1917 J -J
11714 Mar1015
Convertible g 3'.s.
1912 ti-N
T & P Branch 1st
191'i J -J
113 J'ly'04
Convertible g 3%a
11)15 J -1)
Nash Flor Si Shot See
13a...
L& N
N
Consol gold 4s
Nat Rya of Max pr 14 0
1 1957 -J
95 Sale 9434
95 163 92% 96
Alleg Val gen gu g 48.2
2
104
948
Guar gen 4s
1977 A-0
88
89
87%
87% 44 86
D U it It& Lig_e 1st gu 48 g 36 - A
Nato( Alex prior lien 495 1926 J -J 102 102% 102 Aug319
103 103
Phlla Bel Si
1st g 48 1.943 sl-N
lat oonsol 4s
84.4 84 Sep'09
11351 A-0 84.
8() 85
Sod Bay Si So 1st g Os. 1924 J -J
Now 11 Se 1) dee N Y
&LI
8
U .N J
al. Can geu 48 1944
NJ Juno lilt See N Y Cent

Y.f;

1
Tif

t, Fox,. mama
Week's
Range or
Lad Sale

,

Range
Since
oilman' 1

4,0, Low
Rol
1101,,
92
91'2
91% 92
91% 94 It
00 16 Sep '011
2L4 9334
'
96
15".
90 Soh
93% 96%
'41 8214 85%
8% 8268
82% 82 Aug'0,
81% 84%
82% 8434
2-4 • 83% Sep'09
e2
8214
83% 82'9.3'110W
1(1018
10034 100%
100'4 J'1.01Y01)
101
102 Alai'04
107
84%
971.6 97%
97'. Apr'01•
10014 10()34 10014 Aug'09
1)1%
105 "et. VI
91
9614 Oct 14)109 113 10714 Aug'01
'
IOU -sop 'Oa

1110

124
109

13114131'-,,
110 lii
......

130,
, 1 3119 Jan 'tn.
11076 110 Ang'01.
105
AD
100.4 109
103 Sep •0,
94
93% Aug'01.
91,
, 914 .1'ne'0..
III Fel,'01
1.25 Feb'oe
101
1)13'. Dec'u,
91% 9216 92 Sep '04,
11019 Aug'01
94% Sale 94's
95
i)448 San, 1,334
94 1112
113%110 109 lilt '0',
102
100 May 0,
127
130% Jan '161
126%
111%
101 Feb•01
113%116 114% Oct
112
J'He'111
11934 100 14 10014 Apr'01
100.2 Nov'0
110 J'UehJ
• % .1.1y
111
112% 9258 Sep '0
101

Sale 100% 101
10()% 100 Ang•Lit
1)134 914 Sep 'Ou
102
102% 101
101
101 16 101

101
101

100'4

91
93%
11034 92
115 115
91
1-0'.
1.4%
93

9538
114%
97.
97%

130% 130%
101

101

l00'8 1(1014
1,1 1-8 1(3'-,,
92% 9314
Ii .00 % 10214
100 100%
9138 94
Jul 10.1 12
4 100 103%

139% Sale 13334 1301 46 133% 139%
108% Sale 10712 108, 4, 97.2 109%
11(314
118'. Deo'u
107 Aug'ul,
107 107
913.4 Sal.

103
120'4
1204
9814 09%
93% 93%
1014 Sale
91
1.05
9614 9034

1/834
14,7
10114 3111)01

2: 98

104 J'ne'0,
127 J'neu
12.9 Mar',
128% 1'nt,',)
..19
08%
.T6
• J'ly 'it
9314
03
41.
101% 10•4. 237
01
01
4
10914 Ifen'Uf
1/6".
4
116'.

9934

104 104
127 128
129 129
127 128%
1.8 100'.
97
97
93
95
03% 103%
8938 4)3
9
.
(1,..; 98's

102% Sale I()2% 1023, 31 102 104
101 [02'. J'ly'01
101 103
7434 Sale 74%
73
74
75
73 J'Iy4it
72%
72% 74%
1113 LA 97% 117.23'110'0.
183
97%
120
1111 120
114
104%
98% 99
941
,
1 12 1.2

108%109

120% Aug31
115 MaY'111
117% J'1.Y
104% AugUL
99
911
92'2 Jau
118 J'ly 'OS

110

Aug'OP

104 Sep'0
16912 J
'01
109%
102% May'L).
101)
103% Sale 10218 103. 4
98% bale 9734
98% 131
103% erne 103% 104
4.,
100
91) J'ne'u
96
103%
101 J'ne'01
1(10
Jan '0.
1014
100 106'.J'ly'0'
101

120
115

1.
21
12018

HA 104%
97% 01)
92% 92%
115 1.10%

1.09% 112
103 105
109%109%
102%104%
1)7 1.3 104
114% 100
11/316 10534
103%104.
104. 10(1%

illISCELL (NEI)116 MONDN-Continued on Next Page/
Coni and Iron
telegraph and Telepliono
BUff& Swig Iron s I 5s....1932 J-D 0934
100 May'09
98 100
Am Telep Si Tel coil tr 48 1929 J.J
Debenture 58
9734
97
1936 M.3
a 1926 51-8
Si?'. Pne'06
114
Convertible 45
Co, a ix.t co gen 51 g 5s..L94,1 -A
96
97
1 94 100% Mich State Telep 1st 5s -1924 F-A
00
Convertible deb g 5s....1911 FA
• 9714 87 Ply'09
87
87 16 Pao Tel& Tel tat 58
1937 J-J
Col Indu let& coil Oa gu..1934 F-A
21 71
53
84,
8234 Salo 82
, West Union col tr cur 58 1938 J -J
Contin'talC later gu5s g.11152 F-A
10738 Dec'04
......
k'd and real est g 4%8.-11150 NI-N
Gr ktiv Coal & C lat g 68..11110 A-0
102% Apr'06
1936 MN
Cony 4s, Series A
Jett & Clear C & 1 1st g 58.1926 J -D
1.07 Alay'97
Slut lit, Tel s fund 68. 1911 NI-N
Kan& HU&(31st f g 58.1961 J -J 101) .... • 10514 Dee'06
......
11antifneturing .S: Industrial
Pocah Con Collier Ists f 58.'37 J -J
83
8516 8834 J'ly '011
1936 J -J
8(3
89
Allis-Chalmors 1st 5e
Sunday Creek Co g 5s....1944 J J
78 Fel.)'07
11128 A-0
Am Ag Chem 1st 0 55
Tenn Coal gen 6s
1951 J-J 103%103% 103% 104
17 13(114104
1915
Am cot Oil ext 4'.i
Tenn Div let g 6s
a1917 A-0
108 Aug'09
1(16% 109
Ant tilde Si L isis t g Os 11/10
Birra Div 1st cousol 68..1917 J -J
108
108
1 i06,
8106
Amer Ice Secur deb g 68 1925 A-0
Cali C Al Co let gu g 68.1922 J •D 105
110 Jan '00
110 110
Am Spirits Mfg 1st g(38 1015
De Bar C& 1 Co gu g Os 1910 F-A
103 Nov'08
Am L'hreati let col tr 48-1919
Victor Fuel 1st 8 1 5s
37
87 Aug419
1953 J -J
87
87
Am Tobacco 40-yr g(38.-1944 A-0
Vafron Coal &Colst it 58 1949 M.3 98 100
90
100
7 95 100
1961 F-A
4s.
*No price Friday; Latest um and aske,L aplle J an b Due gel) e Dile ..ar d D. a .,9g A Due sly gum,
o Due




93
93%
105% Sale
98% 91)
98% Sale
10014
98% sale
101% Sale

93%
93% 10
11)4
10616 290:
1838 Sep 411.•
977k
1U.;
98'8.
100
11)2
061
, 54
95%
98% 102% 201
101) Marin

9188 96
92%106%
08 100
1)11% 98%
98%102%
9314 96%
84 102ss
95 100

85% Sale 84%
85% 83
102 101% 101%
97% 1)8% 98,4
96%
103
103
10'2%
it
70
70
71
1
99
95
0934 Ang119 -•-•
92 Aug'09
92
110 111 11(I% Lip., *Yi
80% Sale 80%
81)% 107

80
884
110 103%
116
9834
13655103'.
80
67
1)514100
90% 924
104% 11'2%
81
74

CI

P Due .8ov g Duo ueo 'Option. WO

New York Bond Record—Concluded Page 4

SEPT. 18 1909.1
lioN
N. Y. STOOK EXCHANGE
Evin50
WEEK
SEPT 17

13
44,

Price
Friday
Sept 17

Week's
Range or
Last Sale

Range
Since
January 1

N. Y. STOCK EXCHANGE
WEEK ENDiNu SEPT 17

Price
Prides,
Sept 17

709
Weetc's
Range or
Last Sale

Range
Janvary 1

ta
Ash Low
liujia N u Low
tan ,
outriern Pao co—((,'ontinuea)
Hill
Ash hum
Btu,
LOW Hfy/t
Penn Co—Guar 1st g 44)3 1921
1054 106 105 Aug'09
104 106,-.
No of Cal guar g 5s
112 Felon
1038 A-0
Registered
1921 J -J 11)3k,
,
01.1
104k, Al /0
1044 104 4
Ore & Cal 1st, guar g 5/3 1927 J -J 1034
Slay
104
09
104
101 *
Guar 3,
2s coil trust rog 1937 M-S
90k,
904
So Pac ot Ariz 1st gu g 68.e'lu
4
100,
101 4 Jan 'Id.
1014 101'2
Guar 34s coil tr ser B 1941 F -A
91/
91 J'ly
1104 9i'
So Pac of Cat-63 11& 5 1912 A-0
I044 J'ne'0Tr Co cortif's gu g 348 1916
9734
98 Sep '03
00
98
1st gold 6s
1144 Dec'Ul
1912
Gu 34s tr ctfs
1942 -D
90
01
90 Aug'09
89/4 90
1st con guar g 58
116 May'07
1937 11-N 112
G:t 34/5 tr ctf5 D
1944 .1-D
1/0
U3' 90% May'01/
904 90%
S PacofN Mex 1st g 63 1911 J -J
104 Api
Guar l5•25 year g 4s
1931 A 0 08 12 100
98'i 8 984 91IN
1)8k,
So Pac Coast 1st gu 4s g 1937 J• J
92
90 J'ly'01)
-88)492
CI & Mar 1st gu g 4 4s 1935 M-N 10034
'05
Jan
110
Tex&NOSabDivlst g6s 191.2 11-S
105 1024 J'ne't);
102)4102)4
CI & P gen gu g 412s ser A.'42 J -J 1097b
11034 Jan /9
11034 11034
Con gold 5s
1034
98',, Apt'Us
1943 J
Series 11
1942 A-0
109 4 J'ly'09
MA; 10134
o Pac RR 1st ref 4s
94%
-•ale
¶34)4
-J
14.
1936
J
95
934 1164
Series C 348
1946 6-N
054 97
96 Aug'09
96
116
southern-1st con g 58
111% 4 100 113%
1994 J -J 111 Sale i1 i
Series D 348
1950 F- A
954 07
90 iMay'08
Registered
110 May'0.•
109 110)4
1994 ,14 109
Erie & Pitts gu g 34s 5 1940
93
92 A pr'07
J
Deve16p Si gen 4s Ser A 1956 A-0 801, :-.•ale
3014
85
8234 It), 16
Series C
11/4(1 J -J
93
06
9834 Apr'04
Mob & Ohio coil tr g 45_1938
9014 12 65,2 904
89,2 Salo 894
Grit & 1 ex 1st gu g 4431941 J -J 104
10634 Dec'05
Mem Div 1st g 44-5s 1910
J 1101, 1114 113 Apr'ul.
.13 1134
Pitts Ft W & 0 1st 7)) 11112 .1- J 107
127%Oct'02
St Louis div 1st g 48
3914 Aug'01/
88
1951 J -J •
87% 01
2d7e
1912 J -J 107 110 110 May --I)
1119 111/
Ala Cen 11 1st g 63
108 sup '11s
1916 J .J 1104
3d 713
h,1912 A•0 107
107 Oct '05
Si Daily 1st g 45
J J
Aug'01/ .... 92.2 92)4
924
92)4
1)3
194s
Pitts 14Iff Ash 1st con 58.1927 NI-N 1104
110 Feb'01/
110 110
28 48
874 87% 92 J
1948 3-3
POC& St Lgu4,28A....1941) A•0
108 10778,1'1y '01/
107%1011 4
Atl & lad 1st g guar 48 11140 A-0 81,
8 803
Series B guar
1942 A-0
108 J )1y'09
11/8 109
Col Si Greenv 1st Os
3-3
1915
109 J'ne'0
109 1104
Series C guar
1942 51-N Ha 4
T Va & Ga Div g 5s 1930 J -J lit/ 111', 111 J'ite'ul.
1124-Pue'05
1.09% 111
Series 1)48 guar
1945 11-N
100 Aug'01/
100 102
90%
Con 1st gold 5s
1144 114%
1956 Al-N 1114
110'2114'2
Genes E 3,2 guar g
16
1940 F -A
,
953
954
14 114
98
9534
E Ten reor lien g 58
Al•
106
Apr'u.
193s
107
105
107
Series F 48 guar
994
11/53 J -D
Oa Midland 1st 3s
1945 A-0
05
58 Aug'00//
64
68
C St L &- P 1st con g58 1932 A-0 1134
114 J'ly '110
114 116',
Ga Pac fly 1st g 08
1922 J -J 11634
1,6% Aug')
11434 117
Pensacola & Atl See L & Nash
Knox & Ohio 1st it Os------- -1-J 115 116 118'4 Ma)'IA
1184 118,
4
Peo & East 'See t; & St L
310031
& 111r prior lien g 53 1945 J -J 105
15%
Apr'05
i
Peo & Pek Un 1st g Us...J.921 Q-F 116
116 Aug'119
116 116
Mortgage gold 48
81
,1945 J -J
Nov'03
82
26 gold 4'2s
004 100 100% Dec,'05
51921 M-N
Ricit & Dan con g 68. .1915 J -J
bO)4J'imeu;p
105'4 111
Pere Marq—Uli& W
Cs 1921 J -D
105 106
105% 105 Aug'00
Deb bs stamped
1927 A-0 108,4
92 J'ne'ua
Flint P At g 0m... .....11120 A-0
1134 112 Aug 05
112 115
Rich Si Meek 1st g 46. 194a M-N
'03
00
75
cousol gold Os
10434 10/11.,
1931/ MI-1,
107 107,2 Aug -3
110 Car &
1st g 5s
103
1911/ is-N 103 105 103
;
4 1033s
Pt Huron Div 1st g 54 11139 A-0 107 111 107 Aug'09
107 108k,
V urg inia Mid ser C Us 1111/ M•
110
112 Oct Wu
Sag Tus & fl latgu g 48 11)31 F-A
Series D 4-3s
-VI•S 108'4
1081
2
Dec
1'121
'Ut
PhIl B & \V See Penn Itit
Series E 5s
,VI11)8
1926
109
Ply
/119 109
Philippine Ry 1st 30-yr 814E4'37 J -J
00
93
113 May'01,
95
General be
10914
193c
i09 Aug'01' ... .07 1104
Pitts Cin & St L Bee Penn Co
Guar stamped
1936
1012 3lat'l)9 ... 107,4 14194
Pitts Clove & Tot
e B Si
W 031 W 1st cy gu 4s 1924 F -A
91
904
015'0;
Pitts let NV Si CIL See Penn Co
West N
1st con g_Os 1914 J -J
108,4 Aug'09
103.L4 109'4
Pitts McKees Si Y See N Y Ce5
A Si- N Ala See
N
Pate Sit le L E 1st g 55 1940 A-0 1154 120 116 J'Iy'09
116 116)4 SpokaheInternat 1st g 58 1955 j-J
.06N 106%
100% Sep '1(11st consul gold 58
937 Jqy '97
11)41 J -1 115
I ei A 01 ilL uistg4'-3s.1931) A-c 108 109 108 Sep '0:.
1014109
Pitts 61/ West See de 0
1 1st con gold 5s.....18114-11114 5-A 110,
4 117 116 Aug'u.
115 117
I)eluting Co gen g 4e
199'i 3•3 100 Sale 0114 1(10
04 994 101
Gen refund s 1 g 48
98 A tig't* -•- 06
1953 3-3 •
1/7
93
IN Registered
11.197 J•J
1/87,,
0,1 4 Sep '00
98.1f 100
St L M Bge Ter gu g 53 11130 A-0 111934
110,
4 .Pite'vz - ••• 1104 110,
4
:Jersey Cent coil g 4s 1931 A 0 1)6' 98
96 14 Sep 'tk
0044 9842 Vex & N 0 See So Pao Co
Phila &
cons 78 W11 J.D 103,
4
1024 Sep q);./
1024
Tex
102
&
,
4
Pao
1st gold 5s
2001 J -D 112)4114 1124 1121, 24 12)4119
Rensselaer & Sar See D Si 11
26 gold inc 58
50
g2000 mat
00
85 Auguli
05
75
111011 & Dan See 6outh 1ty
La Div B L 1st g 31)
iu3
103
1931 J • J 103
103 105
Rich .113 Meek see Southern
W Min W& N W lstgu bs %Al F-A 101/
106'2 Nov'04
Lido Ur \Vest See Den& Rio Gi
l'ol&OC1stg5s
111
111
1935 J -J 111
4 t. 1 1 1124
Hoch & Pitts See B it fY4 1'
Western Div 1st g bs 1931 A-u 112 112 % 112
112
I. 112 112
[tome Wat Si Og See N Y Cent
General gold Cs
104,2 1(14)4
1935 34) 1044
1 L03,2 105
Rutland See N I Cent
Kau & M 1st gu g 45
93 Aug'uv
1/3
1310 A-0
11234 95
;,agTtrs & ii See Pere Marc
Tot P & W 1st gold 48
904 Aug'/9
114)4 95
1917 J J
ati /4 04
OW°& ur 151 1st it 4s 1.947 J •J
1)8
16
96
96%
ii 92
iolStLdi W pr lien g 343 1925 J -J
97
90% 91
% Sep 'up
694 1/135
St L Si Cairo See Mol) Si Olin,
50-year gold 48
&2- 2( 50)4 StP.A
82% 80
1950 A-0 80
St L & Iron Mount See At P
for Hain & Fluff 1st g 48.41940 I -D
91% Apr'ull .... 1,134 9134
St LIt fir See T 1111, A of St L
later& Del 1st con g 5s 1928 J -D 107
108
Augq)b
107 108.34
5—
:tong 6s 1931 J • J 123%1'14 121% 121%
St Louis Si S
1st refund g 48
1224 124N
2
1952 A-0 88,
89 Gel)'0/3
a9
General gold 5s
1931 J • J 1104 110k, 1104 Aug'09
(In Pao RR .ii I gr g 4s _1947 .1-3 102% 11)04 102 12 103
110 111
102
104%
72
St L & S. 5 Ill eoue g
J
91
95 Apr)09
02
Registered
111
964
102'.. J'iy'09 ...100% 103
1947 .1-J 102)4
Gen 15-20 yr 33 .
192-, M-N
81)34 Sale 8934
1/0
20-yr
85
88
cony
91%
J-J
45
118
11127
sale i154 118', 213G: .02 124,
4
Southw Div 1st g 58 194, A.0 lt/u4
100 12 Aug011
100% 101
1st & ref Is
9634 salt. 1)336
96% 3
g21/1/8 51-S
96% 100
Refunding g 48
1951 J • J
8534 Salc 83'4
8534 22 84% 89
Ore Ity OS Nay con g 48.11)46 J -D
99 Sale. 1/9
119
119 7a
15 98
KC Ft SSi At con g lis 11126
111 12134 1194 Sep ,op
110% 1204
Oro
Short
F
1183
Line
4
1113
11834
4
1st g 63..1922
2 1,84120 12
KUFtiISiM Ry ref g 4s 11136 A-0 83% Sale 83
83%
82% 86
1st consul g 5s
, 1 1134 118
1045 J -J 1134 114,
1 113.12 113,
K & 51 1.116 lilst gu6s.11129 ‘\.-0 1011
Guar refund 48
944 salt
94% 8:: 1,1
VA
1921/ J -D
90,4
Oz'rk & U110 1st gu Cs g.1.013 A-0 97k, 981
. 1.8 Aug'uf.
91.9 08
Registered
-D
J
94 Jan 'up
19211
94
94
St hoU18 So See Illinois Cent
Utah Si Nor gold Cs 1920 J -J 107
91.1%Attg'05
93)4100)4
St L S W 1st g 48 El ctfs.11181,
94'4 94% 9434 Sep 'OP
Uni N J JAR & C Co See Pall
924 95
26 g 48 Inc bond Ws-411181) J -J
84i 84 Aug'01)
113
Utah
79
Central See Rio Gr Wes
85
Consol gold 4s
11132 J•1) 774 784 77'78
31 77 12 811-4 U tali & North See Un Pacific
Gray's l'tTer lat gug 5s 1947 J •D
1014 Apr'07
137
Utica Si Black R. See N Y Cent
St Paul & Dill See Nor Pattiik
audalia consul g 4s
1955 F -A
98 Nov'0/,
St P .51mn & Man See Gt Nor
era Cruz &Platgu 4481934 J -J
1/8 Sep'05
L
Si A el fee see AOL /-:4c
\Ter Val Ind & W See Mo P
at 1: S'x City seeU Ste &t)
Virginia Slid See South fly
ri A & A .Pass let gu g 4s 1943 J J
88
83% 4 89 92% Va & Southwq. 1st gu 58.2003
SO% 8912
3-3 110
110 Sep'09
110 1174
8 F Si N P 1st siuk t g 55 1911, J
102 106 110 Oct 'OZ)
1st C0118 50-year 58
1955 A-0 07
984 100
tit) tr 964 Aug'up
Say F.& West See All Coast L
ubaslt
1st
gout
113
Ca
it3
1931/
111
.11% 114,
2
Scioto Val & N
See Nor Si \\
1 20 gold os
-A
F
100
Sep
'Up
102 ttl.:34
.02)4105
1931/
Seaboard Air Line g 48
11150 A.0
80% 89'4
Debenture series B
2 034 91
89%
1939 J -J
100 101 J'Iy'01'
en
101
Coll tr refund g Os
1911 M-N
DM 4 3 95 LA 1007k.
loots 100
1st lien equip a fd g 56 1921 ,21-6
pb 101 10212
102% :02%
30-yrIst, g 48 61031 M-8
85
83 A tig'Ov
86
1st lieu 30 yr g term 48 1954 J • J
85
85
67 Jley'w,
90
87
874
Car Cent 1st con g 48 1949 J •J
934
b5 J ly'08
1st ref and ext g 4s
J -J
75
1955
,
74,
4
Sale
4
71% )10'
15)4
Fla Cen & Pen 18t g 5s 11.11?
J 100
107 14 A14'01)
Let & Un Ext 1st g Os 1041 J J 10934
1104 Aug'0/
108 1114
1st land gr ext g 5s — 1930 J -3
Des Mom Div 1st g 48-1939
1)14J'ne't),
sO
u3% 914
Consul gold 58
.1,t'1,6
1941 J -J
O'd
010 Div 181 g 3'2-s
1941 A-0
78 J'ly'u9
754 34
80
78
Ga & Ala lty 1st con 58 61945 J •3
1001., J'ne'ull
102-4 106 /2
Tol Si CIL Div 1st g 4s 1941
b
85
1)01 914 May'uv
90
1)1 12
Ga Car & No lst gu gCs 11129 3 • 3
101) ipo mar/o1/
,05 106
Wall Pitts Term 1st g 48 11,54 J•11
44
45
44)4 Sale
3, 42
554
Seal)& Boa 1st os
11)2t J • J 106
10734 J'iie'111,
10(334 1034
Trust Co certfs
444 salt.
45 12( 41 , 6534
,
4
Sher Slit & So See At K Si '1'
t: old 48
3.1/
Aug'01.•
8'-,
10
1
1934
14)4
Sil Sp Oca & ii hie A tl Coast 1.
Trust Co cents...........
/3,
4
4 )3
512 Sale
71
/
4 144
So Car & Oa See Southern
Warren see vet Lae & West
Southern Pacific Co—
Wash Cent see Nor Pac
Gold 48((3ent. Pao coll) k1949 J
94% 75 90
92 Sale 92
954 Wash 0.5 W See Southern
Registered
1c1941. J -1) 86
933, Aug'00
33/% Wash Terml 1st gu 3,2s. 1.'345 FL
85
92,2 J'ne'05
92
924 9334
20-year cony 4s
g1925 M•S 1037,, Sale 102% lui% 222: 974 107
West Maryland 1st g 4s 1952 A-0 81% Sale
84%
85% 32 82% 88
Cent Pao 1st tel gu g 451941' F.A
97% sale
95 4
97
90% 1187a
Oen et,, cony 4s
A-0
1952
611 Aug'09
01
70
734
Registered
0634
1941- 5-A
116"4 ‘3638
96
9734
'rm.-it Co()oafs
'01
Sep
52
73
00', 08
Mort guar gold 3 k,s..,cl1)2 3 -1
81134
89',
8104 91
811,8 93
W Va. cent & 1' lat g Lis 1011 3."
102 J ty 'U.
102 102
Throughi St L let gu 4s '54 A•O
1)4% Ply'011 ••-• 93,
U4
93
4 05
West N 1.5 Pa 1st g 58 11137 .1 -J 112',, 113'-, 112 bey 'uti
110 117
Gal liar & S A 1st g 6s 1911, F -A
101 14 ApC09
M1,51014
Gen gold 4s
11143 A-0
12% 02 Aug'u5
9538
91
87
Mex & Pac lat g
.r1•N 109 112 111-4 A pr'0,•
110 112
Income Cs
,11.1)43 No,
34 Feu'ii`,
Gila V Li & N 1st gu g 58.1924 ii1044 Sep '01,
4
101,
104 104% \Vest No Car See Small Ay
llowm 11.5 W '1' 1st g 58 193:,
104411/8 105)4 May'09 •--. t03 105,
Whcel'g & L E 1st g 55...1926 A-0 1084
4
1074 Sep '0;
107 109
1st, guar Cs rod
1931 //1-N 101%
t03 k, A pr '1.);!
Wheel Div 1st gold 3s..1928 J -J
103% 103
/35 J
II & T C lst g
Int gu 11137 J -J 109'4
101/38 Aug'01/
t011% 11114
Eaten & Imp gold
.1113: F -A
1031u Dee'0,
Conseil g Os int guar 1912 A, 0 11/9
1.07%
consul
let
RA
43. Cs. .1941 M•
574 67 Sep 'uI
8334 90
Gen gold 48 Int guar-11)21 A-0 91
964 115 Sep '09
90
20-year equip 8 t Cs_1922 J -J
99 Deu'l/a
16
09
Waco& N W uly 1st g tis'3/ el-N 116 118 110 Dec'00 .•• 95
Wilkes Si East See Erie
A & N \V 1st gu 614
1114 1-3
1074 Jan '011
107;
1 107k, WU & Sioux 5 See St P &
Morgan's La & T lat 73 1911- AU 1174 120 1224 Aug'08
Wig Cent 50..yr 1st gen 4s 194; J.J - 95% Sale 95%
95% 29 894 96%
1st gold Os
192u J • J 113
116 Nov'Oti ••Sup& Duidiv& term 1st48'36
93
13
(
J3'4 25 92% 95

U

.1/1144.1/41.11.ANEIJUS
On—Concitified.
nittitilnelitritist a.: Iiidat.trirta
3Ittuulitctur.ng St Industrial
Armour &Co listreal est4 411'39 J.1) 93,
4 Sale 93
93", 84 93
a stew Corp— j coup .f/1963 51-N
064
Beth Steel 1st OIL 13 58..1945 -J
8114 Sale 89
90
89,4 43 el
St 10-60yr 5s, reg
M-N
Cent Leather 211-year g 55.1926
100% Sale 1004 1110%
s
ia-Car Chem 1st 15•yr 58 1923 3-0
2 71
961
73,210
Corn Prod Bel ef g 5s....193, M-N
Westinghouse E &sls t 5s '31 J -J
994 101) Aug'0. .... 95 100
Dist ti sec Cur cenV 1st g 58.'27 AA) 75% Sale 75
'13
211
Misceilitneouri
lieu Electric deb g 348_1942 F A
81
83,4 83 Aug'01)
80
84
Adams Ex col tr g 45
1948
1917 3-D 154 Salo 151)4 151
10-yr g deb 5s
41 130 155', Bush Terminal let 45..
A-0
Int Paper Co 1st con g 68 1913, F -A 105 4 105 105
10\4 4 101 106)4
Consul as
1955 J •J
Consol cony s f g 58
1935 J -J
88 Sale 88
884 Chic J c & t Yard col g 5s 1913 J • J
2 85
88'
Jut St Pump 10-yr cony. ifs'13 J .J 10538
, Dot M & Mid gr incomes. 1911 A-0
. 1 100 1053
105% 1053
Laekaw Steel let g 58
1923 A-0 9638 Sale 98%
91),
. nstit for Irrig Was 4s 1943 A1- N
99
37 93
N I Air Brake hat cony Us'28 M-N 1144115 115 Sep 'Oil
108 11O' Ent Mercan Marine 448 1922 A-0
Repub 1 & S I st& coltr 58.1934 A.0 100%102 101% 101% 8 98 102
lilt Navigation 1st
55 1921/ F -A
Villein lhag& P 1st at 5s 1931 J- J
1(6)4 97
97
07
Newp Ne Slop & B D 5s(11.990 J -J
5 9134 98
(35 Leath co f deo giis 1913
10534 100 106 Sep '01 .—. 10142 100% N Y Dock 51/-yr let g 403_1951 F-A
JS Realty & I cony deb g 5:4'24 J J
110% Sale
89%
OW% 36 843 92
Providence sec deb 4s
1957
(I S Red & Ref 1st sfg 6e.19:ll J.J
112'.4 93
1278
91
ti 81)
133
Provident Loan Soo 443 1921 31-S
1.J 6 Rubber 10-yr colt tr 0210 •13 105 Sale 105
1054 83 102,
4 106
6-Yuba Slat Co con it 08 1923 3-3
'No price nnuay; latest um tufa asked tins week. a Duo Jan
Due CO a Line Apr e Due Ai57 gibe J•ne




106

Sale 1054
107 10034
138% sale
11334
144 Sale
1134

924 Salo
115
354
70% sale
85
95
9434 05%
8/

a Due J

10634 36
107
1
119
22
94% 103

1214
4
92,
110% Ply'0
95 4, J'Iy'oP
100 Jan '08

1024108
101% 10818
93% 100
1104 954

4

32
94
90
93%,
914 95,2
......

154
S
47
ACT
1
7/1% 26o
13834
85 Ply'05
96 Aug'in•
9434
95
1
jq
Jan '1(14
'1
8

9k34 954
8
08
7s
4.6
7
4 8

954
91
1111
10
115
95
112 J'1y'04
......
p Duo AO/
. s Uutton *sus

OECIOAGO STOOK EXCHUT.I-E-Stook Imoord- Jailv. Weekly and Yearly.
STOCK;;-HIGHEST AND LOWEST SAL:. PRICES
_
Wednesday Thursday
Monday
Tuesday
Friday
Saturday
Sept. 14.
Sept. 15.
Sept. 16.
Sept. 17.
Sept. 13.
Sept. 11.

-);21-2 -1i- ");i72
7
4272 7f-;iii
*10
12
12
*10
12
*10
12
*10
10934 10934
*_ _ 112 *__ __ 112 8____ 112
4812 3712 3634 3634 *3812 3712 *3612 3712
*24
*24
25
*24
25
*24
25
25
*912 1012 *914 1012 *914 1012 *914 1012
11
1012 16
16
17
1218 1034 1234
46
45
49
45
*47
47
4612 46
8134
8134 *80
8134 *80
*80
8134 *80
1518 1518 *1518 16
*1518 16
*1518 16
*4812 49
*4812 49
*4812 49
48
49
*19
*19
20
20
*19
20 *_- 20
*68
*68
*68
70
70
70
*68
70
66
*52
*5412 56
55
5312 5312 *52
4518
46
4412 4478 4458 4478 4434 45
*103 104 *103 104 *103 104 *103 104
.
.

Sates
o/ thc
IV eec
Sitars:,

_1.

Miscellaneous
2,460 American Can
305
Do pre
25 Amerttan Radiator.
100
Do pref
-155 Amer Shipbuilding_ _.100
26
Do pre!
100
400 Amer Telep & Teleg--- _
100
Booth (A) & Co
100
Do pref
-555 Booth Fisheries corn....
410
Do pref
150 Cal & Chic C..nal & D-100
..-- Chic Brew'g & Malt'g
Do pref
-iii Chic Pneumatic Tool-100
57 Chicago Telephone...100
Do rights
-.-;'7
1 Chic Title 63 Trust__ 100
466 Commonw'th-Edison_100
1,000 Corn Prod Ref Co Corn...
Pref..Do
100
Dh
-8
-7 Diamond Match
100
1,028 Illinois Brick
25 Masonic Temple
--- Nillw & Chic Brewing
Do pref
__
100
1,575 National Biscuit
100
Do pref
9
100
36 National Carbon
100
5
Do pref
40_ People'sGasL&Coke 100
__
Do rights
1-/700 Sears-Roebuck com-_100
Do pref
100
205
100
923 Swift & Co
Do rights
-_
The Quake,Oats Co..100
Do pref
100
-Hi
Unit Box Bd & P Co-100
Do Full paid-Do prof
100
Do Fug pa d
6 16.
100
Wnstern qtone __

Price
Friday
Sept. 17

Week's
Range or
Last Sale

Jllyh
Biel
Ask Low
100 Meh'07
Amer Strawb'(: 1st Gs_ 1 G 11 p - A
9314
9314
Armour & Co 4 %s_1939 J -D 16F4 Sale
Aurora Elgin &Chic 53 1941 A -0
Cal do So Chic Sty Co
102 J'ne'09
1025 F - A
1st M 55
- J
10114 Feh'09
• Cass Ay & F G (St L)53'13
100 May'07
-Chic Board of Trade 4s1927 J -D
10314 10312
192/ F - A
Chicago City fly 5s
103 Apr'04
)Chic Consol Br & Mit Gs..__ J 50 Apr'09
,Chic Consol Trac 4 As 1929 J -D
9634 Jan'06
-Chic Auditoriumlst 581929 F - A
'Chic Dock Co 1st 4s_ _1929 A ,Chle Je RR 1st Mg 55,1945 M S
87 Fel;',155
Chic No Shore Elec 6s.1212 A - 0
78 c3W,7 78
79
Chic Pne Tool 1st 5s_a1921 J - J
1927 F - A 10138 Sale 10138 10138
Chic Sly 55
Chic Rys 4-5s series "A" A- 0 9534 Sale
9534
9534
8514
8514 Sale
8514
Chic Rys 4-5s series "B" J -D
92
8914 J'ne'09
Chic Rys 4-53 series "C" F - A 91
10112 1011?
Chic Rys coil 6s......1913 • - A 10112 102
- A
10112 July'09
Chic Rys Fund 6s....1913
10114 §-aiJ 10114 10114
Chic Rys Tern Ctfs 1st 5s
6612 Aug'08
'Chic R I & P RR 4s_2002 M- N
6612 July'08
1913 85- S
Collat trust g 5s
e 10318 10318
Chic Telephone 5s_ _ _ _1923 J -D ticUi; 1Ts5• Commonw-Edison 5s1943 M- S 10278 Sale 10234 103
100 Jne'08
Chic Edison deb 6s_1910 J - J 101 Aug'09
1-0038
1st g Is. ,,July 1926 A 10058 Aug'09
Debenture 5s_ __ _102. M - S
Commonw Elect 50194: 41 - S icTS- :4;W 10234 103
80 Dee'08
Illinois Tunnel 5s_ _1023 J -D --- 65
Kan City By ec Light
0834 J'ne'09
1913 M- N
Co 53
96 Mch'09
Itnick'b'ker Ice 1st 5s.1928 A - 0
90 July'09
Lake St El-lst 5s__ _1028 J - J 6.... 90
16 May'05
1025 Feb
Income 5s
Metr W Side El8312 8312
8312
1938 F - A 83
1st 45
-- 8112 8378 rne'00
1938 J -J
Extension g 4s
•
4 Sale
9434
9434
North West El 1st 4s..1911 M- S -9439814 /taw°,
No W G-L ec Coke Co 5s'28 Q -85
2 97
9512 Sep '09
- N IN11945
Ogden Gas 55
1916 J -D 100 -- 10038 Meh'09
Pearsons-Taft 5s
85- S 9634 ---- 97 Meh'09
4.40s
93 J'ne'09
M - N 98 -___
4.60s Series It
M - N 99„ 100 Meh'09
4.808 Series F
12134 May'09
fit/
Pco Gas L&C 1st 6s_1942 A _
103,4 10312
Refunding g 5s____1947 85- S 1035
1033, 10334
J 10312 104
Chic Gas L&C 1st 581937 J
10214 July'09
Consum Gas 1st 58_1936 J -D 10214
Mut'l Fuel Gas 1st5s1947 M - N :102 1-0214 102 Aug'09
9412
9412 Sale
9412
South Side Elev 4 As_1924 J - J
Swift & Co 1st g 5s___1914 J -J 100 10034 100 Sep '09
9358 95 J'ne'09
Union El 'Loop) 53_1940 A - 0
114 bloy'04
Union Pacille cony 4s_1911 M - N
79 Sep 'u9
United Box Board col 6s'36
677 16
81
79 Sep '09
J - J 670
General mtge 6s
8512 July'08
---Western Stone Co 53.-1909 A -

778 Jan 3,
7134 Jan 6
200 Jan It
126 Jan 21
5418 Aor 21
101 Feb 24
139 Aug 7
18 J'ne10
14 May22
10 Mac 24
48 J'ne la
5114 Jan s
1 Apr 21
212 AK 27
20 Mch 24
127 Jan 4

1418 May2,
85 J'ne 4
21212 Sep 15
132 J'ly 21
0734 Aug 7
ill Sep 13
14312 Sep 16
1 Jan 2
5 Jan 5
27 Aug 26
62 Sep 7
58 Apr 11)
3 Apr 27
212 Apr 2;
34 Aug 24
138 Sep 17

117 Jan Is 151 J'ly 21
107 Jan 21 12112 J'ly 1
1718 Feb 26 '1518 Aug 3
7014 Mch25 8812 May19
117 Jan 0 13034 Aug 13
38 Jan 'x6 60 Sep 1))
43 Jan 5 47 Sep 16
2012 Apr 2/
9778 Jan 2
11814 Feb 15
82 Jan 14
110 Jan 15
102 Jnit S
12 Feb 25
65 Jan b
101. Jan 5
113012 Jo)
,9
6 Feb 5
119 Jan 6
9812 Jan 2
5, Feb 19
214 Feb 26
334 Mc11111
1012 Meh
I:: Feb la

21 J 'Ile V•
11218 Sep 17
127 J'ly 2U
09 Aug'13
120 Apr
11978 Aug16
1 Me)) ot,
10414 Aug k4
11812 Sep 16
11414 Aug 6
20 Jan is
152 J'iy '28
10312 Aug 12
158 Alch2o
31 Mcli .4
912 Jan 4
1632 J'ne 5
'25 +1(4'15

highest

160 Jan
15R Feb
612Dec
804' J 1'
38 Oct
20 Nov
934 Sep
15 Feb
30 Oct
68 Sep
1214 Nov
42 Jan
1334 Aug
46 Atte
42 Aug
2612 Apr
86 Apr

185 Dec
31,, Aug
10 Aug
111) Nov
47 Inc
28 Dec
1312 Dec
3012 Dec
4734 Nov
8812 Nov
19 Jan
65 May
22 Dec
6211 Dec
71 Jan
34 Nov
1(10 J tic

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

1038 Nov
-/878 Dec
200 Dec
12814 Nov
63 Nov
104 Nov

38 Dec
:3 'Dec

30 Jan
)00 May

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

6714 Dec
Ps Aug
4 Apr
301. Aug
153 Sep
:34 Feb
116 Dec
110 Oct

113 Jan
30 Jan
38 J'm

137 Aug
4212 Dec
46 J'ly

20 J'ly
10 J'ne
97 Dec
70 Jan
120 Aug
10134 Jan
87 Dec
61 Mel
91 Mel) 115 Nov
8012 Jan
100 Dec
24 Jan
72 Jan
8812 Jan

56 Dec
102 Dec
10634 Sep

11434Jan
87 Jan

134 Jan
100 J'ly
134 Jan

14 J'15,
112 Jly

12

Jan

‘1,S,

Chic tgo Banks and Trust Oompinies

Chicago Bond Record
Interest
Period

,
_ ,otvest

Lowest

Prillroads
180 Mr.!) 8 190 Feb
Chicago City By
Last Sale 180 .Apr'09
214 .J'ly 21
100
01)
Chicago & Oak Park_1
4 Jan 22
Last Sale 214 July'09
100
Do pref
9 Jan 21
15 Jan '22
July'09
Last Sale 10
/0 Chic Rys part ctl "1"_ -- 107 J'ne 4 11912 J'iy 28
112
110 110 *108
10 Chic itys part ctf "2"-- 36 J'ne23 4534 Jan 2
*3612 37
*3612 37
Sep'09 -- Chic Itys part ctf "3"-- 24 Sep 7 00 .1:.).n 29
Last Sale 24
O `ray 3 1312 Jan 2
50 Chic Rys part ctf "4"___
9
9
*9
10
100
934 Sep 17 2914 Jan 2
12
11
934 111: 13,489 Chicago Subway
52 J'ly 7
334 Kano City ity & Lt 100 36 Feb 24
*45
47
45
46
100 79 Jon 8 8612 May18
Do pret
Last Sale 8112 Aug'09
-a- Metropol W S E1ev_100 1518 Sep 13 19 Mch 8
*15
16
*15
16
100 47 Jan 14
64 J'ne
0_1..
Do pre!
*4812 49
*4812 49
Northwectern Eley _ _ _100 20 Aug 11 '25 May 6
Aug'09
Last Sale 20
100 63
Do pre!
Aug'09
an 6 73 May 7
Last Sale 70
--iii South Side Elevated..100 50 Jar. 25 61 May i
55
55
*53
*53
5134 J'ne 18
825 Streets W Stable C L_100 2014 Apr 11
4514 4512 4512 4532
100 97 Feb 15 10712 J'ne16
25
Do pre!
104
10212 10212 *103

1228 1212 1212 1234 1268 128
1238 1212 1214 123s 1218 1214
83
82
8314 83
8234 8312 *8212 83
215
21212 21212 *Hil 215 *210
212 212 *210 212
212 212
Last Sale 132 Aug'09
*130 135 *130 135 *130 135 *130 135
63
64
63
63
*63
63
*62
64
*62
64
*82
64
11234
*110 11012 112 112 *111 114 *111 114 *111 114 *119
14112 14112 *142 143 *14312 14412 14312 14312 14314 14314
141 141
Last Sale 18
Junei09
_
Last Sale 14
JUne'09
_
2212
21
21
2212 2212 -2-2-1-2 22
22
*22
24
61
5934 6038 G038 60
59
62
*60
*54
54
5412 5412 5434 5434
54
55
*54
118
Last
1
118 *1
July'09
•*1
118 *1
118 *1
*2
3
*2
3
Last Sale 218 July'09
*2
3
3
*2
3212 3314 *3212 33
3212 3212 *32
33
3212 33
33
33
136 136 *136 140
133
138
136 140 *139 140
*136
Last Sale 214 . Mch'08
- 142 144
14212 143 *14012 143
1397 140
11,1214
.51-2
12068 12038 *11912 12012 120
120
12014 12014 120 12012 120 121
2334 2334 2314 2312
23
2378
-ma-y1(55
Last Sale 8812
•512
*12
cif" 12634 127 127 127
7- 127
*127 128" 127 12712 H7
6934 6838 8312
5938 60
60
59,2 5934 59
5934 5978 59
*43 -- *43
47
47
*45
__ _ _
*43
*43
Last Sale 218 June'07
Last Sale 21
June'09
11218
10612 10-8-34 10814 11012 110
10734 37613:1 *107 108 *107 108
126 126 *12612 12712 *12612 12712 *127 128 *12512 127
*125 126
9634 9634 9634 *95
9634 *95
9634 9634 9634 *95
*95
9634
11812 11812 *11834 119
*119 120 *119 120 *119 120 *119 120
116
11514 11514 *11412 115 *11434 11514 115 11578 11658 11658 116
Last Sale 11-16 Meh'09
103 10338 10378 104
10234 103
10234 103
258 103
10212 10212 15.
.4.116 116 *115 116 *115 116 *11314 11334 11812 11812 11314 11314
Ho mos 109 10914 109 10914 10914 10914 109 10912 10914 10912
Last Sale 7
Feb'09
Last Sale 145 Sep'09
*146 iiii- *iii- 150 *146 ficr *146 150
10212 10212 10212 10212
102% 10278 *102 103
,*102 103 *102 103
Last Sale 112
Apr'09
Last Sale 3
Apr'09
Last Sale 734
Apr'09
-1358 1358 1358 1358 _
-1312 1112 1318 1312 -1512 14
Last Sate 20 - S
21
*20
*20
21
21
21
*20
*20

BONDS
CHICAGO STOCK
EXCHANGE
Week ending Sept. 17

:fringe ;or Previous Yeas
(1908)

Ramie sine.
Jan. 1 1909

STOCKS
CHICAGO ST()CK
EXCH ANGE

B'ds
Sold

Range
for
Year 1909

No. Low High
1

-6314 16-78
102 10212
101. 10114

_
_
15

103

105

50

50

_
4
3
1
7
15
8

13

12

72 5
3-4
10078 10234
9312 9614
8434 8912
89
91
10113 10233
10112 10238
101 10212
-

10234 10334
10314
1663-4 31414
101

10058 10218
10234 1035s
_
98
96
73

•5
8

4
1
3

9834
96
91

8612
83
8212 8414
9214 9612
98
99
98
93
10014 10012
9634 93
9978
98
100 10012
120 122
103 104
10334 105
102 10234
10112 102
9412 9634
100 102
92
96
70
8012
7014 81

NAME

Oulstandinn
Stock
I

Surplus
and
Profits
t

Dividend Record
.en
1907

in Pei- Last Patel
1908 lot

An. Dec '08, 6
6
6
$36,276
$100,000
Calumet National
J-J July '09, 5
196,740 10
10
500,000
Chicago City
Commercial National_ 7,000,000 §3,343,646 See to et not e (s)
8
Q-J July '09, 2
8
Continental National_ _ _ n4,000,000 §3,963,096
6,279
6
(1 Q-11 July '09, 112
50,000
Cook Co State Savings_
12
Corn Exchange National 3,000,000 ;5,283,593 12
Q-J July '82,3
A-0 Apr '09, 212
37,245
6
200,00))
6
Drexel State
8
Drovers' Dep National_
600,000 §409,369
9Y, (7-J July '09, 212
Q-J July '09, 112
33,900
6
Englewood State
200,000
6
First National
12 Q-N1 rne30'09,4
8,000,000 §3,220,177 12
First Nat Englewood_
165.042 10
10 Q.131 J'ne 30'092:2
150,000
Foreman Bros B'k'g Co_ 1,000,000 8542,855
Priv ate Ba nk
Q-J July '09, 2
Fort Dearborn National 1,000,000 §418,357
8
8
J-J July '09, 212
5
Hamilton National_ __ _
5
500,000 §152,092
Q-1 July '09, 2
8
8
Hibernian B'k'g Ass'n_ _ 1,500,000 8807,640
J-J July '09, 5
10
118,256 _10
200,000
Kaspar State Bank_ _
42 Q-51 .1'ne30'09,212
4 -8i
§4
§3
13
1:
8
16
15
50:00
0
. 10+
20
[Ave Stock Exch'ge Nat 1,3
Aug 1 '09, 1
Monroe National
July '09, 2
8
Nat Bank of Repub lic_ _ 2,000,000 ;1,134,917
July
'09, 112
Q-J
4609,923
__
3
1,500,000
National City
__
July '09, 1
$69,480 ____
250,000
National Produce
July '09, 112
2%
67,729
200,000
North Avenue State...
July '09, 112
12,102 -(16
50,000
NorthSide State Sav'gs
July '09, 112
0,162 --- -200,000
North West State
.....
170,677 -----250,000
Pratrfe National
8 Zi-Y1 June 09, 112
8
849,940
600,000
Prairie State
_ Jan '08, 2
2
4
812,173
250,000
Railway Exchange _ _ _ _
July '09, 112
300,000 a143,42628
Security
July '09, 112
78,176
209,000
South Chicago Savings_
17
6
1- Q-J July '09, 3
State Bank of Chicago_ _ 1,500,000 81,465,411 9+1 -6
J-D rite:30'09,2
250,000 474,580
Stock Yards Sayings
(3
42,726
6 Ill -Is) May '09,3
200,000
Union Bank of Chicago_
0
66,024
6
Q-J July '09, 112
200,000
UnionStock Yards State
8
8
Q-J July '09, 2
American Trust h Says_ 3,000,000 2,709,594
7
Q-J July '09, 134
Central Trust Co oc III_ _ 2,000,000 8812,439 _ 7
889,160
1% Q-J July '09, 112
n500,000
Thicago Say Bk & Tr_
--3
(
3
139
66
6
Q-J July '09, 112
Chicago Title & Trust.. 5,000,000 r1,208:4
4
A-0 Apr '09,2
000
50
0:00
60
Citizens Trust & Savings
8506,621 10
8+2 Q-J Oct. '09, 212
Colonial Trust & Savings
897,307 _6
7;
_$ Q-J July '09, 2
200,000
Drovers Trust & Savings
218
:081 _-i.
740,inco.„00atea
_- R-J July '09, 112
1500,000
,
Farwell Trust Co
_
Q-111 July '09, 4
2,000,000 82,990,694
First Trust do Savings
1908 V.87,p.1138
200,000
Guarantee Trust & Say_
Q-J Oct '09, 212
6
Harris Trust & Savings_ 1,250,000 81,140,070 __
Aug20'09,1
Illinois Trust & Savings 5,000,000 88,297,291 16+4 16+4
6
44,669
6
Q-J July '09, 134
200,000
Kenwood Trust &Savgs_
2
43-$ Q-J July '09, 114
34,889
LakeView Trust&Savgs • 200,000
12
Q-J July '09, 3
Merchants' Loan & TrCo 3,000,000 85,036,106 12
6
0 Q-J J'ne '09, 112
750,000 8243,819
Metropolitan Trust &Say
8
8
1,500,000 82,123,341
Q-J July '09, 2
Northern Trust Co
6
51,656
6
J-J July '09, 3
200,000
North-Western Tr&Sav.
6
6 Q-J July '09, 2
200,000 8100,964
People's Trust & Savgs_
0:700
43 Bekg8
. b us.J8iy Q-J July '09,2
27
17
00
2
500:00
Pullman Trust & Saygs_
12'O 9 V.89,p.141
Sheridan Tr & Say Bank
26,363 __5__
200,000
5
J-J July '09, 212
Stockmen's Trust & Say
3
55
3
21,000,000 81,263:,08660
8 Q-M J'ne30'09, 2
Union Trust Co
26
041
00 (18
0;00
6
200
Q-J July '09, 112
Western Trust&Savings 1,0
BegGan businc ss Se pt 5 1908
West Side Tr&SavBank
6
35,920
6
200,000
Q-J July '09, 112
Woodlawn Tr&SavBank

net/led to all Chicago b ond prices.
Not:.-Accrued interes% must
•Bid and asked price3, no sales were made on this day, tjune 23 (close of business) for national banks and June 24 (opening of business) for State
price this week. aDue Dec. 31. ODue June . he Also stock dividend of 33 1-3%. nCapital and surplus to
latest
day;
institutions. f No price Fr
be Increased. oDividends are paid Q-j, with extra payments Q-F. r As of date Dec. 31 1908. s Bankers and Commercial National banks merged
§ CiOse of business Sept. 1.
d Opening of
under name of Commercial National, with $7,000,000 capital; V. 89, p. 571. z Capital to be increased.
.busin ss Sept. 2.




SEPT. 18 190.j

THE CHRONICLE

Volume of Business at Sltook ExclanP.,

711

relegrn p./
Fe opkone Bid Ask
Amer 'Velez & Cable_100 83 86
Central & So Ainer__100 114 117
Comm', Un Tel (NY)_ 25 1)0 120
Elm) & Bay State Tel_100 65
75
Pranklin
100 43 50
e Gold & Stock Telog_100 110 120
NY &N,1 Teleph-See St k Exc list
e Northwestern Teleg_ 50 112 120
Pacific & Atlantic_ _
25 75 8J
Southern & Atlantic
23 90 100

Induztr,1 and Misce'.
Bid Ask
Consol Rubber Tire __100
5
3
Preferred
19
23
Debenture 4s19 1 A1&99
36
0 1 34
Con Steamship Lines _100
Coll tr 4s 1957 nets J&J 1 22
24
Corn Prod Ref-See Stock Exc list
Stocks.
Railroad
e
Crucible
Steel
100 1438 1412
Week ending
&c.
State
U.S.
e
Preferred
8414
100 84
Sept. 17 1909.
Shares.
Par value.
Bonds.
Bonds.
Bonds.
Cumberland -Ely Copper.5 *7118 714
-e Diamond Match Co_100 12512 127
590,043 $53,856,800 $3,830,500
Saturday
$41,000
$2,000
Douglas Copper
*75 115
829,150 70,766,250
5
Monday
3,526,000
24,500
Ferry Companies
Ficon'y Lt & P (Joliet, Ill)
Tuesday
697,775 59,265,250
3,802,000
212,000
B & N Y 1st Gs 1011_J-J
90
1st M -; f g 5s 1956_J-D 94
05
1,038,470 90,147,000
96
Wednesday
3,596,500
398,000
NY & E 11 Ferry stk_ 100 34
38
Electric Boat
Thursday
25
1,133,776 103,109,100
100 20
4,201,500
117,500
3,000
1st 5s 1922
71
M-N 60
Preferred
65
Friday
1,110,915 97,262,00.,
100 60
4,230,500
179,000
NY&Hob 5s May '40_J-D 9,42 98 Empire Steel
100 10
Hol)Fy 1st 5s 1946 M-N 10612 10712
Preferred
75
Total
5,401,020 3474,31,7,400 523,187,000
100 70
$972,000
$5,000 N Y do NJ 5s 1940____J-J 95. eFederal Sugar
of NY-See Stk E x list
10th & 230 Sts Ferry 100 38 1:- eGeneral
Chemical_ _ _100 03 100
1st
Sales at
mtge
Week ending Sept. 17.
Is
1919__J
-D 67
Jan. 1 to Sept. 17.
72
e Preferred
100 100 106
O Union Ferry stock__100 30
New York Stock
32 Goldfield Consol Mines_10 *05 634
Excite-vie.
e 1st 5s 1920
1909.
1008.
95
1909.
99 G .d Hill Copper
1908.
*12 114
1
Greene-Cananea
'0 *938 912
Stocks-No.shares___
5,401,029
Short-Teem Notes
4,513,705
147,541,245
127,714.656
Guggenheim
100 210 220
Par value
5474,307,400 $386,625,625 $13,509,757,725 $11,023,157,775 Am Cig ser A 45 '11_ _M-S 9912 99 eliackensaek Explor'n
Water Co
Bank shares, par
Ser B 4s Mch 15'12 M'S 9712 98
$10,000
$66,100
$152,300
Ref
91
Bonds
Am Tel & Tel g Is '10_J-J 10018 10038 Hall g 48 '52 op '12 _J&J 89
Signal Co
55
100 50
Government bonds
Atkin
Coast
L
55
$5,000
10012
'10_M-S
101
$4,000
$465,620
$357,200
Havana Tobacco Co_ _100 10
11
State bonds
Cln
Ham
&D4 1s '08_M-S f 67
912,000
610,000
71
69,137,500
Preferred
25
100 20
1111. and misc. bonds_
Col In g 48 1913__ -_J-J 97
23,187,000 15,255,000
9712
054,587,600
595,070,200
1st g 5s June 1 '22_J-D 60
70
C C C & St L Is, June '11 10118 1015 Hecker
-Jones-Jewell Mill
Total bonds
624,104,000 615,869,500
$083,207,0001 $604,673,320 Erie Gs, Apr 8 1911_ _ A-0
1st Os 1922
M-S 10612 10812
Interb It T g Gs 1911 M-N 1-1:5; Iiii" Herg-HaiiMar, new. 100 35
45
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
KC Ily&Light Os '12.M-S 99, 100
Hoboken Land &Imp_100
5
Lack
Steel Is g 1910_M-S 80 10018
EXCHANGES.
e 5s 1010
NI&N 9934
Lake Sh&M So Is '10 F-A 10014 10012 Houston ()II
845 s78
Lou & Nash g 58 '10..M-S 10038 10078
Preferred
40
4
1 9
0 36
Boston.
Philadelphia.
!ilex Cent 5s July 1 1910 100 10012 Hudson Realty
Week ending
100 100 110
Stich Cent 55 1910
10014
0
10012
F-A
e
Ingersoll-lt
and com_1
100
9 70
Sept. 17 1009.
Lived Unlisted
Bond
Unlisted
Bond
Listed
Minn & St L g 58 '11 _F-A 0878 9934
e Preferred
100 97
shares. shares.
sales.
shares.
shares.
sales.
N Y Cent Is 1010
F-A 10014 10012 internat'l Bank'g Co_100 140
N Y C Lines Eqp Is '10-27 5414% 3% Internat.
! Her Mar-See S tk Ex list
Saturday
12.094
14,361
$60,000
13,529
8,130
$48,500 NYNH&H 55'10-'12
10212
Monday
23,218
24,508
81,500
44,293
11,814
183,900 Norf & West 5s 1010 M-N 10038 10034 International Nickel_ _100 Ili) 115
Preferred
90
'Tuesday
17,414
25,096
100 87
90,300
35,174
172,200 Pa RR 5s Mch 15 '10 M-S 10012 10034
0,087
1st g 53 1982
92
Wednesday
27,843
20,062
103,500
A &O 00
40,157
14,030
53,530 Public Service Corp 5s- See St ltys
Internationa
Thursday
44,779
l
1312
Salt
33,823
.100
10'4
48,000
54,464
25,003
38,800 St L & San Fr g 55'11 J&J 99
9912
lst g 58 1951
60
Friday
26,637
33,013
75,500
A-0 54
71,947
11,588
21,763
4 %g notes'12op F&A 90
97
International Sliver_ _100
712
0018 1100001122
'total
159,667 140,876 5458,800 259,5041 77,552 $518,693 South By g Is 1910E-A 100
O l
Preferreds045
100 95 164'Southern fly Is 1911_M-N
1st
J-D 109 111
Pidewater Gs, 1913, guar 10214 10234 Inter at Smelt & Refg100
127 135
Westingh'e El&111 Gs 1010 10058 101
Jones & Laughlin Steel Co
1st 8 f g Is 1039__M-N 10214 10258
Railroad
Lackawanna Steel_ _ _100 56
58
All bond prLes are now "and interQst" except where marked
Atch Top & Santa Fe"1."
Lanston Monotype_ 20 *1s78 194
Cony 4s (w I)-See Stk Exc list
Lawyers' Mtge Co_ _ 100
Chic Gt West com(w 1)100 29
30 ,,Leh & Wilkes-13 Coal 50 120
Street Railways
Bid Ask
Street Ra!lways
Bid Ask
Preferred (w 1)____100 57
58
Lord & Taylor
New Y rk City
100 100 fir
Pub Serv Corp N J (Con)
Chic Peo & St L pref_ _100 ---- -13locck St & Ful stic_100 15
Preferred
100 98 103
30
Rapid Tran St By_ _100 240 250
Deposited stock
------a 1,t mtge 4s 1050_J-J
eLorillard
(P)
pref
100 130
GO
05
1st 53 1921
A-0 106
Undeposited stock__ _ _
---- Madison Sq Garden_100 25
.c Be y & 7th Ave stic_100 140 155
40
J C Hob & PatersonPrior
lien
/
iig
4
-,
lis'30M&S
2d Gs 1010
c 2d mtze 5s 1914....14 /100 101
80 100
M- N
4s g 1040
St-N 78
70
Con mtg g Is 1030_J&J 1 49
52
Manhattan
*218
238
Con Is 1043-See Stock Exc st
Tranzit__
20
So J Gas El&Trac_100 128
Income Is. July 1930_ _ / ____
Mitchell Mining
13'way Surf 1st 5s gu 1924 102 104
10
Go g 5s 1053 _ _ _M-S 09 1-60- Chicago Subway
c Cent'l Crosst'n stk....100
738
50 *7
No Hod Co By Gs'14 J-J 100 108 Ft IV & Den Cy std 100 11 -1-1-1-4 Monongahela R Coal
100 ---- ---Preferred
1st mtge Os 1032_M-N
4N50 *2512 26
5s 1028
J-J 10412 10512 Kansas City Sou 5s Apr
1
iNr1a
otrtn
ga
agnek 10
3foed
,e Con Pk N & E R stk_100 4..0
n u(
ba)o_ __ __ 100 114 115
40
Ext Is 1024____M-N 103
1950
1)-See Stock Exc list
e
103 106
& 10th St stk 100 80
90
Pat City con 6s '31_J-D 120 1E- Nat Rys(w
of Mexico-See S tk Ex list
•Coldath Ave 55 See Stock Exc list
Nat'l Surety . ___ _ _ _100 185
20 Cs opt 1014__A-0 100
Norden Securities Stubs_ 125 150
Dry D U 13 & 13Nevada Cons'd Copper 5 *24
2.114
So Side El (Chic) See Ch leago I-18.i.- Pitts Bess
*33
&
E
L
50
3612 Nev-Utah Min & Sin_ 10 *P11,
e 151 gold Is 1932_ _J-D 95 100 Syraeme It T Is '40..M&S 10212 104
158
Preferred
72 eNew Central Coal
50 *68
c Scrip Is 1914-___F-A j 45
58
50 Trent P & H Is 1943_J-D 05 100 eRaliroad
20 52
Securities
Co
Eighth Avenue stock_10e 250 300 United Rys of St LNY Air Brake Cs-See Stk Erre list
Ill C stk tr cfs ser A '52 90 ---- N Y Biscuit 68 1911_M-S /100
e Scrip Gc 1015___F-A 05 100
Coin vot tr etts
2212 Seaboard Company100 22
e 42(1 & Gr St F'y stk_100 200 250
e New York Dock_ __ _100 40
45
c Preferred
100 7114 72
1st preferred
100 75
4.2(1 St M & St N Ave_100
77
e Preferred
8218
100 82
Gen 4s 1934-See Stock Ex° list
Corn & 2d pref-See Hal I Exc list
N Y Mtge & Seeurity_100 23212
e 1st mtge Os 1910_M-S IT' 1611 UnitRys San
Fran See Stk Exc list Seaboard Air Line-N Y Transportation
20 income Is 1915_J-J / SO-_- Wash fly & El
5
20 *4
Co
100
473 47..
Coil 58 ext May '11 241-S 9312 100
Niles-13em-Pond com_100 105 110
Inter-Met-See SC: Each
lstaige
Preferred
100 9312 0114 Union Pacific) 48-See Stk Exc ILt
Nipissing
Lex Av &PavF Is See Sti: Exc list
*10
1034
Mines
5
4s 1951
J-D 8712 88
0812 0878 I Ontario Sliver
West Pac 1st Is '33
Motropol St Ill-See Stir Exe .1st
212 312
100
Otis Elevator coin_
Ninth Avenue stock__100 150 170
CO
100 58
Industrial and Misccl.
Gas Securires
Vecond Avenue stocir_100
Preferred
10012
102
100
16
20
New York
92
35
12 23
Adams
g 48 1947 J-D /032
90
112 Pitts
01st mtge Is 1000_M-N
prebru
errg
rehd Brewing
50 *2318 2312
96 100 Cent Un Gas Is '27_,T-J 102 103 AhmeekExp
Mining
25
Consol 5s 1043____F-A 1 74
50 *4; 4212
77 Coo Gas
Y)-See Stk Exc list
Alliance Realty
100 115 120
o Sixth Avenue stoek..100 110 120 e Mutual (N
Pittsburgh Coal-See Stk EXc list
Gas
100 146
Allis-Chalmers Co 1st mtg
Sou Boulev Is 1945___J-J 60
P.o
ro
PreferreduM
pae cfegC()
48
o
:
eo
ln e
mw
_w_)_ 1
()
11
..
e
4
0
0 44
85 New Amsterdam Gas
s f Is 1936-See Stock Exc list
So For 1st Is 1019_ __A-0 90
85
90
95
1st consol
19.18 J-.1 10112 103
American Book
100 150 155 Pratt & IVhitney pref _ 100 100
Tliiril Avenue-Sec Stock Exc dst NY&EltGa : Is
1st Is '44 J-J 104 10512 American Brass
114
118
100
Tarry IV 1' & M Is 122:. ; 50
P
80
100 125 115Consol Is
1400
5 American Chicle com_100 227 231
Y kersSt11115s 1046 A-0 85
Realty Assoc (Bklyn)_100 133 138
05 N Y & Richmond
1045Gas 1j
00
j 98
40
Preferred
13
0 107
100 10
21411&29th Sts is '06A-0 20
Royal Bak Powd com_100 160 170
2
- 5 Nor Un 1st Is 1927__M-N / 98 100
Graphophon
Am
e corn 100
e'l`wenty-thini St stk..100 ZOO 250 - Standard Gas com_100
100 109 111
70
Preferred
100 25 liUulon Ity 1st Is 191: _ F-A 101 103
(Alre
aurn
dif
tuegat & Lt_100 127 130
0 Preferred
8Saenife'erteeyarer
100 n 75
00 Amer Hardware
100 132 134
Westchest 1st Is '43 J-J
25 *65
00
75
1st Is 1030
102 100
M-N
Am Malting Is 1914 J-1) 103 10412 Singer Mfg Co
Brooklyn
100 455 i(iE"
Other Cities
Amer Press Acsoc'n_100 95 105 South I & S com(w 1)_100 1512 1912
Allan Ave Is 1900___A-0 100 iut Am (Ins h Eke com__ 50 *44
45 Ain Soda Fount com_100
18
Preferrcd (iv I) __100 5-12 5318
Con 58 g 1031
A-0 07 101
Preferred
60 *43
45
1st preferred
100 28 -ii- Standard Cordage__ _ _100
12 1
B B & IV E Is 1033_ _A-0 95 100
liner Light & Tract_ 100 247250
2(1 preferred
2
6
100
1st Mg 55 '31 red_ A-o / 24
13i ooklyti City Stock_ 10 103 190
26
Pre'erred
107
128
Am
St
tk
Found
Ex
list
new-See S
Adjust Id 5s Apr 1 1031
2
Con Is-See Stk Each ange 1st
4
Bay State Gas
118
Os 1935
A &O 10212 106 Standard Coupler corn 100 20
131dnllgts 1st Is 1041 A-0 99 102 IlinghTn (NY) Gas Wks
30
Deb 4s 1923
F&A
21
7142
Ulan Queens Co & SubPreferred
100 100 110
1st g 58 10313
A &O 05
American
09
Surety
50 27109
Standardp1srte r1,9030
Milling Co _ _ 100 11
a 1st g
'41 op '16_J-J 100 103 Brooklyn Un Gas-SeeStk Exc list
19
American Thread pref 5
Preferred
Con guar Is-Sec Stock Exc list
100 5612 59
Buffalo City Gas stir_ _100
5
612 Am Tobacco Co com 100
Bklyn Rap Tran-See Stk Exc Ilst
M-N 83
80
1st 55 1047-See Stock Exe list
Amer
Typefders
%
5244 46
corn_100 44
494514 Standard 011 of N J_ _100 700 703
Coney 181 ee 131(lyn_100 80
95 Con Gas of N 1 5s '36-1-J 89 9
Preferred
100 98 100 Swift & Co-See Bost Stk Exc list
1st eons g 48 1948__J-.) 75
85 Consumers' L H & PowAmer Writing Paper..100
3
4
Brk C & N Is 1939 J-J
1st 'Is l010-1014-J-J 100 10034
95 100
Is 1038... ____ ._ _ __J-1) 100
Preferred
2_6 Texas Company
100 24
Ce'p't&LorSt 1st os M&N
100 165 170
-- - Denver Gas & Elec__100 81401414312
1st s f g 5s'19 op '09-J-J
Einga C El 4s-See Stock ffir: listeTexas & Pacific Coal_ 100 90 100
Gen r; Is 1040 op_M-N
9512 9612 AtiGf&IVIndSSLInes_100 8712 bv
1112
Na;sau
12 Title Ins Co of N Y_ _ _100 155 160
prof
Elizabeth Gas Lt Co...100 275
100
Preferred
100 2912 31 Tonopah Min (Nevada) 1 *678 7
Is 104.'•
A-0 104 107 Essex & Hudson Gas 100 132 131
Col tr g 5s 1959
J-J / 72
1st 48 1051-See Stock Exc 11S.; GaS SC El Bergen Co_100
73 Trenton Potteries corn 130
5 10
74
76
Barney & Smith Car_.;,100 30
41
N W'bg&Fial 1st ex 4 As 90
Preferred, new
100 55
65
05 J Gr Rap 1st Is '15..F-A 00 109
Preferred
100 100
Steinway 1st 6s 1022--J-J 103 107 Hudson
Trow
Directory
3215
100
Co Gar
100 131 132
13ethI'm Steel Corp-See 8 tk Ex list
Other Cities
Union Typewriter com100 "a" 70
Indiana Lighting Co 100 24
30
Bliss
Company
corn
123
50
.
13uffalo Street Bypreferred
1st
115
118
100
4s 1058
68
70
Preferred
50 125 130-1st consol 58 1931_F-A 10712 10812 Indianapolis
2d preferred
115 118
Gas
opF5,
1 4 25
40
Bond & Mtge Guar_ 100 270 27712 United Bk Note Corp..100
Deb Gs 1917
A-0 107 108
55
50 *53
1st g
1052
A-0 SO
00
Borden's Cond Milk_100 121 124
•Columbus (0) St Ity....100 --- sU(334 Jackson Is
Preferred
*53
55
50
Gas
5s
g' 37_A-0 05 ---Preferred
100 105 110
Preferred
United Cigar Mfm
100
84
100 83
e Laclede Gas
104
100
*6
Col
British
Copper.
5
614
Colum By con 5s,--SeePhl Ia1913
e Preferred
100 107 110
1st 199
e Preferred
100 97 100 Butte Coalition Mining 15 *25
2534 United Copper
Croszt'ivr 1st Is '33 J-1) 103 100 Madison Gas ___
100 1012 1034
Gs 1920_ A-0 103 108
Co of Am com_100
212 4
Preferred
Conn ity & Ltg com_10u
100 30
33
74
78 Newark Gas Os 1944 Q-J 131 133 Casein
Preferred
100
55
65
U S Casualty
10: 80
100 215 220
e Preferree
85 Newark Consol Gas-100 0034 10012 Casualty Co of
Amer-100 125 140
U
S
Envelope
com
1st & ref 434;-See 5th lixc list
56
100
53
a Con g Is 19413
J-1) 1061: 10712 Celluloid Co
100 128 132
Preferred
Grand Rapids Ry
100 102 -- No Hudson L II 63 Pow100 110 117
Cent Fireworks com 100
10(, 038
Prefe-rred
100 110
5s 193A&()
106
A&
Preferred
7
70
9 U Preferred
10,0 60
8
c Loulsv St 5s 11430_,J(P:J 10714 10812
100 110 fir
-- Pacific Gas & E,com-100 02 03 Central Foundry
2
3 U S Steel Corporation100
Lynn & I3os 1st 58'24 J-D 106 1)7
Praterred
100
93
04
Preferred
10
15
100
Col tr a f Is '51 opt '11 11434 11518
o Now On flys & Lgt_100
1914 193, Pat & Pas GashElec_
100 00
05
Deb Cs 1010 op '01-M-N
68
72
Col tr 8 1 Is 'Si not opt 11434 11518
o Preferred
4934 L014
10
c Con g 55
102 104
Chesebrough Mfg Co 100 520 570
U S Tit Gu & Indem 100
Gen Mg '1 ;4s'35 SceS tk Ex list St Joseph Gas1949___M-S
60
1937_J-J
Is
03
97
Investing
City
Co
100 65
70 eUtah Copper Co-See Stk Eke list
Pub Serv Corp of N J_100 108 109
Preferred
100 97 102
Waterbury Co corn
Tr etfs 2% to 6%perpet 04
95
100
tile-Inc Companies
eClailin
com
B)
(H
100
102Pref
erred
Coll 5s g notes '00_M-N 100 10012 Chicago Edis na Co-See
100
C 0icag o list
elst preferred
100 90 "ii" Westchester & Bronx Tit
North Jersey St Ry_100 40.Kings Co El L&P
Co 100 128 130
100 90
e2d prelerred
& Mtge Guar
1st hs 1043
100 155
79 -;f" Narragan(Prov) El Co_50 *xin
1,1-N
94
Col
Coal
&
&I
100
Hock
pf
78
95
Cons Tract of N J_10‘, 77
Westingh'se Air Brake_ 50 *12812 lid*"
78 NY&Q El L&PowCo_100 36
40
1st g Is 1917
J-J 90
95
West El & Mfg 3s-SeeStir Exc list
1st Is 1033
10512 1001.
Preferred
100 70
73
Col tr Os Oct 195G...3"-J 98 104
White Knob Min
New'l:PasIty Gs '30
10
108 110 United Elea of N J
100 70
75 Consol Car Ileating
100 25
30
Preferred
10
1st rt 48 10.115'
J-I) 76
77 Cons fly Izt&Refrig_100
Worthine:
Pumn neer_100 107 112
• Per share. a Ex-right,. b Basis. c Sells on Stk. Ex.,
but not very active t Flat price. n Nom. s Sam price. x
y Hz-rights. z New
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.




Outside Securities

,

10/

•

BOSTON STOOK EXCHANGE-Stock Record, Daily, Weekly and 'Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Sept. 11

Monday
Sept. 13

Tuesday
Sept. 14

Wednesday
Sept. 15

Thursday
Sept. 16

Friday
Seot.17

Sates
01 tlw
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Ravle szna Jan. 1.
1909.
Lowest

II191:est

.aluic

P erious Yea?
.1008)

Lowest

114hes8

Railroads
10114 Deo
573,4 Fcl
119 11934 12014 12014 120
12038 1,338 Atch Top & Santa Fe..100 98 Jan 13 12034 Aug 12
*11818 11838 118 11838 *11834 119
8:;12 Mc, • 10414 Dec
100 10034 Jaa 15 IOU J'ne
Do prei
Last Sale 105 Aug'09
*10412 10512 0412 10512 1.010412 10512 *10412 10512
230 Dec
1313 Jan
100 225 Jan 4 23914 Apr
-ioi Boston & Albany
23134 232
232 232
232 233
232 232
232 234
232 232
100 12414 Jan. ; 13218 Apr 22 1211. Dec 140 Jan
179 Boston Elevated
12712 12712
12712 12712 12812 12812 128 129
129 129 4129 129
100 224 Jan 12 235 Mehlv 2004 Feb '228 Deo
5 Boston & Lowell
_ 227 • __ 227 *--- 227
*225 228 r-2734 22734 'I.__ 227
100 13212 ;7an
151112 Sep 0 114 Oct 140 Jan
73 Boston & Maine
149 150 214812 14812 14812 14812 14812 14812
150 150 150 150
130 Feb 156 Jan
100 151 Feb 26 160 Apr 6
Do pref
Last Sale 152 July'09
3 Boston ec Provkience_100 295 Sep 14 301 Jan ii 284 Jan ::01 Nov
295 29814
_
298
*HF
13 Mch
Mu.
20 Boston Suburban El Cos_
1134 Jan 2 22 Feb 3
17
17
18 3___ _ 18
*17 -18 *17 -18 *_
:8 Nov
45 Jan
1,012 Jan 6 /5 Feb :s
Last Sale 7212 Sep'09 --- Do pref
*-7N2 74
*7212 74
*7212 74
74
*72
812 No%
17 Jan
1412 Mch 12
10 May10
Aug'09 --- Boston& Wor Elec Cos _
Last Sale 12
13
13 *___ 13
*___ 13
6012.Jan
4712 Dee
Do prel
52 Jal b
Sep'09 ---5312 Apr 21
Last Sale 54
54 *____ 54
54
54
15114 Deo
126 Jan
Last Sale 158 Sep'09 --__ Chic June By & USY_100 143 :an 25 102 J'ne2a
12012 Deo
102 Jul
100 116 Itch 19 123 J'ly
85
Do pref
118 118
120 120
103 Dec i 66 Alch
Last Sale 170 July'09 ---- Con & Mont, Class 4...100 170 Jaa 26 1/3 M
138 Apr
13314 Sep
Last Sale 13912 J'ne'09 -_ Conn & Pass Riv pref_100 139 Jan '2 14212 Mch
---263 Dec
Connecticut River....100 267 Jan 15 175 Mch 1., 244 Jan
Last Sale 270 June'09
*270 275
13(3 Feb 5 117 Jan
133 Nov
100
'29
J'ly
132
129
pref
132
13312
146
*132
Fitchburg,
134
1
.
*15
13312
13312
132
131
131- fif56 Deo
07 Apr
95 Sep 3
100 75 Jan
10 Ga By & Electrl'
93
93
_ *0212 94
*9112
*9212
___ *9112
85 Deo
ii Oct
100 79 Jan 14 8512 Sep 15
8812 *85 ---8
Do pref
*85
90
96
88
88
____ 88
*91_-- 88
*196.4 .ao 13 193 No. 193 Nov
100 19514 Jo:. 1
Last Sale 19514 Jan'09 --- Maine Central
1334 Nov
2
Sep
Jan
100
1734
Cos
1::
Jan
1114
745
17
1612 17
17
17
814
Mass Electric
1614 -11-31-4 'If- 17
-16- -16- 16
64 Nov
100 5812Jan 1 , 7912 Sep L
40 Jan
78
7912
733
7712 7734 79
Do pref
*77 __
7712 7712 7714 7712 78
Nov
101
*)'ile]
,74r8
128
Hartford_100
157
Jan
2!
Jan
816
169
169
169
x169
N
17012
&
H
N
it
1693
170
4
1693
4
17042
4
3
169
8
16978 1697145 Apr
100 140 Feb 4 149 Aug 1) 140 Joe
Last Sale 149 Aug'09 ---- Northern N H
--05 Feb
&y Wor pref _100 200 Apr 13 215 Sep 2 300 An.
Last Sale 215 Sep'09 _..ii Norwc
icohlon
101 194 Jan 6 20018 Jan -8 175 Jar. 19618 Dec
19912 19912 200
Old
200
4 *198 200 *:::: 200
19814 1-6814 19814 168134 Dee
4(1 J'ne 5
'5 Jan
Rutland pref_ ___. _100 26 Apr 27
Last Sale 3612 • Sep'09
15 Deo
117)2 Aug 1
70 Fel'
100 1014 Mch
-,eattle Electric
114
114
*7.11312 *7_7- 11-3-1-2 115 115 *iiii2 115 *11212 115
Dec
02
i
I.
Aug
107
583
8
9712•Apr
5
Jan
100
De
4
8
11
-pref
105
*104
105
104
5104
105
10312
10312
*163 10412 10312
8 Nov
Aug!.
1855
21834
11012
Mc,
20
Feb
100
217278
1,332 Union Pacific
20412 20412 207 207
266'206
x206 20734 20114 20414 204 204
9738 Nov
7834 Apr
11714 Aug 16
100 9312 Mch
Do pref
Last Sale 110 Sep'09 ---*1073s 10838 10614 10714 *10078 11018 *10978 11078
161 Nov
150 Jan
Vermont & Mass_ _ _ _ 100 105 Jan 30 176 Apt 13
_ *172
Last Sale 172 Sep'09
172 -_ *172
11112 Sep
76 Jan
9518 Apr 24
50 88 Jan
9612 -68
97
9712 9712 9612 9612 -iii West End St
97
97
-66- -66- *06
10 Deo
96 Jan
50 103 J'ne25 )12 Apr 27
Do pref
78
10812
108 10814 10814 10812 *108 109 *108 --- *108
107 107
Mcll
140
Mayll)
J'ly
138
140
144
Mch12
Roch-100
&
Nash
Last Sale 145 July'00 ---- Wore
Miscellaneous
35 Nov
13 Jan
4714 4734 3,453 Amer Agricul Chem_100 3314 Jan 2 5014 Aug 12
48
4814 4734 4814 4712 48
4712 4712 4633 49
90 Nov
77 MC'
100 94 Jan 16 1115 J'ly 2.,
495
Do pre,
812 10278 103 *10212
333 103
102 103
108
103 103
103 103
12 Deo
4 Feb
072 Feb _3
558 Jan 26
690 Amer Pneu Service_ 50
812
812
812 834
814 812
814 814
*814 834
23 Deo
22 J'ne 14
912 Feb
50 13 Jan 1';
160
Do pre(
1934 1934
1912 1912 *1912 20
1912 1912 *1912 20
*1912 20
4 Nov
4375
9914
s
Apr
J4
130
Relin_100
J'ne22
12112
1,770 Amer Sugar
133
128 129
12812 12914 12912 13318 13212 13334 132
129 129
100 120 J'ne20 131 Apr 14 106 Feb 132 Nov
Do prof
395
127 12712 *126
127
12514 126
125 126
125 125
12512 126
13212 Nov
15
Sep
Jan
14413
99
1
Feb
Teleg_100
12514
&
19,828
Telep
Amer
143
14338
14418
144
14314
14358
142
14018
14358
14134
14112
14014
3238 Dec
4018 Aug 27
10 Jan
35 American Woolen-.-100 2712 Feb i
*3812 39
39
*38
*38
*3812 3912 39 8 3934 *3812 39
11612 Nov
7734 Feb
100 9312 Jan 15 108 J'ne 1 i
1,101
Do pref
106
106
10534 106
105 10512 10512 10534 10512 f 3-4 10514 106
418 Dec
30
Aug
3
Jan
334
4
1
Apr
73
10
Land__
*712 8
Boston
---Sep'09
Sale
Last
712
*712 8
*712 8
*712 8
128 Nov
9612.1811
Cumb Telep & Teleg_100 125 Jan 25 14512 J'ly 29
_
Last Sale 145 Sep'09
- *14514-- *142
-- 14514
2114 Dec
48 Sep 1,,
1434 Jan
1812 Jan 11
-166 Dominion Iron & Steel_
48
48
*48
*4738 -4-8
49
*46
47
*14514*4634 Ina *47 -4-8
848 Nov
414 Mel
1378 .1 ne t:
7 Jan 4
370 East Boston Land
*10
1012 1014 1038 10121013
*934 10
10
10
934 10
254
87 Edison Elec Illum_100 245 Jan 2 sUO Apr , '101 Mel, 253 Nov
252
252
25212 25212 254 254 •
___ '255 255
102 Dec
111 Jan
100 15038 Feb 24 173 Aug
205 General Electric
167 167 *16712 16812
16434 16434 16512 16512 16612 167
*165 166
*25460 Dec
49 Mc
925 MassachusettsGasCos 100 39 Jan 5 6712 Apr 12
6512 6512 6512 6512 6512 6512 6558 6558 6512 651: • 6512 6519
90 Nov
77 Jan
100 SO Jan 5 97 Apr 2J
*92
93
349
93
Do prof
93 93
93
93
92
93
03
92
92
Feb 17 192 Apr 216 Nov
120
12
100
Meh
10212
LIno
21334
21334
21312
Mergenthaler
21334
21353
76
*21312
4
3
213
2133
21212
4
21334
21334
•
Mc,
3 Oct
2$,
Men
1
3
10
5
Telephone
Jan
2
10
234 234
Mexican
*214 234 *214 234 *214 234 *214 234
78 Nov
40 Mel
100 68 Apr 24 98 J'neli
;6514 • 97
95
95
70 N E Cotton Yarn
95
*93
96
- 95
*9312
96
*93
93 Dec
Mei.
J'ne 1
75
110
100
Jan
2
93
Do
10712
pref
107
*107
*107
107
1073
4
10734
*107
lig
*107 10734
118 Aug 12 105 Jan 120 Nov
100 12014 Jan
88 N E Telephone
137
137
13412 13412 *13412-- 13518 137
*134 ---- i54i2
79 Dec
5112 J'ur
9912
5; Pacific Coast Power_ 100 75 Feb 6 10112 Aug 2.3
*9912 _ *0012- 9912 -6912 *98
*99
17412 Nov
147 Jan
Aug
199
100
3u
Co
Jan
195
118
Pullman
195
5'6'
195
197
*193
fig
*101
_ 192 193
*193
1012 Nov
Am
11
9
J'ne
10
1112
1..
Jan
85
Button-Hole..
*11
Reece
4
3
9
1112
*11 -- 1114
1114 1114 1132 1 134 *11
10812 J'ly
5812 J an
100 100 Jan 9 11412 Aug 6
854 Swift & Co
10614 16938 109 10933 10914 10035 109 10914 109 10935 10914 10038
24 Oct
20 Jan
13
Aug
25
25
A.
2012
Class
Torrington,
May21
56
25
25
25
*2412
25
*24
24142414 2414
24
24
25
*24
2714 Aug 1.,
23 May. 2612 Dec
22
Do pref
25 1414 Jan 20
2712 2712 *26
2712 2612 2612 *2612 2712 *2612 2712 *2612 2712
314 Ma
Apr
2(2 Jan
Union Cop L'd & M'g_ 25
Aug'09
1 Jan 20
Last Sale 134
148 J'Iy
Jan
17
Sep
1,707
160
100
134'2
United
160
Jan
Fruit
100
12612
13
158
157
158
157
iia- 15312 15512 1E6- 15512 157
Nov
6238
Jan
6614
Jau
II
482
2,293
25
Mach
Shoe
Corp
65
tin
x54 Mehl',
2 6514 6512 6412
514
30
8012 6
*3
6514 26434 65
65
65
(35
10 Nov
2478 Jan
25 2812 Jan ii 31 Sep 9
Do pref
554
3034 31
3073 31
31
31
3053 3053
5534 Nov
26
lo
Jan
Sep
8414
2.
100
Feb
4134
U
32,889
Steel
S
Corp
8t4
-gars
8414
82
7878 8014 78
7918 7853 7958 7934 8134
100 107 Feb 23 12038 Aug
8712 Jan 114 Nov
Do pret
383
12634 12718 12718 12712
126 126
124 12514 12434 125
126 126
912 Nov
4 Feb
1234 May 5
61s Jan 11
1112 1012 1112 1,496 West Telep & Teleg_ _100
*10
1078 1078 1012 1112 *1114 1134 *11
11
3614 Deo
J'Iylt
69 Jan
00
2
100
Men
pref
76
Do
51
8812 89
89
89
*88
90
90
*89
90
90 '*89
*88
Mining
1214 Aug
1012 May2'
112 Feb
25
6 J'ly 14
835 Adventure Con
7
7
7
*612
*6_ _
6
6
6
6
812
*6
24 Apr
4112 Nov
25 34 Jan '29 6112 Sep 16
6112 5012 6112 4,440 Allouez
59 -6012 60
58
54
5112 52
53
53
8518 Nov
Aug _2
45 Feb
8012 8038 8178 8134 8312 5134 8453 41,248 Amalgamated Copper 100 85 Feb 29 5878
7834 8158 7738 7858 79
2034 Jan
BO J'ne
3234 Aug 3
11(.1127
25
23
Srn
&
Lead
Zinc
Am
3172
30
1,060
30
3012
*2912
30
*2912
-3014 3014 3014 3014
5158 J'ne 4
28 Feb • 53 Nov
25 3818 Feb 26
80 Anaconda
4638 4638 ___
4058 Dec
14 Jan
6,545 Arizona Commercial- 25 30 Feb 2., 4014 May 8
-4312 135-8 43
46
4234 4314 4312 44
4212 4333 421, 421
.90 Aug
17
40
Feb
Feb
1
45
25
Feb
17
1
.70
Arnold
571
*,80
*1•2
*12 1
*12 1
*12-1912 Nov
2
Apr
an
8
16
18
Xly
25
8
1073
2,525 Atlantic
634 10
9
*1034 --1114 *1012 -1112 1058 1034 1034 1034
.75 Nov
Bonanza (Dev C0)__. 10 .45 Feb 10 ,80 May! .25 Oct
Last Sale 12
Aug'09
*50 .55 00.50 .55 14..50 .55 *.50 .60
1818 Nov
Apr
S
1014
May
15
11
Mch
1714
(rcts)
4
3
C&G
10
BostonCon
1478
1478
2,135
15
1434
1434
15
1412 1412 1438 1412 1412 1434
25 Nov
1114 Apr
2253 Jan '2
5 1718 J'ly 19
2158 2112 22
4,380 Bos&CorbCop&Silldg
2112 21
2012 2034 2034 2034 21
2012 21
30 Aug
1512 Jon
28 May 8
15 2138 Feb 24
Coalition
Butte
7,980
2514
2512
2514
2412
2458
4
243
8
4
253
243
24
2512
25
25
93 Feb 130 Aug
105 105
533 Calumet & Arizona_ 10 9,114 May 3 110 Jail 4
104
105
10312 10312 104 105
102 104
104 104
25 585 Feb 23 693 Aug 13 €665 Mel 700 Jan
23 Calumet & Hecia
*670
680
670 675 670 870 *575
675 675
675 675
3634 Nov
21 Feb
4412 Sep 3
25 29 Feb 1
Centennial
4112
4212
4212
9,116
44
4
3
43
42
43
4014
4034
4034 4214 3912
.25 Mel
J'ne
1 .10 J'ne 20 .35 -all lb
.20
100 Cons Mercur Gold
*.20
.20
*.20
*,20_.- *.20
4..20
6618
8378 Nov
12
Feb
Aug
26
8614
Feb
82
4 81
2,348 Copper Range Con Co 100 6812
8034 8114 81 -81-181
8018 80
80
8014 If
1178 Nov
7 Jan
712 May26 12 Molly
20
35
8
8
9
Daly-West
*8
9
*8
9
*818
8
8
9
*8
10 Dec
1658 Apr 2u
712 Feb 1
834 Dec
10
1118 1,972 East Butte Cop Min
1112 11
1118 1118 1118 11
11
11
11
11
11
234 Nov
.99 MeL•
212 Jan lb
12
188 Aug 6
178
600 Elm River
112 112 *112
*112 134 *112 178 *114 112 *114 112
012 Apr
1912 Nov
25 19 Aug 3
Feb
25
13
2,458
Franklin
1714
17
17
1712
17
1612 1658 1614 1612 1612 1678 17
'2
Aug
1014
16
J'ne
738
5
Consolidated_
914 10
3,817 Giroux
914
9
9
9
834 0
9
9
834 9
80 Jan .10 J'ly
26 Granby Consolidated_ 100 90 Feb 26 110 Jan 4
*9912 101
101 101
100 101
97
97
97
97
100
•
1318 Aug
67s Jan
1234 Jan
9 Feb 26
20
918 914
9
9
953 7,648 Greene Cananea
912
91s
914 958
9
913
9
10
J'ne
1214
10
Sep
25
814
545 Hancock Consolidated
1014 _912 953 10
912 912
*818
712 Aug 9
0 J'ly 21
25
Copper
934
Helvetia
612
612
612
612
612
812
612
612 1112
Feb II,
1734 Feb
'2614 Jan
*612 -7
4,365 Isle Royale (Copper).. 25 2218 Apr 27 4314
25
25
2534 25
2512 25
2434 2434 26
2418 2514 24
938 Aug 10
712 Apr 30
5
812 9
833 1,240 Kerr Lake
8
8
833
778 778
814 814
778 8
10 Sep
2414 Deci
30 39 Aug 1.
Jan
25
16
15,950
Copper
Lake
373
3712
3512
3578
3
36
36
3412
4
373
4
343
34
36
35
1214 Jan
1634 Feb 10
1714 Jan
23 1034 J'ly 10
5,121 La Sa:le Copper
15
1538 1512 1534 15
1412 1412 1534 15
14
*1412 15
May25
1814
838 Aug
'214
Mehl,
Mcb:
414
25
360 Mass Consol
8
8
8
8
812 814
834
814 814
812 812 *8
.75 J'ly
Apr 29 .10 J'ly 2 .25 Jan
25
.30
Mayflower
Aug'09
.80
3.50
.70
Sale
Last
.60
*.50
*.50 .60 *.50 .60
May10
31.
Dec
8
Jan
514
16
API'
10
S.&
Id
Cons
Mexico
-iii)
312
*412 5
*412 5
412 412 *412 5
478 5
1512 Dec
4 Sep
£45 1234 Feb 26 1714 Aug
1g78 2,795 Miami Copper
16
11/121
16
16
*
16
16
1578 16
1534 1534 16
1314 Mch 4
1512 Nov
Feb
3
Sep
734
25
714
Michigan
525
*1012
*1012
4
3
1114
10
1012
1012 1012 1012 1012 *1012 11
7018 Jan
73 Nov
45 Feb
25 x5712 J'ly 16
305 Mohawk
65
62
63
*63
63
6112 6112 62
6112 62
63
*61
.27 Dec
13s Jan
50 Montana Consol C & C 10 19 Feb 11 .40 Apr 6
.35
.25 .25 *.25 .35 *.25 .35 *.25 .35 *.25 .35 *.25
2518 Aug 12
9034 Nov
20
Jan
Feb
8
3
8
161.
5
Consolidated_
1,250
2438
Nevada
24
24
2414
24
2414
2438 2412 2334 2334 235/1 2334
1138
20
J'ly
17
Aug
101i
5
320 NipIssing Mines
*1053 1034 1038 1058 1012 1034 1058 1034 1053 1038
5514 Jaa
5934 Nov
4034 Feb
15 4114 J'ly
-5714 .16- 9,274 North Butte
5712 5512 5634 5634 5712 5712 5838 5812 59
50
412 Mch 22 )172 Aug 9
3,380 North Lake($8 paid). 25
834 918
9
834
878 914
858 878
9
9
834 9
Aug
1 J'ly
.75
J'ne21
Jan
.50
.40
25
200 Old Colony
.85 .65 *.65
*.60*.60 .65
*.65 .75 *'60
6012 Dec
28 Jan
25 4714 Feb 24 59 Aug 11
5512 5534 5612 5534 5534 2,617 Old Dominion
34 -64)2 5412 -541-2 55
55
55
13512 Dec
26 151 Sep it
Feb
Feb
77
122
25
980
150
148
151
149
Osceola
149
146
14412 146
144 144
*144 145
3118 Dec
3614 J'ne 10
1012 Jan
200
82
5Q
3212 *3178 3214
32
Parrott
y (SlIver &t Cop) 10 26 Feb
32
32
32
32
32
32
3212 32
19 Jan 4
77 Feb 100 Aug
25 85 Feb 1
*9012 91
91
9012 91
90
90
90
8978 90
91
90
338 Nov
358 Apr
25
278
8
Jan
Feb
10
Cop)
2
&
(Gold
Fe
218
1,080
Santa
218
214
214
218 218 *2
238 *218 212
218 214
1914 Nov
934 Feb
1778 Jan 4
10 1312 Feb 26
3,461 Shannon
1512 1578 1534 1572 1552 1534 1578 1614 1512 16
16
16
3612 Nov
14 Apr
5 6212 Aug 3
Jan
25
34
2,246
Superior
58
6012
60
4
593
6014
59
59
58
5834 *5612 58
58
1812 MaN
2,642 Superior&Boston Min 10 14 Mch 24
1618 1512 16
10
1534 16
1538 1533 1513 1512 1512 16
2018 Nov
1418 Oct
1812 J'ly
1578 1578 1512 1512 1.274 SuperiordePitts Copp_ 10 1278 Apr 27
16
1534 1534 1512 1534 1534 1534 18
i
56 10,
38 Nov
90 Feb 26
16
XIS'
62
25
74
Tamarack
883
71
7614
74
74
70
6912
_
•
70
*__-- 70
2o Aug
Feb
1218
23
Jan
1753
J'ne21
1012
23
941 Trinity
1314 13
1314 1314 1312 1214 1212
1378 ii14 1214 13
13
458 Mcli
1612 Nov
1514 Jan s
814 J'ne 22
100
40 United Copper
1034 1034 104 1034
Mch
3934 Nov
12 38 Aug 12
Jan
'28
3434
25
StatesCoal&011
33
32
1,545
United
32
3214 3214 "325-2 3112 3212
32
;5i__._
Meb
23
4678
Nov
5758
Aug
3
25
Feb
39
&
Min- 50
5512 5514 5711 57
5712 27,973 U S Smelt Ref
55
5414 -1513 5418 5412 6412 55
6312 Aug13
37 Feb
47 Nov
50 44 Jan
Do pref
5278 5278 53
3,742
5214 52
52
52
52
52
52
5134 52
(714 Jan 7.•
43s Sep
Nov
7
17
Aug
414
478
5
Mining
x
438
8
2,250
47
Utah-Ape
*412
412 434
434 434
412 434
412 412
2912 Jan
50 Aug
5 3714 Feb 24 4812 Aug 11
4514 4514 46
2,560 Utah Consolidated
4414 4414 4334 4412 4414 4414 4912 4412 45
'2878 May
53 Nov
10 3934 Feb 20 54 Aug 1:.
500 Utah Copper Co
4812 4812 4812 4812 *4012 5014 24912 4912
49
4918 4918 48
612 may 11
Apr
212
5 Nov
6
Jan
35s
25
414
250
Victoria
4
*334 414
334 334 *33
334 4
*334 414 *334 4
e734 Nov
752 Sep 16
4'2 J50
684 758 *7
434 Apr 30
25
712 2,253 Winona
512 512
534 573
.5 130 Mehl. 158 Aug 12 11573 Jan
155 Nov
152
152
76 Wolverine
5013 - - 152 152
612 4.1*
112 ,
63
152 152 *15
153 153
.60 May 33,1 Oct
1,.
Jan
4
2:1
Apr
214
25
*212
*214
212
212
212
595
yandot
1,‘
*214 234
4
214 214 *214 -2/
-rights. a Ha-dtv. and Vent&
Belore pay't of assess'ts called in 1909. • Bid and asked paces. 6 Now stock. a Ass't paid. b Ex-stock div. Is Hz
----

----

2.




Boston Bond Record

SEPT. 18 1909.1
Bo:,Gs
-6
BOSTON STOCK EXCIPGIS <11
WEEK ENtitNu SEPT 17
4
.

Price
leridau
Sept 1?

IVeek's
Range or
Last Sale

'713

13411W.
BOSTON STOOK EXCIPGE %If
WEEK ENDING SEPT 17
l..,-,:-.

Range
Since
January

1,P
•ridc
ri.
ae
Sept 17

Week's
A ang/41
Range or ..
since
Last Sale '
a
January 1

Kfa
BigIt A., how litolt
Ask tow
Rid
Ash Low
Tito h .14,45,0W ugh
Am Telen & Tel coil tr 48.1929 J-J
931
931
/
4 151 9134 9,314 Illinois Steel deben 58.-1910 2-3 100
/
4 Sale 9234
1001
/
4 10014 ', 1001
/
4 Nu%
Convertible 4s.
1'136 M-S 10538 Sale 1041
/
4 1061
/
4 119 1P214 10678
Non-convert deben 55. .1913 A-0 10014
Sep
'09 ....l 001
[(40'11
/
41011
/
4
Am Writ Paper 1st slOs a 1919 J -J
Li Falls &sioux Clst 73..1917 A-0
83 Mar'0.,
83
83
117 Apr'O•
Ariz Corn Cop 1st cony Os 1918 M-S
183 Aug'09
Kan 0 Olin & Spr 1st 5s...192 A-0
130 190
94
00
96 Aug'09 •.. 94
961
/
4
&ten Top &8 Fe gong 4s..1995 A-0 100 100% 100
4 100 101% Kan C Ft S&Gult ext 58..1911
100
4-1)
101 J'ly'09 .... 10111
/
4101
1995 Nov
Adjustment g
03
941
/
4
04
941
/
4 1 9238 04% Kan C Ft Scott & M 6s....1928 M-N 1191
/
4
11914 1101
/
4
I. 116141201
/
4
Stamped
J'ly 1995 M-N
03
04
93 J'ly'09
93
9414 Kan C M & 11 gen 4s
1934 M-S
93
93
93
It ..0
93
1936 J-D
60-year cowl is
11678 Sep 109
L02%1161
Assented income 58
/
4
1934 M-S
91
9212 921
/
4
921
/
4
1 86/
1
4 921
/
4
1917 J -D 118
10-year cony On
1201
/
4 Aug'09
/
4 Kan C & M fly & Br 1st 581929 A-0 104
/
4 1.201
l071
104 Pne 09 .... 1031
/
4104
Atl Gulf & W 188 Lines 53.'50 J -.1
83 59
73 Sale Ii 's
73
Maine Cent cons 1st 7s...1912 A-0
73
1133
Nov'Oti
8
Boston Elect L consot 514 1924 M-S
110 Feb'04
C0118 1st 45
1912 A-0
1011
/
4 Sep'
1916 -J
05
Boston & Lowell 45
1001
/
4 Mar'09
LOO1
/
4 10014 Marc Hough & Ont ist 60.1925 A-0
115 Pne'OS
Boston co Maine 412S
1944 J-J
/
4 Oct'08
1041
Mass Gas 41
/
4s (recta)
1.)29
4
983
99
.
It 11824 100
Boston Terminal 1st 3123 1947 F -A
1121
/
4Jan '03
Mexican Central cons 48_1011 J-4
Mar'09
86
..i 8438 86
Bur & Mo Ely ex Os
1918 J
104 Oct'07
1st cons inc3s
Jan i939 ply
Apr'0,
116
Non-exempt Os
1918 .1 -4
102 Sep '05
2d cons inc 3s
Jan 1939 Ply
1[15 24 A Lei/ Sinking fund 48
1910 -J
9914 Jan '09
991
/
4 991
/
4 M1ch Teleplst 5s
1917
JJ
Butte & Boston 1st Os
1t117 A-0
•
100 J'ne'01
Attune Gen Moo con g 5s 1929 J -J
1021
/
4 Aog'04
0e,dar Rap & Mo II 1st 7s 1910 M-N
New Eng Cot Yarn 5s....1929 F-A 103/
117 J'ue'08
1
4 Sale 1031
/
4 1031
/
4 1 1021
/
4 104%
2d 79
1909 4-1)
New h'ng Teleph 55
1111
/
4 J'ly'05
1915
A-0
102 Feb'0,, .... 192 102
Pent Vermt 1st g4s..Maylinu Q•F
1)8.
891
/
4 89
8914
901
/
4
81
1916 A-0
10012 sop'Or
O B & t4 Iowa Div 1st 50 19111 A-0
1ew England cons g 58...1945 J -J
1[103 Oct'07
Iowa DIY 1st 4s
..
1919 A-0
Boston Term 1st 4s
99% J'ly'09
99% 1001
/
4
1
,
130
A-0
Debenture Ss
11118 M-N
N Y N 11 & 11 con deb 3.281036 J -J
100 Apr'08
1081
/
4 Aug'09..l 97141081
/
4
Denver Exton 4s
1922 F -A
Cony deb Os (ctfs)
0912J'ne•08
'3914101)
1948
.1•3
/
4
1381
Aug'0,)
...
134
1381
/
4
Nebraska Eaten 48
1927 M-N
Old Colon,' gold 48
102 May'09
1011
/
4 102
1924 F-A
101 Apr'09 .. 101 101
B&SW sf 48
1921 M-S
Oreg Ity de Nav eon g 4s. 1946 2-13
9838 Feb'01.1
9838 9
1113% iI 937s 987,
9814
Illinois Dw 3148
1949 J -J
Greg Sh Line 1st g Os
901
9018 02
/
4J'ly'09
1022
F-A
1181
Mat'Od
/
4
.... 11878 11911
Joint bonds See (It Northern
ltepub Valley 1st s I 60 1:119 J -J
105 Dec'Os
3h1oJo Ry & 8th Yds 58.1915 J -J 102 1021
Rutland 1st con Ken 41
102 104
/
4 102.4 1021
/
4
/
4s.1941 J-4
1071
/
4 Nov'05...
.
Coll trust relunding g 4s1940 A-0 9234
Rutland-Canadian 1st 4s1949 J -J
91
01
94 J'ly'09
102 Mai'02
..
Oh Mil & St P Dub 1) 63..19211 J -J
1181
/
4 Feb'09
/
1181
4 11814 Savannah Elec let cons 5s.1952 J -J
981
/
4
May'06
Oh M & St P Wis V div 651920 2-2
Seattle Eleo 1st g be
126 Feu'05
1930 F-A 1051
/
4 1061
/
4 103 Aug'09 .... [051
/
4 10614
Ohio al No Mien lst gu 55.193i M-N 1021
101 10234 l'erre Haute Eleo g Os.. 19211 J -3
10234 Aug'011
/
4
97 Apr'07 .
Ohio & W Mich gen 58.-19'21 J•1:11
102 1061
/
4 l'orrington 1st g bs
106 J'ly'02
1918 M-S
102 Aug'09 .... ' 102
Ooncord & Mont cons 48..1920 J
Union Pao RR & 1 gr g 45.1947 J -J
91 Dec'07
102%
'00
Ain
....
10214 103'1
Elwin & Pass It 1st g 48...i94.i A-0
20-year cony 4s
1121
/
4 Jun '03
1927 3-2
1101
/
4rne'011 .... t02681101
/
4
Current River 1st 6s
Uniteo Fruit ensg
1027 A-0
90
96
96 Feb'09
1 41
/
48.1923 J-J
961
/
4
96'-. 2l 95% 97
Det Gr Rap &
1st 48 1946 A-0 00
/
4 U 8 Coal & Oil 1st s f Os 11138 M-N
87
921
9018 J'ly'09
142
Aug'09.
. 120 155
Dominion Coal 1st s f 5s 1040 m•N
961
061
/
4 Aug'09
/
4 1/7.. U S Steel Corp 10-60 yr 58 1963 M-N
11161
/
4 1081
/
4 15 10214 10834
Viten burg 4s
1915 M-S
West End Street By 4s.. 1915 b.-A
1031
/
4 Apt.'Of)
1001
/
4 Apr'0:3 ... WO/
1
41001
/
4
45
1927 M-S
Oold 4/
00
1
4)4
1914 M-S
101 34 J'ne'09 .... IMO/
1
4 1021,
Fremt Elk & /do V 1st 65 1933 A-0
Gold deuenture 48
133 Mar'09
[33 133
1916 M-N
99343'1y'0., ... 9934 1005
Unstampen let 68
1933 A-0
Gold 4s
140 Apr'05
1917 F-A
119/
1
4 Sep'09.99/
1
4 1003,
cit Nor C B & Q eon tr 48 1921 J -4
96% Sale 961
Western Teleph & Tel 5s.1932 J -J
/
4
/
9678 41 061
4 99
991
/
4 Sale 99
991
/
4 •fi 96 1001
/
4
Registered 48
8921 14'.1
iI61
/
4
9778 Ply'09
9738 981
/
4 Wtsconsin Cent 1st gen 4s194: T -J
...... 95 tg A pr'011 .... 9378 95',
No-UK-Buyer paye accrued Interest in addition to the purchase price for all Boston Bonds. •
No prlOo b'rldaY: Latest 1)111 And asked. 1, FLat prioe.
••••

•

-

-•

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices-104 Per Centuin Prices
Saturday
Sept 11

Monday
Sept 23
111

*18
38% 13834

40%
40
*451
/
4 46
4414 441
/
4
.1214 123
.
*621
/
4 63
.224 2214
.09
70
/
4 13
*121
27's 034
116 116
92
931
/
4
70%youi
48
43
12% 1234
2934 SU
80944 81%
8'4 6%
58% 153°€
9111
/
4 90%

t
rlit
t1

Itesaay
Sept 14

Wednesday
Sept 15

37
37
83
88
10434 1054 105 106
•18
.18
19
39
89
39
*1234 1312 13% 14

Thursday
Sept 16

871
/
4 871
/
4
100 106
'
19
'
1 18
/39
*13%

Prictau
Sept 17

Sales
ACTIVE STOCKS
of the
,
or Bonds and inactive
Week (.1
Stocks see below)
Shares

*86
38
*871
/
4 881
/
4
1051.108
19
19
.38
89
.1344 14

Baltimore
40 Con. Gas EL L. 8:4 Pow
34
Do prof
794 Northern Central
200 seaboard(new)
400
Do 26 pref
1325 United Ry & Electric

Range Since
Jan 1 19,9
Lowest

.Htghest

100 30 Mar 8 421
/
4 May
100 76 Marie) 89 Mayli50 100 Jan 4 111 Jan 10
100 1134 Feb .45 211
/
4 J'nel4
100 22% Feb24 41 Mu%
50 V34 Feb 3 1438 Auglt

Philadelphia
41
40% 41,
41
478 American Cement
41
41
/
4 41
401
41.
41
50 371
/
4 Apr13 43 Jan 2
46
46
*45's 46
46
46
46 American
46
46
46
40
50 4438J'Iy
46% 1. eu 11.1
44
441
44
/
4 441
/
4 441
7,542 Cambria Steel
/
4 44%
44% 45
4452 95
321
50
/
4 Fen 23
Aug 7
.124 12
12% 12% 1214 1214 *124 123
80 Electric Co of America 10 n1078 Jan 20 Si)'.
. .1224 12%
1278.1'ly 14
03
62 4
62
62
621
/
4 62%
804
62.4 63
61
Eleo Storage Battery 100 43 Jan 30 631
62.2
/
4
3'1y
30
224 22/
/
4 2214
1
4 221
221
/
4 2214
223
, 23
22% 2211
/
4 1,060 Geu Asphalt tr OL1L8- 100 151
/
4 Jan
25% Feb ,
.09
430
70
70
091
/
4 70
122
70
70
130 pref tr aft,
0934 6934
100 53 Jan 6 71 Aug.)
121
/
4 121
/
4
15u Keystone Telephone._ 50 91
14
*13
/
4 4an'..1 15 Aid 19
271
/
4 27
27'-i 27%
2718 '2714
27
271
261
/
/
4 26
4 1,120 hake Superlor Corp
100 14% Jan 1) 3378May 11161
/
4 11814 1181
/
4 L0
119 1193., 1181
/
4119% 118 1191
/
4
Lehigh 0 &I Nay tr ctfs 50 96 Jan 6 1211
/
4 Augli
0338 99
001
/
410u
091
/
41001
/
4
1)914101
100/
1
4 104
148,313 1,4811igh Valley
50 67 F.1)23 104 sep 17
701
/
4
70% 711
/
4 71.2 721
/
4
72% 73
72318 73
Pennsylvania RR
/
4 Feb24 73 Sep 1
50 031
48
49
481
/
4 48%
48
4612
4838 48% 4814 48'4 1,068 Philatielp'aCo(Pittsb) 50 401
/
4 Feb24 4914 ogle,
12% 1234
1'2% 1234
12% 12%
12% 12%
123
. 1234 5,824
Electrict 25 111
/
4 Feb23 12% Sep 3
•29/
1
4 30
2934 30', '291
/
4 '491
/
4 271
/
4 29% 2734 2814 14,88u Pltila Rapid Transit
50 2478Jan 3 36/
1
4 9r 2,7978 82318 8168 821
/
4 .S2'- 831
/
4 8338 84', 811'ie 85% 53,993 Reading
5)) 591
/
4 Feb23 8532 Sep 17
678
6% 81318
634 6t3ie 0310 81318 .684 7
1,210 Tonopah Mining
1 534 Jan lt.) 713,. Alarm)
53% 53%
/
4 5311 53%
531
/
4 531
52
53
52% 531
/
4 3,441 u mon Xraction
58', May 4
50 5072 Jan
/
4 9034 911
004 901
/
4 9034 91
/
4 90% 911
90% 91 /
1
4 8,125 United Gas inlet
50 8452 lay13 94.1 0l) 6

PH 1 LA DEIXIIIA

Eta

Ask

Pit t LA Dhl.P111A

Inactive Stocks
Bonds
egheny Val pref....56
Prices are all "and
nerican Cement
50 41
interest."
om Pipe Mfg
100
Al Val It ext is 1910 A-0
Bell Telephone (Pa).100
Alt &LVEle4i 4,28'33.F-A
Cambria Iron
60 40
Am Rya cony 58 1911.2-1)
Central Coal & Coke.100
Atl City 1st 5ag'19.51-N
Consol Trao of N J...100 774
Berg& EBrw 1st66'21 -3
Du _loud State Steel...10
Bethle Steel Os 1908
Preferred
1.1.1
Choc& Me let 58 1940 J-4
Easton Con Electric 6.50
Ch Ok & G gen 55'19 J-J
Eieo Storage Batt....10
02% Col St By bacon his 1932
61
Preferred
Con Trao of NJ let 58.5.13
100
lit Wayne &W V
Edb A 1st M 5811)211 M-N
10
permantown Pass
50
Elec & Peo Tr stk tr otIs
Indianapolis St
Eq 11 Gas•L lst g 5s 1028
10
Indiana Union Tr....100
Indianapolis By 414.1033
Insurance Co of N A..10 22
221
/
4 Interstato 4s 1943 ..F-A
Inter Sin Pow & Chem.5
Lehigh Nay 41
15
/
48 '14.614
Keystone Telephone ..6
13
14
Rita 48 g
1.914.(.1-F
Preferred
60
Gen M 41
/
4s g 1924.4.)-F
geyidoneWatchCase.100
Leh V 0 1st be g '33. 34
Lit Brothers
1
16
161
/
4 Leh V ext 48 1st 1.948.J-1)
Little Schuylkill
50 57
28 78 1910
51-8
hilnehill & Schuyl H 6
62
Consol 65 1923
T-I)
N Haven Iron & Steel.5
Annuity Os
J.1)
Northern Central
50 105 106
Gen cons 45 2003.51-N
Peunsylvani
50
a
North
Leh V '['ran con 48'353-11
Pennsylvania Salt
50 111
New Con Gas 561948 J-D
Pennsylvania steel..100
Newark Pass con 5s 1030
100
Preferred
NY Ph& No lst48.39 J-J
45
Phlla Co(Pitts) pref...50 44
Income 4s 1939...51-N
Phil German & Norris.51
NoOldoTrac con5s'1944
/
4
50 881
Phlla Traction
Penn gen 68 1910
Vat
Rallway4 General
9/
1
4
10
Consol ba 1.919
Var
Itisqueit Iron & Steel...5
Penn & Md Steel con
VidowaLer Stool
Pa & NY Can his '89.A.0
11
Pro terred
Con 45 1939
1
A-0
1
'onopah Mining of Nevl
Penn Steel let56'17 M-N
634 '7
Mon Trot Ind
People's Tr tr carts 48'43
100
nited N J RH & 0..100 251
P Co 1st& col tr 68'49 M•S
Unit Trao Pitts pref..5
Con& col tr 55 1951M-N
44
'Warwick Iron & Steel.1
1014 10-4 Phil Elea gold trust ctfs
Feet Jersey & Sea 811.5
Trust certifs 45
Vestmoreland CoaL...15
P 314 111 gen M 6 g'20.A.-0
Vilkea Gas & Eleo...10
Gen M Leg 1920. A&O
*Bid and asked; no sales on this day. IlEx-lighta- H $7.50 paid.

Bid

Ask

Fm




98

100

1121
/
4
1051
/
4 103
108
143

109
931
/
4

55

•80'.
66
56
103

109

169 I.,

11)35.
121
160
971
/
4 9710
00
10012
1024

J.

98
i/84
10234 103
701
/
4 77

IIILADELPIIIA

Bid

Ask

l'h 3:4 Read 241 55'33.A-0 ......
Con M 78 11111
J-D
Ex Imp AI 4s g'47.A.0
Torminal 55 g1941.Q-F 120
P W & B col tr 4s'21..14
99.4 /00
Portland By 1st be 1930.
Hoch By& Leon 58'54J4
Spanish•Am Ir Os '27 J4
1031
/
4
If Trim Ind gen 56'19.34
Un Rys Tr ctfs 443'49J &J
79%
United Rya Inv lstoolltr
s f 51) 1926
51-N
86
86%
U Trite Pit gen 5s'97 34
Welsbach 8 158 1930.3-D 851
/
4
Wiks-13G&Econ5s'5534 102 1021
/
4
BA LTIMOitE
Inactive Stocks
Ala Cons Coal& Iron.100
re100
Atlanta
Pt
Charlotte-100
Allan Coast L (Conn)100 310
Canton Co
100 90
95
Cons Cot Duck Corp...50
81
/
4
Preferred
50 201
/
4 21
Georgia Sou & Fla. .100
let prof
100
211 pref
100
G•B S Brewing
100
2
8
Benda
Prices are all"and
tiddrest."
Anacoatia,& Pot Os
103 1034
/
45 '10.34 100
Atl 61, Ch ext 41
Atlau C 1-M481952M-8 95
951
/
4
All Coast L(Ct)ctfs553-13 105
Otis of indebt 4s....J4
85
5-20 yr 4s 1925
3-3 92
Balt C Pass 1st 58'11 M-N 100%
Bait Fundg 58.1916 ti-N' 105 108
Exchange 312s 1930 J-J
99 100
Fialt& P lattismI'll A-0 1021
/
4 10314
B 8 Pds0 lst4 tga '53Y-A
931
/
4 94
Balt Traolst5s..'29 -N 110 112
No Bait Divi5s 1942 J-D 118 115
Cent'l By oon1581932 M-N 108 110
EXt&Imp 55.1932 2d-S 111 1l1'

t 212kt paid. $41124 Paid.

CM

txage for 1-'revious
Year(1908)
Lowest

Highest

20 Jan
65 Mar
80 Jan
4 Feu
10 Feb
10 Jan

30 Dee
811
/
4 Deo
102 Dee
lb Dec
28 Dee
12 Nov
7*=:

321
/
4 Mai 43 Deo
Mat 4i31
/
4 Nov
261
/
4 Feb 40/
1
4 Dec
814 Jan 114 Des
2414 Feb 4714 Dec
312Jan 1938 Dec
/
4„lab 691
191
/
4 Dec
414.4 an
9 May
338 Feb 17 Des
781
/
4 Jan 1/738 Dec
52% Feb 7634 Dec
541118Jan 6131/8 Dec
34' mai 4434 Dec
51
/
4 Fel, 1238 Nov
212', Vue 2514 Deo
483,6 Feb anis Dec
31
/
4Jan
91
/
4 Apr
c44/
1
4 J'ue 594 Apr
731
/
4Jan 134% Deo

BA LT1.110 CF.
Chas eitylty lst 58'2334
Chas By &
53'911MChar! C& A '2d 75.'10 A-0
City& Sublet 5s..'22J-D
City& sub( Was)lat bs'4
Coal & I By Int 58'20E-A
Coleetirny 1st63.191t33-4
e01,801 Gas 614...1910 J-D
Os
.1t139 J-1)
Gadd Ala lateen 5s'453-3
Ga Car & N 1st 58 g'29 J4
Georgia P 1st 65..222 J-J
blaSo & Fla let 5s 1945J-J
G-B-6 Brew 3-43 195151-8
211 income 5s 1951 M-N
Knoxv Trao 1st 56'28A-0
Laken El let gubs'4251.
Macon Ry&LtIst58'5334
Memphis St let 68'45 J-2
SletSt( Wash)lat58'25F A
Mt Ver Cot Duck let 5a.
Npt N&O Flat 55'38 51-14
Norfolk St lst 55'44..3-J
North Cent4/
1
451925 A-0
8eries A 55 1926....J4
Series II 58 1920..J4
Pitt Un Trac Os 1997..1.3
Polo Val lot 58 1941..J -J
Say Fla& West 5s'34 A-0
Sezboard A L4s 1950 A-0
Saab & Roan bs 1926.3-2
South Bound 1st 55...A.0
U El L&P let4''29 M-N
lin Hy 814 Eliot 4s'49 51.14
Income 4s 1949
J
Ifunthng Se 1036...J-D
Va Mid 211 ser 438 '11.51-8
311 series Os 1916..M4th ser 3.4-58 1921.51-S
6th series 5a 1926.54-13
Va (State) 3s new'32.J4
Fund debt 2-351991..7.J
West N Coon Os 1914 24
WesVaC&P let6g'11 J4
WU & Weld 58-1935.J4

Btu

Ads

100
901
/
4 92%
108 t08.2
103 10814
/
4 103
1021
109 112
100. 1011
/
4
Ill's 11134
106 106's
105 106
109 112
108 109
46
46
12
14
1064 107
112
96
99
99/
1
4
107
801
/
4 81
96
96
1.07
105
112
112
105
112
112
391
/
4 90
1071
/
4 Ingis
10634 107
93
94
871
/
4 8714
581
/
4 58%
841
/
4 86
103
108
107
107
90
91
lvd 108
101% 102
112 114
• ••••

a Receipts. bra paid. o$Osald. 411421a =IL

[VoL.Lx.xxix

THE CHRONICLE

714

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

Week or
Month.

Curren;
Year.

Previous
Year.

Latest Gross Earnings.

July 1 to l alest Date.
Curr,lr
Year.

Previous
Year.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

•ruly 1 to Lates Date
Current
Year.

Previous
Year.

3
S
s
$
$
3
3
V
a NYC do Hud RI',. July
Ala N 0 & Tex Pac
7,955,193 7,093,798 7,955,193 7,093,798
263,041 212,044
Lake Shore & M :- July
3,938,349 1,264,389 3,938,340 3,264,389
503,851
N 0 & N East._ r August ___
424,150
130,944 113,380
390,676
390,408
Ala & VIcksb___ r August ___
252,276
nLake Erie&West July
300,676 :90,408
230,991
110,350 106,268
268,229
191,869
216,648
Vicky Shr & Peer August ___
Chic Ind & South July
214,568
218,220 101,869
4,795
4,130
4,795
4,130
Ala Tenn & North_ July
Michigan Central. July
2,266,662 1,941,188 2,266,662 1,941,188
7,730,096 6,985,401 7,730,596 6,985,401
It Atch Top & S Fe_ July
Cleve C C & St L_ July
2,297,704 2,088,956 2,297,704 2,088,956
48,847
239,794
36,017
216,837
Atlanta Birm & At! 1st wit Sep
420,041
316,905
Peoria & Eastern July
239.794 216,887
1,863,040 1,742,338 1,863,040 1,742,338
88,331
82,195
Atlantic Coast Line July
82,195
88,331
Cincinnati North July
995,731
Balthnore.& Ohio__ August ___ 7,502,629 6,825,124 14,453,501 12,974,681
1,449,479 995,731 1,449,479
Pitts & Lake Erie July
219,043 181,335
July
280,507
246,410
Bangor & Aroostook July
280,507 246,410
Rutland
219,043
181,335
833,807
4,385
5,933
333,807 692,741
692,741
Bellefonte Central__ August ___
8,574
N Y Chic & St L. July
10,886
3,722,366 3,275,122 3,722,366 3,275,122
July
20008733 17204572 20,008,733 17,244,572
Boston & Malne___r July
Total all lines_
5,895
5,369
861,081
822,007
Bridgeton & Saco II July
3,895
5,369 N Y Out & Western July
861,086 822,907
5,070,154 1,401,823 5,070,154 4401,823
Buff Roth & Pitts__ 2d wk Sep 194,947 152,712 2,009,770 1,596,945 NY N H & Hart_ _r July
202,006 170,133
Buffalo & Susq___r July
261,079 261,322 3,026,080 3,038,755
202,006
170,133 N Y Susq 46 West_ May
216,468
183,913
216,468 133,913
Canadian Northern. 1st wit Sep 190,400 175,300 1,841,000 1,651,200 Norfolk & South__r July
2,581,300 2,369,825 2,581,300 2,309,825
Canadian Pacific___ 1st wk Sep 1,664,000 1,301,000 15,956,030 13,847,881 Norfolk & Western.. July
869,115
Central of Georgia_ 1st wk Sep 226,500 212,100 1,956,538 1,955,662 Northern Central __ July
975,315 869,115
975,315
2,196,010 2,156,724 2,196,010 2,156,724 Northern Pacific _r July
Central of New Jen; July
6,607,979 3,679,525 6,697,970 5,679,525
July
Central Vermont. r July
326,984 288,491
734,582
579 988
734,58' 579,988
326,984
288,491 Pacific Coast Co_
Chattanooga South. 2d wk Aug
1,640
1,612
0,504
14,586 Pennsylvania Co.... July
4,406,41', 3,590,020 4,406,417 3,590,020
Chesapeake & Ohio. 1st wk Sep 567,765 533,692 5,602,782 4,921,728 d Penn-F.of P & E July
12915705 11282065 12,915,765 11,282,065
Chesterfield & Lane June
3,302
3.083
54,946
62,552
d West of P & E July
inc.1,0'3 5,200
Inc.1,05 5,200
Chicago & Alton By 1st wk Sep 266,337 243,606 2,575,388 2,431,618 Pere Marquette_ __r July
1,215,396 1,057,216 1,215,306 1,057,216
Chic Burl & Quincyr July
6,825,880 6,271,103 6,825,880 6,271,163 Phlia Bait & Wash July
1,517,878 1,428,678 1,317,878 1,428,678
4th
wk
AugCin
Chic&
StI.
July
262,415 273,422 1,379,888 1.393.277 Pitts
Chicago Great west_
,439,384 2,227,90, 2,489,338 2,227,904
Chic Ind & Loulsv_ 1st wk Sep 117,772 103,728 1,139,888 1,033,283 Raleigh & Southp't fly
11,488
9,703
9,70,
11,488
Reading Company_
Chic Ind & Southern -See New York Cen tral.
Phila & Reading 'uly
Chic Milw & St Paul July
3,092,309 2,917,471 3,092,391 2,917,471
5,210,457 4,652,409 5,210,457 4,652,409
Coal & Iron Co_ -July
1,597,093 1,934,763 1,597,090 1,954,763
Chic & Nor West__r July
5,896,270 5,215,185 5,896,270 5,215,185
Total both cos_
July
098,487
1,123,975 998,487 1,123,970
1,689,494 1,872.23, 4,689,494 4,872,234
Cltic St P.M & 0__r July
97,186
77,523 1,000,133 1,009,430 Rich Freder & Pot_ July
Chic Term TransitIt %day
184,727 174.928
181,727
174,628
664,823 Rio Grande June... June
755,030
62,157
755,050 664,823
84,040
881,480
811,897
Cin Ham & Day__r July
Rio Grande South_ 1st wk Sep
12,265
Cley Cia Chic & St L -See New York Ceti Ira;.
6,865
100,032
116,145
200,071
193,348 Rock Island System July
200,071 193,348
3,416,601 1,679,107 5,416,601 4,679,107
Colorado Midland _r July
St L & San Fran_ July
3,305,366 2,830,653 3,305,369 2,850,653
it Colorado & South. 1st wk Sep 280,39.4 267,068 2,817,126 2,777,321
17,244
19,723
17,244
19,723
Chic & East III_ July
853,129
774,764
Colum Newb & La, July
853,129 774,764
75,800
77,921
77,921
75,800
1 Evansv & Ter H July
July
Copper Range
191,253 185,709
191,253
185.709
4,820
12.873
12,873
4,820
Cornwall
July
Total of all lines_ July
0,766,354 4,490,235 0,766,354 8,400,235
22,990
142,088
124,816
39,111
39,111
22,999 St. Jos & Grand Isi_ July
142,088 124,816
Cornwall & Leban_: July
162,429
162,429 153,786
153,786 St Louis Southwest_ 20 wk Sep 221,076 201,180 2,069,443 1,987,882
July
Cuba Railroad
749,083
323,252
749,083 523,252
1.586,138 1,436,028 1,586,138 1,486,028 San Ped LA & S L_r July
: Delaware & Hutt_ July
1,269,965
1,186,353
3,168,226 2,859,240 3,168,226 2,859,240 Seaboard Air Line July
1,269,965 1,186,353
Del Lack as West__r July
70,237
77,812
70,237
77,812
Atlanta & Birm_ July
Deny & Rio Grande 1st wk Sep 467,100 441,900 4,479,716 3,840,424
19,259
6,460
24,406
6,098
6,098
250,056
Denver NW & Pac 1st wk Sep
194,396
6,460
Florida West Sh_ July
55,082
104,327
102,433
45.608
250,390
Det To! & Iront Sysi4th wk Aug
267,845 Southern Indiana_r July
104,327 102,433
37,832
4th wk Aug
60,011
Ann Arbor
320,048
318,562 c Southern Pac Co. July
10814369 3,720,405 10,814,569 0,720,405
21,610
23,548
Detroit & Mackinac 1st wk Sep
131,002
225,114 Southern Railway__ 1st wk Sep 1,082,649 947,016 9,917,541 9,064,130
1,354,306 981,989 1,354,306
Mobile & Ohio.... 1st wk Sep 181,480 171,664 1,804,612 1,637,947
981,989
Dul & Iron Range_r fuly
53,336
71,020
664,1130
Cin N 0 & Tex P. 1st wit Sep 157,873 139,404 1,479,838 1,439,333
Dul Sou Sh & Atian 1st wk Sep
515,224
Ala Great South_ 1st wk Sep
650,354
806,234 550,277
58,200
630,126
El Paso & S W____r July
606,234
550,277
66,653
371,142
3,991,840 3,871,553 3,991,849 3,871,553
Georgia So & Fla. 1st wk Sep
37,590
324,173
July
Erie
37,928
172,519
Texas Central
17,638
177,5-15
Evansville ft Terre Haute-See Rock 18 land Syst ein.
1st wk Sep
16,847
1,564
1,784
1,564 Texas & Pacific__ 1st wit Sep 260,777 227,538 2,411,984 2,265,465
Fairchild & Nor E. July
1,784
5,517
6.517
3,956
5,956
78.230
85,207
78,250 Tidewater & West_r July
Fonda Johns & Cloy July
85.207
328,373
328.373 438,553
438,553
201,693 218,074
201.693
218,074 Toledo & Ohio Cent July
Georgia Railroad __ July
Toledo Peor & West 1st wk Sep
14,804
208,426
20,954
213,349
Georgia South & ria -Sec Soul hern ktal a aY.
702,080
683 428
07,831
73,165
Grand Trunk Syst_ 1st wk Sep 939,143 821,962 3,309,736 7,625,854 Toledo St L & Wein 1st wit Sep
6,404
4,591
6,40-1
4,391
Gr Trunk West__ 1th wk Aug 186,280 161,266 1.049,606
987,830 Tombigbee Valley__ July
7,534,854 1,749,684 7,534,854 6,749,684
300,050 Union Pacific Syst_ July
56,665
Det Gr Hay & Mil 4th wk Aug
48,397
323,355
39,094
60,203
r July
721,911 704,926
339,578
374,310 Vandalla
721,916
704,926
Canada Atlantic_ lth wit Aug
Great Northern Syst August ___ 5,419,302 4,460,472 10,734.240 8,910,965 Virginia &Sou Wes. .July ..... 102,110
92,572
102,116
92,573
131,113 Wabash
155,930
155,930 131,113
Gulf & Ship Island_ July
24 wit Sep 509,464 347,381 6,021,140 5,531,162
531,266 330,521
Hocking Valley____ July
531,266
530,521
Western Nlarylanda June
496,446 429,232 3,952,696 5,648,2/8
Illinois Central__-_ August ___ 5,058,571 4,662,619 9,627,915 8,915,876 West Jers & Seash_ July
762,581 096,181
762,581
696,181
[nternat 40 Gt Nor- 1st wit Sep 151,000 137,000 1,314,030 1,219,511 Wheeling & L E__r July
590,560 527,212
590,565
527,212
878
z Interoceanic Max.. 1st wk Sep 107,345 135,155 1,202,035 1,103,512 White Riv(Vt)2 wits end Aug 28
1,408
62,631
70,169
Wrightsville
15,843
&
15,864
Central
1st
wk
Sep
570,20,1
367,557
15,841
Tenn July
15,864
Iowa
213,994 201,907
Kanawha &Mich__ July
201,907 Yazoo & Miss Vail. August __. 715,723 637,648 1,371,540 1,222,199
213,994
666,028 744,334
---666,028
Kansas City South_ July
744,334
Previous
35,004
18,500
Current
K C Mex & Orient_ 3d wk Aug
251,250
135,341
Year.
Year.
Periol.
Lal,.. Erie & West'n -See New York (ten Iral.
Various Fiscal Years.
2,754,398 2,520,451 2,754,398 2,526,451
---July
Lehigh Valley
39,427
37,826
35,852
Jan 1 to Aug 31
36,822
Lexington & East__ July
33,832
36,822 Bellefonte Central
Jan 1 to July 31 10,810.814 10,303,49i
hic.11 7,617
1 Delaware & Hudson
July
Long Island
/nc.11 7,617
28,004
Jan 1 to Aug 31
40,622
106,091
Louisiana & Arkan_ July
98,382
106,091
98,382 Manistique
ran 1 to Aug 31 5,051,900 5,134,460
84,215
75 066 1,023,737
Loulsv Heed & St L June
902,652 a Mexican Railway
898,468
fan 1 to Aug 31
846,703
Louisville & Nash',. 1st wk Sep 889,000 850,573 8.737,647 8.180,673 a Mexican Southern ________
•Jan
1 to July 31 50.538,965 15,404,394
Hudson
River_
Y
Central
&
22,242
e
N
21,667
10,483
10,855
August
-__
Macon Ss Birming'm
Lake Shore & Michigan South fan 1 to July 31 24,183,457 21,090,979
Maine Central ____r July
793,833 722,309
722,300
793,835
Jan 1 to July 31 2,558,018 2,346,325
n Lake Erie & Western
Ifanlstlque
August _
5,368
3,547
6,740
13,776
31,693
29,529
Maryland & Penn__ July
31,693
29,529
Chicago Indiana & Southern, Jan 1 to July 31 1,694,912 1,477,274
Ian 1 to July 31 14,857,031 13,272,097
Michigan Central
z Mexican Internat. 1st wk Sep 120,158 137,137 1,311,693 1,288,640
Cleve Cin Chicago & St Louis Jan 1 to July 31 14.805,726 12,939,681
213,500 194,300 1,349,800 1,192,500
2 Mexican Railway- 4th wk Aug
Jan 1 to July 31 1,576,145 1,480,911
Peoria & Eastern
207,655
209,027
1 Mexican Southern 1th wk Aug
29,530
31,442
612,961
fan 1 to July 31
478,109
Cincinnati Northern
Michigan Centre,- ',ee New V zrIc Centr al.
Jan 1 to July 31 7,232,121 5,083,446
Pittsburgh & Lake Erie
1st wit Sep
18,371
158,266
14,002
166,051
Mineral Range
1 to July 31 1,650,562 1,479,901
fan
755,200
Rutland
837,269
Minneap 40 St Louis 1st wit Sep 105,736 101,403
New York Chicago & St Louis fan 1 to July 31 5,505.280 5,201,760
Minn St P & S S M1 1st wit Sep 511,124 458,303 4,008,104 3,696,203
Jan 1 to July 31 125205184 110253077
Total all lines
Chicago Division/
Jan 1 to July 31 6,686,400 6,300,4(13
1,913,863 1.868,267 1,913,863 1,808,267 Northern Central
Missouri Kau 40 Tex July
d Penn-East of Pittsb & Eric_ shin 1 to July 31 13,058,714 75.303,214
Ito Pac & Iron Mt1
d West of Pittsburgh & Eric- Jan 1 to, July 31
hic.5.85 6,300
Central Branch_ J 1st wk Sep 975,000 838,000 9,592,199 8,367,274
24.857
231,529
213,245 Phila Baltimore 60 Washington_ fan 1 10 July 31 9,983,089 0,168,789
5 Mobile Jack & K C Wit Sept 4
26,707
910.984
880,299 Pitts Cin Chicago & St Louis_ Jan 1 to July 31 16,081,147 14,452.447
910,984 880,299
51ashy Chat & St L. July
Deo 1 to June 30
415,005
497,880
z Nat Rys of Mexico 1st wk Sep 791,030 863,078 8,497,825 8,247,907 Rio Grande Junction
Jan 1 to Sep
20,723
8,486
77,999 Texas & Pacific
7 9,030,131 8,263,024
gevada-Cal-Oregon. 1st wk Sep
109,176
Allmsloh
A 975
5 AAA
11 MA9
12 A92
Woof T.2..... R. Cneohnrom
inn 1
In .5111., nt
,: 1 rti Asa 9 OAR fu,a

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Cuent Yea' Pree3 Year Inc.or Dec. %
%
Monthly Summaries.
-.
-5
3
S
3
3
3
9,517,546
+830,059 3.72
1st week July' (40 roads).- 10,347,005
Month Nov 1903 (804 roads). 210,971,123 ;18,067,731 -7,996608 3.61
+394,328 3.92
20 week July (44 roadsi____ 10,447,146 10,052,818
Month Dec 1908 (798 roads). 203,316,481 193,791,845 +11,424,836 3.9(
+507,793 5.55
3d week July (44 roads)..... 10,795,910 10,223,187
Month Jan 1908 (394 roads). 183,223,014 173,596,903 +9,626,111 5.59
Month Feb 190)(792 roads). 173.867,2011 153.932.396 +13,884,310 8.61
4th week July (49 roads)____ 16,580,173 15,075,834 +1.504.339 9.03
let week Aug (44 roads).... 11,311.200 10,2:15,361 +1,075,929 10.51 . Month Mch 1009 (890 roads). 205,708,319 183,433,906 + 22,254,413 12.1:',
+964,990 9.10
20 week Aug (40 roads).- 11,565.7(14 10,600.774
Month April 1909 (895 roads). 197,011.330 175,002,648 +2,008,89.1 12.58
9,931,209
+938,877 0.96
30 week Aug (33 roads)____ 10,920,080
Month May 1003 (849 roads) _ 201,143,840 174,103,001 +27,038,839 15.41
3d week Aug (47 roads)._ 11,780,990 10,745,592 +1,035,308 9.63
Month June 1909 (729 roads). 189,563,318 164,794,786 +24,768,532 15.0.1
4th week Aug (44 roads)._ 16,740,145 15.107,527 +1,032,618 10.84
Month July 1900 ((192 roads). 2011,870,411185,340,503 +23,529,848 12.7(
1st week Set, (42 roads).... 11.521.265 10.434.381 +1.086.887 10.42 linnth Allfr 1003 1 49 rnatho _ 57.933.811 51,851,211 +6.102.600 11.71
a Mexican currency. 11 Includes earnings ot Gull ft Chicago DivisIon. c Includes time Houston & Texas Central and its subsidiary lines in both years;
O Covers lines directly,operated. a Includes the New York & Ott4wa. the St. Lawrence & Adirondack and the Ottawa & New York By., the latter o'
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Indiana RR. la Includes
earnings of Colorado & Southern, Fort Worth & Denver City and. all affiliated ihses, excepting Trinity 44 Brazos Valley ItR• it Includes in both years
earnings of Denver Enid & Gulf BR., Pecos Valley System and Santa Fe Prescott & Phoenix Rs,
. i These figures do not include receipts from sale of
coal
n Includes the Northern Ohio RR. a Figures here are on the old basis of accounting-not the new or Inter-State Commerce Commission method
r These figures are on the new basis prescribed by the Inter-State Commerce Commission.
Weekly Summaries.




L'ur'n: Year Prey's Year Inc. or Dec.

SEPT. 181909.,

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of September. The table covers 42 roads and shows 10.42%
increase in the aggregate over the same week last year.

715
-Gross Earnings
--Net Earnings
Current
Previous
Previous
Current
Year.
nor.
Year.
Year.

Roads.

Erle_a
May 4,299,728 3,851,252 1,268,238 1,088,246
July 1 to May 31
46,243,297 45,670,370 12,288,216 8,336,924
Fonda Johns & Glov_a_June
39,031
69,714
35,132
63,621
1909.
First Week of September.
1908.
Increase. Decrease.
July 1 to June 30
773,848
398,434
777,474
418.261
----------Georgia
RR_
b
July
15,293
201,693
26,243
218,074
$
$
$
Grand Trunk of Canada66,653
58,200
Alabama Great Southern
8,453
48,847
Grand Trunk Rallway.July 2,720,483 2,520,470
36,017
Atlanta Birmingham & Atlantic
12,830
708,076
710,509
182,524
Grand Trunk Western.July 470,591
152,711
Buffalo Rochester & Pittsburgh
29,813
468,644
120.203
72,025Det Gr Hay & Milw_ _July
190,400
Canadian Northern
175,300
15,100
150,375
148,915
46,718
27,009
Canada Atlantic
1,664,000 1,301,000 363,000
Canadian Pacific
July 149,401
116,796 def10,220
20,926.
226,500
212,100
Central of Georgia
14,400
Gulf & Ship Island_b_ _ _July
155,930
131,113
14,570
39,163
Chesapeake & Ohlo
567,765
34,073
533,602
Hocking Valley_ b
266,387
531,266
July
Chicago & Alton
530,521
201,385
209,537
243,606
22,781
117,772
Chicago Indianapolis & 1,01118V_
103,728
Illinois Central_a
14,044
July 4,569,344 4,253,257
422,662
678,807
Cincinnati New 04 & Texas Pac
157,873
139,464
18,409
gInteroceanic of Mexico_July
570,247
544,441
188,790
157,479
Colorado & Southern
280,394
267,068
13,326
Iowa Central_a
Denver & Rio Grande
467,100
July
252,739
231,712
441,900
/131,162
h48,569
25,200
Denver Northwestern & Pacific_
24,406
19,289
5,117
Kanawha & Michigan_a _July
213,994
201,907
58,207
73,160
Detroit & Mackinac
23,548
21,610
1,938
Keystone Teleph Co_a_ _Aug
89,923
86,194
45,003
42,831
Duluth South Shore & Atlantic
71,020
55,336
15,684
July 1 to, Aug 31
180,943
174,531
90,490
86,070
Georgia Southern & Florida_ _ _ _
37,928
37,590
338
Long Island_ b
Grand Trunk of Canada
July
Inc. 117,617
Inc. 105.402
Jan 1 to July 31
Grand Trunk Western
939,143
Inc. 468,609
821,962 117,181
Inc. 416,782
Detroit Grand Haven &
Louisiana & Arkansas_ b_July 106.091
98,382
40,012
26,976
Canada Atlantic
Maryland & Penna _a_ _ _July
31,693
29,529
9,673
International & Great Northern
6,765.
14,000
151,000
137,000
Interoceanic of Mexico
27,810 .gMexican International_July 607,312
107,345
135,155
556,590
196,572
279,553
Iowa Central
7,538 Mineral Range- b
62,631
70,169
July
73,665
73,827
10,815
12,929Louisville & Nashville
38,425
889,000
850,575
313,014 /121,914
Mexican International
191,276
16,979 Minneap & St Louls_a_ _July 306,760
120,158
137,137
Minn St P&SSM
Mineral Range
4,369
June 1,072,626
18,371
14,002
920,753
478,011
377,063
July 1 to June 30
Minneapolis & St Louis
4,353
101,403
105,756
12,609,299 11,509,857 5,511,583 4,393,892
Minneapolis St Paul & S S M__}
52,821
458,303
511,124
Missouri Kan & Texas_bJuly 1,913,863 1,868,267
533,932
416,394
Chicago Division
Missouri Pacific_ b
July 4,008,199 3,621,274 1.002,020 1,180,101
. Missouri Pacific & Iron Mtn....)
075,000
838,000 137,000
Central Branch
Nashv Chatt & St Lb_ _July 910,984
880.299
221,414
207,645
Mobile & Ohio
9,816
181,480
171,664
gNational Rys of Mex July 3,874,979 3,641,019 1,500,438 1,116,312
72,048
National Railways of Mexico_ _ _
701,030
863,078
Nevada-Cal-Oregon
,
July
43,828
32,142
Nevada-California-Oregon
25,779
20,725
12,239
16,732
8,486
5,400 Nevada Central_ b
Rio Grande Southern
6,865
12,265
Aug
5,275
5,480
302
1,491
St Louis Southwestern
210,185
7,689
202,496
July 1 to Aug 31
11,582
13,923
1,215
4,467
Southern Railway
1,082,649
947,016 135,633
New
London
North_bTexas Central
16,847
791
17,638
Apr 1 to June 30
283,125
229,053
70,873
27,010
Texas & Pacific
260,777
33,239
227,538
Jan 1 to June 30
541,209
425,428
94,275
21,955
Toledo Peoria & Western
20,054
1,060
19,894
July
1 to June 30
1,078,711
984,227
153,544
Toledo St Louis & Western_ _ _ _
38,858
67,631
5,534
73,165
Wabash
N Y Ont & Western_a_ _July 861,086
589,480
822,907
60,656
528,824
295,186
321,217
N Y Susq & West_a_ _ _ _May
261,679
261,322
75,976
97,621
Total (42 roads)
11,521,268 10,434,381 1,222,987 136,100
July
1
to
May
31
3,026,080 3,038,755
986,818
749,786
Net increase (10.42%)
1,086,887
Norfolk & Western_ b_ _July 2.581.300 2.369,825 1,009,744
958,854
Northern Central_ b_ _ _ _July
975,315
194,432
869,115
268,332
Jan 1 to July 31
6,680,409 6,300,409 1,201,816 1,353,616
Net Earnings Monthly to Latest Dates.-In our "Railway
Pacific Coast
July 737,582
579,988
196,617
65,237
Earnings" Section, which accompanies to-day's issue of the Pennsylvania-L
ines directly operated"Chronicle" as a special Supplement, we print the July reEast of Pitts & Erie b_July 12,915,765 11,282,005 4,066,808 3,599,808
Jan 1 to July 31
83.058,714 75,305,214 22,455,854 19,864.554
turns of earnings and expenses (or in the absence of the July
West of Pitts & Erie_ _July
Inc. 1.055,200
Inc. 328,300
figures those for the latest previous month) of every steam
Jan 1 to July 31____
Inc. 5.856,300
Inc. 1.501,400
operating railroad in the United States which is obliged to Pitts Cinc Chic & St L_a_July 2,439,388
2.227,904
696.340
677,146
make monthly statements to the Inter-State Commerce ComJan 1 to July 31
16,081,147 14,452,447 3,780.933 3,713,285
Phila Bait & Wash_ b_ _ _July 1,517,878 1,428,678
mission at Washington.
430,334
397,034
Jan 1 to July 31
9,983,089 9,168,789 2,356,594 1,950,794
The Inter-State Commission returns are all on a uinform
Lake_ bbasis, both as to revenues and expenditures, and possess Baguette
Apr 1 to June 30
6,894
13,085
def3,701
1,127
Jan 1 to June 30
special utility by reason of that fact. In a number of in17,108
29,883
981
10,864
stances these figures differ from those contained in the Reading CompanyPh la & Reading_ b_ _
3,092,390 2,917,471 1,095,001 1,101.0
59.2
88
26
monthly statements given out by the companies themselves,
Coal & Iron Co_ b_ _ __July 1,597,095 1,954,763 def94,240
Total both companiesbJuly 4,689,494 4,872,234 1,000,761 1,160,908
for publication, and in which the accounts are prepared in
Reading Company_ _ _July
145,508
131.114
accordance with old methods of grouping and classification
Total all companies_ _July
1,146,269 1,292,022
pursued in many instances for years. We bring together Rio Grande Junction.. _June 84,049
62,167
n25,213
n18,650
Dec 1 to June 30
here (1) all the roads where there is a substantial difference
497,889
415.095 n149,366 n124,528
45,123
between the two sets of figures, so that those persons who Rio Grande Southern_ b_July
51,309
12,859
23,468
July 5,416,601 4.679,107 1,756,885 1,152,718
for any reason may desire to turn to the company statements Rock Island- b
St Louis & San Fr_b_July 3,305,369 2,850,653 1,052,820
806,239
will find them readily available. We also give (2) the reChicago & E Illinois b July 853,129
774,784
300,000
234,510
turns of such roads (even where the figures correspond exEvansv & Ter /1_b July
191.253
185,709
77,218
74,403
Total
all
of
lines_ b__ _July 9.766,354 8,490.235 3,186,924 2,267,881
actly with those in the Inter-State Commerce reports) which
St. Louis Southwest_a_ _July
798,792
777.106
208,794
140,924
go beyond the requirements of the Commission and publish
Southern Pacifle_a
July10,814,569 9,720,405 4,016,908 3,641,598
their fixed charges in addition to earnings and expenses. We Texas
Central a
July
70,279
76,694
96
13,766
likewise include (3) the few roads which operate entirely Toledo & Ohio Central a July
438,553
89,894
177,211
within State boundaries, and therefore do not report to the Toledo Peor & West b _ _July 328,373
83,608
91,364
16,211
21,103
August
Federal Commission, and (4) Mexican and Canadian com103,864
102,091
32,727
27,909
July
6,404
4,591
panies. Finally, we add (5) the roads which have issued Tombigbee Valley
2,299
1,013
July 7,534,854 6,749,684 3,843,566 3,363,374
their own statements for July, but have not yet filed any Union Pacifica
696,181
374,662
returns for that month with the Commission. Among the West Jersey & Seash_b_July 762.581
301,962
Jan 1 to July 31
3,161,033 2,958,533
700,294
464,594
larger companies, the Missouri Pacific belongs this tune to Yazoo
& Miss Valley_a_July 655,815
584.551 def83,636 def134,693
the latter class.
-a Net earnings here given are after deducting taxes.
-Gross Earnings
--Net Earnings
b Net earnings here given are berme deducting taxes.
Current
Previous
Current
Previous
S For July 1909 additional income is given as showing a deficit of $2,115
Year.
Year.
Road3.
Year.
Year.
against 83,397 credit in 1908.
3
The company now includes the earnings of the Denver Enid & Gulf RR.
Alabama Tenn & North _July
4,795
4,130
2,409
2,116 Pecos Valley system and Santa Fe Prescott & Phoenix Ely. in both years.
Atch Top & Santa Feb July 7,730,596 6,985,401 j2,714,574 j2,628,915 For8;July taxes and rentals amounted to $278,412, against $306,321 in
after deducting which, net for July 1909 was 82,436,162. against
Atlantic Coast Line_a_ _July 1,863,040 1,742,338
377,236
321,201 $2,322,593 last year.
Boston & Albany_bI For July 1909 additional income was $15,035, against 812.780 in 1908.
Apr 1 to June 30
g These results are in Mexican currency.
3,220,507 2,663,806
968,871
414,886
Jan 1 to June 30
n These figures represent 30% of gross earnings.
6,083,198 5,033,498 1,540,226
213,247
r For July 1909 net from Coal Department was $25,543, against $41,969
Baltimore & Ohlo_b____Aug 7,502,629 6,825,124 2,701,791 2,697,544
last year. and from Jan
to July 31 was $558,856 in 1909. against 1526.548
July 1 to Aug 31
14,453,501 12,974,681 4,947,626 4,906,541
Bangor & Aroostook_ b_ _July 219,043
81,802
181,335
50,295
Interest Charges and Surplus.
Bellefonte Central_ b_ __Aug
5,033
4,385
del 31
1,706
Jan 1 to Aug 31
39,427
37,826
2,272
5,939
-Int., Rentals, &c.- -Bal. of Net E'ngs.Bridgeton & Saco Rly b July
Current
Previous
Current
Previous
5,369
5,895
2,839
2,412
Roads.
Year.
Year.
Year.
Year.
Buffalo !loch & Pitts- b-Juiy
796,585
853,572
347.577
203,228
Canadian Northern_ _ _ _July 843,500
728,500
229,600
202,900 Bangor & Aroostook_ _ _ _July
79,768
80,251
x14,172 xdef18,285
Canadian Pacific_a
July 7,140,030 6,202,881 2,479,871 2,274,573 Bellefonte Central
Aug
243
257
del 274
1,449
Central of N J_b
July 2,196,010 2,156,724
Jan 1 to Aug 31
1,944
2,056
948,932
935,263
328
3,883
Chattanooga South_a_ _June
Bridgeton
&
Saco
Riv__July
5,738
6,611
635
def2,552
def1,772
593
2,204
1,819
July 1 to June 30
80,578
105,788 def42,684
def3,627 Boston & AlbanyChesterfield & Lanc_ b_ _June
Apr Ito June 30
3.083
1,170,149
3,392
823
17
849,155xdef165,558zde
f346,462
July 1 to June 30
54,246
Jan 1 to June 30
2,212,031 1,683,616xdef600.701xdefl 283358
62,552
19,049
15,016
Colorado Midiand_a_ _ _ _July
200,071
July 539,872
103,348
35,500
50,959 Central of NJ
536,679
409,060
398,584
Colorado & South_ b_ _ _ _Mav 1,144,591
966,960
July
31.350
306,707
217,977 Colorado Midland
31,350 cdef8,348
c11,696
July 1 to May 31
13,941,145 13,207,832 4,541,624 4,404,271 Colorado & Southern_ _ _ May
252,873
250,986
04,762 cdef39.138
Copper Range- b
77,921
July
July 1 to May 31
2,810,244 2,630,963 c2,069,549 c1,956,001
75,800
36,545
22,777
Cuba RR
July 162,429
July
153,786
49,017
11.977
63,464 Copper Range
11,938
24,568
10,839
Delaware & Hudson_ b_ _July 1,586,138 1,486.028 r612,793 r588,284 Cuba RR
July
34.996
32,263
14,021
31,201
Jan 1 to July 31
10,810,814 10,303,491 r4,011,227 r3,794,985 Denver & Rio Grande
July 404,471
315,266
d382,100
d380,868
Denver & Rio Grande_a July 1,990,516 1,684,824
704,006
601,160 Duluth Sou Shore & Ati_July
94,641
88,159 zdef.9,839 xdet 17,778
Duluth So Sh & Ati_ b_ _July
285,234
226,115
81,945
61,751 Georgia R P
July
60,363
55,364 xdef24,789 zdef31,875




11

(Vol, Lxxxix.

THE CHRONICLE

716
-Int., Rentals, &c.
Previous
Current
Year.
Year.

Roads.

36,605
July
Gulf & Ship Island
114,363
July
Hocking Valley
25,261
Kanawha & Michigan__ _July
34,676
Keystone Teleph Co _ _Aug
68,812
July 1 to Aug 31
_July
23,508
Arkansas..
Louslana &
July
3,959
Maryland & Penna
July
13,263
Mineral Range
Missouri Kan & Texas_ _July 3555,794
New London Northern62,988
Apr 1 to June 30
125,976
Jan 1 to June 30
July 1 to June 30
251,952
3,578
Nevada-Cal-Oregon _ __ _July
95,562
N Y Ontario & Western_July
July
463,460
Norfolk'& Western
Raquette Lake3,630
Apr 1 to June 30
9,224
Jan 1 to June 30
July 880,000
Reading Company
8,333
Rio Grande Junction _ _ _June
58,333
Dec 1 to June 30
19,081
Rio Grande Southern__ _July
171,479
St Louis South West__ __July
3,435
July
Texas Central
46,846
July
Tol & Ohio Central
20,404
Toledo Peor & West..__ _July
24,289
August

-Bat. of Net E'ngs.Current
Previous
Year.
Year.

36,214
x3,401 xdef20,600
118,228
x138,982
x131,251
x39,324
23,080
x52,013
8,124
34,707
10,327
21,878
16,831
69,239
x13,130
21,101
x24,208
2,786
5,714
3,979
z151
12,778 xdef.2,428
3547,872 zdef17,701zdef123,255
x11,172 zdef35,081
64,878
127,947 zdef25,995zdef101,369
254,645 xdef86,945xde1202,060
z13,874
x23,050
4,046
234,275
199,624
88,942
519,794
546,284
439,080
4,752
9,724
873,541
8,333
58,333
18,848
173,737
3,426
40,385
26,242
23,589

zdef7,301 zdef3,604
x1,123
xdc18,193
418,481
266,269
16,882
10,317
91,033
66,195
x8,840
xde11,958
x78,703
x1,023
tie!.3,339
10,340
x55,165 x142,113
zdef6,247 xdef4,461
x9,637
x5,353

c After allowing for net miscellaneous debit to income.
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of the renewal fund.
h Fixed charges include taxes amounting to $80,100 for July 1909,against
$64,652 In 1908, and additions and betterments of $13,000 this year, against
$28,987. Prior to July 1907 it was the practice to include these items in
the expenses.
z After allowing for other income received.

STREET RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Jan. 1 to latest date.

Current Previous
Year.
Year.

Current
Year.

$
$
American Rys Co_ _ _ August ___ 284,487 272,679
167.614 148,748
cAur Elgin & Chic By July
34,910 31,052
Binghamton St Ry__ Icily
183,186 170,261
Birm Ry Lt & Power July
10,643
12,088
Brockton & Ply St By May
10,429
11,445
July
Camaguey Co
21,334
21,872
Cape Breton Elec Co_ July
73,630 68,273
Central Penn Trac_ _ _ July
71,115 68,988
Chariest Con Ry G&E July
1055,160 902,482
Chicago Railways Co_
36,389 33,137
May--.._ _
Cleve Painesv & East August
103,340 101,397
Dallas Electric Corp_ July
Detroit United Ry___ 4th wk Aug 243,937 212,558
91,658 81,568
Duluth Street Ry___ July
170,250 165,451
East St Louis & Sub_ July
46,362 40,821
July
El Paso Electric
39,899 35,462
Fair & Clarksb Tr Co July
Ft Wayne ec• Wabash
115,981 110,034
Valley Traction C. June
109.747 93,372
Galv-Hous Elec Co__ July
99,838 91,289
Grand Rapids By Co. August
Havana Electric Ry_ Wk Sep 12 41,739 38,581
Honolulu Rapid Tran
34,525 36,637
uly
& Land Co
30,652 20,300
Houghton Co Trac Co uly
362,729 342,273
Illinois Traction Co__ July
39,299 35,559
Jacksonville Elec Co_ July
33,247 30,148
Kansas City-Western May
121,185 110,428
Lake Shore Elea By- July
51,373 54,143
Lex & Inter Rys Co__ June
356,906 333,274
Mllw Elec Ry-& Lt Co July
113,336 100,532
Mllw Lt Ht & Trac Co July
78,993
Montreal Street fly _ _ Wit Sep 11 77,351
140,887 127,937
Nashville Ry & Light uly
227,012 200,392
North Ohlo Tr & Lt_ . July
109,212 98,983
North Texas Elec Co_ July
162,424 155,484
Northwestern Elec__ August
184,511 d164,527
Nort & Portsm Tr Co June
41,468 26,781
Oklahoma City Ry__ July
19,152 18,776
Paducah Tr & Lt Co_ July
19,630
23,461
July
Co
Electric
Pensacola
429,276 365,849
Portl,d(Or)RyL&PCo August
Rio de Janeiro Tram
655,665 614,089
Light & Power___ uly
St Joseph (Mo) Ily7L
90,524 83,444
Heat & Power Co_ August
194,402 178,965
Sao Paulo Tr Lt & P_ uly
50,006
52,134
Savannah Electric Co June
592,586 366,481
Seattle Electric Co_ _ _ July
15,404 15,512
Sou Wisconsin fly C. July
47,172 45,192
Tampa Electric Co__ July
226,564 199,237
Toledo Rya & Light_ Fuly
Toronto Railway__ Wk Sep 11 114,485 106,946
Twin City Rap Tran_ 1st wk Sep 159,820 178,025
Underground El R
of LondonThree tube Lines. Wk Sep 4_ £10,890 £11,030
18,961
£9,069
Metropolitan Dist_ Wk Sep 4_
£6,911
£6,802
United Tramways_ Wk Sep 4_
957,246 911,515
United Rys of St L._ August
621,753 568,759
United RRs of San F July
179,625 174,858
Virginia By & Pow C. June
29,123
34,484
Whatcom Co Ry & Lt July

Previous
Year.
----$
$
1,946,189 1,869,160
766,655
845,567
178,242
196,373
1,276,482 1,232,307
42,579
38,980
63,944
76.085
126,383
136,880
403,414
431,737
441,603
442,968
4.855,011
197,258
210,844
725,784
633,772
5,124,192 4,575,134
544,149
493,418
1,127,466 1,143,447
301.292
329,927
210,081
231,048
648,655
615,201
682,473
599,156
678,396
618,670
1,436,292 1,336,703
232,209
180,768
2,416,947
273,429
135.215
595,861
266,513
2,372,759
499,314
2,667,738
967,301
1,200,954
695,868
1,334,212
923,527
228,194
127,799
140,196
3,126,870

219.513
147,613
2,255,790
246,192
126.153
563,462
269,048
2,193,781
461,003
2,535,860
882,280
1,038.136
589,856
1,249,933
d875,620
148,384
131,503
116,397
2,848,823

4,291,544 3,954,004
634,532
1,382,572
292,552
3,197,360
92,883
340,677
1,528,054
2,607,333
4,684,192

577,251
1,321,373
282,394
2,534,443
88,994
317,150
1,429,012
2,398,143
4,354,482

1441,090 £403,815
£341,771 2311,439
1216,585 £237,375
7,297,056 6,973,280
4,190,657 3,910,212
956,396
1,014,195
202,372
223,513

--Gross Earnings-- --Net Earnings-Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

Roads.

Brooklyn Rapid Tran Cos--7
Bklyn H'ts RR Co_ b537,673
653,041
1,829,937 1,793,625
Apr 1 to June 30
3,442,027 3,378,977 1,043,179 1,144,292
Jan 1 to June 30
Bklyn Queens Co & Sub_ b202,128
86.780
291,949
328,261
Apr 1 to June 30
145,097
347,024
691,099
608,177
Jan 1 to June 30
Bklyn Union Elev_ b851,599
479,990
1,881,348 1,678,963
Apr 1 to June 30
888,080
3,493,237 3,188,581 1,411,192
Jan 1 to June 30
Coney Isl & Gravesend_b2,499
1,484
12,709
12,421
Apr 1 to June 30
def2,920
def2,954
16,168
16,480
Jan 1 to June 30
Nassau Elec RR Co_b307,043
279,886
855,477
1,060,797
Apr 1 to June 30
462,011
471,539
1,948,104 1,542,981
Jan 1 to June 30
Sea Beach Ry-bdef5,420
581
51,513
Apr 1 to June 30
37,955
79,740 def11,173 def13,314
Jan 1 to June 30
56,538
South Bklyn By Co_ b6,0000
19,679
107,405
106,113
Apr 1 to June 30
16,778
20,090
36,389
33,137
Clev Painesv & E'n_a__ Aug
89,424
106,542
210,844
197.258
Jan 1 to Aug 31
49,740
57,382
99,838
91,289
Grand Rap fly Co_ b_ _ __ Aug
302,302
358,634
678,396
618,670
Jan 1 to Aug 31
191,089
239,051
429,276
365,849
b
&P
Aug
Portiand(Ore)RyLt
3,126,870 2,848,823 1,669,079 1,425,036
' Jan 1 to Aug 31
338,636
357,601
911,515
United Rys & St Louls.a.Aug 957,246
7.297,056 6,973,280 2,668,709 2,454,376
Jan 1 to Aug 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Rd. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Brooklyn Rapid Tran Co3I3klyn H'ts RR Cox73,955
602,775 zdef95,167
651,575
Apr 1 to June 30
1,306,226 1,209,330xdof228,157 def20,188
Jan 1 to June 30
Bklyn Queens Co & Subx147,736
72,800 xdef21,387
121,600
Apr 1 to June 30
x185,035
186,454 xdof70,464
242,311
Jan 1 to June 30
Bklyn Union Elevx31,209
x355,235
483,511
537,247
Apr 1 to June 30
x416,918 xdef5,133
963,482
1,070,844
Jan 1 to June 30
Coney Isl & Gravesendx4,737
x3,619
338
578
Apr 1 to June 30
x1,666
x1,378
581
1,073
Jan Ito June 30
Nassau Elec RR Cox79,398
x52,949
262,264
266,380
Apr 1 to June 30
z14,726
z7,735
519,152
540,440
Jan 1 to June 30
Roads.

Sea Beach fly16,285 zdef11,709 xdef21,337
12,685
Apr 1 to June 30
26,044 zdef35,196 xcief38,645
24,723
Jan 1 to June 30
Co
Bklyn
By
South
62,403 zdef30,669 zdef49,812
Apr 1 to Juno 30
56,016
8,671
11,762
8,107
8,328
Cleve Pianesv & E'n_ _ _ _ Aug
25,161
39,722
64,283
68,820
Jan 1 to Aug 31
30,921
38,437
18,819
Aug
19,035
Grand Rap By Co
154,812
206,822
147,490
151,812
Jan 1 to Aug. 31
77,618
114,070
114,191
124,981
Portland (Ore)RyLt&P Aug
500,808
686,669
924,228
Jan 1 to Aug 31
982.410
104,085
125,181
234,551
United Rys of St Louis_ _ Aug 232,420
591,424
799,209
1,869,500 1,852,952
Jan 1 to Aug 31
--x After allowing for other income received.

ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will he
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Aug. 28. The next will appear in that of Sept. 25.
Canadian Pacific Railway.
(Report for Fiscal Year ending June 30 1909.)
On subsequent pages will be found at length the remarks
of Sir Thomas G. Shaughnessy, President, and the income
account, balance sheet and many interesting tables from the
report. The comparative income account and balance
sheet for several years were given in the "Chronicle" last
week on page 663.-V. 89, p. 663, 592.
Hocking Valley Railway.
(Report for Fiscal Year ending June 30 1909.)
The remarks of President N. Monsarrat from the annual
report, and also the balance sheet, will be found in full on
subsequent pages. Comparative earnings and balance sheet
and various operating statistics of interest follow:
OPERATIONS AND FISCAL rucsULT.S.

Inc.(A-) or
1907-08.
Dec.(-).
1908-09.
347
347
Miles operated June 30
Operations2,629,168
2,666,652
Passengers carried
50,730,738 51,374,612 --643,874
carried one mile
Street Railway Net Earnings.--The following table gives Passengers
1.63 cts. +0.01 eta.
1.64 cts.
Average receipts per pass. per mile
8,034,510
7,920,140
+114,370
the returns of STREET railway gross and net earnings Tons freight carried
996,925,226 929,267,019 A-67,658,207
mile
one
carried
freight
Tons
all
statement,
including
reported this week. A full detailed
eta.
0.485
0.514
eta.
_
_
_
eta.
mile_
-0.029
per
ton
per
receipts
Average
588
504
--6
roads from which monthly returns can be obtained, is given Average train-load (tons)
$1.13
_
_
mile_
$1.15
--$0.02
train
passenger
per
Earnings
latest
the
statementof
once a month in these columns, and
$2.85
$3.06
--$0.21
Earnings per freight train mile
$
$
this kind will be found in the issue of Aug. 28 1909. The
Earnings2,601,795
A-67,788
2,534,007
1909.
Coal
25
Sept.
next will appear in the issue of
2,230,014
2,245,678
--15,664
Freight
- Passenger
-Gross Earnings-- -NetEarnings
829,911
837,326
--7,41b
Current
Previous
Previous
Current
41,397
41,037
+360
Mall
Year.
Year.
Year.
Year.
60,543
A-1,775
58,768
Express
$
$
$
. Roads.
114,754
--10,192
5
124,047
Miscellaneous
194,872
228,196
190.871
Amer Light & Tr Co_ __Aug 362,410
+30,651
5,878,414
5,841,763
2,017,491 1,605,721 1,946,086 1,573,722
Total_
Jan 1 tit Aug 31-

c These figures are for consolidated company.
the Norfolk County Ferries.




d Includes earnings of

SEPT. 18 190.1

THE CHRONICLE
1907-08.

Inc.(+) or
Dec. (--).

Expenses and TaxesMaintenance of way, .t:c
Maintenance of equipment
Traffic expenses
Transportation expenses
General

1908-09.
$
674,229
1,216,160
90,310
1,796,842
148,543

759,651
1,308,363
85,424
1,796,244
133,526

-85,422
--92,203
+4,886
+598
+15,017

Total
Per cent of expenses to earnings
Net earnings
Taxes

3,926,084
(66.79)
1,952,330
235,738

4,083,209
(69.90)
1,758,554
224,667

-457,125
-3.11
+193,776
+11,071

1,716,592
INCOME ACCOUNT.

1,533,887

+182,705

1,716,502
51,338
68,801
146,87
256.096
33.930
424,763

1,533,887
17,025
66,052
128,650
478,936
102,467
187,264

4-182,705
+34,313
+2,749
+17,917
-222,840
-68,537
+237,499

2,698,087

2,514,282

+183,805

915,810
113,210
86,470

007,057
110,285
3,811
54,810
68,637
5,000
440,000
600,000
101,754

+8,753
+2,925
+82.659
-54,810
-2,030
--5,000

Operating income

ReceiptsOperating income
Coal and ore dock service
Joint facilities, &a
Interest received _
Hire of equipment-balance
Subsidiary companies
Income from securities
Total income
DeductInterest on funded debt
Interest on equipment obligations_
Other interest
Net deficit of subsidiary companies_ _
Rents nald
Miscellaneous
Dividends on common stock (4%) _
Dividends on preferred stock (4%)-13etterments to property

66,607
440,000
600,000
79,655

--22,099

Total deductions
+10,390
2,301,753
2,291,354
Balance, surplus
222,928
+173,400
306,334
RESULTS FOR PREVIOUS YEARS-OLD BASIS1906-07.
1904-05.
1905-06.
Gross earnings
$6,907,048 $0.439,809 $6,013,214
Net earnings after taxes
$2,197,237 *2,258,035 $1,945,313
Other income
382,231
445,438
309,123
Total available income
Fixed charges, &c
Dividends on preferred (45)
Dividends on common_
Improvements, &c_

$2,642,675
$815,188
600,000
(334,)385,000
520,429

$2,567,158
$883,480
600,000
(3)330,000

$2,327,544
$899,693
600,000
(3)330,000

Balance, year's surplus.
$753,678
$322,058
$497,851
BALANCE SHEET JUNE 30.
Assets1008.
1909.
1907.
Road and equipment
$36,675,552 $36,613,310 $34,389,658
Kansas & Missouri equipment notes..
550,000
550,000
1,168,750
Securities owned
13,271,560 12,871,760 12,070,181
Cash reserved for def. equip. oblig'ns
163,924
368,560
562,447
Materials and su lies
410,906
592,184
507,240
Advances to subm(. & controlled cos. 1,790,494
1,848,436
2,074,060
Cash (incl. In trans. and for coupons)
414,017
624,458
1,644,382
Pills receivable
2,750,000
2,075,000
1,570,000
Roads, individuals and companies..
932,892
949,188
888,955
Other accounts
65,536
69,882
168,093
Total_
$57,054,881 $56,562,788 $55,944,274
LiabilitiesStock, common
$11,000,000 $11,000,000 $11,000,000
Stock, preferred
15,000,000 15,000,000 15,000,000
Mortgage bonds
19,910,000 19,912,000 19,540,000
Car trust obligations
3,203,000
3,719,000
3,088,636
Roads, individuals and companies_ _ _
443,190
691,839
383,263
Interest & dividends due & unpaid
862,391
859,991
850,526
Bills receivable, discounted
1,290,000
590,000
330,000
Accrued interest
115,133
121,350
110,207
Reserve funds
430,214
18,637
216,237
Miscellaneous.
281,694
248,565
312,898
Profit and loss
•4,513,259
4,709,982
4,783,931
Total
$57,054,881 *56,562,788 *55,944,274
• Of the total profit and loss surplus $4,513,259 on June 30 1909, 63,344,423 represents re-investment in capital assets, $440,906 is represented
by materials and supplies and $727,930 by net working assets.-V. 89,
p. 411, 408.

Louisiana & Arkansas Railway.
(Report for Fiscal Year ending June 30 1909.)
On subsequent pages will be found at length the remarks of
President Wm. Buchanan; also comparative income account
and balance sheet for two years and other tables. Below we give
in usual form comparative tables and statistics for four years:
OPERATIONS, EARNINGS, EXPENSES, ea.
1908-09.
1907-08.
1906-07.
1905-06.
Average miles operated..
226
226
226
187
OperationsPassengers carried (No.)
252,937
259,749
236,241
148,462
Pass. car. 1 mile (No.)- 5,658,324
5,956,578
5,556,279
3,239,459
Rate per pass. per mile_
2.75 cts.
2.73 cts.
2.85 cts.
2.04 cts.
Revenue tons car. (No.) 1,064,860
985,726
1,176,493
1,194,621
Rev.tons car.! m.(No.)_ 94,381,693 87,714,929 96,281,190 83,893,508
1.04 cts.
Rate per ton per mile-....
1.05 cts.
1.05 cts.
1.11 cts.
Earnings$
$
$
$
979,413
Freight
922,546
1,012,135
927,499
155,659
Passenger
162,436
158,485
95,387
Mall, express and misc.._
51,328
59,539
46,217
34,640
1,144,521
Total earnings
1,186,400
1,216,837
1,057,526
ExpensesMaint. of way & struct_
208,247
207,294
196,044
173,556
Maint. of equipment
185,976
167,855
215,912
140,703
Conducting transport'n_
343,955
311,416
427,187
323,035
Traffic expenses
16,705
19,421
General
35,791
45,032
51,845
39,090
Taxes
14,969
19,884
11,741
9,799
Total expenses
805,643
825,771
848,759
686,183
P. o. of exp. to earnings..
(69.75)
(70.39)
(69.60)
(64.89)
Not earnings
338,878
360,629
368,078
371,343
Other income
49,309
43,636
32,365
20,981
Total income
Deduct interest
Other deductions
Dividend
Miscellaneous

409,938
197,930
7,368
(3)112,500

382,514
194,900
3,065
(3)112,500

400,443
174,959

(3)112,500 (1 M)56,250
56

Total
Surplus

317,798
310,465
287,459
92.140
72.049
112.984
COMPARATIVE BALANCE SHEET.
1909.
1908.
1907.
Assets$
$
Cost of road
8,127,023
7,115,998
6,969,408
Cost of equipment
1,235,178
1,235,748
1,235,178
Cash on hand
510,345
265,474
171,523
Cash in transit
10,474
11,927
17,956
Cash with fiscal agents..
3,425
1,350
1,350
Sinking fund trustees......
115,575
56,375
Due from agts.& conis
1,683
4,296
9,679
Due from individs.& cos.
101,836
119,157
132,726
Unexpired insurance__ _
1,663
2,594
1,647
Materials and supplies
219,589
259,605
264,420
Total amts




10,326,791

9,072,522

392,324
153,610

8,803,887

209,916
182,408
1000.
$
6,772,763
892,280
250,231
12,066
1,275
5,879
114,424
1,913
213,921
8,264,753

LiabilitiesCapital stock
First mortgage
Audited vouchers
Unpaid wages
Due individuals & cos_ _
Agents' drafts in transit
Unpaid coupons
Accrued int. on bonds....
Accrued taxes
Sinking fund reserve..
Miscellaneous reserves
Due trustees 1st mtge..
Renewal reserves
Surplus
Total liabilities

717
1909.,
$
4,500,000
4,248,000
46,638
46,675
11,314
1,445
3,425
70,800
10,510
161,408
26,066
27,642
480,663
*692,203

1908.
$
3,750,000
3,898,000
23,778
51,621
14,405
1,127
1,350
64,967
8,050
102,208
16,307
26,827
432,180
681,701

1907.
$
3,750,060
3.748.000
39,338
47,684
39,572
4,326
1,350
62,467
5,930
45,833
18,816
26,677
353,230
669,645

1906.
$
3,750,000
3.390.000
57,699
32,177
22,073
701
1,275
56,500
3,000

10,326,791

9,072,522

8,803,887

8,264,753

11,846
25,784
293.693
598,006

• After deducting reserve for sinking fund, $55,000; reserve for personal
injury cases, $10,000. and sundry items, $16,638.-V. 87. p. 808.

Missouri Kansas & Texas Ry.
(Report for Fiscal Year ending June 30 1909.)
Chairman and President Adrian H. Joline, New York,
Sept. 11 1909, writes in substance:

Operations.-Beginning with September 1908 each month has shown
increased revenue. The improved conditions in all branches of trade,
together with the good crops harvested in the autumn of 1908, are reflected in the gain of $2,017,245, or 8.7%,in gross earnings. Net operating
revenues increased $781,946, or 11.4%. Earnings from freight traffic
were $10,852,840, an increase of $1,452,834, or 9.4%, due to the greater
movement of nearly all commodities, the cotton tonnage being notably
larger. 'Ions of freight carried increased 914,459, or 14.2%; cotton increased 105,987 tons, or 53.4%; coal 285,639 tons, or 13.5%; lumber
130,691 tons, or 22.3%; live stock 16,269 tons, or 3.6%; manufactures and
merchandise 186,534 tons, or 16.02%. Grain tonnage was practically the
same. The average rate per ton per mile was $0.01042, as against $0.01010
last year. Revenue tons per train mile were 233.59, having increased
14.55 tons, or 6.7%.
Earnings from passenger traffic increased $620,154. or 9.8%. The total
number of passengers carried was 5,575.261, an increase of 470,970, or 9.2%.
There were 971,838 more passengers carried than during the fiscal year
1906-07, an increase of 21%, while the increase in passenger earnings
was only $685,481, or 11%. Railway managers are milted in the opinion
that under the best of conditions there Is a very small margin of profit in
the passenger business. Considering the additional expense of transporting the increased number of passengers, it Is evident that your company suffered serious loss from operations under the passenger rate of
two cents per mile, which became operative in various States in 1907.
Operating expenses increased $1,235,299, or 7.5%. As gross earnings
increase, however, the ratio of expenses to earnings will decrease.
Expenditures for 'maintenance of way and structures" show an increase of
$343,145, due to a great extent to fires and floods. "Maintenance of
equipment" increased $329,414, occasioned by the larger amount of
repairs made necessary by increased traffic; and also in order to comply
with the "hours of labor" laws. "Transportation expenses" have in
creased $480,990, accounted for in part by an increase in the cost of fuel,
and in payments for personal injuries and loss and damage to freight.
Physical Condition.-Satistactory progress was made in the improvement of the property. Expenditures aggregating 6948.513 were made
for additions and betterments and charged to "Improvement fund north of
Red River." Reference has been made to the dedaction from income
of $433,412, expended for improvements in Texas. The Important work
of reducing grades between Atoka and Red River was resumed and practically completed. This gives your company 46 miles of low-grade line
on that portion of its system where traffic is densest, 35 miles being double
track. Work of reducing grades on the 44 miles between Atoka and McAlester wili go forward as rapidly as possible.
The laws limiting the number of hours of labor necessitate the establishment and maintenance of freight division terminals at practically every
hundred miles along the line. It is estimated that nearly $2,000,000 must
be expended within the next two or three years to put your lines into condition to withstand floods on any part of the system. A beginning has
been made on the Oklahoma division.
100 miles of new 85-lb. steel rail was purchased and is now being laid.
New 85-lb. rail was laid on 36.75 miles of road. Embankments were
widened on 93 miles, ditching was completed on 571 miles of road, 60 miles
of yard and sidetracks were constructed. The work of rebuilding light
bridges was continued; 1,485,038 cross-ties and 859 sets of switch ties
were put in track; two new brick passenger stations and eight combination
freight and passenger depots were constructed. Heavy disbursements
must be made for reducing grades, revising line, constructing new division
terminals, laying heavy rail, ballasting track, improving bridges, constructing adequate station buildings and increasing the facilities required
for operation. It Is the present policy to make such improvements as far
as possible from surplus revenues, and to confine the isuance of bonds to
the acquisition of terminals and of new property which will produce addi• tional revenue. In pursuance of this policy, the "improvement fund north
of Red River" was established.
Rolling Stock.-In order to provide adequate equipment for the remarkable increase in passenger traffic, contracts were made for the purchase of 16 locomotives, 10 chair cars, 10 coaches, 7 baggage cars and 2
combination coach and baggage cars, equipped with steel trucks and platforms, the cost of which, approximately
,
$500,000, will be charged to
"equipment replacement fund.
Contracts were also made for the purchase on replacement account of 459 box cars and 344 other cars, the
aggregate cost of which approximates $750,000. There was added to
the "equipment replacement fund" during the year *534,983; charges of
$326,970 were made against the fund, leaving in the fund $1,190,596,
which Is amply sufficient to replace all destroyed equipment.
Financial.-During the past fiscal year $1,760,000 general mortgage
bonds were authenticated and delivered to your company upon the purchase of additional equipment and $31,000 "first and refunding mortgage"
bonds on account of the new locomotive shops at Parsons, Kan.
Early In the fiscal year improved conditions enabled your company to sell
at a satisfactory price all of the $3,170,000 general mortgage and $4,810.000
"first and refunding mortgage" bonds which had accumulated In its treasury
since 1906, including the general mortgage bonds referred to above. All
of the outstanding equipment notes, aggregating $1,746,124, were paid
and retired during the year.
The urgent necessity for extensive improvements prompted the appropriation from accumulated surplus of $3,000,000 to "Improvement fund north
of Red River." Surplus was further reduced by $1,389,400 to cover discount and commissions on bonds sold. There was also written oil $127,950,
representing the book value of certain first mortgage bonds of the Texas
Southern Ry. Co., which have no present value, the directors having decided
against incurring the expense of participating in the reorganization that
followed foreclosure sale.
It is not permissible to canitalize or to charge to operating expenses
expenditures made for additions and betterments in Texas; during the
past Weal year such charges to current income have aggregated $433,412.
St. Louis Terminals-Bonds to Be Guaranteed.-Since entering St. Louis,
your company has used the train terminals of the Chicago Burlington &
Quincy Rte. Co., which are now inadequate to properly accommodate the
business of both companies. Accoidingly, the Missouri Kansas & Texas
Terminal Co. of St. Louis was organized (see a subsequent page of this issue
E(l.) and has acquired the only remaining tract of land in North St. Louis
suitable for railroad purposes, about 200 acres in extent, on which will be
constructed, without delay, the tracks and building.; necessary for freight
yards and terminals. A site for freight station and warehouses has also
been acquired in the heart of the shipping district, extending along Broadway (an important business thoroughfare) four blocks between Florida
and Brooklyn streets. This location is adjacent to the freight houses of
other Southwestern lines, and its convenience and accessibility to shippers
will attract much additional traffic. The total cost of this whole project
will be in the neighborhood of $4,000,000. It is the intention to issue
bonds of the Terminal Company, guaranteed by your company, to cover
the expenditures made in this development.
Taxes.-The alarming increase In taxes is giving your management much
eoncern. The amount accrued during the fiscal year was $967,309, an
increase of *279,065, or 40.5%. Since June 30 1907 there has been an
Increase of $540,992, or 127%, in the yearly taxes accrued, being almost
entirely the result of the assessment in Texas of "Intangible assets" and the
levying of taxes for the first time In the new State of Oklahoma. The

718

THE CHRONICLE

[VOL. Lxxxix.

Nashville Chattanooga & St. Louis Railway.
validity of the intangible asset tax law has been upheld by the Supreme
Court of Texas. The value of intangible assets is arrived at by taking the
(Report for Fiscal Year ending June 30 1909.)
market value of the stock and bonds and deducting therefrom the assessed
value of the physical properties. Asserting that this method results hi an
signed by Chairman E. C. Lewis and President
report;
The
genagainst
other
railroad
corporations,
property
discrimination
illegal
erally being assessed at from 50% to 80% of its real value, your manage- J. W. Thomas Jr., under date of Nashville, Sept. 1 1909,
ment instituted suits in most of the counties of Texas, seeking to reduce says in substance:
the tax. and the Supreme Court decided the question in our favor, thereby
Expenditures on the Property.-There has been expended $534,888 as
relieving the company of the payment of approximately $70,000. [Compare V. 89, p. 42; V. 86, p. 421.-Ed.] Payment of one-halt of the Okla- follows:
$125,972 Locomotive equipment ____ $53,215
tracks
Side
imna taxes assessed has been withheld and litigation has been instituted
on the ground that the railroads have been assessed out of proportion to Steel rails-did,In wght,val. 41,899 Freight and passenger equip- 214,650
48,7881 rnent
Bridges and filling trestles
other taxpayers.
37,917
12,4461 Miscellaneous
Rates.-A more temperate attitude toward railways has been exhibited Buildings
During the year 3 locomotives were purchased at a cost of $53,215,
by the various legislatures in the States through which your lines extend.
There has, however, been little cessation of the activities of the State and making the total number 258, all of which are in good running order; 184
Federal railroad commissions. It is estimated that the reductions so far locomotives were thoroughly overhauled.
Excess Mileage.-Attention is called to the table below, showing excess
made by the Corporation Commission of Oklahoma will cause your company an annual loss of $150,000. Most of these rates are now the subject mileage received on freight cars during the last seven years:
of litigation. The Inter-State Commerce Commission compelled a reExcess Mileage Received on Freight Cars.
duction in the rates on cattle from Texas and Oklahoma points to Northern
1908-09. 1907-08. 1906-07. 1905-06. 1904-05. 1903-04. 1902-03.
markets, effective Nov. 17 1908, which will cause your company a loss of $128,255 $206,810 $121,493 $149,383
$79,745 $93,392
$36,021
$120,000 per annum. This matter is now before the courts. A further
Maintenance, &c.-The total expenditure for maintenance and improveloss of $50,000 per annum will be incurred by your company through re- ments
There
line.
main
of
mile
per
$1,625
of
average
an
$1,996,900,
was
ductions which the Inter-State Commerce Commission has made in the rates were
67.38 miles of new 80-1b. steel rails laid in the main line, part of the
on coal from Oklahoma to Texas.
branches, and the remainder held
were
on
used
replaced
thus
rails
lighter
litigation
against
the
the
in
obtained
An important legal victory was
State of Missouri, involving the passenger rate of two cents per mile, as for renewals and extensions.
Number of Miles of Different Weight Rails in Main Track Owned and
fixed by the Legislature in 1907. The railroads gave the reduced rate a
Operated June 30 1909.
fair trial and showed conclusively that the rate was not remunerative.
52-lb. 56-16. 58-lb. 60-lb. 68-lb. 80-lb. Other. Total.
Your company has accordingly restored the old rate of three cents per mile,
839
262
4
141
6
229
63
133
except where necessary to meet a lower rate established by other lines. 1909 miles owned__
391
116
___
29
26
3
217
do miles leased__
[Compare editorial remarks, V. 89, p. 498-9.]
839
9
231
135
6
249
63
146
Land Grant.-The suit instituted in the United States Court of Claims 1908 miles owned__
391
___
80
62
113
134
2
seeking to recover the value of your company's land grant in the Indian
do miles leased__
Territory is at issue upon the questions of law involved, and It is hoped
There were 868,537 cross-ties and 379 sets of switch-ties used in renewals
that argument will be heard soon after the Court meets in the autumn. and 42,875 cross-ties and 122 sets of switch-ties in improvement and for
[Compare V. 85, p. 736-Ed.[
miscellaneous purposes. There were 145,162 cubic yards of ballast used in
Outlook.-On Sept. 19 an additional fast passenger train service will be track.
established from St. Louis and Kansas City to Texas points to meet the
Pryor Ridge Extension on the Tracy City Branch has been completed.
patrons.
your
of
requirements
The spur from Tip Top to the new shaft of the Bon Air Coal & Iron Co.,
The industrial development of the country tributary to your line made McMinnville Branch, has been completed.
satisfactory progress during the year. Great numbers of home-seekers
are (locking to the territory served by your company, and the population is
OPERATIONS AND FISCAL RESUL7'S.
1905-06.
1906-07.
iapidly increasing. The United States Government removed all restric1907-08.
1908-09.
1,226
1,230
tions from the sale of approximately 5,000,000 acres of fertile land in the Miles operated June 30_
1,230
1,230
Osage Indian Reservation In Oklahoma, through which your line extends,
Equipment *240
249
and early settlement of these lands is expected.
255
258
Locomotives
220
226
The outlook for business for the coming year is good. The commercial Passenger cars
226
227
and industrial conditions in the territory through which your lines extend Freight cars
9,5681
9,586
8,550
9,582
are favorable. Agricultural conditions are generally excellent in Missouri, Other cars
406
3965
Kansas and Oklahoma, but long-continued droughts in Texas have seriOperations2,107,966
2,490,018
2,171,313
,ously damaged the cotton and giain crops in that State.
2,574,608
Passengers carried
91,720,147 84.795,042
97,174,659
_103.496,165
carried one mile_
Statistics.-The comparative figures of operations, earn- Pass.
2.55 cts.
2.56 cts.
2.54 cts.
2.39 cts.
Rate per pass. per mile_
5,603,408
5,931,830
5,314,989
5,278,378
ings, &c., have been compiled for the "Chronicle" as follows: Freight (tons) carried
Freight (tons) one mile_822,135,574 853,208,001 1010977702 003,406,005
OPERATIONS AND FISCAL RESULTS.
0.90 cts.
0.89 cts.
0.89 cts.
0.96 cts.
Rate per ton per mtle
1007-08.
1908-09.
1906-07.
1905-06.
$9,071
$9,950
$8,730
$9,042
Gross earnings per mile_
8.072
3,072
Miles operated, average_
3,043
3,072
$1.15
$1.17
$1.19
$1.20
Earns. per pass. train m.
Operations-$1.85
$1.89
*1.72
$1.82
freight
m.
per
tr.
Earns,
5,104,291
5,575,261
4,603,423
Passengers carried
4,005,900
348,200,712 310,529,903 277,000,108 230,891,064
Pass. carried 1 mile
barges, 1 wharf boat.
transfer
3
steamers,
2
owns
Also
'
2.043
cts.
cts.
2.267
2.000
cts.
mile_
per
Rate per pass.
2.234 cts.
$
Earnings6,442,630
6,986,014
_ 7,357,089
5,833,738
Tons freight carried_
2,207,804
2,407,401
2,461,115
2,476,679
Tons freight carried 1 m.16181 16,929 1524135,814 1709784,842 1400873,438 Passengers
8,104,876
8,967,426
7,610,812
7,870,698
Freight
cts.
1.076
1.010
1.042 cts.
cts.
1.069 cts.
Rate per ton per mile
808,302
863,645
663,325
774,737
&c
rents,
express,
Mall,
$7,579
$8,236
$8,523
$6,953
Gross earns. per
EARNING'S, EXPENSES, &c.
Total gross earnings_ _ _11,122,114 10,738,252 12,238,472 11,120,982
1008-09.
1907-08.
1906-07.
Expenses1,601,666
1,737,619
Earnings1,475,530
1,761,049
Maintenance of way
1,338,283
1,696,418
6,964,089
6,348,935
1,976,574
6,278,608 Maintenance of equipml. 1,939,777
Passenger
16,852,840 15,400,006 18,402,825 Traffic expenses
400,9431
Freight
415,207
3,874,606
1,483,986
1,539,728
1,502,525 Transportation expenses_ 3,050,231
Mall, express, Ike
4,060,2921' 4,501,038
250,937
267,927
268,759
284,436
General
1,289,421
1,527,159
25,300,915 23,283,669 26,183,959 Add. to prop. & equip_
Gross operating revenues
Expenses-9,730,161. 8,354,913
3,027,005
3,370,149
8,182,098
Maintenance of way, &o
8,350,701
Total expenses
(75.13)
(79.51)
3,049,669
3,379,083
(76.20)
Maintenance of equipment
(75.08)
P. c. of expen, to earnings
2,766,069
2,508,311
598,654 16,730,562 Net earnings
2,556,153
587,451
Traffic expenses
2,771,413
18,455
18,400
9,015,855
9,496,85s
18,658
16,458
Transportation expenses
Income from investments
740,924
833,869
291,983
General expenses
a261,790
Other income
_
2,784,524
2,526,711
17,667,406 16,432,107 16,730,562
2,860,794
Total
3,049,662
Total income
(70.57)
(69.83)
(63.90)
Per cent of expenses to earnings
Disbursements950,680
6,851,562
7,633,509
9,453,397 Interest
1
40
63
7:2
20
24
9
Net operating revenues
945,060
688,243
218,990
426,316 Taxes
967,309
Taxes accrued
204426,764200
245,942
624,862
026,460
626,607
626, 18
Rentals
6,666,200
9,027,081 Bonds retired and intsc
6,163,319
36,000
Operating income
26,000
26,000
26,000
65,6151
Rentals
Dividends on stock_ __ _(5%)499,232(5 Si)550,000 (6)600,000 (5)500,000
177,140 Reserve for doubtful accts
381,423
Miscellaneous inc3me
115,8201
30,000
20,000
155,036
33,115
.
Additions to property_ _ _
6,847,635
6,544,741
0,204,221
Gross income
2,330,532
2,420,331
Deduct2,577,003
Total disbursements_ __ 2,395,867
453,992
4,770,634
4,658,628
106,380
4,512,839 Balance, surplus
Interest accrued on bonds.
289,790
653,795
_
12,000
12,00')
12,000
Sinking funds
notes receivable
3,318
31,433
Interest accrued on equipment notes
a "Other income" in 1908-09 includes interest from $128,256;
rentals
79,701
Other interest accrued
hank deposits, &c., $29,340; hire of equipment, balance,
*77,278
Hire of equipment
received, &c., $104,194.
478,499
530,408
507,406
Rentals
---CONSOLIDATED BALANCE SHEET JUNE 30.
1906.
1007.
1908.
1000.
5,003,338
5,473,339
5,209,467
Total deductions
$
$
3
1 ,374,296
4,200,883
1,335.274
$
Net income
Assets28,140,103
28,140,103
28,140,103
4%
_.
stock,
p.eferred
520,000
520,000
520,000
Dividends on
Road and equipment__28,140,103
882,792
888,257
866,447
634,069
518,572 Securities owned, at cost_
433,412
546,444
Additions and betterments
156,528
170,413
173,568
165,164
Real estate_
831,209
973,103
025,757
'1,162.311 Materials and supplles_
420,881
1,426,878
268,830
Balance, surplus
436,115
301,563
310,056
334,507
Due from station agents_
137,910
38,884
208,922
163,042
Notes receivable
• Reported in operating expenses last year.
35,605
56,031
95,145
179,087
Traffic balances
CONDENSED BALANCE SHEET JUNE 30.
343,654
369,529
451,168
587,403
receivable
Accounts
1906.
1908.
1909.
1907.
1,761,644
1,477,165
1,254,855
1,800,717
on
Cash
hand
$
$
Assets$
86,037
58,141
128,985
74,457
Road, equipment, &c_ A92,811,072 192,799,254 189,737,058 185,739,147 Unadjusted claims
2,312,606
Subs. to gen. mtge. bds_
32,877,247
32,407,627
32,504,006
33,505,427
Total
31,000
4,810,000
3,3-1-3-,496
1st & ref. bds. In treas. _
Fell
1,410,000
<len. mtge. bds. in treas.
10,000,000 10,000,000 10,000,000 10,000,000
1,717,738 Capital stock
1,605,993
Speyer & Co. trust fund..
16,005,000
16,019,000
15,985,000
15,965,000
7,955
240,732 Funded debt
19,357
Is. Y.Trust Co., trustee_
72,390
393,205
388,400
396,500
300,100
187,567 Coup. & other int. accr'd
Farm. Loan kTr.Co.,tr.
800,000
250,000
250,000
249,616
112,119
- -9159,876
15
80,630 Dividends payable
96,218
Tr.So.W.Coal&I.Co.s.fd.
19,506
19,288
19,197
19,371
133,923
4,073 Dividends unclaimed_ _
5,973
Sundry bonds and stocks
4,973
'..4
payvouchers,
Audited
1,105,732
1,631,866
2,221,344
5,726,337
Cash
1,489,486
1,252,441
984,279
1,225,204
accts.
payable_
rolls &
635,173
1,492,918
1,783,003
,Agents, individuals, &c_ 1,600.701
212,319
180,111
115,637
220,697
1,824,931 Traffic balances
2,224,337
2,362,205
2,044,328
Materials and supplies
35,310
44,817
38,818
64,246
Res've for doubtful accts_
110,000
110,000
110,000
110,000
202,387,242 204,107,660 201,197,081 104,375,360 Taxes accrued, not due
Total
4,312,322
4,602,112
4,205,042
5,261,193
Profit and loss
LiabilitiesStocks (see "R.JcI."sec.) 80,222,800 80,222,800 80,222,800 80,222,800
33,505,427 32,564,006 32,877,247 32,407,627
Total
Bonds and notes (see
"Ry. Jo Ind." sec.) 112,285,173 112,219,928 108,294,997 104,474,732 -V. 89, p. 408.
2,361,422
Proceeds of gen. M. bds_
185,685
417,698
183,410
514,715
Int. due (coup.nnt pres.)
Kanawha & Michigan Railway.
1,167,382
1,114,156
954,718
923,695
Int. accrued, not due__ _
112,167
127,754
143,655
(Report for Fiscal Year ending June 30 1909.)
S. W.Coal & I. Co.'s s f.
159,875
1,295,756
460,404
982,582
1,206,413
Equip., &c., funds
President N. Monsarrat says in substance:
2,569,076
2,941,398
1,633,634
Vouchers andpay-roils _ 2,701,375
2,116,978
1,701,118
General Results.-Compared with the previous year, the operating revenue
602,102
2,653,586
Improvement fund
315,027
372,202 Increased $104,699; operating Income increased *80,052 and other income
Taxes not due and misc_
452,324
645,120
4,901,626
1,739,315 decreased $64,114.
5,170,455
-Income account
'1,073,989
The number of tons of freight carried increased 7.98% and the number
Total
202,387,242 204,107,660 201,197,081 194,375,360 of tons of freight carried one mile increased 2.69%. The average rate per
ton per mile shows an increase of 4.35%. There was a decrease of 3.65%
• After deducting items aggregating $4,517,350, viz.: on appropriation in the number of passengers carried, of 13.14% in the number of passengers
for improvements, $3,000,000; discount on obligations issued, 51,389,400, carried one mile and an increase of 0.55% in the miles run by passenger
and book value Texas Southern fly. 1st M. bonds written off, $127,950. trains. The average rate per passenger per nine (In cents) was 1.88, as
-V. 89, p. 408, 42.
compared with 1.67, an increase of 0.21.




SEPT. 15 1909.)

THE CHRONICLE

Equipment.-The replacement fund July 1 1908 amounted to $123,265;
to this was added depreciation oharged to expenses during the year, $93,830;
and inventory value of equipment sold or destroyed, $54,663, making a total
of $271,758. From this total was expended $230,121, chiefly for 300 gondola cars (40-ton) ($199,619) and betterment of 352 freight cars ($17,836).
Maintenance,Improvements, &c.-Two thousand and seventy tons of new
steel rails, weighing 90 lbs. per yard, were laid during the year; making a
total of 14.5 miles. The renewal of the Ohlo River bridge at Point Pleasant
was completed during the year, excepting a portion of the Viaduct Approach In West Virginia (since completed)
Betterments charged to income account for the year aggregated $118,468,
notable Increased weight Ohio River bridge, $67,131, and excess cost masonry and girder bridges, $27,901.
Additions called for an outlay of $354,698, including the new line Point
Pleasant, $204,725; which was derived from sale of bonds; $7,852 was
credit from old line at Langsville. and the remainder ($52,119) was paid
from current funds.
The most important improvement of the year was the construction (since
completed) of three miles of new line at Point Pleasant, W. Va., eliminating
the heavy grades and crooked line approaching the Ohio River Bridge,
which heretofore necessitated the use of 3 locomotives with each freight
train. The new line has a maximum gradient of 16 feet per mile, with
maximum curvature of 3 degrees, enabling a single locomotive to haul a
fully-loaded freight train over the bridge without assistance.
Bonds.-The remaining.second mortgage 5% bonds dated July 1 1007,
$422,000, were sold during the year, and the proceeds ($379,800) were applied as follows: Paid on construction of new line at Point Pleasant, $294,725; balance reserved for completion of same, $85,074.
Equipment obligations (principal) Issued during the year, $160,000;
less amount retired during the year, $84,000; net increase, $76,000.
OPERATIONS AND FISCAL RESULTS.
1908-09.
1907-08.
Operations1908-09. 1907-08.
Aver. miles oper __
177
177 Tons freight 1 m_ _349910,620 340745,932
OperationsAver. rcts. per ton
Passengers (No.)_ 968,703 1,005,411
per mile
0.504 cts. 0.483 cts.
Pass. carried 1 m_16,682,443 19,205,375 Av.ten-load(tons)
433
459
Aver. rcts. per pass.
Earn. per pas.tr.m. $0.8067
$0.8275
per mile
1.88 cts. 1.87 cts. Earn.per fr't tr.m.
$2.22
$2.18
Tons freight (No.) 3,377,115 3,127,459
EARNINGS, EXPENSES AND CHARGES.
Earnings1908-09. 1907-08.
1908-09. 1907-08.
Passenger
$313,362 $321,363 P. C. exp. to earn_
(81.39)
(84.46)
Freight
1,762,341 1,647,337 Net oper. revenue_ $395,915 $314,299
Mall and express
31,816
31,298 Taxes
80,093
79,429
Miscellaneous
12,237
11,323
Other than from
Operating income_ $315,822 $234,870
transportation _
7,881
11,617 Rents
183,021
98,876
Miscellaneous _
1,104
1,135
Total oper. rev.$2,127,637 $2,022,038
Total Income__ $415,832 $398,995
ExpensesDeductMaint.way&strue_ $449,449 $437,167 Int. on fund. debt $202,660 $168,027
Maint. of equip__ _
559,333
523,540 Oth.int.(incl.equip.) 64,468
90,018
Transportation_ __
660.059
689,125 Add's & improv'ts 118,468
116,894
Traffic
29,004
25,804 Rents paid, &c.. _
14,188
12,559
General expenses_
33,877
33,002
Total
$399,784
$1,731,722 $1,708,639 Bal., surplus
$16,048
GENERAL BALANCE SHEET JUNE 30.
1909.
1908.
1909.
Assets$
8
Road, &e
10,578,118 10,234,721 Capital stock
10,000,000
Equipment
3,105,444 3,105,444 Mortgage debt... 4,969,000
Bds. & stk. owned 3,000,000 3,000,000 Equip. obligations 1,214,900
Cash reserve for
Unpaid wages_ _
81,066
change of line,
Drafts In transit3,761
Point Pleasant_
85,074
Coupon interest
12,368
Material &supplies 221,392
288,221 Roads, individuals
Cash, cash for couand companies _ 247,377
pons, &c
53,275
115,194 Bills payable
68,750
Agents & cond•rs.
9,521
8,311 Accrued interest
32,492
U.S.P.O.Dept_
1,301
3,885 Accrued taxes
26,471
Roads, individuals
Reserve funds
56,137
and companies..
60,266
68,443 Profit and loss_ _ _ _ x402,122
Unexpired insur
53
2,387
Total

Total

17,114,444 16,826,605

Total

$387,497
$11,498
1908.
$
10,000,000
4,547,000
1,138,900
76,496
1,823
•
111,078
237,204
86,695
36,604
25,267
137,265
428,274

17,114,444 16,826,605

After deducting $42,200 discount on sale of K. & M. By. 2d M. bondq. V.89, p. 411.

Philadelphia Rapid Transit Co.
(Report for Fiscal Year ending June 30 1909.)
The annual report issued this week says in substance:
General Results.-T here was an increase In the passenger receipts of $17,449, an increase in miscellaneous earnings of $223,040, a decrea.se In operating expenses of $420,770 and an increase in taxes and fixed charges
$802,482. The increase in fixed charge Rem, being the increased rents,
to Union Traction Co., interest on Market Str.et Elevated Passenger
bonds and interest on a portion of the Philadelphia Rapid Transit fly.
Co.
$5,000,000 5% collateral loan.
The accident department was operated for 5.80% of the receipts, as
against 5.88% last year, a saving of $36,054.
During the year 35 miles of track were rebuilt with the 141-1b. rail, malting
a total of 195 miles now built with this heavy rail.
On Nov. 29 1903 live cars (semi-convertible double truck cars) were
destroyed at the fire which took place at the ear works of the J. G. Brill
Co. The fire insurance fund has paid for the loss of the said cars.
During the ycar 306 cam have been changed over to the "pay-within"
type of cars, and are In operation, and other cars are being changed as
rapidly as possible to the same type.
Market Street Subway Constmction.-The construction of the subway
around the City Hall and on East Market St. was completed and trains
were placed in operation to the eastern terminus, South St., on October 4
1908, trains having been previously operated as far east as 2(1 St. station.
Issue of Collateral Trust Bones.-On Dec. 7 1908 a special meeting of the
stockholders of this company was called to authorize a deed of trust to the
Pennsylvania Co. for Inaurances on Lives and Granting Annuities, covering
the issue of $5,000,000 of 50-year 5% sinking fund bonds. These bonds
have all been sold and up to the 30th day of June, the end of the fiscal year,
$3,750,000 of same were actually delivered. [Compare V. 87, p. 813,
1160, 1534; V. 88, p. 625.1
Profit and Loss.-The directors ordered the closing into profit and loss account all debit balances in scented accounts at the end of the fiscal
year.
Appropriate entries have accordingly been made.
PASSENGER RECEIPTS B I' MONTIIS.
Inc. or Dec.
Inc. or Dec.
July 1908...41,491 625 -$230,301 March 1909..81,527,318 +$103,360
Aug. 1908._ 1,509,752
-95,429 April 1909._ 1,560,040
487,110
Sept. 1908.- 1,494,606
-28,005 May 1909.... 1,601,422
+39,502
Oct. Mal__ 1,700,709
4 92,805 June 1909
_ 1,485,302
-91,199
Nov. 1908_ _ 1,493,172
-34,863 Chartered cars
-751
10,567
Dec. 1908 ___ 1,500,929
+67,735
Jan. 1909.... 1,469,881
+49,132
$18,317,530 +$17,449
Feb. 1900 ___ 1,372,419
+59,290
INCOME ACCOUNT F01? YEARS ENDING JUNE 30.
1008-09.
1007-08,
1006-07.
1905-06.
No. passengers carried_ _464,264,656 512,869,023 492,137,C.
s
Passenger receipts
18,306,983 18,288,763 18,085,519 17,472,793
Chartered cars
10,567
--- 11,317
9,984
10,352
Total receipts
18,317,530 18,300,080 18,095,503 17,483,145
Matta. of way & bldgs
889,778 . 1,060,425
1,360,7351
Maint. of equipment __ _
938,758
915,287
1,006,537
Transportation
4,413,417
4,822,472
4,749,107, 9,153,603
Power
1,445,077
1,280,213
1,034,8241
General expense
1,677,708
1,716,111
1,943,8451

It

Total open expenses_




9,361,738

0,794,508

10,095,098

9,153,80

Net earnings
Miscellaneous earnings_

719
1908-09.

1907-08.

1906-07.

1905-06.

8.052,792
480,463

8,505,572
257,422

8,000,405
245,188

8,329,541
193,103

Total net
9,433,255
8,762,995
8,245,593
8,522,644
Taxes and licenses
1,464,953
1,304,127
1,120,683
1,075,216
Union Trac. dividend_ .(6)1,800000 (5)1,500,000 (5)1.500,000 (4)1,200,000
Other fixed charges.... 6,392,573
5,960,917
5,988,958
5,943,482
Total charges
9,657,526
8,855,044
1,609,641
8,218,648
Balance
def.224,271 def.92,049 def.364,049 sur.303,996
Note.-In the figures for 1905-06 Willow Grove Park earnings
($48,611
in 1906-07) were deducted from operating expenses.
In later years they
are included In miscellaneous earnings.
The interest on the $10,000,000 Market Street Elevated Passenger
fly.
(Market Street subway and elevated) first mortgage 45 is not included
the income account prior to the year 1908-09, as the line was only placed in
in
operation in Aug. 1908. (V. 87, p. 347.)
CHANGES IN PROFIT AND LOSS ACCOUNT.
CreditsDebits (all of June 30
June 30 1908, balance_ __ _$1,069,147 Operating acct. deficit_ 1909)
_ _ $224,271
June 30 1909, profit on
Commission and expenses
properties sold
28,851
on Issued Philadelphia
June 30 1909, fire insurRapid Transit bonds_ _ _
88,750
ance fund
288,200 Strike account_ _
87,829
__
Total credits
$1,386,199
Total debits
5400,850
Balance remaining to credit of profit and
loss June 30 1909.... $985,349
FIRE INSURANCE FUND.
2,000 shares Phila. Tract. Co. stock. $138,000 Market Street
Elevated
9,200 shares Union Tract. Co. stock.
Passenger fly. Co. 4% bonds.
80 shares Continental Passenger fly. $200,000 Darby
& Yeadon Street fly
Co. stock.
Co. 4 3% bonds.
$2,000 13th & 15th Sts. Passenger $100,000 Electric &
People's 4%
By. Co. 3 A% bonds.
stock trust certificates.
$100,000 Philadelphia & Willow $565,977 90 1st
mtges. on real estate.
Grove St. fly. Co. 44% bonds.
$36,437 60 in ground rents.
BALANCE SHEET JUNE 30.
1909.
1908.
1909.
1908.
AssetsLiabilUiesCash
1,995,391
780,138 Capital stock
29,974,675 25,448,152
Fire insur. fund xl,8.38,200 1,550,000 Phila. Rap.
Trans.
Advances to leased
5% coll. bonds_ 3,750,000
lines
1,111,159
933,339 Accounts audited,
Supplies
973,870
930,712
not due
239,686
159,025
Construction and
Fixed charges and
equipment _ _24,202,398 23,832,135
taxes accrued
1,501,454 1,335,087
Real estate
888,739 1,014,030 Open accounts
321,734
Accounts receivAdvance accounts
able
107,629
32,562
eonstr'n Market
Sundry stocks_ _ _ _ 5,108,950 2,388,950
St. Subway &
Open accounts _
115,092
Elev. constr'n
y3,400,000
Franchise accounts 165,325
165,325 Package tickets __
55,589
94,047
Profit and loss.... 985,349 1,069,147
Total
36,506,753 31,827,192
Total
36,506,753 31,827,192
x Set text aboae.
y Repaid out of installment due Sept. 8 1908.
Note.-Among the assets as of June 30 1909 shown above, three items
are "net" Pgures obtained by deducting the divisional bonds outstanding
on the properties in question, and, In the case of the Market St. Elevated
Pass. fly., also amount received on assessment of $45 per share on $5,500,000 stock, viz.:
Phila. dz. 1Vil. Darby 8e, Yeadon Market Street
Grose St. ley.
Street fly.
Subway h. El.
Construction, &c
$1,289,315
$271,618
$19,370,047
Less bonds issued
1,000,000
200,000
10,000,000
Amt. received from Market
Street Elevated Pass. fly.
on stock (see above)
2,520,000
Net
$289,315
$71,618
$6,830,047

Cuban-American Sugar Co. (Holding Company), New York.
(Report as of Aug. 10 1909.)
This holding company, organized under the laws of New
Jersey Sept. 19 1906, on Aug. 10 resumed dividends on
its $6,295,000 preferred stock. In this connection President R. B. Hawley, New York, Aug. 10 1909, submits a
printed report, indicating in a general summary the company's holdings,and showing its output for the past four
years and approximate results for the past season, and offering to the stockholders the right to subscribe for the 6%
collateral trust bonds due April 1 1918. The following is
a summary of the report:
Enclosed herewith you will'fincra check for 1 5i% dividend on the preferred stock standing in your name. This will cover the accumulations
on same up to July 1 1908. While the company has earned the money to
pay its full dividend on preferred stock for the current year, and carry to
surplus over $700,000, your directors have thought it wise to apply the entire surplus earnings in reducing its indebtedness.
Authorized Capital Stock and Bond Issue.
$10,000,000 7% cumulative preferred stock; issued
$6,295.000
10,000,000 common stock; issued
6,496,100
10,000,000 collateral trust bonds 6% (amount now outstanding, $3,421,000-Ed.); present issue will be limited to
7,500,000
Dividends on the 7% preferred stock began to accumulate Oct.1,1906
and payments have been made as follows: July 1 1907, 3 M %;June 1 1908,
7%,and Aug. 10 1900, 1 %%,covering the period to July 11908.
Corporations All of IVItose Stock Is Owned (Except as Qualifying Directors).
Incorp. Location,Estatesatc. Acres.
See "Citron."
pa
anSugar Co _ _ _ _1899 Chaparra, Cuba
arr
aopm
ChC
150,000 V. 84, p. 161
TInguaro Sugar Co
1899 Perko, Cuba....
14,500 V. 73, p. 767
Cuban Sugar Ref'i Co_ _1901Nueva Luisa Estae
Jovellanos, Cuba
7,0001 V. 83, p. 753
Cardenas Refinery -----Cardenas, Cuba
Co
Sugar
au Sugaro
ad
ditS
eric
de
1903 Cifuentes, Cuba
U
mn
2,000 V. 83, p. 767
Co_ _ _ _1899 Cabanas, Cuba
6,000 V. 83, p. 754
Over 95% of $3,000,000 Bonds and 95% Stock Owned.
(In October 1008 stock was reduced .from $2,881,000 to $288,100.-Ed.
Colonial Sugars Co
1902V. 79, p. 502
Constancia, Cuba
Estate
55,0001 V. 77, p.1224,
F'actory&
at refinery
Gramercy. La_ _ _
_
6,500
1227, 1239
at_The companies own
about 241,000 acres of land, six factories for the
manufacture of raw sugar and one sugar refinery in Cuba,and the one above
referred to in the United States, and 476 other buildings. They own and
operate 167 miles of railroad, the rolling stock for which comprises 28 locomotives and 1,412 cars.
Lands Owned by the Companies, Aggregating 241,000 Acres.
66,000 acres 1 Virgin timber lands
Cultivated in cane
76,000 acres
61,000 acreslUnclassified land
Pastures
38,000 acres
Production.
The total estimated annual capacity of the companies':factories Is abou t
150,000 tons of raw sugar and 60,000 tons refined sugar in Cuba and Louisiana. The companies manufactured In 1907 100.000 tons of raw sugar
and in 1908 74,000 tons, and for the current year (1909) the campaign
Just closing, the total production exceeds 145,000 tons, practically all of it
In standard raw sugar of 98 degrees polarization.11jazi Maki

720

THE CHRONICLE

Output for Years 1905-00. 1906-07, 1907-08, and Estimate for 1908-09.
1905-06 1906-07 1907-08 -1908-09.Actual
Estimatedtons.
bags.
bags.
75,000
251,585 465,000
259,01)2 337,484
Chaparra
18,000
49,182 110,754
110,922
65,164
Tinguaro
16,000
62,749
96,743
92,544
106,284
Nueva Luisa
11,500
68,175
64,996
50,079
64,603
Unidad
8,000
47,500
30,269
31,346
40,744
Mercedita
81,491
13,500
*jConstantia
5,000
30,337
Gramercy
572,550 600,519 443,864 900,000 147,000
Total ,
74,000 147,000 147,000
Total in tons
96,000 100,000
____
50,000
50,000
50,000
Cardenas Ref'y (abt.) (bbls.) 50,000
per day.
sugar
barrels
1,200
Gramercy Refinery-Capacity
• Control of Colonial Sugars Co. acquired in May 1908. See a subsequent page of this issue.
Respective Capacities of the Factories.
DailyCap. Ann'ICap.
DailyCap. Ann'lCap.
TonsCane.TonsSugar.
TonsCane.TonsSugar.
700
9,000
60,000 Mercedita
4,000
Chaparra
20,000 Colonial Sug. Co.
1,250
Tinguaro
25,000
18,000
Constancia, Cu_ 2,000
1,250
Nueva Lulea
8,000
10,000
Gramercy, La__ 1,000
800
Unidad
----11,000
150:000
Total
With a production exceeding 145,000 tons of standard raw sugar and the
average prices now assured, we estimate the earnings of the company should
equal $1,850,000, which, after paying interest on bonds and on loans in
open accounts and deducting charges for depreciation and reserve leaves
a balance of over $1,000,000 applicable to dividends and surplus as the
company may determine.
Bonds.-The Issue of $7,500,000 collateral trust bonds that has been authorized is to be secured by the deposit with the Central Trust Co. of New
York, mortgage trustee, of mortgage bonds amounting to $9,600,000, covering the factories and real estate owned by the constituent companies.
These collateral trust bonds are dated April 1 1908, payable in ten years,
and mature April 1 1918; interest payable April 1 and Oct. 1. A sinking
fund is provided equal to 25% of all dividends paid on preferred and common stock. Bonds are redeemable at $105 and interest.
Of the issue at present authorized, there has been used In the purchase of
the bonds and stock of Colonial Sugars Co., and in exchanging for bonds of
the constituent companies, and sold for cash, about $3,500,000. The
company proposes at favorable opportunities to sell the remaining bonds
now held in the treasury, liquidate the entire floating debt of the company
and apply the balance of the amount received as working cpattal. Until
this is done, It is thought best to defer the payment of the year's dividend
preferred stock now due.
on Officers.-R. B. Hawley, President; Nathaniel Tooker, First Vice-President; Thomas A. Howell, Second Vice-President; Henry A. Clark, Secretary and Assistant Treasurer; James H. Post, Treasurer. New York office,
107 Front Street.
Directors.-George R. Bunker, F. D. Mollenhauer, Horace Havemeyer,
John Farr, Mario G. Menocal, Pearl Wight, Francis D. Canfield Jr.,
Ernesto A. Longa, Hugh McCulloch, Frederick H. Howell and George C.
Kobbe.

[VOL. Lxxxix.

stockholders. It was the best period in the history of the Atchison, excepting the fiscal term of 1906-07. And the outlook is altogether propitious.
In our corn belt the average yield at the end of August was not quite as
brilliant as in July, but at that the yield will be the largest ever garnered.

Listed.-The N. Y. Stock Exchange haslisted $25,297;000
convertible bonds, 4s of 1909, and has authorized $2,961,000
additional to be added to the list from time to time as paid
for in full and delivered, making the total amount authorized
to be listed $28,258,000.
Earnings for Eleven Months ending May 31.
Balance
Fixed
Taxes
Other
Gross
Net
B
paid. charges,crec. for
earnings, earnings. income,
$
•
1908-09_86,163,215 33,533,246 564,457 2,694,938 13,588,946 17,813.819
1907-08__84,287,178 27,233,843
From the balance as above in tile 11 months of 1908-09 were paid the
semi-annual dividend of 23% on the preferred stock on Feb. 1 1909, $2.854,345, and the semi-annual dividends of 234% each on Dec. 1 1908 and
June 1 1909, calling for $5,152,550, leaving a surplus of $9,806,924.
Fixed charges, &c., $13,588,916, as above, include: Interest on bonds;
$12,477,853; rentals of tracks and terminals, *82,506; hire of equipment,
*701,061; advances to subsidiary companies, *80,995; miscellaneous income charges, $175,000; appropriation for fuel reserve fund, $71,530.
Eleven
mos.

Baton Rouge (La.) Electric Co.-Bonds Offered.-Thomas
Newhall, Philadelphia, is offering at 873-2 and interest the
unsold portion of a block of $400,000 first mortgage 30-year
5% sinking fund gold bonds dated Feb. 11909. Total authorized issue, $750,000; outstanding, $425,000; remainder
reserved for permanent additions, extensions and improvements at not exceeding $1,000 bonds for each $1,250 cash
expended. The company is a Louisiana corporation, under
the management of Stone & Webster; it does the entire
electric railway, electric lighting, power and gas business in
Baton Rouge, serving a population of approximately 20,000.
See circular in V. 88, p. 881.
Boston Suburban Electric Companies.-Reduction of Stock.
-The trustees recommend a reduction of 9% in the number
of preferred and 2% in the common shares to meet the
changed conditions resulting from the recent sale of the
Waltham Gas & Electric Co. to the Edison and Massachusetts gas interests. It is proposed to retire 4,694 pref.
and 1,173 common shares issued for the purchase of the
3,247 shares of the Waltham Gas & Electric Co., reducing
the number of shares outstanding to 50,146 common and
45,775 pref. From the sale of the Waltham property the
company received $750,000, while the market value of the
The "Chronicle" has been favored with the following:
retired is $357,909.
Bonded Debt of Constituent Cos. and Amounts Owned by Cuban-American pref. and common shares to be
Sugar Company.
As over $350,000 will be required in the purchase of outBonds
And. Owned by
applied to reducing
Issued. Cub.-Am.Sug.Co. standing shares and $200,000 will be
$1,000,000
$736,000 the floating debt, there will be left about $200,000 of the
Chaparra Sugar Company
500,000
338,000 amount received for the Waltham property for the payTinguaro Sugar Company.
750,000
750,000
Cuban Sugar Refining Company
100,000 ment of back dividends, which now amount to over $480,000.
100,000
Unidad Sugar Company
205,000 -V.88, p. 1126.
300,000
Meredita Sugar Company
2,875,000
3,000,000
Company
Sugars
Colonial
---British Columbia Electric Ry., Ltd.-New Stock.-A Ca$5,004.000
$5,650,000
Total
nadian financial paper states that the company is making an
A balance sheet will be issued later.
issue of £500,000 new capital stock in London to provide
-V. 81, p. 161.
for extensive improvements and the construction of a grand
new terminal station in Vancouver.-V.87, p. 1663.
GENERAL INVESTMENT NEWS.
Chesapeake & Ohio Ry.-Annual Meeting-Acquisitions.
-The stockholders will vote at the annual meeting on
RAILROADS, INCLUDING ELECTRIC ROADS.
Albany & Hudson (Electric) RR.-Successor.--See Albany Oct. 19 on propositions to purchase the rights, privileges,
franchises and property of the Coal River, Raleigh & SouthSouthern RR. below.--V. 89, P. 665, 468.
Air Line railways. The entire stock
Albany Southern (Electric) RR.-Reorganized Company.- western and Virginiaowned,
and the bonds of the two first
The company was incorporated in this State on Sept. 14 of all three roads is principal and interest.-V. 89, p. 534,
named guaranteed,
with $3,475,000 authorized stock, of which $2,100,000 5% 525,
282.
non-cumulative preferred and $1,375,000 common stock, as
Chicago Burlington & Quincy RR.-Exchange Premium
a reorganization per plan V. 89, p. 223, of the Albany &
Hudson RR., the third-rail electric line which was sold in to be Reduced Oct. 1.-The premium of $27 50 offered on
company's
foreclosure on Sept. 8 to the reorganization committee. exchange of Hannibal & St. Joseph 6s for the reduced
to
The company's principal office is in Rensselaer. The general mortgage 4% bonds will, on Oct. 1, be
285.
89,
528,
p.
-V.
bond.
per
$25
are:
directors
Chicago Indianapolis & Louisville RR.-Report.-For the
W. R. Gross, II. A. C. Smith, Charles H. Werner, A. M. Young, Irvin
W. Day, L. B. Grant, C. M. Congdon, of New York; C. L. Rossiter of year ending June 30:
Brooklyn, and Myron T. Herrick of Cleveland, Ohio.
Fixed
Balance,
Other
Gross
Net. after
Fiscat
Charges.
Surplus.
The Public Service Commission, Second District, on Year
Income.
Taxes.
Earnings.
*5,319,386 *1,404,702 $252,301 $1,154,207 $502,886
Thursday authorized the company to issue the $1,375,000 1908-09
1,073,762
362,363
272,423
1,163,702
5,167,160
common and $2,029,000 of the preferred stock (par of shares, 1907-08
accumulated surplus
During each of the fiscal years there were paid forand
in 1908-09 3
on the preferred stock
$100 each); also to sell to bankers at 85 $1,250,000 of the dividends of 4% ($200,000) stock,
against 3% ($315,000) in 1907-08.on the common
new bonds for the purposes stated in the reorganization plan. ($328,125)
V. 88, p. 1619.
de1909,
first
gold
1
30-year
are
5s,
Sept.
mortgage
dated
bonds
The
Chicago Railways.-Compromise.-The negotiations with
nomination $1,000c', interest M. & N.; Manhattan Trust Co., New York,
trustee. They are subject to call at 106 and interest as a whole on any regard to the demand for increased wages ended on Thursday,
to
to
1
1922
1917
1922,
;i%
of
$1,500,000;
interest day. Sinking fund
when at meetings of the two unions the men voted to accept
1929, 2%,and 1929 to 1939, 3%.
a compromise agreement which will run for three years,
Officers.-The officers of the new company are:
providing for 28cents an hour for the first year, 29 the second,
President, R. A. C. Smith; Secretary and Treasurer, I. W. Day; Gen.
The "Chicago Record-Herald"
Mgr., R. II. Smith. Transfer Agent, Long Island Loan & Trust Co.; and 30 cents the third year.
Registrar. Manhattan Trust Co.. N. Y.-V. 89, p. 865, 468.
says: "It is estimated that the full increase over present
American (Electric) Railways, Philadelphia.-Report of wages will cost the companies approximately $1,500,000 for
Holding Company.-The statement for the fiscal year ending the three-year period."-V.89, p. 348, 285.
June 30 shows gross receipts of the controlled companies
Cincinnati & Columbus Traction Co.-Extension of Bonds.
$2,865,229, against $2,927,437 in 1907-08. The results for -The $600,000 5% first mortgage bonds which fell due
the American Railways are as follows:
July 1 1909, we learn, were extended at the same rate of inBond Int.
Div.(6%). Surplus. terest until Jan. 11912, not Jan. 1 1910.-V. 89, p. 102.
Expenses.
YearReceipts.
$305,706
$206,323
1908-09
$10,060
$5,023
*527,113
1.55,854
305,706
1907-08
15,791
498,758
21,407
Cleveland Cincinnati Chicago & St. Louis Ry.-New
122,535
304,392
19,968
80,167
1906-07
527,082
Bonds.-The shareholders will vote at the annual meeting
-V. 88, D. 503.
on authorizing a new issue of $20,000,000 bonds,
Atchison Topeka & Santa Fe Ry.-President's Statement on Oct. 27$9,000,000
will probably be issued in the near
-Dividend Prospects.-It is generally believed that the next of which provide for the payment of the $5,000,000 of 4-year
semi-annual dividend on the common stock, payable in future to
5% gold notes due June 1 next and a floating debt of about
December, will be 3%, as in 1907, contrasting with 2
shareholders have signified their
semi-annually from June 1908 to June 1909, inclusive, and $4,000,000. Until the
class
stated, will not
from Dec. 1900 to Dec. 1906. President Ripley is approval, the board, it is interest rate. consider the
of bonds to be issued or its
quoted as saying:
New Director.-James Stillman of New York has been
Our directors never discuss dividends prior to their meetings, but I can
safely acknowledge that the year's results will prove satisfactory to the elected a director.-V. 88, p. 765.




SEPT. 18 1909.[

THE CHRONICLE

Coal River Ry.—Sale.—See Chesapeake & Ohio Ry.
above.—V. 80, P. 2219.
Delaware & Eastern Ry.—Bonds Ofiered.—Of the present
issue of $4,570,000 5% 50-year first mortgage gold bonds,
dated 1907 (the total authorized issue is $6,500,000, of
which $1,930,000 is reserved for future requirements, subject to the further orders of the New York Railroad Commission), $3,500,000 have been underwritten in England,
and the remaining $1,070,000 are offered by Searing dr Co.,
7 Wall St., at 923/b and interest, yielding 5.625% income.
Interest payable J. & J. Empire Trust Co., New York City,
trustee. The prospectus says in brief:
Oryanization.—The Delaware & Eastern Railway Co. was incorporated
May 13 1907 to construct a line of railroad extending from Hancock, N. Y.,
to Schenectady, N. Y., where connection will be made with the Boston &
Maine system, making a through line from the anthracite coal fields of
Pennsylvania to the markets of the New England States.
The Delaware & Eastern Railroad Co. was formed about four years ago
and has in operation 50 miles of railroad extending through the valley of
the east branch of the Delaware River in Delaware County, N. Y. [from
East Branch on the New York Ontario & Western'Ry. to Arkville on the
Ulster & Delaware RR., 37.52 miles, with branch, Arkville to Andes,
8.37 miles.—Ed.] On May 13 1907 the Delaware & Eastern RR. was
leased to the Delaware & Eastern By. Co. for a period of 999 years, a d
$1,750,000 of the above authorized issue of bonds was reserved by the
trustee to cancel and retire the securities of the Delaware & Eastern RR.
Co. All the stock and bonds of the Hancock & East Branch RR. and the
Schenectady & Margaretville RR. (chartered to build from Hancock to
East Branch, about 14 miles, and from Margaretville, 1 mile south of Arkvine, to Schenectady and Rotterdam ,Tunction, about 94 miles) have been
acquired and canceled, amalgamating the three companies into one system.
which will comprise, (including the Delaware & Eastern RR.), when the
afonsaid lines are completed 153.93 miles of railroad. The bonds now
offered are a first mortgage on the franchises, property and terminals of the
Delaware & Eastern Ry. Co.
The growth of business on the American railroads in recent years has
so congested the terminals at New York City that it has been found necessary to divert the business destined for the New England States from these
railroads before it reaches their terminals in the City of New York. The
necessity, therefore, has arisen for another line of railway across the center
of the State.
The Delaware Valley and the Schoharie Valley are two of the richest
and most highly developed of any in the State. They are crossed by railways at intervals of between 50 to 75 miles apart, and have hitherto not
been traversed lengthways by any other railway. The Delaware & Eastern By. follows the valley of the Delaware River from Hancock, N. Y.,
situated on the Pennsylvania State Line, to Grand Gorge in the heart of
the Catskill Mountains, a distance of about 75 miles. It then follows the
Schoharle Valley for about 50 miles, finally terminating in the heart of the
City of Schenectady, where connection will be made with the Delaware &
Hudson RR., the West Shore RR., the New York Central RR., the Boston
& Maine RR. and the yards of the General Electric works. Here also are
located the works of the American Locomotive Co., which employs abotu
10,000 hands. The average grade between Hancock and Schenectady on
the Delaware & Eastern Ry. is 25 feet to the mile. The maximum grade
on the main line on that part now. operating is 26 feet per mile and the
average grade 10 feet per mile.
Estimated Earnings.—Jacob L. Greatsinger, formerly President of the
Brooklyn Rapid Transit Co., and for 17 years General Manager of the
Duluth & Iron Range RR., and now Vice-President of the Delaware &
Eastern Ry., estimates the gross earning power of the Del. & East. Ry.,
after through traffic is enjoyed, at $11,000 per mile per annum, with op.
crating expenses at 56%. F. B. Lincoln, General Manager of the Pittsburgh Shawmut & Northern RR., places the gross earnings at $10,000
per mile. J. G. White & Co., of New York and London, estimate that in
the second full year of operation, after the completion of the entire line,
the revenue from local traffic alone will amount to $5,000 per mile per annum; and they arc of the opinion that under proper mailagement the earnings from through traffic, in addition to those estimated for local traffic,
will leave net earnings, after paying operating expenses and taxes (together estimated at 70%), considerably in excess of the fixed charges of
$2,100 per mile.
With an income of only $6,000 per annum for each mile of the line, the
total gross earnings would be $924,000; deducting 60% for operating,
$554,400, and interest on $6,500,000 bonds at 5%, $325,000, would leave
a surplus of $44,600. There are 50 miles of the
& East. Ry. already
operating, carrying nothing as yet but entirely local business and with a
short haul on the local business. Notwithstanding this, the gross earnings
for the fiscal year ending June 30 1909 amounted to $2,227 per mile, and
the steady increase for the year 1909 discloses that it is now on a $2,500
per mile gross earnings basis. Tile local traffic of the Schoharie Valley,
which is the larger and richer valley, should amount to at least twice the
traffic of the•Delaware Valley, and the Del. & East. Ry. will have an average haul of 100 miles on this traffic.
The Del. & East. Ry. has arranged for a coal tonnage of at least 500,000
tons per annum. The carrying of this coal alone would mean an earning
for the Del. 6: East. Ry. of $3,500 per mile gross, independent of any local
traffic whatever. With total gross earnings of $9,000 per mile per annum,
the receipts for the year would aggregate $1,386,000; operating expenses,
if 60% of gross, $831,600; net earnings, $554,400; interest on $6,500,000
bonds at 5%, $325,000; leaving a surplus of $229,400.
Directors.—F. F. Searing, J. L. Greatsinger, Russell Murray, H. A. V.
Post, H. M. George, B. J. Welch, Charles Tremain, John W. Griggs and
George P. Fail, all of New York City; Earle Furman and Willis T. Hanson
of Schenectady; Edward Kelly, I. W.Searing and James L. Hurd of Dover,
N. J.—V. 89, p. 285, 162.

Geneva Waterloo Seneca Falls & Cayuga Lake Traction
Co.—Bonds.—Of the $2,500,000 5% 30-year bonds issuable
under the new mortgage, West End Trust Co. of Philadelphia, trustee, $400,000 may be used under order of the
Public Service Commission to take up outstanding bonds and
$100,000 for acquisitions, additions, &c. An extension
from Seneca Palls to Auburn is said to be proposed.—V.84,
p: 51.
Gettysburg (Pa.) Transit Co.—Foreclosure Sale.—The
road was purchased for $60,000 at foreclosure sale on Sept. 16
by C. F. Kraft, a Philadelphia attorney, representing, it is
said, the Central Trust Co. of Philadelphia.
The property sold includes the power house and machinery, 7 trolley cars
and 10 miles of track over several of the main streets of Gettysburg, through
Cumberland Township, on the Emmittsburg road, and over part of the
Second Day's Battlefield to Little Round Top.

Illinois Traction Co.—New Stock.—The company on Aug.
26 filed a certificate increasing its authorized capital stock
from $13,000,000 to $16,000,000, viz., common from $8,000,000 to $10,000,000 and preferred from $5,000,000 to
$6,000,000.—V. 89, p. 225.
Inter-State Railways Co., Philadelphia.—Deposits.--The
"Philadelphia News Bureau" on Sept. 11 said:

721

000,000 of authorized capital stock, $2,500,000 being preferred and $7,500,000 common, for the purpose of absorbing
and acquiring trolley lines, its principal operations to centre
about Louisville, Lexington and Frankfort, Ky. The charter also grants the privilege of operating electric light, power
and gas plants. G. S. Graham and S. M. Clement Jr. of
Philadelphia and others are interested. Officers will be
elected Sept. 29 1909.
Lake Shore Electric Ry., Cleveland.—Sale of Bonds.—
President Moore announced on Sept. 14 that the company
had sold $1,200,000 of its general mortgage 5% bonds to an
Eastern syndicate. The proceeds will be used to pay off
the entire floating debt of $940,000, incurred in doubletracking and in doubling power capacity at Beach Park and
Fremont; also in purchase of new equipment."The sale will
also take care of a note issue of $59,000, which becomes due
Dec. 1, as well as the 6% notes now outstanding."—V. 88,
p. 371.
Missouri Kansas & Texas Terminal Co. of St. Louis.—
Status.—This company, referred to in the annual report of
the Missouri Kansas & Texas Ry. Co. (see a previous page
of this issue), was incorporated at Jefferson, Mo., on March
26 1909 with $100,000 of authorized capital stock, one half
paid. The total cost of the whole project, it is stated, will
be about $4,000,000, to cover which it is proposed to issue
bonds of the Terminal Company, guaranteed by the Missouri
Kansas & Texas Ry. Co.
New Mexico Central Ry.—Lien Filed.—Advices from
Santa Fe, N. M., state that on Sept. 6 a lien for $1,100,000
was filed against tile company by the Dominion Construction
Co. of Pittsburgh on account of the failure of the railroad
to pay for the 60-mile extension to the Hagan coal fields.
The company in May 1909 filed a mortgage to secure
an issue of $2,000,000 of bonds. Hagan coal fields (a subsidiary company) in Sandoval County are security for the
bonds.—Compare V. 87, p. 678, 614.—V. 89, p. 287.
Norwich & Westerly (Electric) Ry.—Receivership.—
Judge Noyes in the United States Circuit Court on Sept. 15
appointed U. S. Senator Frank B. Brandegee of Connecticut receiver.
The coupons due Sept. 1 on the $750,000 bonds are In default, and there
is alleged to be a floating and unsecured indebtedness of about $250,000.
—V. 89,p. 666.

Pan-American RR.—David E. Thompson, United States
Ambassador to Mexico, it is understood, has purchased
control of the company. Press dispatches this week state
that $9,600,000 of the stock has been acquired, the transaction involving about $10,000,000.
It is reported that J. M. Neeland and other capitalists, who have sold
the Mexican line, have arranged to incorporate the Pan-American RR. of
Central America. which is to extend from the Guatemalan border to the
Panama Canal, 1,400 miles. The new corporation, it is said, will be capitalized at $50,000,000. Work on the new road,It is reported, is expected to
be begun at La Union, Salvador, in January next, and the road completed
in seven years.—V. 83, p. 436.

Philadelphia Rapid Transit Co.—Report.----See "Annual
Reports" on a preceding page.
New President.—Charles 0. Kruger, formerly 2d VicePresident, has been elected President to succeed John B.
Parsons, who resigned.—V. 89, p. 666, 287.
Public Service Corporation of New Jersey.—Dividend Rate
Increased from 4 to 5%.—The company on Thursday declared a quarterly dividend of 1Y
4%, payable Sept. 30, thus
increasing the rate from a 4 to a 5% annual basis.
New Stock and Bonds.—The company also formally
authorized the issue of about $4,750,000 additional stock
and $8,000,000 bonds. The new stock will be approximately
equal to 25% of the amount now outstanding and bring the
total amount issued up to $23,750,000 out of the authorized
capital of $25,000,000. Shareholders of record as of Oct. 1
will be permitted to subscribe for the new stock issue at par.
The market value of the stock is now around 107.
The $8,000,000 bonds were sold to J. P. Morgan & Co.
and Drexel & Co. early in August (V. 89, p. 349), and will
be issued under the new general mortgage covering $50,000,000 50-year 5% gold bonds in all. The proceeds will be used
largely to retire the collateral gold notes of the company
maturing Nov. 1. The proceeds of the sale of stock will be
used for further substantial improvements which the company has in contemplation. President McCarter says:
The action of the directors in placing the stock on a 5% annual dividend
basis was taken upon the recommendation of the executive committee after
a careful consideration by that committee of the favorable showing which
the company is making both in the increase in its gross business and the
economical operation of its properties.
The cancellation of the outstanding bonds of the company under the
issue of May 1 1908 and the mortgage securing the same was authorized.
as was the execution of the new general mortgage of the company securing
an issue of $50,000,000 bonds.

Meeting.—The shareholders will meet on Sept. 27
to vote on (1) amending the articles of incorporation, enlarging the company's powers; (2) assigning to the Public
Service Gas Co. (V. 89, p. 596) all leasehold interest in gas
properties and all right under operating agreement with
Plainfield Gas Light Co., (3) issuing $50,000,000 general
mortgage 5% sinring fund 50-year gold bonds of $1,000 each,
The deposit of bonds is increasing steadily. To date $5,838,600 of the dated Oct. 1 1909, redeemable on any interest days (A.&0.)
under
the
bonds have been deposited
Earle readjustment plan, and mem- beginning Oct. 1 1919 at 105 and interest at company's opbers of the committee state that they are certain of over a million additional and expect ultimately at least $7,500,000. Opposing interests claim tion. These bonds will be secured by mortgage to Fidelity
that the committee will not be able to secure tile deposit of more than Trust Co. of Newark, as trustee, on all property, real, per$6,250,000.
;
--V. 89. p. 528, 348.
sonal and mixed, of Public Service Corporation of New
Kentucky Railway Traction Co.—Incorporation.—This Jersey and Public Service Gas Co.. They will be issued
company wan incorporated in Delaware Sept. 9 with $10,- in lieu of the bonds heretofore authorized moored by !nod-




722

THE CHRONICLE

LVoL. Lxxxxx.

gage dated May 1 1908, which mortgage and the bonds seAmerican Telephone & Telegraph Co.-Earnings.-For the
cured thereby are to be canceled.-V.89, p. 594, 349.
first eight months of 1909 and 1908:
Eight months ending Aug, 311909.
1908.
Quebec Railway, Light & Power Co.-Report.-For year Income
from dividends
$10,826,444 $10,034,017
ending June 30:
Interest and other revenue from associated cos_ _ 7,055,447
6,508,984
YearGross.
1908-09 __$724,648
1907-08
(?)
-V. 89,___p.42.

Net.
$280,348
238,451

Bond Int.
$125,000
125,000

Divs. (Net.) Bal., Surp.
$115,046
$40,301
26,395
87,066

Raleigh & Southwestern Ry.-Sale.-See Chesapeake &
Ohio Ry. above.-V. 84, p. 1114.
Somerset Railway.-Report.-For year ending June 30:
Fiscal
Total Oyer. Net Oper.
YearRevenue. Revenue.
1908-09_ __ _$270,944
$33,018
1907-08_ ___ 269,138
15,049
-V. 87, p. 879.

Taxes
Paid.
$1,258
1,260

Other
Income.
$1,695
13,417

Fixed
Charges.
$127,975
134,988

Balance,
Deficit.
$94,521
107,781

Telephone traffic (net)•
Real estate
Other sources

2,706,871
64,766
976,759

2,331,356
87,012
498,057

Total income
Expenses

$21,720,287 $19,455,426
1,399,097
1,826,936

Net earnings
Deduct interest
Dividend for 6 months(4%), April and July

$20,093,351 $18,058,329
5,100,423
4,930,103
6,120,092
7,631,292

Balance, surplus
$7,531,958 $8,835,814
In 1909 all maintenance and depreciation is charged against expenses
monthly, instead of being partly provided for by an extraordinary charge
December,
heretofore.
In
order
that
a
in
as
true comparison may be made
between 1908 and 1909, the 1908 figures as now presented included in expenses for each month 1-12 of the extraordinary provision for depreciation
which was made in December 1908.

Southern Pacific Co..-New Officers.-See Union Pacific
RR. below.-V. 89, p. 226,164.
Third Avenue RR., New York.-Notice to Bondholders.Earnings of Associated Operating Companies.-For month
An advertisement says:
of July and first seven months of 1909 and 1908:
Bondholders are invited to send their names and addresses to the undersigned committee, with the view of co-operating with security holders who
have organized to place responsibility for the wreck and looting of the road
and to force restitution of the 816,000,000 which has disappeared from the
treasury. We have been refused the names and addresses by the chief
official of the Central Trust Co., the trustee under the mortgage, and are
obliged to adopt this course to reach bondholders. [Signed] Executive
Committee: Wm. N. Amory, Chairman; Chas. E. Goodhue; Secretary:
Franklin G. Colby, Treasurer. Address Franklin G. Colby, Treas., Knickerbocker Committee of Third Avenue Securityholders, 29 Broadway, New
York.-V.89, p. 594, 287.

Union Pacific RR.-Change in Officers.-Ex-Judge R. S.
Lovett, Vice-President and General Counsel, was on Monday
elected Chairman of the executive committee to succeed
the late E. H. Harriman.
William Rockefeller and Jacob H. Schiff were elected to
the board, succeeding the late H. H. Rogers and E. H.
Harriman, and also members of the executive committee,
increasing the membership from 5 to 6, Mr. Rogers not having
been a member of that committee. The same gentlemen were
elected to similar positions in the Southern Pacific Co.V.89.p.666,412.
Virginia Air Line Ry.-Sale.--See Chesapeake & Ohio
Ry. above.-V. 88, p. 232.
Washington County Ry.-Report.-For year end. June 30:

Interest
One
Net
Maint'ce &
Gross
Balance for
monthpaid.
earnings. (after Taxes). dsprecia'n.
dividends.
1909
$529,472 $2,807,597
$11,385,590 $8,738,855 $3,401,786
1908
2,752,245
827,158
10,467,923
5,895,057
2,515,658
7 Months1909
$77,064,384 $45,279,038 $24,282,782 $3,997,728 $16,998,530
71,804,748 40,652,730 20,497,788 4,529,772 15,625,170
1908
In 1909 all maintenance and depreciation is charged against expenses
monthly instead of being partly provided for by an extraordinary charge in
December as heretofore. In order that a true comparison may be made
between 1908 and 1909, the 1908 figures as now presented include in expenses for each month 1-12 of the extraordinary provision for depreciation
which was made in December 1908. The unexpended portion of the provision made for depreciation for the first seven months of 1909 was $7,226,965, which is not counted as profits, but remains as a reserve for future
replacements.-V. 89, p. 667. 530.

Consolidation of Subsidiaries.-See New York Telephone
Co. below.
Additional New York Telephone Stock Purchased.-It is
announced that the American Telephone & Telegraph Co. has
purchased from the Western Union Telegraph Co. the $9,733,100 full-paid stock pledged as security for its $10,000,000
4% convertible trust bonds and $6,488,700 half-paid stock held
in its treasury. The Western Union bonds are subject to call
at 105 beginning May 1 1912, but it is generally supposed
that some way will be found to release the collateral prior to
that time. While the amount of the purchase price has not
Tot. Oper. Net Oper. Taxes Other Fixed Add'ns & Bal., Sur.
Fiscal
been made public, the sale, it is understood, will net the
Year- Revenue. Revenue. Paid. Income. Chgs. Improv'ts. or Def.
$2,735
$1,412
$96,211
$117,148
$40,789
1908-09_5483,733
def.$21,175 Western Union Co. close to $25,000,000, payment to be.
8,599 sur. 24,624
1907-08_ 460,079 119,513 2,377 1,728 87,640
made partly in cash, say $3,000,000 to $4,000,000, and the
-V. 87, p. 679.
remainder
in short-term notes. The transaction, it is
-Judge
Westchester Traction Co.-Sale.
Holt, in the
rumored,
will ultimately result in closer relations
15
authorized Receiver
United States Circuit Court, on Sept.
two companies.-V. 886, p. 667.
between
the
property
the
Ed. G. Benedict, as master, to sell
under foreN.
Y.,
at
Ossining,
a
closure at public auction at
date to be
American Tube & Stamping Co.-Bonds Called.-Ten
fixed by him,for a sum not less than $1,200.-V.86, p. 670.
($10,000) first mortgage bonds of 1902 have been called for
ffikWestern Illino:13 RR.-Sale.-The partly constructed road redemption on Oct. 1 1909 at 105 and interest at the Trust
of this company, which was to extend- from Dahinda to Mc- Co. of America (formerly the Colonial Trust Co.) of New
Nabb, Ill., 70 miles, of which 9 miles are graded and a small York, trustee.-V. 87, p. 741.
amount of track laid thereon, was purchased at receiver's
(The) Baldwin Co., Cincinnati, 0.-Common Dividend
sale on Sept. 13 by David Wine of Kewanee, Ill., who deIncreased.-The directors have declared, together with the
clines to state his plans with regard thereto.
regular quarterly dividend of 1M% on the $800,000 6%
cumulative preferred stock, a quarterly distribution of 2%
INDUSTRIAL, GAS AND MISCELLANEOUS.
on the $1,000,000 common stock, payable Oct. 15 to stockAmerican Agricultural Chemical Co.-New Director.- holders of record Sept. 30. This is an increase of M% over
Ross L. Coe has been elected a director to succeed the late the payments made since April 1907.
John F. Gibbons.-V. 89, p. 527, 412.
Dividend Record
American Cement Co., Philadelphia.-New Subsidiary to
1902 1903 1904 1905 1906 1907 1908 1909
6%
6%
6%
6%
Build Plant at Norfolk, Va. with Annual Capacity of About Preferred
6%
6%
6%
6%
6% 636%
6%
4%
4%
750,000 Barrels-Bonds to Be Guaranteed.-This company is Common
p.
562.
88,
-V.
proceeding to carry out its long-contemplated plan for
establishing an auxiliary plant at Norfolk, Va.(V.89, p. 346),
Bell Telephone Co. of Buffalo.-Merger.-See New York
the Norfolk Portland Cement Co. having been incorporated Telephone Co. below.-V.89, p. 227.
for the purpose under Virginia laws with $500,000 common
Big Lost River Irrigation Co., Idaho.-6% Carey Act
stock, $350,000 7% cumulative preferred stock and a proposed issue of $500,000 6% 20-year sinking fund first mort- Bonds at Par.-Trowhridge & Niver, Chicago, San Francisco.
gage bonds, these bonds to be guaranteed, principal and in- and Boston, are offering at par and interest $2,000,000
terest. The new plant will cost about $650,000 and will first mortgage 6% bonds, dated July 1 1909 and maturing
have a capacity of 2,000 barrels of cement a day, increasing serially on Jan. 1 from 1915 to 1923, viz.: $150,000 in 1915,
the annual capacity of the American Co. from 2,000,000 to $200,000 yearly 1916 to 1918 and $250,000 yearly 1919 to
2,750,000 barrels a year. The stockholders of the American 1923. Bonds maturing from Jan. 1 1920 to and including
Co., it is understood, will be permitted to subscribe for the Jan. 1 1923 are subject to call on Jan. 1 1910 or any interest
present issue of $300,000 first mortgage bonds and the date thereafter at 103 and interest. Principal and semi$350,000 preferred stock, the sale of which has been under- annual interest (J. & J.) payable at American Trust & Savwritten. The American Co. will own control chiefly ings Bank, trustee, Chicago, or at First National Bank, New
through common stock received ill exchange for cement York. Denomination $1,000, except $100,000 due Jan. 1
1915, $100 denomination, and $250,000 due Jan. 1 1920,
and other lands.-V. 89, p. 346.
A circular says in substance:
American Gas & Electric 0o.-Earnings.-For 3 and 6 $500 denomination.
The Big Lost River Irrigation district is situated near the center of the
ending
June
30:
months
group of flourishing irrigation properties on which we have previously
Balance.
Net Inc. Expen. Bond Int. Pf.Div.
Gross.
3 Months$551,731 $152,454 $21,243 $78,525 $23,239 Sur. 529,447
1909
78,525 20,032 Def. 20,787
92,551 14,780
1908
463,537
8 Months1909
$1,207,351 $345,480 $14,615 $157,050 $48,400 Sur. $127,414
1,013,985 227,342 13.444 157,050 40,192 Sur. 18,854
1908
-V. 89, p. 530, 227.

American Ice Securities Co.-Income from Controlled Company.-The American Ice Co. has declared a dividend of
on its $14,920,200 preferred stock, payable Oct. 1 to
1
stockholders of record Sept. 25. This is the first payment
since Dec. 15 1906, when a distribution of 9% was made on
account of back dividends. The Securities Co., as owner
of about $14,339,000 of the aforesaid stock, should receive
from this dividend approximately $215,100, which is equal
to about 1.1% on its $19,041,100 stock. Compare V.83,
p. 1038.-V. 89, p. 349.




handled bond issues. It Is located partly in Bingham, Blaine and Fremont
counties: 62% of the sugar beets raised in the State and 25% of the potatoes come from these three counties. The Oregon Short Line Ry. passes
through the southern boundary of the district, and a right of way is now
being secured for a line which will run through the center of the tract for a
distance of 20 miles. The contract which the company has entered into
with the State of Idaho provides for the completion of the irrigation system
for furnishing a water supply for 125,000 acres of choice sagebrush land.
The soil Is a deep volcanic ash and very productive, and when irrigated
responds liberally under wheat, oats, potatoes, alfalfa, sugar beets, fruits
and all garden produce. The Big Lost River and Antelope Creek furnish
the water for the district; in connection with a great natural reservoir.
Mackay Lake, 150,000 acre-feet of water will be impounded.
These bonds, issued in accordance with the Carey Act, are securedThy a
first mortgage on all tile property of the company, consisting of valuable
water rights, 80 miles of canal now completed, and the Mackay reservoir,
which is under construction. Tile entire system should be ready for operation for the irrigation season of 1910. In fixing the price of the water
rights for the lands under this canal system, the State Land Board placed
on these one of the highest valuations of any Carey Act land approved for
segregation, and the price of the water right at $40 per acre; $4 is to be paid
in cash and the balance in easy instaliments.IMTo secureltheseideferred

SEPT. 18 1909.]

THE CHRONICLE

payments, the farmer gives a first mortgage lien on his land and on his
water right, and these mortgages are assigned to and deposited with the
trustee as additional security to the bondholder. As these mortgc ge3 are
retired, funds are provided for the principal and interest of this bonu issue.
By the terms of the trust deed, bonds may be issued not to exceed $25
per acre, and the trustee is restricted from certifying any bonds until
there has been deposited with the trustee these farm mortgages as stated
above. Our experts estimate the value of this land with a full-paid water
right at not less than $100 per acre, so that the security is estimated at
four times the amount of the bond issue. These bonds are issued in accordance with the Act of Congress known as the Carey Act.

723

Citizens' Telephone Co. of Grand Rapids.—New Stock.—
The shareholders voted on Sept. 14 to increase the capital
stock from $3,500,000 to $5,000,000, in order to provide
for extensions and improvements.—V. 85, p. 866.
Colonial Sugars Co.—Reduction of Stock.—This New
Jersey Corporation which in May 1908 passed under the
control of the Cuban-American Sugar Co., by purchase of
about 95% of the outstanding stock and bonds in October 1908 reduced its authorized share capital'
from $3,000,000 to $300,000 and the outstanding stock from
$2,881,000 to $288,100, by exchange of 10 ;hares of $100
each for one share of the same par value. Compare report
of Cuban-American Sugar Co. on a preceding page.

Brooklyn Development Co.—Bonds Called.—The following
income bonds have been called for payment on Oct. 1 at
par and interest at the office of the State Street Trust Co.,
Boston: 69 bonds of $1,000 each, 4 bonds of $500 each and
30 of $100 each. Compare V. 85, p. 1144.
Bronx Gas & Electric Co., New York City.—New Bonds.—
Organized In 1902 to own the Gramercy estate and refinery in Louisiana and the Constancia estate in Cuba. On Sept. 15 1908 the Constancia
Application was made to the Public Service Commission on Sugar
Co. and the Gramercy
Co. were incorporated In New Jersey,
Sept. 10 for permission to make a new series of $1,500,000 each with $10,000 stock, and Sugar
the right to issue convertible bonds, with a
to a possible distribution of the assets of the Colonial Sugars Co., but
bonds, of which only $740,000 would be issued at present, view
no further steps in that direction have been taken.—V. 77, p. 1224, 1227:
chiefly to retire existing obligations, among which are V. 79, p. 502.
$500,000 first mortgage gold 5s, dated 1901 and due 1951
Columbia Gas & Electric Co.—Agreement as
(interest J. & J. at New York Trust Co.), and three real Gas Business.—The "Cincinnati Enquirer" of Sept.to15Natural
said:
estate mortgages aggregating $30,100. The company has
It was learned in the financial district yesterday that preliminary con$486,500 stock outstanding (authorized issue $500,000) and tracts have been closed in the big deal between the Columbia Gas & Electric
and the Standard Oil interests, and that hereafter the two companies
it is said paid 5% dividends' during the years 1904, 1906, Co.
will work in close relations in the natural gas business. Under the deal the
Standard Oil Co. will confine its operations to the natural gas fields, or the
1907 and 1908.—V. 72, p. 482.
producing end, while the Columbia Gas & Electric will attend to the distriCanada Cement Co., Ltd., Montreal.—Consolidation.— bution. The East Ohio Gas Co. of
the Standard Oil Co. and the two
companies—the Cleveland Gas Light & Coke Co. and the People's
Stock 0&red.—This company was incorporated Aug. 20 Columbia
Gas Light Co.—mill be converted into a new corporation, probably to be
1909 by letters patent under the Canadian Companies Act known as the Ohio Gas Co., with a capitalization in the neighborhood of
$20,000,000. The control will thus rest in the two Interests. Compare
with the following capitalization:
V. 89, p. 227.—V.
89, p. 413.

Authorized.
Now to be Issued.
1$10,50
$11,000,000 7% cumulative pref. shares
0,000
13,500,000
Capital stock 19,000,000 Ordinary shares

Crucible Steel Co. of America.—Dividend Increased.—The
directors have declared a quarterly dividend of 1
on the
$30,000,000 (Divided into shares of $100 each)_ ..$24,000,000 $24,436,500 7% cumulative preferred stock, payable Sept. 30
$8,000,000 6% first mtge. 20-year gold bonds.. _ $5,000,000 to stockholders of record Sept.
Bonds
20, comparing with 1X%
The Royal Securities Corporation, Ltd., Montreal, is pre- paid on June 30 and 1% in March last.
pared to receive subscriptions for $5,000,000 of the above
Previous Dividend Record of Preferred Stock.
1901. 1902. 1903. 1904. 1905
1006. 1907. 1908. 1009.
7% cumulative preference shares at the price of $93 for 1000.
15.i,
0 Dec., 1
6
53•6
0 See above
each share, with a bonus of ordinary shares equal in par
Overdue to Sept. 1900, 25'%%.—V. 88, p. 1562.
value to 25% of the par value of the preference shares
Cuban-American Sugar Co.—Dividends Resumed—Bonds
allotted. Firm subscriptions have been received for $3,200,- Offered to Shareholders—Operations for Four
000, par value, of these preference shares, for which allot- "Annual Reports" on a preceding page.—V. 84,Years.—See
p. 161.
ment has been guaranteed. Dividends on the preference
General Motors Co., New York.—Second Dividend.—The
shares (limited to 7% per annum) will commence to accrue
has been defrom Jan. 1 1910 and will be payable quarterly. The pref- second dividend on the preferred stock,
Sept. 20.
erence shares also have preference as to return of capital. clared, payable Oct. 1 to holders of record332%'
Stock Increase.—A certificate has been filed at Trenton,
The prospectus says in substance:
The company has been incorporated for the purpose of taking over the N. J., increasing the authorized issues of capital stock aa
undertakings, properties and business of the following companies now follows: Common from $5,500,000 to $40,000,000; preferred,
doing business In Canada:
International Portland Cement Co., Lakefield Portland Cement Co., from $7,000,000 to $20,000,000. The object of the inLtd., Hull, Que.
Montreal.
crease is not disclosed.—V. 89, p. 596.
Vulcan Portland Cement Co., Ltd., Lakefield Portland Cement Co., Ltd.,
Montreal.
Laketield, Ont.
Gosnold Mills of New Bedford.—New Stock.—The shareLehigh Portland Cement Co., Ltd., Owen Sound Portland Cement Co.,
holders of this company, which six years ago passed under
Belleville, Ont.
Ltd., Shallow Lake, Ont.
Canadian Portland Cement Co., Ltd., Alberta Portland Cement Co., Ltd., the control of the New England Cotton Yarn Co. (that comMarlbank, Ont.
Calgary, Alberta.
Canadian Portland Cement Co., Ltd., Belleville Portland Cement Co., Ltd., pany now owning all the common stock), at a meeting held
Port Colborne, Ont.
Belleville, Ont.
last July voted to increase the capital stock from $1,100,000
Also by means of contracts already made it proposes to acquire control
of a majority of the shares of the capital stock of the Western Canada to $1,650,000, by raising the common from $550,000 to $825,Cement & Coal Co., Ltd., Exshaw, Alberta, and the Eastern Canada Port- 000 and the 6% cumulative preferred to the same extent.
land Cement Co., Ltd. Quebec.
William C. Hawes of Boston recently offered and sold a
The plants which will be owned or controlled by the new company are
believed to be among the best constructed and most efficiently equipped block of the preferred at 105. This was new stock; first
on this continent. They will have a total capacity in excess of 4,500,000 payment, 25%, made
Aug. 2; next payment, Oct. 1, 25%;
barrels of Portland cement per annum.
last payment, Jan. 11910, 50%. Interest at the rate of 4%
Estimated Earnings.
[Based on the quantities of cement being sold during the present year allowed on payments. New stock will draw dividends at
by the companies comprised in the merger, and on the costs of manufacthe rate of 6% after Nov. 11909.
ture under existing conditions.]
Net earnings
*1,900,000
Deduct—Int. on $5,000,000 of first mtge. 6% bonds $300,000
Sinking fund payment on bonds, 2% per annum_ _ 100,000
Div. of 7% per annum on $10,500,000 pref. shares.. 735,000 —1,135,000
Leaving available for dividends on ordinary shares
$765,000
According to the returns made to the Dominion Government by the
cement manufacturers, the average price at their works obtained by
barrel.
This
per
$1
was
39
the lowest price ever reported
them In 1908 was
by the Canadian mills. In 1906 the average price was from $1 65 to $1 70
and In 1907 about $1 60. The new company will own or control cementproducing plants at the central points of distribution from the St. Lawrence
River west to the Rocky Mountains, and large economies In the present
cost of freight will undoubtedly be effected. The establishment of one
executive office in the city of Montreal, and the elimination of competitive
salesmen, middlemen and brokers is also expected to effect a considerable
saving in the costs of the sales department under the new management.
The following have agreed to become directors: Sir Sanford Fleming,
J.R. Booth,J.S.Irvin and Hon; W. C. Edwards, Ottawa; W. D. Matthews
and Hon. Geo. A. Cox, Toronto; R. W. Kelley and W. R. Warren, New
York; W. H. E. Bravender, Calgary; E. M. Young, Allentown, Pa.; J. M.
Kilbourn, George E. Drummond, Hon. Robert Mackay, W. M. Aitken
and Charles H. Cohan, Montreal.

Balance Sheet Dated June 26 1909 (Filed in Massachusetts).
1908.
1909.
1909.
1908.
Assets—
Liabilities—
Real estate ____ 270,000 270,000 Capital stock_ _ _1,100,000 1,100,000
Machinery
1,156,006 1,101,518 Accts. payable__
3.431
17,815
Materials, &c_ 379,652 366,448 Reserve acets___ 178,789
110,000
Cash and debts
Floating debt_ _ _ 515,000 532,500
receivable_ _ _ _
97,892
67,762 Profit and loss__ 106,330
45,413
Total

1,903,550 1,805,728

Total

1,903,550 1,805,728

Homestake Mining Co.—Report.—For year ending May 31:
Fiscal
Total
Op.&Gen. Constr.&
Dividends
Balance,
Year—
Income. Expenses. Surveys.
on Stock.
Surplus.
1908-09
$5,865,654 $4,150,588 $116,595 (6 14 7)51,365,000 $233,471
1007-08
4,909,504 3,844,872 107,351 (2)%) 546,000 411,282
Tons of ore milled during 1908-09, 1,505,302, against 1,405,900 in 190708; total proceeds of bars, $5,725,047, at an average of $3.803 per ton,
against $4,717,746 at an average of $3.251 In 1907-08.—V. 87, p. 1603.

International Smokeless Powder & Chemical Co.—Dividend.—A semi-annual dividend of 1% (50 cents per share)
has been declared on the 89,000,000 common stock, payable
Central Leather Co.—New Action to Prevent Merger
Chancellor Pitney on Wednesday,in a new action brought in Oct. 1 to shareholders of record Sept. 20; also a dividend of
the New Jersey Chancery Court by James B. Colgate & Co., 1% on common stock, payable Jan. 1 on stock of record
and others, to enjoin the stockholders of the two companies Dec. 21.
Annual Dividend Record (Per Cent) on Common Stock.
from taking action at the meetings scheduled for Sept. 24
—1907— —1908— —1909
1910
on the new agreement of consolidation and merger between 1904. 1905. --1906—
Feb. June. Oct. Feb. June. Apr. Oct. Apr. July. Oct. Jan.
23i 1
2I
13-5 154
the companies, issued an order restraining the stockholders
51
1
1
1
of the United States Leather Co.from voting thereon and the —V. 88, p. 1133.
International Water Co., El Paso, Tex.—Proposed PurCentral Leather Co, from voting on the stock of the U. S.
Leather Co. held by it. The Chancellor fixed Oct. 4 next chase by City—See "El Paso, Tex.," in State and City Deas the time for the hearing on the motion for the continuance partment.
of the restraining order pending the suit. Compare V. 89,
Kansas City Breweries.—Dividends Resumed.—The direcp. 595, 472.
tors on Sept. 11 declared a dividend of 3% on the $1,466,000
Central New York Telephone & Telegraph Co.—Merger.— preferred stock, payable Sept. 20 to holders of record
Sec New York Telephone Co. below.—V. 88, p. 1131.
Sept. 4. The only previous dividends were two of 13/2%
Chesapeake Steamship Co., Baltimore.—New President.— each in April and July 1907. Compare V. 89, p. 346.
Key Compton, who has been Vice-President and Assistant
Knickerbocker Ice Co.—Dividend.—As predicted in the
General Manager since July 1, has been elected President circular issued by President Field in July last announcing
(effective Oct. 1), to succeed Reuben Foster, who resigned. the change in the dividend dates from July and January
to
—V. 71, p. 493.
October and April, the directors have declared a dividen




724

THE CHRONICLE

[VoL..LXXXIX

Wm. A. Roger's, Ltd.-Dividend Increased.-A Canadian
of 432% on the $3,000,000 6% cumulative preferred stock
payable 0 ct. 1 to stockholders of record Sept. 20. This paper announces that the dividend on the $750,000 common
dividend covers the extra three months added to the dividend stock has been increased from 2 to 23/2% for the quarter
period since the distribution on Jan. 20 last. Compare ending Sept. 30.
The business, it is said, is exceeding all previous figures, and the profits
V. 89, p. 229; V. 88, p. 104.
for the year are expected to exceed $200,000, of which the dividends on
8900,000 preferred stock absorb $63.000. Compare V. 88, p. 690.
the
La Belle Iron Works Co., Wheeling, W. Va.-Report.St. Gabriel Lumber Co., Ltd.-Bonds Offered, Guaranteed
For the fiscal year ending June 30:
Divid'ds Special Balance, by Union Bag ct Paper Co.-C. Meredith & Co., Ltd., MonDepen, Bond
Net
Fiscal •
depr'n. surplus.
ctc.
interest. (8%).
earnings.
Year$100,000 6% first mortgage gold bonds of
$1,854,830 $40,436 $143,710 $793,120 $250,000 $627,564 treal,are offering
1908-09
1,814,771 59,132 147,000 594,928 250,000 763,711 $1,000 each, due Sept. 1 1922, guaranteed absolutely both
1907-08
-V.87, p. 1602.
as to principal and interest (M. & S.) by the Union Bag &
Malden & Melrose Gas Light Co., Malden, Mass.-New Paper Co. of New York. Trustee National Trust Co.,
Electric
Light
Commis- Montreal. "Average net earnings of'
Stock.-The Massachusetts Gas and
St. Gabriel Lumber Co.
sion has sanctioned an issue of 2,000 shares of new capital for years 1907-1908, $32,000." Compare report Union
in$250,000
of
debt
stock at $140 a share to liquidate the
Bag & Paper Co. in V. 88, p. 881.
curred for improvements and additions during the past two
(Pa.) Electric Co.-New Stock.-This subsidiary
on
the
by
directors
taken
the of Scranton
years. No action had been
the American Gas &, Electric Co. has increased its author1272.
p.
matter to Sept. 14.-V. 85,
ized issue of capital stock from $3,000,000, consisting of
Manufacturers' Light & Heat Co., Pittsburgh.-Plan to $2,500,000 common stock and $500,000 6% cumulative
Pu rchase.-Interests represented by the New York law firm preferred, to $7,000,000, of which $5,000,000 is common and
of P hilbin, Beekman & Menken, it is stated, have a plan for $2,000,000 preferred. The increase is made in part to finance
s ecu ring the control of this company through the organization the purchase of a number of plants in different parts of the
of a new corporation, the Gas & Electric Securities Co., valley which have been acquired during the past year, and
w ith $15,000,000 stock and $15,000,000 5% 25-year gold in part for future development. Of the new preferred stock
bonds. Stockholders, it is said, will be asked to deposit $250,000 is issuable at once. A circular issued in July said:
their holdings with the Commonwealth Trust Co. of PittsThe company serves the City of Scranton and the towns of Dunmore.
and Throop. Its plants consist of three well-located central
burgh for 90 days from Sept. 25 and if 55% of the $21,500,- Dickson City
City of Scranton, with a present total cpaacity of 6,900
stations
'time, the deal to go through kilowatts.in Athe
000 stock is deposited within that
new direct-connected steam turbine generator, of a minimum
kilowatts, has been installed, with a battery of four new
on the basis of $30 a share in cash, or, at the purchaser's op- capacity of 1,500
boilers with necessary equipment, of a capacity of 2,400 h. p. The busition, 60% in bonds and 20% in stock of the new corporation. ness
section of the city is served through a modern underground duct system; the residential and outlying sections are cared for over substantial
-V. 89, p. 290, 107.
pole lines. Compare V. 89, p. 48.
National Cash Register Co., Dayton, 0.-Ouster Suits.Sloss-Sheffield Steel & Iron CO.-Quarterly Earnings.Attorney-General Denman of Ohio on Sept. 9 instituted
earnings for the quarter ending Aug. 31 last showed a
The
in
Circuit
the
County
proceedings
Franklin
warrant°
quo
available for dividends of $322,094, against $353,933
surplus
laws.
of
of
violation
ground
State
anti-trust
the
the
on
Court
period in 1908 and $445,366 in 1907. Dividends
the
in
same
receiver
a
and
State
the
be
from
the
that
ousted
company
requested
It is
appointed to wind tip ts affairs and its assets distributed among the at the rate of 7% on the $6,700,000 preferred stock and 5%
stockholders. Ouster suits are also pending in Michigan and Alabama. on the common stock call for $242,250 quarterly, leaving a
The company's officials state they are not alarmed at the litigatic n,regarding it merely as being along the line of similar litigation brought in the surplus for the 1909 quarter of $79,844.-V. 89, p. 167.
past to hamper the company in its business.-V. 83, p. 821.
Standard Cordage Co.-Payment of Overdue Coupons.National Mining Exploration Co.-Convertible Bonds.- The company announced on Thursday that coupons due
an
authorized
10
issue
of
Sept.
on
$250,000
The shareholders
April 1 1909 from the $2,806,000 first mortgage 5% bonds
convertible 6% 10-year bonds.-V. 89, p. 475.
would be paid upon presentation at the Equitable Trust Co.,
New England Cotton Yarn Co.-Subsidiary Company In- 15 Nassau Street, New York City.-V. 88, p. 1626.
creases Stock.-See Gosnold Cotton Mills above.-V. 87,
Tennessee Copper Co.-Notes Sold.-William Salomon &
p. 1360, 1356.
Co. announced on Monday that the $600,000 3-year 6% gold
New York & New Jersey Telephone Co., Brooklyn.-Sale. notes offered by them last week had all been sold. Compare
-A special meeting of the stockholders will be held on V. 89, p. 668, 605.
Sept. 22 to vote on authorizing the sale of the company's
Tidewater Steel Co., Philadelphia.-Receiver's Sale.-The
property to the New York Telephone Co. See also New York property was purchased at receiver's sale on Sept. 14 at
167.
p.
89,
-V.
below.
item
Telephone Co.
Chester, Pa., for $305,100, or $85,000 over the appraised
New York Telephone Co.-Increase of Stock.-The stock- value, by D. M. Coffin of New York, representing, it is said,
holders will vote on Sept. 29 on a proposition to increase the a syndicate which will operate the plant.-V.89, p. 415, 108.
capital stock from $50,000,000, consisting of 500,000 shares
Torrington Co.-Report.-For year ending Sept. 1:
of the par value of $100 each, to $100,000,000, to consist
Other Machinery Bal., sur.
Dividends
Bond
Total
Fiscal
or deficit.
Year- . receipts. interest. (7%). payments. purch.
of 1,000,000 shares of the same par value.
$10,161
sur.$3.085
5230,000
$50,000
5293,246
1908-09
The purpose of the increase is to enable the company to 1907-08
230,000
10,891 533,854 def.53,868
50,000
•270,877
take over all the other Bell subsidiaries in this State, in•Recelpts In 1907-08 include $20,000 from sale of land.
• cluding the New York & New Jersey Telephone Co., the
The cash balance on hand Sept. 1 1909 was $129,763.-V. 81, p. 1662.
Bell Telephone Co. of Buffalo and the Central New York
Union Bag & Paper Co.-Guaranteed Bonds.-See St.
Telephone & Telegraph Co. About 90% of the stocks of Gabriel
Lumber Co., Ltd., above.-V.88, p. 1260.
the three companies named not already owned by the AmeriUnited Fuel Gas Co.-New Stock.-This West Virginia corcan Telephone & Telegraph Co. had at last accounts accepted the offer of exchange for the stock of the latter. poration, which has purchased in the interest of the Ohio
Fuel Supply Co. certain holdings of the United States
Compare V. 89, p. 227.
Additional Stock Acquired by Parent Company.-See Natural Gas Co., filed on Sept. 10 a certificate increasing
American Telephone & Telegraph Co. above.-V.88, p. 297. its capital stock from $250,000 to $10,000,000. Compare
States Natural Gas Co. below.
Norfolk (Va.) Portland Cement Co.-Bonds to Be Guar- UnitedProperty.-See Ohio Fuel Supply Co. above.-V. 87,
anteed by American Cement Co.-See that company above p.Oil
1305.
and in V. 89, p. 346.
States Natural Gas Co., Charleston, W. Va.-Sale
United
Ohio Fuel Oil 00.-See Ohio Fuel Supply Co. below.
to Oil Fuel Supply Co. Interests.-A deal has been closed for
Ohio Fuel Supply Co.-Extra Dividend.-The extra divi- the sale of this company's natural gas properties to the
dend which will be distributed on Oct. 15 along with the United Fuel Gas Co. (V. 87, p. 1305), a subsidiary of the
regular quarterly cash payment of 2I/2% to shareholders of Ohio Fuel Supply Co.
record Oct. 1 will consist of 320,000 shares of $1 each of the
The transfer includes gas wells In Roan County, pipe lines and franchises
and Huntington, NV. Va.; Ashland
stock of the Ohio Fuel Oil Co. (incorporated in West Virginia for supplying natural gas to Charleston
Catlettsburg, Ky. Ironton and Portsmouth, Ohio, and other towns
July 24 1909 with $500,000 capital stock), one share of which and
In that vicinitN.,. Total consumers served about 17,000.
The United States Natural Gas Co. in-a notice to the holders of its 27,500
is to be given to the holder of each $25 share of stock of the
shares of stock states that the sale price Is $76 per share (par $100), or
Supply Co. The Ohio "State Journal" says:
22,081,250, in addition to which the purchasing corporation guarantees,
The Ohio Fuel 011 Co. has acquired all the oil property and oil rights n
the leases owned by the United Fuel Gas Co. in NVest Virginia. The
authorized capital of the Ohio Fuel 011 Co. is $500,000, but $180,000 will
be held in the treasury for future requirements. The Ohio Fuel 011 Co.
also has a bond issue of $500,000 to pay for development work. The gross
earnings of this company in August amounted to $51,702 and its production
to 32,722 barrels.

Acquisitions.-See United Fuel Gas Co. and United States
Natural Gas Co. below.-V. 89, p. 667, 415, 48, 39.
Port Huron (Mich.) City Gas Co.-Favorable Decision.Judge Erskins in the Circuit Court for the County of St.
Clair, Mich., in the suit brought by the city of Port Huron
recently, handed down a decision refusing to grant a temporary injunction to restrain the company from putting into
effect a new rate of $1 per 1,000 for both fuel and illuminating gas, on the ground that it is unreasonable.
The old rate was $1 40 per 1,000 for Illuminating gas, less 15% discount
for payment within ten days and $1 00 for fuel gas with 20% discount if
paid within ten days.-V. 82, p. 1383.

Public Service Gas Co. of New Jersey.-See Public Service
Corporatioa wader "Railroads" above.-V. 89, p. 596.




principal and interest, the $2,298,500 6% first mortgage bonds of the
U. S. Natural Gas Co., authorized issue $3,000,000 1st 6s, due July 1 1925,
interest payable J. & J., at Western Trust & Savings Bank, Chicago.
Subsidiary gas company, bonds may be exchanged for United States
.
Natural Gas Co. bonds under the mortgage and thus get benefit of guaranty,
The gas company retains its water and light properties, the Kanawha
Water & Liceht and the South Side Water & Light companies, both of which
operate In Char:eston, W. Va.-V. 82, P. 105.

Westinghouse Air Brake Co., Pittsburgh.-Extra Dividends Resumed.-The directors on Sept. 14 declared the
usual quarterly dividend of 23/2% and an extra dividend of
1 M% on the $13,750,000 capital stock, both payable Oct. 9
to holders of record Sept.25. This is the first extra dividend
declared since that of Jan. 1908, when VA% extra, which
had been disbursed regularly for some time prior to that
date, was paid.
Cash Dividend Record.
-to '98. 1890. 1900. '01 to '03. 1904. 1905. 1906. 1907. 1908. 1909.
1236 11 yi
20
22
20
24
30
21
20 yearly 25
In 1898 a stock dividend of 100% ($5,000,000) was paid and In Jan. 1908
a stock dividend of 25%.-V. 87, p. 872.

For other Investment News see page 730.

THE CHRONICLE

SEPT. 18 1901).!

725

aparts and 330C11111,etth
THE HOCKING VALLEY RAILWAY COMPANY.

TENTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1909.

The Directors submit to the Stockholders the following 0.5 mile on the Hocking Division between Columbus and
report of the business of the Company for the fiscal year Valley Crossing; and 15.5 miles on the River Division between Gallipolis and Hobson, making a total of 16 miles.
ended June 30 1909:
Twelve miles of stone ballasting was done on the Toledo
Revenue$5,854,764 59 Division and
Transportation
five miles on the Hocking Division.
23,649 66
Operation other than transportation
Three steel girder bridges were erected on new concrete
$5,878,414 25 masonry, replacing
Total operating revenue
wooden bridges; seven wooden structures
Expenses and Taxes3,926,084 05 were replaced with culverts of masonry or iron pipe; and
Operating expenses
trestles
to
the aggregate length of 4475 lineal feet were
$1,952,330 20
Net operating revenue
235,737 65 filled and converted into embankment.
Taxes
Operating income
Outside operations
Other income

$1,716,592 55
51,337 86
930,156 83

Total available income
Deductions from IncomeInterest, rents and other deductions

$2,698,087 24

Net income
1)ividends (4%) on preferred stock
Dividends (4%) on common stock

$1,515,989 62

Betterments to property

1,182,097 62
$600,000 00
440,000 00
$1,040,000 00
79,655 14

Surplus for the year carried to profit and loss
Compared with the previous year:
Operating revenue
Operating expenses
Taxes
Operating income
Other income
Total available income
Deductions from income
Net income
Betterments
Surplus for the year

1,119,655 14

Increased $36,651 04
Decreased 157,124 87
Increased 11,070 41
182,705 50
1,100 04
"
.,
183,805 54
..
32,497 51
.
151,308 03
Decreased 22,098 83
Increased 173.406 86

The ratio of operating expenses and taxes to the total
operating revenue was 70.79%, as compared with 73.74%
in the previous year.
996,925,226
4.85
$2.85
635
188
588

As compared with the previous year the number of tons
of freight carried increased 1.44%, and the number of tons
of freight carried one mile increased 7.28%; the train load
on the main line increased 12 tons; on the River Division
there was a decrease of 60 tons caused by the light tonnage
shipped from the Wellston and Pomeroy coal districts, resulting in the decrease of 6 tons in the train load on the
entire line. The average rate per ton per mile shows a
decrease of 0.90 mills, or 5.64%, and the revenue per freight
train mile a decrease of 21 cents, or 6.86%, principally due to
the increase of 6.75 miles, or 5.75%, in the average haul of
freight.
PASSENGER TRAFFIC.
Number of passengers carried one mile
Average receipts per passenger per mile (cents)
Passenger service train revenue per train mile
Average number of passengers per train mile

50,730,738
1.64
*1.13
59

As compared with the previous year there was a decrease
of 1.41% in the number of passengers carried; of 1.25% in
the number of passengers carried one mile; and an increase
of 1.71% in the miles run by passenger trains. The average
number of passengers per train mile was 59, as against 62,
a decrease of 3. The average distance traveled increased
0.02 miles. The average rate per passenger per mile (in
cents) was 1.64, as compared with 1.63, an increase of 0.01.
The earnings per passenger train mile, including mail and
express, were $1 13, as compared with $1 15, a decrease of
2 cents.
EQUIPMENT.
Depreciation charged to expenses during the year
Inventory value of equipment sold or destroyed
Equipment replacement fund available
Partially expended as follows:
$128,117 76
100 Gondola-dump cars (50-ton)
1 Pile driver car
7,950 00
770 24
1 Caboose car
4 Service cars
1,143 36
Reconstruction and betterment of freight cars
(see report in appendix)
197,135 14
Balance unexpended

$317,717 95
215,764 77
$533,482 72

335,116 50
$198,366 22

Profit and loss account has been charged with $590,417 67
for the re-building of 3,469 freight cars of 30-ton capacity.
Of this amount $406,276 46 had been expended to June 30
1909, leaving a balance of $184,141 21 held in a reserve
account to be expended to Dec. 31 1909.
Equipment obligations outstanding July 1 1908
Retired during the yearFrom cash reserved June 30 1907
$216,000 00
From current funds
300,000 00
Outstanding June 30 1909

$3,719,000 00
516,000 00
$3,203,000 00

Two thousand two hundred and sixty tons of new steel
rails, weighing 90 lbs. per yard, were laid during the year;




$22,178 26
15,492 53
9,420 38
11,960 43
1,540 46
344
5,300 51
13,418 36

Total charged to income account of the year

$396,334 48

FREIGHT TRAFFIC.
Number of tons carried one mile
Average receipts per ton per mile (mills)
Freight revenue per train mile
Average number of tons of freight per train mile:
Main line
River Division
Entire line

B ETTERMENTS.
Widening cuts and fills
Bridges, trestles and culverts
Increased weight of steel rail laid
Elimination of grade crossings
Station buildings and fixtures
Shops, engine houses and turn-tables
Water and fuel stations
Dock and wharf property

$79,655 14

ADDITIONS TO PROPERTY.
Right of way and station grounds
Real estate
Additional main tracks
Sidings and spur tracks
Terminal yards
Interlocking apparatus
Station buildings and fixtures
Shops, engine houses and turn-tables
Shop machinery and tools
Water and fuel stations
Electric light plant

*4,952 94
1,287 78.
13,940 64
10,596 18
6,825 39
9,420 37
3,164 41
4,925 25
11,013 53
6,517 36
365 30

Total provided from current funds

$73,009 15

Semi-annual dividends were declared as follows:
On the Preferred Stock 2% and 2%,total 4%.
On the Common Stock 2% and 2%, total 4%.
To this report are appended the balance sheet, income and
profit and loss accounts, together with the usual statements
and statistics.
By order of the Board of Directors.
N. MONSARRAT,
President.
CONDENSED BALANCE-SHEET JUNE 30 190g.
ASSETS.
CapitalizedCost of road and property
*25,417,412 75
Rolling equipment
10,070,373 67
Securities owned
11,314,925 83
Advances to subsidiary and controlled cornpanics
1,745,396 50
rolling equipment notes
550,000 00
Unexpended balance in sinking fund
5,891 25
Total capitalized assets
Additions through IncomeCost of road and property
Rolling equipment
Securities owned
Advances to subsidiary and controlled companies
Cash reserved for equipment obligations_ _ _ _

$49,113,000 00
$568,992 56
609,773 18
1,056,634 61
45,097 80
163,924 58

Total additions through income
Total capital assets
Materials and supplies
Working AssetsCash
Due from agents and conductors
Due from U. S. Government-P.0. Dept
Due from roads, individuals and companies_ _
Bills receivable
Accrued interest receivable
Unexpired insurance

3,344,422 73
$52,457,422 73
440,906 16
$414,017 35
37,420 59
3,451 61
932,892 00
2,750,000 00
15,432 84
3,337 95

Total working assets

4,156,552 34
'$57,054,881 23

LIABILITIES.
Capital and Mortgage LiabilitiesCapital stock-common
$11,000,000 00
Capital stock-preferred
15,000,000 00
Mortgage debt
19,010,000 00
Equipment trust obligations
3,203,000 00
Total capital and mortgage liabilities
Working LiabilitiesUnpaid labor
Drafts in transit
Due roads, individuals and companies
Bills receivable discounted
Coupon interest and dividends, due and
unpaid
Accrued interest on funded debt
Accrued taxes
Reserve funds
Unearned interest on bills receivable
Total working liabies
Profit and Loss-SurplusRe-Invested in capital assets
Represented by materials and supplies
Represented by net working assets.

$49,113,000 00
$185,092 10
15,659 63
443,190 44
1,290,000 00
862,391 50
115,133 35
68,248 94
436,214 10
12.692 09
3,428,622 15
$3,344,422 73
440,906 16
727,930 19

4,513,259 08

$57,054,881 23
LOUIS P. EOKER, Auditor.
Note.-The Hocking Valley Railway Company is the Joint endorser
(principal and interest) with the Toledo & Ohio Central Railway Company
of the bonds of the Kanawha & Hocking Coal & Coke Company ($3,250,000)
and the bonds of the Continental Coal Company ($3,023,000).

CANADIAN PACIFIC RAILWAY COMPANY.

TWENTY-EIGHTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1909.

Marie Railway Company, in which you have such a substanTo the Shareholders:
The accounts of the Company for the year ended June tial interest.
8. In January last your Directors sold in the market the
30th 1909 show the following results:
Gross Earnings
$76,313,320 96 small residue of the last issue of common stock, amounting
Working Expenses
53,357,748 06 to $3,984,000. The sale yielded a premium of $2,394,779,
$22,955,572 90 which will be used for additions and improvements to your
Net Earnings
Net Earnings of Steamships in excess of amount included in
property.
399,909 50
monthly reports
9. Your Directors desire your approval of the invest$545,098 76
Interest on deposits and loans
Interest due from D. S. S. & A. Ry.
ment of $5,172,900 of your surplus earnings in 34,486
the
held
by
Consolidated
bonds
on
shares of the common stock and 17,243 shares of the preferred
$604,280 00
Company
464,280 00
Less advanced by Company
stock of the Minneapolis St. Paul & Sault Ste. Marie Railway
140,000 00
Company for which you subscribed at par when that ComInterest from Minneapolis St. Paul & Sault Ste.
159,720 00
Marie Ry., on bonds held by the Co
pany increased its capital stock, this being your pro rata
Range
on
Mineral
Railroad
Co.,
Interest from
proportion of the issue.
50,160 00
bonds held by the Co
10. Your Company has acquired all the capital stock of
Interest from Montreal & Atlantic Ry., and on
by
the
Co
58,484 70
other bonds held
the Orford Mountain Railway Company, whose railway conDividend on St. John Bridge & Railway Exten50,000 00
nects with your systemat Eastman in the Province of
sion Company Stock, held by the Co
Dividend on Canada North-West Land Co. Stock,
Quebec. The Orford Mountain Railway Company owns
28,125 00
held by the Co
58M miles of railway, against which there are outstanding
Dividend on Alberta Ry. & Irrigation Co. Stock,
69,376 94
held by the Co
bonds at the rate of $12,000 per mile, or $702,000 in all. The
Dividends on Minneapolis St. Paul ec Sault Ste.
consideration for the transfer of the stock and a lease of the
Marie By., Preferred and Ordinary Stocks
805,613 00-1,906,578 40 railway for nine hundred and ninety-nine years is the
held by the Company
$25,262,060 80 guaranty by your Company of the payment of the interest
Deduct Fixed Charges
9,427,032 74 on these bonds at the rate of four per cent per annum.
Surplus
$15,835,028 06 The lease will be submitted for your approval.
Deduct amount transferred to Steamship Re11. In the last three years your railway system in Canada
$800,000 00
placement Account
has been extended 1,101 miles, viz.:from 8,777 to 9,878 miles,
80,000 00
Contribution to Pension Fund
880,000 00 and work is progressing on 403 additional miles, most of
$14,955,028 06 which will be completed this autumn. A considerable portion of this mileage was constructed through new and sparsely
From this there has been charged a half-yearly
dividend on Preference Stock of 2%, paid
settled districts, where railway communication was required
$1,053,933 32
April 1st 1909
to encourage settlement, and, while satisfactory progress is
And a half-yearly dividend on Ordinary Stock
4,500,000 00-5;553,933 32 being made, a little time must necessarily elapse before
of 3%, paid April 1st 1909
the
$9,401,094 74 territory served by the lines will be so developed as to yield
From this there has been declared a second halfthe average amount of traffic; but meantime, of course,
yearly dividend on Preference Stock of 2%,
the additional mileage has increased your fixed charges and
$1,053,933 32
payable 1st October 1909
And a second half-yearly dividend on Ordinary
operating expenses.
4,500,000 00-5,553,933 32
Stock of 3%, payable 1st October 1909
12. The year was a particularly trying one to those en$3,847,161 42 gaged in the steamship trade, and there was a shrinkage
Leaving Net Surplus for the year
In addition to the above dividends on Ordinary Stock, one per cent, was in your net revenue from that source of over $700,000.
declared from Interest on Land Funds.
Nevertheless your Directors decided to appropriate to the
2. The working expenses for the year amounted to 69.92 steamship replacement fund the same amount as in 1908,
the
net
earnings
and
earnings
gross
to
per cent of the
30.08 namely, $800,000.
per cent,as compared with 69.47 and 30.53 per cent respec13. The under-mentioned Directors will retire from office
tively in 1908.
at the approaching Annual Meeting. They are eligible for
Debenture
Stock to the re-election.
3. Four per cent Consolidated
MR. D. McNICOLL.
amount of £2,727,340 was created and sold, and, of the proMR. CHARLES R. HOSMER.
increase
to
£129,848
was
used
your fleet of
ceeds, the sum of
HON. ROBERT MACKAY.
£1,861,835
was
Pacific
Coast;
applied to
steamships on the
HON. JAMES DUNSMUIR.
For the Directors,
the construction of branch lines, and the balance, £735,657,
T. G. SHAUGHNESSY,
acquisition
of
the
bonds
of
other
the
devoted
to
railway
was
companies whose lines constitute a portion of your system,
President,
Montreal, August 27th 1909.
the interest on which had, with your authority, been guaranteed by your Company.
4. Four per cent Preference Stock to the amount of
CONDENSED BALANCE SHEET JUNE 30 1909.
£800,000 was created and sold, one-half of the proceeds Railway and Equipment
$302,196,637 71
being used for the purchase of a controlling interest in the Ocean, Lake and River Steamships
18,085,886 38
Securities (cost):
shares of the Alberta Railway & Irrigation Company, author- Acquired
Exhibl'iC A"
63,153,544 46
Meeting,
and
the
Annual
last
balance
the
to
at
meet
ized
Payment.
Subscription to Minneapolis St. Paul &
1,221,139 20
S. S. Marie By. Stock
capital expenditures that had your previous sanction.
5,566,632 72
Properties Held in Trust for the Company
was
interest
guaranty
of
endorsed
Your
on
Four
per
5.
16,353,673 94
Deferred Payments on Land and Town Site Sales
Lines
Under
3,964,846
89
to
Advances
Construction
Bonds
of
the
Mortgage
Consolidated
Minneapolis
St.
cent
6,474,828 60
and Investments
Paul & Sault Ste. Marie Railway Company to the amount of Advances
10,669,440 33
Material and Supplies on Hand
$1,600,000, issued and sold to meet the cost of constructing Current Assets:
$1,612,507 58
Agents and Conductors'Balances
eighty miles of railway added to that Company's system.
124,975 63
Net Traffic Balances
3,953,596 70
Miscellaneous Accounts Receivable
6. The total area of agricultural lands sold during the
91
year was 376,046 acres, at an average price of $13 52 per Temporarily Invested in Dominion Government Securities_ 5,691,079
4,861,901 53
acre; but this included 69,963 acres of irrigated land that Cash in Hand
21,078,812 94
brought an average of $24 71 per acre. If this area be
$459,318,424 41
deducted from the total sales, the average price realized from
Capital Stock
$150,000,000 00
the balance of the lands was $10 96 per acre.
Four Per Cent Preference Stock
52,696,665 71
The irrigation canals and ditches in what is known as the Four Per Cent Consolidated Debenture Stock
128,930,132 52
Bonds:
Western Block, containing approximately 995,000 acres, of Mortgage
$34,998,633 33
First Mortgage, 5 per cent
which 353,000 acres are irrigable, are now practically finished,
Canada Central Railway,6 per cent
973,333 33
Algoma Branch, 1st Mortgage
3,650,0004)0
and, while the cost of the work was in excess of the original
. •
30,621,066 66
estimate, your Directors are very much gratified by the Current Liabilities:
Audited Vouchers
$8,061,701 08
result. It is now apparent that within the next few months
Pay
3,544,886
Rolls
05
all the lands in this block will have been sold at satisfactory
Miscellaneous Accounts Payable
4,056,900 50
13,663,577 63
prices, and another season most of the block will be occupied
on Funded Debt and Rental of
by settlers. Thus you will receive a large volume of traffic Interest
Leased Lines:
Coupons,due 1st July 1909 and including
from an area on your main line east of Calgary, containing
Coupons overdue not presented
$1,204,840 60
fifteen hundred square miles, that was previously considered
Accrued Fixed Charges
198,723 79
unfit for agricultural purposes. Your 'Directors are now con1,403,564 48
--,------------ -----------Obligations _
1,630,000 00
sidering the desirabikty of extending the irrigation system to Equipment
Equipment Replacement- Fund
974,014 70
the Central Blook of about one million acres.
Steamship Replacement Fund
2,140,666 67
Additions and Improvements
3,530,499 78
7. The Minneapolis St. Paul & Sault Ste. Marie Railway Appropriation for Contingencies
Reserve Fund for
995;238 73
Company, having acquired a majority of the outstanding Land
Grant:
Sales of Land and Town Sites
shares of the common stock of the Wisconsin Central Railway
Vd27:gt1g
t
Company, made an agreement for a lease of that Company's S,irpitts
$ 159,318,424 41
railway for a period of ninety-nine years, undertaking ta pay
by way of rental four per cent per annum on the preference
I. G. OGDEN, ,
stock, amounting to $12,500,000, of which $1,232,895 is in
3rd Vice-President.
de
, •
Note.-In addition to above assets, the Company owns 8,437,594 acres
the Company's Treasury. It is evident that this transaction
Saskatchewan and Alberta (average sales past year
cf
land
in
Manitoba,
will materially benefit the Minneapolis St. Paul &1Sault Ste. 13 52 per acre) and 4,503,505 acres in British Columbia.
6,1 ,




THE CHRONICLE

SEPT. 18 1909.,

727

AUDITORS' CERTIFICATE.
Trust Companies for safe custody,and,having compared them
We have examined the Books and Records of the Canadian with the records of the Company, find them correct and in
Pacific Railway Co. for the fiscal year ending June 30th 1909, order.
PRICE. WATERHOUSE do CO.,
and having compared the annexed Balance Sheet and InChartered Accountants (England).
come Account therewith, we certify that, in our opinion,
Montreal, August 23rd, 1909.
the Balance Sheet is properly drawn up so as to show the
true financial position of the Company at that date, and that
EXHIBIT "B."-LANDS.
the relative Income Account for the year is correct.
Average
Amount
PRICE, WATERHOUSE & CO.
Chartered Accountants (England).

Montreal, August 23rd 1909.
FIXED CHARGES FOR YEAR ENDED JUNE 30th 1909.
1st Mortgage Bonds 5% due July 1st 1915_ _31,749,931 66
£7,191,500
Canada Central Ry. 2d Mortgage 6% Bonds
2200,000
due Nov. 1st 1910
58,400 00
St. Lawrence & Ottawa By. 4% 1st Mort1200,000
38,933 34
gage Bonds, due June 15th 1910
Man. So. West. Col. Ry. 1st Mortgage 5%
$2,544,000
Bonds due June 1st 1934
127,200 00
Toronto Grey & Bruce By. Rental
140,000 00
975,129 56
£4,007,381-15-5 Ontario & Quebec By. Debenture Stock 5%
Ontario & Quebec By. Ordinary Stock 6%. 120,000 00
$2,000,000
Atl. & Nor. West. By. 1st Mortgage Bonds,
11,330,000
due Jan. 1st 1937,less Government propn.
229,983 34
six months to Dec. 31st 1908
Algoma Branch 5% 1st Mortgage Bonds due
£750,000
182,500 00
due July 1st 1937
138,357 60
Rental Calgary & Edmonton By
1,400 00
Rental, Farnham to Brigham Jet
23,800 00
Rental, Mattawamkeag to Vanceboro
372,829 74
Rental, New Brunswick By. System
27,932 39
Rental, Terminals at Toronto
33,812 80
Rental, Terminals at Hamilton
42,062 34
Rental, Hamilton Jet. to Toronto
2,050 00
Rental, St. Stephen & Milltown By
Rental, Lindsay Bobcaygeon & Pontypool
2,145 52
Ply
4,610 41
Rental, St. Marys & Western Ontario Ry
Rental, Joliette & Brandon By
5,000 00
854 16
Rental, Lachine Canal Branch
Interest Isa. Montreal & Western By. pur17,217 09
chase
98,251 48
Interest on Equipment obligations
4% CONSOLIDATED DEBENTURE STOCK.
£25,315,363 Interest from July 1st 1908
$4,928,057 32
1,177,130 Interest from January 1st, 1909_, 114,573 99
126,492,493
$5,042,631 31
Less received from subsidy Nor. Colonization By.
8,000 00

Canadian Pacific Land GrantsJuly 1 1908 to June 30 1909
July 1 1907 to June 30 1908
Manitoba South Western GrantJuly 1 1908 to June 30 1909
July 1 1907 to June 30 1908
Great North West Central GrantJuly 1 1908 to June 30 1909
July 1 1907 to June 30 1908
Total SalesJuly 1 1908 to June 30 1909
July 1 1907 to June 30 1908

Realized. per Acre.
4,974,017
13.70
1,400,349
10.74

Acres.
363,085
130,378
12,314
33,256

99,838
160,069

8.11
4.81

647
816
-

11,662
8,747

18.02
10.72
---

376,046
164,450

5,085,517
1,569,165

13.52
9.54

POSITION OF LAND GRANTS AT JUNE 30 1909.
Canadian PacificAcres.
Acres.
Grants
26,710,400
Disposed of to the Dominion Government under
agreement of March 30 1886
6,703,014
Sales to June 30 1909
Less canceled during year
Quantity of Land unsold
Manitoba South WesternTotal Grant
Sales to June 30 1909
Less canceled during year

19.917,386
11,747,451
34,621
11,712,830
8,204,556
1,396,800
1,267,688
872
1,266,816

Quantity of Land unsold
Great North West CentralTotal Grant
Sales to June 30 1909
Less canceled during year
Quantity of Land unsold

129,984
320,004
217,272
322
216,950
---

Total Agricultural Lands owned by the Company
5,034,631 31

$9,427,032 74

EXHIBIT "A"-ACQUIRED SECURITIES.

BRITISH COLUMBIA LANDS.
Columbia and KootenayTotal Grant
113,740
Sales to June 30 1909

•
• Denotes complete ownership.

$112,185,533 64

We have examined all the Securities, including those listed
above, held for account of the Canadian Pacific Railway
Compaxy, by the Treasurer, and have received certificates
from the Custodians for those deposited with the Banks and



190,000
113,740

SECURITIES OF LEASED LINES.
Par Value.
$19,466 67
Atlantic & North West By. 1st Mortgage Bonds,5%
302,400 00
Eganville Branch 1st Mortgage Bonds,4%
3,240,000 00
Guaranteed Stock
176,000 00
• Capital Stock
1,175,000 00'
British Columbia Southern By. 1st Mortgage Bonds,6%.
172,200 00
• Capital Stock
• Berlin Waterloo Wellesley & Lake Huron By. 1st Mort426,000 00
gage Bonds. 4%
3,000,000 00
Calgary & Edmonton By. 1st Mortgage Bonds, 47,
1,000,000 00
• Capital Stock
1,277,500 00
Columbia & Kootenay By. 1st Mortgage Bonds, 4%
250,000 00
" Capital Stock
5,691,000 00
Columbia de Western Ry. 1st Mortgage Bonds, 4%
925,000 00
• Capital Stock
Great North West Central Ry. 1st Mortgage Bonds, 5% __ 1,375,000 00
450,000 00
• Capital Stock
2,415,000 00
Guelph & Goderich By. 1st Mortgage Bonds,4%
125,000 00
* Capital Stock
780,000 00
• Kootenay & Arrowhead By. 1st Mortgage Bonds, 5%....
2,627,513 33
Manitoba & North Western By. 1st Mortgage Bonds, 6%
2,520,000 00
1st Mortgage Bonds, 5%
160,600 00
Shell River Branch 1st Mortgage Bonds, 5%
613,200 00
Debenture Stock,5%
415,000 00
Preferred Stock,5%
5,612,113 63
• Capital Stock
Manitoba South West Col. Ry. 1st Mortgage Bonds, 5% _ _ _ _
72,000 00
• Capital Stock
700,000 00
Montreal & Ottawa By. 1st Mortgage Bonds, 5%
1,636,250 00
• Capital Stock
227,200 00
Northern Colonization By. 1st Mortgage Bonds,4%
1,118,000 00
300,000 00
• Capital Stock
Nicola Kamloops & Similkameen By. 1st Mort. Bonds,4% _ _ 1,175,000 00
250,000 00
• Common Stock
3,075,000 00
Ottawa Northern & Western Ry. 1st Mort. Bonds,4%
804,000 00
• Capital Stock
5,000 00
Ontario & Quebec By. Capital Stock
181,040 00
Saskatchewan & Western By. 1st Mortgage Bonds, 5% _ _
232,500 00
• Common Stock
466,000 00
• St. Lawrence & Ottawa By. Common Stock
875,000 00
Tilsonburg Lake Erie & Pacific By. 1st Mort. Bonds,4% _ _ _ _
400,000 00
• Common Stock
280,000 00
Vancouver & Lulu Island By. 1st Mortgage Bonds,5%
25,000 00
* Capital Stock_ - -- - - --- -- - _ _
740,000 00
Walkerton & Lucknow By. 1st MortgageBonds,4%
19.000 00
• Common Stock
SECURITIES OF OTHER COMPANIES CONTROLLED BUT NOT
LEASED.
$1,830,000 00
Alberta Railway & Irrigation Co. Ordinary Stock
Duluth South Shore & Atlantic By. Con. Mort. Boats,4% _ _ 15,107,000 00
3,000,000 00
Income Certificates
5,100,000 00
Preferred Stock
Ordinary Stock
6,100,000 00
Kingston de Pembroke By. 1st Preferred Stock
995,450 00
2nd Preferred Stock
134,900 00
Ordinary Stock - _____ _ - _ - __ - _ ___ - -,---_
1,889,175 00
Minn. St. Paul & Sault Ste.-------- Pty. 1st M. Bonds, 4%,_ 3,993,000 00
Preferred Stock,7%
4,240,100 00
Common Steck
8,480,100 00
Montreal 6. Atlantic By. 1st Mortgage Bonds. 5%
945,000 00
Stock
Common
2,160,000 00
20,000 00
" South Ontario Pacific By. Common Stock
E00,000 00
• St. John Bridge & R. Extension Co. Common Stock_
2,000,000 00
• Dominion Express Co. Common Stock
280.000 00
• Ohateau F'rontenac Hotel Co. Common Stock
MISCELLANEOUS SECURITIES.
77,866 67
Canadian Pacific By. 1st Mortgage Bonds, 5%
48,666 67
Canada Central By. 2nd Mortgage Bonds, 8%
140,625 00
Canada North West Land Company Common Stock
1,254,000 00
Mineral Range My. 1st Mortgage Bonds,4%
15,000 00
Town of Morris, Manitoba, b nGis
300,000 00
• Nakusp & Siocan By. Common Stock
• Canadian Pacific By.(Souris Branch) 1st M. Bonds, 4% _ _ 1,946,666 67
1720,000 3,504,000 00
• Pacific Steamsh‘ps 4% First Mortgage
• Pacific Coast $9teamehips 5% First Mortgage_ _ _ _ £225,000 1,095,000 00

103,054

8,437,594

Quantity of Land unsold
British Columbia SouthernTotal Grant
Sales to June 30 1909
Less canceled during year

76,260
3,451,093
349,028
59,856
289,172

Quantity of Land unsold
Columbia & WesternGrant Received
Sales to June 30 1909
Less canceled during year

3,161,921
1,347,905
82,637
56
82,581

Quantity of Land unsold

1,265,324

Total British Columbia Lands owned by the Company

4,503,505

The Columbia & Western By. claims a further area about which there is
a dispute with the British Columbia Government.

EXHIBIT "C."-DETAILS OF BALANCE SHEET ITEM.
LAND GRANTS.
$56,043,547 86
11,712,830 Acres and Townsites sold, amounting to
6,793,014 Acres disposed of to the Dominion Gov't in 1886_ 10,189,521 00
•
666,233,068 86
Less: Expenses, cultivation rebate and 10% on Land Grant
5,684,218 00
Bonds retired and canceled
$60,548,850 86
AddProceeds Manitoba So. West. Col. By. Land Sales
Proceeds Great North West Central Ry. Land Sales
Proceeds Manitoba & North Western Pty. Land Sales_ _ _ _
Proceeds British Columbia Land Sales

2,591,710 01
962,258 34
24,632 93
$64,127,452 14
1,073,396 09

$65,200,848 23
Interest on proceeds and Deferred Payments $2,768,170 85
Less Amount paid ShareholdersOctober 1 1908
$608,400 00
April 1 1909
750,000 00
1,358,400 00
1,409,770 85
$66,610,619 08
DeductExpenditures on Irrigation

2,849,830 64

$63,760,788 44
Amount expended in Construction of Railway and Equipment and deducted from cost of Property
36,193,521 00
$27,567,26744
RECEIPTS AND EXPENDITURES YEAR ENDED JUNE 30 1909.
$18,821,630 21
Cash in hand June 30 1908
RECEIPTS.
14,955,028 06
Surplus revenue as per statement
Land Department
Lands and Townsites$6,524,187 77
Net proceeds of sales
Less amounts remaining in Deferred
Payments
5,811,743 71
$71E,394 06
Collection of Deferred Payments on previous years' sales
3,480,735 56
4,193,129 62
Capital StockSubscription to $24,336,000 Additional Ordinary StockRemaining installments and premium on
unsubscribed Stock sold
$4,601,838 88
6,378,779 08
Sale of $3,984,000 Ordinary Stock
10,980,117 96
Four Per Cent Preference Stock•Pi
Amount realized from issue 1800,000
3,806,128 93
Consolidated Debenture StockAmount realized from issue of 12,727,340
13,343,870 31
366,099,905 09

[Vox...Lxxxix

THE CHRONICLE

728

Brought foiward
$66,099,905 09
DeductAdvances to Lines under Construction.. _ _53,964,846 69
6,474,828 60
Advances and Investments
5,691,079 91
Current Assets
Less amount at June 30 1008

$16,130,755 20
15,123,961 29
1,006,793 91

STATEMENT OF WORKING EXPENSES FOR THE
YEAR ENDED JUNE 30 1909.
Transportation Expenses
*25,568,989 65
Maintenance of Way and Structures
.>
10,074,049 04
Maintenance of Equipment
11,080,886 50
Traffic Expenses
2,123,860 02
Parlor and Sleeping Car Expenses
461,433 37
Expenses of Lake and River Steamers
758,988 88
General Expenses
2,356,402 99
Commercial Telegraph
933,137 61

$65,093,111 18
$53,357,748 06

Total
EXPENDITURES.
Dividends on Preference Stock2% paid October 1 1908
$976,066 65
2% paid April 1 1909
1,053,933 32
Dividends on Ordinary Stock3j.% paid October 1 1908
33% paid April 1 1909

$2,029,999 97
$4,258,800 00
5,250,000 00

9,508,800 00
Properties held in trust for the Company
910,552 76
Construction of acquired and branch lines, Exhibit "D"
4,370,405 83
Additions and Improvements, main line and branches, Exhibit "E"
9,178,764 32
Additions and Improvements, leased and acquired lines,
2,219,103 90
Exhibit"F"
6,347,826 69
Rolling Stock, Shops and Machinery
Ocean, Lake and River SteamshipsFitting Atlantic Steamships for Passenger
service, and providing facilities at Liver$55,251 53
pool and Montreal
Additional Steamships and Appurtenances for
579,482 57
Pacific Coast Service
112,223 57
Additional River Steamers and Barges
22,083 48
Completing Equipment of two new Steamers_ _
$769,041 15
Less sale of Steamships "R. P. Rithet" and
'Transfer," and balance account sale of
Steamship "Athenian"

$25,763,735 35
Surplus Income for year ended June 30 1909_$14,955,028 06
Less Dividends on Preference and Ordinary
Stock, paid April 1 1909
5,553,933 32
9,401,094 74
Total Surplus Income June 30 1909
$35,164,830:09
From this there has been declared the dividends on Prefer.ence and Ordinary Stock, payable Oct. 1 1909, amounting
to
$5,553,933 32
APPROPRIATION FROM SURPLUS FOR ADDITIONS AND
IMPROVEMENTS.
$6,489,655 68
Balance at June 30 1908
Less expended during year included in expenditure on Capital
5,353,934 98
account
Amount unexpended

22,137 93
746,903 22

Securities AcquiredBerlin Waterloo Wellesley & Lake Huron
Ry. first mortgage bonds
Calgary & Edmonton By. first mtge. bonds_
Manitoba & North Western By. first mortgage bonds
Northern Colonization Ry. first mtge. bonds
Alberta By. & Irrigation Co. ordinary stock
Kingston & Pembroke By. ordinary stock
Minneapolis St. Paul & Sault Ste. Marie By.
ordinary stock

STATEMENT OF SURPLUS INCOME ACCOUNT JUNE 30 1909.
Balance at June 30 1908
$30,390,202 00
Dividends paid October 11908:
On Preference Stock
$976,066 65
On Ordinary Stock
3,630,400 00
4,626,466 65

$426,000 00
1,000,000 00
1,454,20000
700,000 00
2,135,361 22
3,748 10
125 00

$5,719,434 32
Less amount received from Canada North
West Land Co. on 5,625 shares ordinary
22,500 00
stock

5,696,934 32
Subscription to Minneapolis St. Paul & Sault Ste, Marie By.
1,221,139 20
ordinary stock
282,987 26
Payments of Equipment Obligations
$42,513,417 47
DeductDecrease in Material and Supplies on hand_ $441,402 25
2,919,618 51
Increase in current liabilities
3,361,020 76
$39,152,396 71
Temporarily invested in Dominion Government Securities.. _ 4,861,901 53
21,078,812 94
Cash in Hand
$65,093,111 18
EXHIBIT "D."-CONSTRUCTION-ACQUIRED AND BRANCH
LINES,
$1,758,459 99
Pheasant Hills Branch
159,108 59
Wolseley-Reston Branch
32,173 84
Lachine Canal Branch
1,360,489 91
Moosejaw Branch
14,287 34
Bulyea Branch
58,410 63
Virden Branch
18,777 76
Stonewall 13ranch-Teulon Extension
23,148 97
Stonewall Branch-Icelandic River Extension_
3,173 36
Lauder Branch
253,230 89
Weyburn Branch
55,870 28
Snowflake Branoh-Mowbray Extension
43,837 60
Langdon Branch
70,073 59
Kipp Branch
459,349 02
Toronto-Sudbury Line
60,014 06
Surveys of Projected Lines
$4,370,405 83

$1,135,720 70

STATEMENT OF EQUIPMENT AT JUNE 30 1909.
1,478
Locomotives
First and second class Passenger cars, Baggage cars and Colonist sleep1,461
ing cars
275
First-class sleeping, dining and cafe cars
60
Parlor cars, Official and Paymasters' cars
Freight and cattle cars (all kinds)
47,748
Conductors' Vans
797
Boarding, Tool and Auxiliary Cars and Steam Shovels
3,013
OCEAN, LAKE AND RIVER STEAMERS.
Atlantic Service.-Empress of Britain, Empress of Ireland, Lake Manitoba, Lake Champlain, Lake Michigan, Mount Temple, Montcalm, Montfort, Lake Erie, Montrose, Montreal, Milwaukee, Mount Royal, Montezuma, Monmouth, Cruizer.
Pacific Service.-Empress of India, Empress of Japan, Empress of China,
Monteagle.
Pacific Coast Service.-Amur, Beaver, Charmer, City of Nanaimo, Czar,
Joan, Nanoose, Otter, Princess Beatrice, Princess Charlotte, Princess Ena,
Princess May, Princess Royal, Princess Victoria, Tees, Transfer No. 1,
Transfer No. 2, Queen City.
Upper Lake .Service.-Manitoba, Athabasca, Alberta, Keewatin, ABSIIIIbola.
British Columbia Lake and Ricer Service.-Aberdoen, Hosmer, Kokanee,
Minto, Moyle, Nelson, Rossland, Kuskanook, Columbia, Okanagan,
Proctor, Sandon, Slocan, York, Kootenay, Valhalla, YmIr, Whatshan.
Ferry Service.-Michigan, Ontario,
DESCRIPTION OF FREIGHT FORWARDED.
Year ended June 30
1907.
1908.
1909.
Flour
Barrels_
6,256,702
5,843,988
6,683,354
Grain
Bushels_
93,207,009
88,345,234
97,236,150
Live Stock
Head..
1,537,467
1,349,771
1,371,873
Lumber
Feet..1,989,444,728 1,764,445,495 1,726,944,584
Firewood
Cords..
249,605
274,620
249,628
4,385,854
3,981,888
Manufactured Articles_ _ _Tons_
4,425,241
Tuns..
4,794,295
5,102.116
5,916,248
All other Articles
FREIGHT TRAFFIC.
Year ended June 30
1908.
1909.
1907.
15,733,306
15,040,325
16,549,616
Number of tons carried
Number of tons carried one mile 5,946,779,961 5,865,089,008 6,372,269,174
Earnings per ton per mile
0.77 Cents
0.75 Cents
0.76 Cents

EXHIBIT "E."-EXPENDITURE ON ADDITIONS AND IMPROVEMENTS FROM JULY 1 1908 TO JUNE 30 1909.
$320,970 84
Main Line, Quebec to Bonfield
838,962 61
Montreal Terminals
602,425 91
Bonfield to Port Arthur
3,532,464 18
Port Arthur to Laggan
1,160,523 73
Laggan to Vancouver
38,134 24
Victoria Hotel
16,682 91
Lake Louise Hotel

PASSENGER TRAFFIC.
Year ended June 301907.
1908.
1909.
Number of passengers carried
9,463,179
9,784,450
8,779,620
Number of pass. carried 1 mile_1,064,564,999 1,052,010,356 1,071,149,528
Earnings per passenger per mile
1.88 Cents
1.89 Cents
1.83 Cents
TRAIN TRAFFIC STATISTICS-FOR TWELVE MONTHS ENDED
JUNE 30 1909 AND 1908.
(Earnings of Lake and River Steamers not included in this statement.)
Year ended
Increase (+)
Year ended
June 30
or
June 30
1908.
Decrease(-).
1909.
Train Mileage13,196,093
14,170,522
+974,429
Passenger trains
17,788,649
18,816,900
+1,028,251
Freight trains
1.798.673
1,932,776
+134,103
Mixed trains

Total Main Line
Branch Lines
Telegraph extensions and additions
Office Building, London, Eng
Rented and Temporary Sidings

$6,510,164 42
2,469,413 16
42,330 40
3,520 51
153,335 83

Total tra us
Car MileagePassenger:
Coaches and P. D. & S. cars_
Combination cars
Baggage, Mail & Express cars

$9,178,764 32

Total Passenger cars
Freight:
Loaded
Empty
Caboose

Total Main Line and Branches

EXHIBIT "F."-EXPENDITURE ON LEASED AND ACQUIRED
LINES FROM JULY 1 1908 TO JUNE 30 1909.
$1,059,530 68
Ontario & Quebec
103,851 22
Atlantic & North West
311,871 21
New Brunswick
31,274 00
Montreal & Western
139,323 65
Manitoba South-Western Colonization
14,069 25
Columbia & Kootenay
27,473 41
Manitoba & North-Western
3,788 11
Great North-West Central
135,245 55
Calgary & Edmonton
246,462 73
Columbia & Western
20,633 49
Montreal & Ottawa
525 07
Lindsay Bobcaygeon & Pontypool
131 16
Joliette ec Brandon
5,249 29
Nicola Kamloops & Similkameen
Berlin Waterloo Wellesley & Lake Huron-Account acquisition of Lease
119,670 08
$2,219,103 90
STATEMENT OF EARNINGS FOR THE YEAR ENDED JUNE 30 1909,
From Passengers$20,153,00083
" Freight
48,182,520 11
" Mails
778,822 35
" Sleeping Cars, Express, Elevators, Telegraph and
Miscellaneous
7,198,977 67
Total




$76,313,320 96

34,920,198

32,783,415

+2,136,783

67,763,387
2,763,961
30,545,494

63,744,049
2,875,441
26,689,471

+4,010,338
-111,480
+3,856,023.

101,070,842

93,308,961

+7,763,881

363,036,580
108,873,650
20,048,637

327,388,310
94,125,570
18,735,988

+35,648,270
+14,748,080
+1,312,649

491,958,867 440,249,868
Total Freight cars
Passenger cars per Traffic Train
6.28
6.22
Mile
Freight cars per Traffic Train
22.48
23.71
Mile
Passenger TrafficPassengers carried (earning rev9,334,811
9,675,075
enue)
Passengers carried (earning rev1,058,912,909 1,038,393,535
enue) one mile
Passengers carried (earning rev112,716
108,750
enue) one mile per mile of road
111.24
109.45
Aver, journey per pass_ _Miles_
Aver,amount received per pas2.08
2.04
senger
Aver, amount received per pas1.87
1.86
senger mile
Cts_
Aver, number of passengers per
69.25
65.76
train mile
Aver, number of passengers per
15.58
15.01
car mile
Revenue from passengers per
29.15
27,96
passenger car mile_ _ _ _Cents_
Total passenger train earnings
1.49
1.56
per train mile
•
$
Total passenger train earnings
2,456.20
2,537.42
per mile of road
$

+51,708,999
+.06
+1.23
+340,264
+20,519,374
-3,966
-1.79
-.04
-.01

-.57
-1.19
--.07
-81.22

THE CHRONICLE

SmpT. 18 1909.1

Year ended Year ended
June 30
Jim 30
1908.
Freight Traffic1009:
Tons of Revenue Freight carried one mile
6,210,086,958 5,699,092,014
Tons Non-rev. Freight carried
995,000,557 98,1,489,076
one mile
Total Tons (all classes) Freight
7,205,087.515 6,683,581,090
carried one mile
Tons of Revenue Freight carried
618,628
637,775
one mile per mile of road_ __ _
Tons of Non-rev. Freight car106,864
102,187
ried one mile per mile of road
Total Tons (all classes) Freight
739.962
725,490
carried one mile per mile of r'd
Aver, amount received per ton
0.760
0.755
per mile of Rev. F'reight_Cts_
Aver. No. of tons of Rev. Freight
299.29
290.96
per train mile
Aver. No. of tons of Non-Rev.
47.95
50.26
Freight per train mile
Aver. No. of tons (all classes)
347.21
341.22
Freight per train mile
Aver. No. of tons Rev. Freight
17.11
17.41
per Loaded Car Mile
Aver. No. of tons of Non-Rev.
3.01
Freight per Loaded Car Mile_
2.74
Aver. No. of tons of (. all classes).
, Freight per Loaded Car Mlle_
19.85
20.42

Increase (+)
cr
Decrease (-).
+510,904,944
+10,511,481
+521,506,425
+19,149
-4,677
+14,472

729

Freight TrafficFreight Train Earnings per
Loaded Car Mile
Cts
Freight Train Earnings per
Train mile
Freight Train Earnings per
Mlle of road

Year ended
Jane 30
1909.

Year ended
June 30
1908.

Increase(+)
or
Decrease (-).

13.14

13.00
2.27

2.20

4,845.52

4.071..13

STATEMENT OF CANADIAN PACIFIC RAILWAY PENSION
DEPARTMENT TO JUNE 30 1909.
Balance at June 30 1908
$657,345 60
Amount contributed by Company for year
80,000 00
Amount received as Interest
36,421 82

+.005
+8.33
-2.31
+6.02
--.30
-.27

Payment of Pension Allowances for year

$773,767 22
93,449 36

Balance In Cash and Investments

$680,317 86

Number on Pension Roll at June 30 1909.
Under 60 years of age
38
Between 60 and 70 years of age
200
Over 70 years of age
123
Total

361

-.57

LOUISIANA & ARKANSAS RAILWAY COMPANY.
EIGHTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1909.
The completion of the Shreveport extension will give
Texarkana, Ark., August 31 1909.
To the Stockholders and Bondholders of the Louisiana dc Arkan- your Company a total operated mileage of about 254 miles.
sas Railway Company:
INCOME ACCOUNT.
The financial and industrial depression referred to in our
The Income Account for the fiscal years 1909 and 1908 is
seventh annual report continued up to the first of January as follows:
1909, since which time the increase in amount of tonnage
Increase.
1909.
1908.
Increase. Per CI.
handled has enabled your Company to show an increase of
Average miles operated
225.84
225.84
$41,879, or 3.66 per cent, in gross revenue over last year. Gross revenue
$1,186.400 $1,144,521 $41,879
3.66
805,643
The expense of operation as compared with the previous Operating expenses and taxes__ _ 825,771
20,128
2.50
year shows an increase of 1.92 per cent, taxes show an inNet revenue
$360,629
$338,878 $21,751
6.42
crease of 32.83 per cent, leaving an increase in the net revenue, Other income
49,309
43,636
5,673
13.00
after deducting taxes, of $21,751, or 6.42 per cent. The
Total net income
7.17
8409,938
$382,514 $27,424
number of miles operated remains the same.
Interest on funded debt
Other deductions

SHREVEPORT TERMINAL PROPERTY.

As you are aware, the question of providing for adequate
terminal facilities at Shreveport has been under discussion
for some time. After careful consideration it was decided
that it would be wiser for your Company to own its own
terminal, and in accordance with that decision there has
been purchased fifty acres in the central and business part
of Shreveport. This land will not only furnish ample
facilities for the Louisiana & Arkansas, but it will also afford
accommodations for other railroad lines. The development
of this terminal will be carried forward as rapidly as the
Company's requirements demand.
EXTENSION FROM MINDEN TO SHREVEPORT.

$197,930
7,368

$194,900
3.065

$3,030
4,303

1.55
140.37

Total deductions

$205,298

$197,965

$7,333

3.70

Surplus

$204,640

$184,549

$20-,17191

10.89

Details of the Income Account for the fiscal years 1909
and 1908 will be found below. The interest charge on the
funded debt at the close of the fiscal year amounted to $197,930, or 49.17 per cent of the amount available for that
purpose.
Gross revenue, operating expenses (including taxes, reserves for replacements and other deductions) and net revenue per mile of road for the last two years compare as follows:
1909.

*Increase.
1908. Increase. Per ct.

miles operated
225.84
225.84
The first 8 miles of the line between Minden and Shreve- Average
Gross revenue
$5,253
$185
-3:44
;5,068
port is completed and track is being laid as fast as possible Operating
expenses and taxes_ _ _
89
2.50
3,656
3,567
toward Shreveport. Contract has been entered into with
Net revenue
6.42
$1,501
$96
$1,597
the Shreveport Bridge & Terminal Company, allowing your
Comparing the fiscal year 1909 with 1908, passenger reveCompany the use of their bridge over the Red River. It is
expected that your road will be operating into Shreveport nue decreased 4.17 per cent; mail and express revenue increased 2.44 per cent; freight revenue increased 6.16 per cent,
not later than November 1st next.
and constituted 82.55 per cent of the gross revenue, as comCAPITAL STOCK.
pared with 80.61 per cent last year. The passenger revenue
During the year there was issued capital stock amounting per passenger per mile averaged 2.75 cents, as against 2.73
to $750,000, making the amount now outstanding $4,500,000. cents in 1908. Freight revenue per ton per mile averaged
The total amount of capital stock authorized is $7,000,000.
1.04 cents, as against 1.05 cents in 1908; freight revenue per
FUNDED DEBT.
ton shows a decrease from 93.59 cents to 91.98 cents. The
The total amount of bonds authorized under the Com- average haul was 88.63 miles, against 88.99 for 1908.
pany's First Mortgage is $7,000,000, limited to an average
Passenger density decreased 5.00 per cent and revenue
of not more than $20,000 per mile of completed road. freight density increased 7.60 per cent.
During the year bonds to the amount of $350,000 were
The usual comparative statistics of freight and passenger
issued, the proceeds from their sale being applied to the traffic are given below:
construction of the Shreveport Branch and acquisition of
Increase.
Freight TrafficIncrease. Per ct
1909.
1906.
terminals in Shreveport and to improvements and better- Average
miles operated
225.84
225.84
ments. The amount outstanding June 30 1909 was $4,248,- Number of revenue tons carried_ _ 1,064,860
79,134 8.03
985,728
of revenue tons carried
000, or $19,077 per mile of completed road. During the Number
one mile
94,381,693 87,714,929 6,666,764 7.60
year the second payment was made under the sinking-fund Number of revenue tons carried
one mile per mile of road
29,520 7.60
417,914
388,394
clause of the mortgage, which calls for $55,000 annually for Total
revenue from freight
$979,413
$56,867 6.16
$922,546
the retirement of the Company's bonds. This payment,
Decrease.
Passenger Traffic1909.
1908.
Decrease. Per Ct
together with last year's payment referred to in our seventh
Number of passengers carried__ _
252,937
259,749
6,812
2.62
annual report, and the earnings thereon, make a total credit Number of passengers carried
one mile
to this fund of $115,575, as shown in balance sheet.
5,653.324
5,956,578
298,254 5.01
MILEAGE.

A summary of the mileage owned and operated July 11909,
as shown on the accompanying map (see pamphlet report),
is as follows:

Number of passengers carried one
mile per mile of road
25,055
Total revenue from passengers_ _ $155,659
Total revenue passenger dep't_ _ $178,270

26,375
$162,436
$185,553

1,320
$6,777
57,283

5.00
4.17
3.93

OPERATING EXPENSES.

The total disbursements for maintenance of way and
structures amounted to $918 per mile of road operated, as
..
compared with $867 in the fiscal year 1908. For repairs
Total ---------------operaied----222.68 and renewals of rolling stock, including reserve funds set
Pinevfife, notLess Tioga
5.02 aside, the amount charged to operating expenses averaged
Total operated of line owned
217.66 $1,912 per locomotive in 1909, as against $1,482 in 1908;
Trackage-per passener car $799 in 1909, as against $811 in 1908;
Tioga, La., to connection with Yard in Alexandria. La
8.18
and per freight and work car $101, as against $83 in 1908.
Total miles operated---------------------------------------- 225.84
These expenditures were adequate to maintain the propAverage miles operated in 1901, 91.8 miles; 1902, 97 miles; erty fully. Amounts sufficient for maintenance are in1903, 127.17 miles; 1904, 147.77 miles; 1905, 167.48 miles; cluded in operating expenses monthly, and set aside for re1906, 187..20 miles; 1907, 225.84 miles; 1908, 225.84 miles; placements and renewals of roadway and equipment as such
1909, 225-.84 miles.
renewals become necessary. At the end of this fiscal year
Line OwnedHope, Ark., to Pineville, La._ .....
Packton, La., to Jena, La




Miles.
193.04
29.64

FOL. WODUM

THE CHRONICLE

730

the amount standing to the credit of the reserve fund account thus created was $480,663. The amount set aside
during the year was $48,893 in excess of actual renewal
expenditures.
TRANSPORTATION RESULTS.

The number of tons of revenue freight carried one mile
increased 7.60 per cent and the revenue freight-train mileage
decreased 5.92 per cent. The average train-load of revenue
freight increased from 294 tons in 1908 to 337 tons in 1909.
Including company freight, the average train-load increased
from 308 to 352 tons.
In the passenger department the number of passengers
carried one mile decreased from 5,956,578 in 1908 to 5,658,324 in 1909, or 5.01 per cent. The revenue of the passenger
department per train mile averaged 65.89 cents in Vie fiscal
year just ended, as against 72.62 the previous year.
The company runs mixed trains to a limited extent, but
does not employ helping engines.
Freight Service1909.
Average miles operated
225.84
*Revenue freight-train mileage 280,423
Average revenue freight trainload, tons
337
27.36
Average cars per train
Freight revenue per revenue
freight-train mile
83 49

1908.
225.84
298,077

Increase.
Increase. Per Cent.
al7,654

294
25.93

43
1.43

14.63
5.51

$3 10

80.39

12.58

• Includes three-fourths of mixed train mileage.
1909.
Passenger Service270,545
*Passenger train mileage
Average number of passengers
20.91
per train
Passenger department revenue
65.89
per train mile, cents

a Decrease.
Increase.
1908.
Increase. Per Cent.
255,517
15,028
5.88
23.31

a2.40

al0.30

72.62

a6.73

49.27

* Includes one-fourth of mixed train mileage. a Decrease.

The Company's books and accounts have been audited by
certified public accountants, and their certificate appears
on the following page [pamphlet report].
Detailed statement of revenue, operating results, financial
conditions, etc., as submitted by the Auditor, are appended.
The efficient services of officers and employees are acknowledged with pleasure.
By order of the Board.
WM. BUCHANAN, President.
--PATTERSON, TEELE & DENNIS,
Certified Public Accountants.
New York and Boston.

New York, August 30 1909.
To the Stockholders and Bondholders of the Louisiana dc Arkansas Railway Company:
We have made an examination of the books and accounts
of the Louisiana & Arkansas Railway Company for the fiscal
year ending June 30 1909, and hereby certify that the Balance Sheet and Income and Profit and Loss Accounts published herewith are in accordance with the books, and we
have satisfied ourselves that they accurately set forth the
results of the year's operation and the financial conditions
as at Ape 30 1909.
PATTERSON, TEELE & DENNIS,
Certified Public Aegountants.
SCHEDULE I.-COMPARATIVE GENERAL BALANCE SHEET.
Inc.(+) or
June 30 1909. June 30 1908. Decrease (-).
ASSET,.88,127,023 25 87,115,997 95 +81,011,025 30
Cost of road
-8570 13
1,235,177 85 1,235,747 98
Cost of equipment
259,604 35
-40,015 08
219,589 27
Material and supplies
56,375 00
+59,200 00
115,575 00
Sinking fund trustees
89,697,365 37 $8,667,725 28 +81,029,64009
Total invested assets
265,474 71
510,344 79
+244,870 08
Cash
11,926 77
Cash in transit
10,473 55
-1,453 22
Cash with fiscal agents
1,350 00
3,425 00
+2,075 00
Due from agents and conductors
1,683 15
4,296 27
-2,613 12
Due from individuals and
companies
101,835 56
119,156 27
-17,320 71
Unexpired insurance
1,663 35
-930 30
2,593 65
Total current assets
Total assets

8629,425 40

8404,797 67

This is a transaction the directors have had under consideration for some
time. It means simply that we think the money represented by our telephone holdings could be better invested in some other way. It has nothing to do with other rumors that have lately been in circulation. It means
no change of relations between the Western Union and the Telephone
company.-V. 89, p. 668, 533.

-The banking house of Wm. A. Read & Co., 25 Nassau
Street, is offering on another page a choice list of investment
securities. Among the issues listed might be noted $500,000 Lehigh Valley RR. gen. con. gold 4s of 2003, $500,000
Canadian Northern Ry. gold 4s of 1939, $100,000 Boston &
Maine RR. 43s of 1929, $250,000 Queens Borough Gas &
Electric Co. gold 5s of 1952 and $116,000 Pacific Coast Co.
1st,gold 5s of 1946. A,number of the issues are tax-exempt
in New York, MasSaehuseits and Connecticut. Full• details will be given upon application either at the main office

(+)
(-).

or
Inc.
June 30 1909. June 30 1908. Decree=
+8750,000 00
$4.500,000 00 83,750,000 00
+350,000 00
4,248,000 00 3,898,000 00

Total capital liabilitici_ __ _88,748,000 00 87,648,000 00 +81,100,000 00
-84,945 50
Unpaid pay-rolls
851,620 56
816,675 06
Unpaid coupons
+2,075 00
1,350 00
3,425 00
Agents' drafts in transit
1,127 59
+317 85
1,445 44
Audited vouchers
+22,860 00
46,638 35
23,778 35
Due individuals and com-3,091 29
panies
14,405 65
11,314 36
Accrued interest on bonds
+5,833 32
70,800 00
64,966 68
Accrued taxes
+2,460 00
10,510 00
8,050 00
Miscellaneous reserves
+9,758 45
., 26,065 63
16,307 18
Due trustees first mortgage
+815 20
27,641 77
26,826 57
Total current liabilities_ _
Reserve for sinking fund_ _ _ _
Renewal reserves
Surplus
Total liabilities

$244,51561
161,40834
480,663 37
692,203 45

$208,432 58
102,20834
432,180 29
681,701 74

+836,083 03
+59,200 00
+48,483 08
+10,501 71

$10,326,790 77 89,072,522 95 +81,254,267 82

SCHEDULE 1I.-STATEMENT OF REVENUE AND EXPENSES.
(For Fiscal Year ended June 30 1909 and June 30 1908.)
Per Cent of
1908.
Increase. Total Revenue.
1909.
1909. 1908.
$
$
$
225.84
Average miles operated
225.84
---- --.. Cross Revenue022,545 97 56,866 77 82.55 80.61
979,412 74
Freight
162,436 27 *6,777 63 13.12 14.19
155,658 64
Passenger
29.32
1.09
12,905 70
1.13
12,935 02
Mall
0.82
10,210 60 *534 10
0.89
9,676 50
Express
2.42
36,423 33 *7,705 68
3.18
28,717 65
Miscellaneous
Total gross revenue_1.186.400 55 1.144 521 87 41.878 68 100.00 100.00
x Operating ExpensesMaintenance of way
207,293 52
and structures
215,912 14
Maint. of equipment
Traffic expenses
19,421 43
Transporta'n expenses 311,415 68
General expenses
51,844 67

*953 63
208,247 15
185,976 28 29,935 86
16,704 66 2,71677
343,954 81'32,539 13
35,791 52 16,053 15

17.47
18.20
1.64
26.25
4.37

18.19
16.25
1.46
30.05
3.13

Total expenses
Taxes

805,887 44
19,883 85

790,674 42 15,213 02
14,969 04 4,914 81

67.93
1.67

69.08
1.31

825,771 29
360,629 26

805,643 46 20,127 83
338,878 41 21,750 85

69,60
30.40

70.39
29.61

Total exp. & taxes__
Net revenue

• Decrease.
Note.-Operating expenses include charges for eventual replacement
of equipment, rails and ties.
SCHEDULE IV.-STATEMENT OF PROFIT AND LOSS ACCOUNT.
(Fiscal Year Ended June 30 1909.)
Credits.
Balance July 1 1908
Surplus income for year ended June 30 1909

8681,701 74
204,639 67
8886,341 41

Total credits
Debits.
Dividends,3% on capital stock of 83,750,000
Reserve set aside for sinking fund
Reserve set aside for personal injury cases
Sundry items

8112,500 00
55,000 00
10,000 00
16,637 96
194,137 96

Balance June 30 1900, Der balance sheet (Schedule I)
SCHEDULE

V.-COMPARATIVE STATEMENT
ACCOUNTS.

$692.203 45
OF INCOME

(For Five Years Ended June 30.)
1909.
1908.
1907.
1906.
225.84
225.84
225.84
187.20

Average miles open__
Gross revenue
Operating expenses
Taxes

$
8
1,186,400 1,144,521

1,216,837 1,057,525
837,018 676,383
11,740
9,798

1905.
167.48
844,535
507,445
14,266

805,887
19,883

790,674
14,969

825,771
360,629
49,308

805,643
338,1178
43,635

848,759
368,078
32,364

686,181
371,343
20,981

521,712
322,823
20,050

Total net income__ _ 409,938
Interest on funded debt 197,929
7,368
Other deductions

382,514
194,900
3,065

400,443
174,959

392,325
153,610
55

342,873
136,200
5,151

205,298
204,639

197,965
184,548

174,959
225,483

153,666
238.658

141,351
201,522

Operating expenses
and taxes
Net revenue
Other income

+8224,627 73

810,326,790 77 $9,072,522 95 +81,254,267 82

Wayne Coal Co.-Receiver's Sale.-The company's property, 360 acres, Pittsburgh No.8 vein coal, 24 double houses,
engines, mine and track cars, tipples, &c., located in Jefferson County, 0., upon two railroads, if not sold at private
sale, will be offered at public auction at Steubenville, 0.,
Sept. 211909. Charles A. Vail of Steubenville is receiver.
Western Union Telegraph Co.-sale oy New York Telephone Stock.-Referring to the sale of New York Telephone
Co. stock referred to in the item above under the caption
of the American Telephone & Telegraph Co., President
Clowry says:




LIABILITIESCapital stock
First mortgage bonds

Total deductions.... _
Surplus

in New York or at the branch offices in Boston, Chicago
and Baltimore.
-Wollenberger & Co., Chicago, bankers and bond dealers,
have issued a new compilation of "national debts of the
World," which is more comprehensive than the former edition, and which will be found most helpful and informing
to any financial house. This firm makes a specialty of
foreign government, State and city bonds, foreign exchange,
foreign collections, money orders, cable transfers and letters
of credit. It has excellent facilities for placing bonds abroad.
-Trowbridge & Niver Co., Chicago, have opened a New
York office in the Trinity Building, 111 Broadway, Room
606 and 607. Mr. Frank M. Murphy has come from the
Chicago office to take charge of the office here. The house
carries a line of municipal and irrigation bonds having an
attractive income yield as well as safe security. Circular
will be mailed on request.
-Williamson & Squire, members New York Stock Exchange, of No. 25 Broad St., New York, have just issued a
special list of unlisted offerings as well as an Investor's
Pocket Manual, giving prices and statistics of railroad and
Industrial corporations.
-On Labor Day the Chicago bond house of Trowbridge
& Niver Co. chareterd a special train over the Chicago &
Northwestern RR., and invited their 100 office' etili)loyces
on a picnic excursion,to, Lake Geenva for the day:

SEPT. 18 1909.]

THE CHRONICLE

iixTonnitertial

731
COTTON.

Friday Night, Sept. 17 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
239,071 bales, against 154,356 bales last week and 81,420
bales the previous week, making the total receipts since
Sept. 1 1909 437,031 bales, against 395,157 bales
for the same period of 1908, showing an increase since
Sept. 1 1909 of 41,874 bales.

COMMERCIAL EPITOME.

Friday Night, Sept. 17 1909.
Headed by the iron and steel trade, the business of the
country is slowly forging ahead. Steel, however, far outruns the other industries. Yet the feeling is one of confidence that the future is to see a general expansion of American trade and commerce. Prices are generally steady.
The crops as a rule are looking well and where they are not,
Receipts atSat.
as in the case of cotton, prices may possibly advance to a
Mon. I Tues.
Total.
Wed. Thurs.1 Fri.
point which will make them none the less profitable.
Galveston
6,096 12,327 25,812 10,332 11,650 10,851 '77,068
LARD on the spot has met with increased shipping de- Port Arthur_ _
_
Chris., &-c.
--------------------586
__
__
___
i-iii
mand and prices have ruled firm, with offerings light. Corp.
New Orleans_ _ _ _
770 1,729 3,119 1,143 3;311
1,800 12,872
Strength in the grain markets and light receipts of live hogs
Mo
u1121:rt
778
-585
"iii 3-,105 1,0515 -iii 6-A2.
have had a tendency to offset a decline in laid futures. Pensacola_
__
____
____
____
____
Prime Western 12.37©12.47c., Middle Western 12.05© Jacksonville, &c.
50
50
14-,239 12-,126 14-,i5i 8-,iii 12-,51-1 12,519 74,331
12.10c. and city 12©123ic. Refined lard has been firm Savannah
Brunswick
____
4,287
20,213 24.500
with a good demand, partly for export. Refined Continent Charleston
1,567 5,977 1,620 1,987 2;251
1,876 16,278
12.80c., South America 13.50e. and Brazil in kegs 143c. Georgetown
Wilmington
2-,468
2,703 3,551
1,256 4-,550 2-,040 11.528
The speculation in lard futures at the West has been active, Norfolk
635 1,569 2,199 1,489 1,342 2,728 9,962
with the drift of prices downward during much of the week, N'port News, &c _
New York
____
____
owing to general liquidation. There has been no aggressive Boston
82
82
short selling, however, owing to strength of spot situation. Baltimore712 172
Philadelphia_
___
_
___ _
PORK on the spot has been quiet but firm, owing to small
supplies. Mess $23 75©$24, clear $22 50©$24 and family Tot. this week
26.553 41,185 51,346 29,772 36,654 53,561 239,071
$23©$23 50. Beef has been strong on light supplies; trade
The following shows the week's total receipts, the total
quiet. Mess $11 ©$11 75, packet $12 50 ©$13,family $13 75
©$14 50 and extra India mess $20 50©$21. Cut meats since Sept. 1 1909, and the stocks to-night, compared with
have been moderately active and generally steady. Pickled last year:
hams, regular, 12 to 20 lbs., 113/
2©1231/c.; pickled bellies,
1909.
1908.
Stock.
clear, 8 to 12 lbs. 13M ®14c.; pickled ribs, 8 to 12 lbs., 13©
Receipts to
September 17.
133c. Tallow dull; city 5Vic. Stearines dull and steady;
This Since Sep This Since Sep
MI
Week. 1 1909. Week. 1 1908.
1909.
1908.
oleo 1334c.; lard 13©13Mc. Butter dull and steady;
creamery extras 30©303'c. Cheese dull and steady; State, Galveston
77,068 149,255 92,441 194,811
88,956 117,797
Arthur
f. c., small or large, colored or white, fancy, 15Xc. Eggs Port
Corp. Christi, &c_
586
3,252
dull and easy; Western firsts 233/
New Orleans_ __ _ 12,872
2©24
20,625 17,621
26,021
46,203
45,455
DAILY CLOSING PRICES
Sal.
September delivery__12.17%
October delivery
12.17%
January delivery
10.72%

OF LARD FUTURES IN CHICAGO.
Mon.
Fri.
Wed. Thurs.
Tues.
11.97%
11.95
11.87% 12.00
12.00
12.00
12.023 12.00
11.973 11.90
10.50
10.60
10.65
10.673 10.65

Gulfport
Mobile
6,842
11,930 7,003
Pensacola
Jacksonville, &c_
105
50
851
Savannah
74,331 151,438 58,750
Brunswick
24,500
29,855 2,127
Charleston
6'
'
,124
G
Wilmington
16,328
26,359 16,518
Norfolk
9,962
14,405 8,052
Newp't News, &c.
____
185
210
New York
Boston
379
82
80
Baltimore
'
106
00
Philadelphia --------___
159
107

11,212

13,406

13,142

1,803
114,461
2,127
14,693

80,321

67,806

9,807
5,124
114
199

17,391
23,266
130
1,427

20,920
3,100
OIL.-Linseed has been steady, with an increased de23,590
16.931
mand for small lots for immediate use. City, raw, American
18,464
6,702
13,293
seed, 57©58c.; boiled 58©59c.; Calcutta, raw, 75e. Lard
9,948
8,873
7,188
365
steady with a routine business; prime 93©96c.; No. 1 extra
68,208
62,352
48©50c. Cocoanut more active and firm; supplies light;
663
3,089
3,770
612
1,859
Cochin 831,®83c.; Ceylon 73
2,145
4©8c. Olive quiet and steady
177
2,625
320
at 95©$1 15. Palm steady; Lagos 57
4©6c. Peanut dull
Total
and steady; yellow 65©70c. Cod dull, with buyers awaiting
239,071 437,031 213,992 395,157 364,752 353,299
news regarding catch; domestic 38c., Newfoundland 40c:
COFFEE on the spot has been steady, with Brazilian
In order that comparison may be made with other years,
dull and mild more active. Rio No. 7, 7 VIA7%c.; Santos we give below the totals at leading ports for six seasons:
4c.; fair to good Cucuta, 8%@9 c. SpecuNo. 4, 8%©83
1908.
1907.
1906:
1905.
lation in future contracts has been very quiet, and changes Rece!pis at- 1909.
1904.
In prices have been trifling. The tone has been firm how- Galv ..ston _ 77,068 92,441 49,930 81,125 82,406 115,603
Pt.A
*Our,
&c.
_586
994
ever, owing to European purchases, higher offers from'
628
789
328
Brazil
Orleans_
12,872
17,621
7,244
29,141
12,124
35,166
and covering of shorts. Of late Europe has sold September New
Mob(Le
6,842
7,005
3,091
5,722
9,363
8,017
anah
Sava
74,331
of next year against purchases of near positions. Crop ad58,750
57,185
46,869
76,646
75,913
Brunswick__ _
24,500
2,127
3,698
487
5,923
4,167
vices from Brazil favorable. Closing prices follows:
Char eston,&c
16,278
10,124
8,127
14,659
7,629
10,882
eorgetown

September
October
November
December

5.5Cc.
5.40c.
5.40c.
5.40c.

January
February
March
April

5.40c.
5.45c.
5.50e.
5.50c.

May
June
July
August

5 55c.
5.55c.
5.55c.
5.55c.

SUGAR.-Raw has been firm. Of late small sales have
been made of Cuban sugar to the American Refining Co.
and of Demerara to the Federal Co. Centrifugal, 96-degrees
test, 4.21c.; muscovado 89-degrees test, 3.71c., and molasses, 89-degrees test,'
3.46c. Refined dull and steady;
granulated 5.05c. An increased business has been done in
spices of late at firm prices. Teas have been moderately
active with prices generally strong and in some cases higher.
has been firm, though less active.
Wool'
PETROLEUM.-Increased activity is reported in refined, especially in the export trade. Of late shipments of
1,311,951 gallons of petroleum have been made and 95,750
of naphtha. Sales of auto naphtha have been nearly as
large as the supply. Refined petroleum, barrels 8.25c.,
bulk 4.75c. and cases 10.65c. Gasoline has been in good demand; 86-degrees, 163
4c. Naphtha has been steady, with
a routine business; 76©76-degrees, 163
/0. Spirits of turpentine quiet at 61c. Common to good strained rosin fairly
active at $3 75.
TOBACCO.-The market for domestic leaf has been more
active, reflecting the recent improvement in the cigar-manufacturing industry, and the feeling is hopeful that the expansion of business in the general market will continue.
Supplies of old tobacco are rather light, and recent reports
of severe damage to the new crop in parts of Connecticut and Wisconsin by frost have been confirmed. Sales of
Havana have also increased of late. Crop reports from
Cuba are more or less conflicting. Sumatra has been
quiet. Prices have generally been firm.
COPPER; though quiet, has of late been firm, and the
feeling in trade circles is more cheerful than recently. There
has been a better inquiry from consumers of latethough
actual sales have been limited to small lots. Lake 13©13Xc.
electrolytic 123
%©123'c. and casting 123/
2@125
/
8e. Lead
quiet and.gasy at 43
/
gc. Spelter dull at 5.70c. Tin has been
quietbutfim at30.15c.for Straits. Pig iron active and strong.
1 Northern,,$18 75©$19 25, No. 2 Southern $18©$18 50.




------------------

Wil ington
Norf )1k
N'po IN., &c
Allot hers_ _ _

16,328
9,962

Total this wk_

239,071

213,992

152,868

186,845

244,124

289,148

Since Sept. 1..

937,031

395,157

293,063

399,427

631,313

632,448

304

16,518
8,052
210
1,144

15,218
6,155
176
1,050

18,189
20,410
132
341

The exports for the week ending this evening reach a total
of 147,266 bales, of which 27,755 were to Great Britain,
9,897 to France and 108,714 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1909:
Exports
from-

Week ending Sept. 17 1909. From Sept. 1 1909 to Sept. 17 1909.
Exported toExported toGreat
ContiBritain.Fence nent.

Great
ContiTotal. Britain. France. 'sent.

Galveston
_ 10,172 9,897 34,040 54,109
Port Arthur_
Corp.Chris.,&c.
New Orleans__ 1,224
819 2,043
Mobile
Pensacola
Fernandina
Savannah
5,926
29,291 35,217
Brunswick_
8,640 8,640
Charleston_
Wilmington_
20,028 20,028
Norfolk
Newport News
New York.__ 6,836
9,779 16,615
Boston
3,597
4,267 7,864
Baltimore
1.000 1,000
Philadelphia..
799
799
Portland. Me_
Francisco_
San
951
951
Seattle
Tacoma
Portland, Ore.
Pembina
Detroit
Total
Total 1908..

18,768 24,889
3,326

5,926

7,120
6,73

31

Total.

47,893

91,550

2,0901
6,1031

2,090
9,429

37,537
8.640
4,000
20,028

43,463
8,640
4.000
20,028

20,862
9,548
1,000
799

28,297
11,278
1,000
799

951

951

27,755 9,897 109,614147,266

41,870 25.204

154,451

221,525

26,114 1,901 55.8061 83,821

44,61111,720

113,389

169,720

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
, .1 ,

On Shipboard, Not Cleared forOther CoastGerLeaving
c, Great
Total.
Stock.
.'em. 17 at- Britain. France many. Foreign wise.
---------296 4,158
1,338
37,967
8,236
2,244
New Orleans_ _
39,956
5,000 17,000 15,000 2--,000 49,000
Galveston _ _ _ _ 10,000
____
2,000 11,233
598
1,382 . 7,253
69,088
Savannah _ _ _ _
3,000 3,000
20,590
Charleston
8,500
__
8.500
4,906
Mobile
7,250 7,210
1,623
Norfolk
1,000
____
300 2,000
4,300
63,908
New York_
1,000'
500
9,000
____
17,500
8,000
17,695
Other ports_
Total 1909_ _ 22,626 22,391 29.094 20,658 14,250 109,019 255,733
Total 1908_ _ 32,607 28,649 32,362 24,675 6,715 125,008 228,291
Total 1907_ _i 20,912 12,503 27,0137 6,978 12,978 82,558 284,607

Speculation in cotton for future delivery has been more
active at rising prices. The advance was due largely to very
noticeable strength and activity at Liverpool and to con, •
tinned bad crop reports. Certain ontside interests in two
days bought 55,000 bales. Spot sales at Liverpool have
ranged from 10,000 to 15,000 bales a day, and Manchester,
Calcutta, Bombay and China have sent reports of increasing trade. A wage dispute at Fall River has been settled.
A private crop report on Thursday put the condition as low
A Galveston newspaper asserts that the condition
41S 61%.
in Texas is 40% worse than a year ago and that in Oklahoma it is 30% worse. ;The expectation is that the next
Government report will be bullish. The exports have latterly increased. On Thursday they exceeded 68,000 bales.
The comment. is made that efforts to depress prices seriously
-during the last 60 days have proved futile. The movement
'of the crop has been liberal, even exceeding that of last year,
but prices have shown unexpected steadiness. Possibly
this is due to the creation of a very large short interest
through the very .general expectation that prices would sag
under the weight of the first rush of receipts. It is surmised
that too many people were looking for the same thing, and
that declines are checked partly by the covering of a widely
:scattered and somewhat unwieldy short interest. New Orleans and Memphis operators have bought freely at times,
and rightly or wrongly there is a generally prevalent notion
that very protninent interests not unidentified with a certain
branch of the grocery business have bought heavily within the
last few days through a New Ot:leans representative. Wall
.Street houses have bought on reactions and the West has also
purchased from time to time. Liverpool has bought freely
for arbitrage account. Liverpool, and in fact European
members of the trade generally, seem to have been more
impressed with the last. Government report, putting the
.condition at63.7%,than many people were on this side of the
water. At any rate-European sphmers have for some weeks
past shown more or less nervousness, while American spinners
appear to have adhered to the policy of buying but sparingly,
as there is a disparity between the price of the raw material
and the manufactured product which tends to make the
'domestic mills cautious.- Meantime trade is slowly improving
in cotton goods and thus far the market has taken liberal
receipts of 'raw cotton without yielding much. In fact at
times spot prices have shown noteworthy strength, both at
home and abroad. Advocates of lower prices, however,
insist that September and October receipts are likely to be
large and can hardly fail- to -have at least a temporary effect
on prices.. To-day there was a slight advance with spot
interests good buyers and spot markets strong or higher.
Moreover heavy rains fell in the Carolinas, Georgia and Alabama. On the other hand, the South continued its hedge
selling and the crop movement is heavy-heavier, indeed,
than at any time for years past, even in seasons of remarkably
big crops. Prominent Chicago and Southern interests are
understood to have .bought, of late and to-day there was a
rumor that Mr. James A. Patten will be in New York on
Monday. Spot cotton has been dull. Middling uplands
dosed at 12.70c., a decline for the week of 5 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 11 to Sept. 17Middling uplands

Sat. Mon. Tues.
12.65 12.40 12.50

Wed, Thurs. Fri.
12.70 12.80 12.70

NEW YORK QUOTATIONS FOR 32 YEARS.
1909c..
1908
1907
1906
1905
1904
1903
1902

A2.70
9.60
12.25
9.80
10.75
10.90
A1.75
9.00

1901_e_____ 8.38 1893c-----8.44
1900
10.88 1892
7.19
1899
6.38 1891
8.50
5.62 1890
1898
10.62
7.00 1889
11.37
1897_
10.44
8.62 .1888
1896
9.81
._ _ 8.25 1887
1895
9.31
. 6.75 1886
1894

10.06
1885_e
1884
10.50
1883
10.38
1882
12.69
1881_.__._.12.12
1880
11.88
1879
12.12
1878
11.50

MARKET AN!)SALES- AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot- Market
Closed.
Saturday_ _
Monday_
Tuesday _ _
Wednesday
Thursday _
Friday_ _

[VOL. Lxxxxx

THE CHRONICLE

732

Futures
Market
. Closed.

Quiet 10 pts deo_ _ _ _ Barely steady
Quiet 25 pts dee _ _ Firm
Quiet 10 pts adv _ _ _'Very steady _
Quiet 20 pts adv ___ Steady
Quiet 10 pts adv _ _ Barely steady
Quiet 10 Ws dee _,Steady

Total




Sales of Spot and Contract.
Con- ConSpot sum'n. tract. Total.
110
100
:105
5
10
10
0

909

_

_

-100 1.300

FUTURES.--The highest, lowest and closing prices at
New York the past week have been as follows:
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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 returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-might (Friday), we add the item of exports from the United
States, including in it the exports of Friday only.
September 171909.
Stock at Liverpool
_bales. 722,000
Stock at London8,000
46,000
_
Stock at Manchester ______

1908.
297,000
12,000
30,000

1907.
627,000
28,000
51,000

1906.
285,000
14,000
31,000

776,000
12,000
79,000
125,000
3,000
16,000
10,000
4,000

339,000
25,000
117,000
55,000
4,000
15,000
8,000
32,000

706,000
20,000
87,000
94,000
4,000
14,000
22,000
38,000

330,000
22,000
37,000
56,000
4,000
5,000
16,000
0,000

249,000

256,000

279,000

146,000

1,025,000
Total European stocks
44,000
India cotton afloat for Europe..
212,460
Amer. cotton afloat for Europe
19,000
Egypt, Brazil, &c., alit. tor Europe
41,000
Stock in Alexandria. Egypt
147,000
Stock In Bombay, 10(115
364,752
Stock in U. S. ports
Stock in U. S. Interior towns_ ___ 137,970
15,748
U. S. exports to-day

595,000
56,000
196,231
11,000
52,000
350,000
353,299
162,429
17,050

985,000
119,000
103,199
18,000
24,000
457,000
367,165
113,680
41,461

476,000
51,000
220,368
13.000
27,000
537,000
317,690
142,464
9,843

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

2,006,030 1,793,000 2,228,505 1,794,365
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales. 630,000 205,000
518,000
197,000
Liverpool stock
35,000
22,000
43,000
27,000
Manchester stock
Continental stock219,000 177,000
179,000
87,000
212,460
196,231
103,199 220,368
American afloat for Europe
364,752 353,2)9 367,165 317,690
U. S. port stocks
137,970
162,429
113,680
142,464
U. S. Interior stocks
15,748
17,050
41,461
9,843
U. S. exports to-day
1,614,930 1,133,009 1,365,505 1,001,365
Total American
East Indian, Brazil, &c.stock
88,000
Liverpool
109,000
14,000
28,000
London stock
4,000
Manchester stock_ _ _..
8,000
stock
59,000
100,000
Continental
Nii
11
44,000
119,000
51,000
56,000
India afloat for Europe
13,000
18,000
19,000
11,000
Egypt, Brazil, &c.. afloat..
27,000
24,000
52,000
Stock in Alexandria, Egypt._41000
537,000
147,000 350,000 457,000
Stock in Bombay, India
Total East India, S:c
Total American

793,000
392,000 660,000 863,000
1,614,930 1,133,009 1,365,505 1,001,365

_2,006.930 1,793.009 2,228,505 1,794,365
Total visible supply
6.914.
5.544.
6.93d.
5.57(1.
Mddling 'Upland, Lkyerpool
9.50c.
12.25c.
9.750.
Middling Upland, New York_ _ _ _ 12.70c.
8%d,
10 Xd.
10 3fd.
Egypt, Good Brown, Liverpool_ _10 1-164.
8.40d.
12.00d,
8.35d.
Peruvian, Rough Good. Liverpool
8.401.
6 WI. 4 15-16d, 6 3-16(1.
55,4d.
Broach, Fine, Liverpool
6 1-16(1. 4 11-164.
534d, 5 1-16d.
Tinnevelly, Good, Liverpool

Continental imports for the past week have been 48,000
bales.
The above figures for 1909 show an increase over last week
of 102,377 bales, a gain of 213,921 bales over 1908, a
decrease of 221,575 bales from 1907, and a gain of 212,565
bales over 1906.

sEpT.181909.1

THE CHRONICLE

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

-0PliggraP41.gmagv--Pgiogzig
. . f.
cp
c_

p8=00=

130

-

g •
• --

" " b-•

E.

733

Closing Quotations for Middling Cotton onWeek endingSeptember 18. Sarday. Monday. Tuesday. Wed day. Thursd'y, Friday.
Galveston
123
New Orleans__ _ 12%
Mobile
121(
Savannah
1231
Charleston
12
Wilmington_ _ _ _ 12
Norfolk
1231
Boston
12.75
Baltimore
12 Vi
Philadelphia
12.90
Augusta
1231
Memphis
12 11-16
St. Louis
'12 9-16
Houston
12 5-16
Little Rock
12

1231
12 3-16
121,
1
12
11%
11%
12
12.65
:65
12
12 9-16
12 9-16
1231
12

12 3-16
12 3-16
1231
12
11%
11%
1231
12.40
1211
12.75
12 1-16
12 9-16
12 9-16
121(
12

12 5-16
1 25-16
1211
1231
12
12
42%
t12.50
1231
12.95
12 5-16
12%
12 0-16
12 5-16
12

12%
12%
12 7-16 12 7-16
12 3-16 12 5-16
1231
1211
12',1@31 12 3-16
1231
1231
1231
12%
12.80
12.70
1231
1231
13.05
12.95
1211
12 7-16
12%
1251
12 11-16 12 11-16
12 Mil 12%
12 _
12%

NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sarday, Monday. Tuesday, Wed'day,
, Thursirti, Pride/J.
Sept. 11. Sept. 13. Sept. 14, Sept. 15. Sept. 16. Sept. 17.

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Cl cenococi cocso0c.-41,40.c, , ...e...o,...,e.,14.e.00mceoc,..o.
.-•

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A

4
Cl

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.
.
N .440 04.40N.N

W

.

.
..
,
1...;-,,,...o:o.w:41.;.1.1OTots..1.
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- I,
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itOggtitl
ag822,iraMeigt=trgV288==

Receipts.

4
1.

Movement to September 17 1909. II Movement to September 18 1908.

Is,

0
....0W.W.60WW0110
N4004 .

The above totals show that the interior stocks have increased during the week 31,101 bales and are to-night 24,459
bales less than at the same time last year. The receipts
at all the towns have been 5,490 bales less 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:
---1909--Since
Week. Sept. 1.
1,020
2,279
165
1,167
26
137
154
382
158
198
378
898
956
1,641

September 17ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

Total gross overland
2,866
Deduct ShipmentsOverland to N. Y., Boston, &c_ _ _
254
Between interior towns
106
Inland, &c., from South
527
Total to be deducted
Leaving total net overland*

1908--Since
Sept. 1.
5,513
2,068
278
1,103
418
791
2,150

Week.
1,506
445
20
315
72
298
1,627

6,702

-1,283

12,321

838
270
1,551

293
46
816

1,252
01
2,398

887

2,668

1,155

3,741

1,979

4,034

3,128

8,580

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 1,979 bales, against 3,128 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 4,546 bales.
---1909
1908
In Sight and Spinners'
Since
Since
7'akings.
IVeek. Sept. 1.
Week. Sept. 1
Receipts at ports to Sept.
. 17
437,031 213,992 305,157
239,071
Not overland to Sept. 17
4,034
1,979
3,128
8,580
Southern consumption to Sept. 17_ _ 52,000
130,000
40,000
98,000
Total marketed
Interior stocks In excess

293,050
31,101

Came into sight during week
Total in sight Sept. 17

324,151

571,065
54,807

257,120
29,309
286,429

625,872

Northern spinn's takings to Sept. 17 13,761

501,737
47,234

42,026

548,971
30,058

62,161

Movement into sight in previous years:
Week1907-Sept.
1906-Sept.
1905-Sept.
1904-Sept.

20
21
22
23

Bales.
215,911
259,300
328,961
363,133

Since Sept. 11907-Sept. 20
1906-Sept. 21
1005-Sept. 22
1904-Sept. 23

Bales.
490,235
507,229
.864,227
820,767

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing.quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.




SeptemberRange
Closing
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing

MayRange
Closing

ToneSpot
Options'

- ® ___ ___ ® _ _ ® ___ „___ e __, ....._ ® -- Q 12.12 • 12.09 • 12.18 • 12.33-.37 12.36 - 12.42 12.16-.35 12.20-.14 12.09-.21 12.20-.39 12.35-.52 12.32-.48
12.15-.16 12.12-.14 12.21-.22 12.37-.38 12.41-.42 12.47-.48
- ® -- ® -- @ -"- - @ -12.41-.48- @ 12.19-.21 12.16-.18 12.25-.26 12.48-.94 12.48-.49 12.54-.55
12.20-.41 12.05-.18 12.12-.27 12.25-.46 12.41-.63 12.42-.58
12.20-.21 12.17-.18 12.26-.27 12.44-.45 12.51-.52 12.57-.58
12.25-.46 12.10-.23 12.15-.31 2.30-.50 12.46-.67 12.45-.63
12.25-.26 12.22-.23 12,31 -12.49-.50 12.55-.56 12.61-.62
_ ® _ _ ® _ _ ® ___ ,_ ® _ _ ® _ 12.61 12.29-.31 12.26-.28 12.34-.36 12.52-.53 12.58-.60 12.64-.66
12.43-.60 12.25-.40 12.33-.39 12.48-.67 12.63-.83 12.62-.79
12.42-.93 12.39-.40 12.48-.49 12.66-.67 12.73-.74 12.78-.79

12.49-.68 12.32-.49 12.43-.54 12.55-.73 12.69-.86 12.68-.84
12.49-.50 12.48-.49 12.55-.56 A2.73-.74 12.80-.81 12.83-.84
.
Quiet.
Quiet. Steady. Very sty. Firm.
Firm.
Steady. Steady. Steady. Steady. Steady. Steady.

• Nominal.

WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices this evening from the South denote that
quite generally the weather has been favorable during the
week. Cotton is opening rapidly as a rule, and picking has
made excellent progress. The movement of cotton to market has been on a liberal scale. Our Mobile correspondent
states that the percentage of lint to seed is disappointing in
his territory.
Galveston, &c., Texas.-Our Texas advices by telegraph
have failed to reach us this evening.
New Orleans, Louisiana.-We have had rain on four days
of the week, the rainfall being two inches and twenty-six.
hundredths. The thermometer has averaged 81.
Shreveport, Louisiana.-There has been rain on two days
of the week, the precipitation reaching thirty-three hundredths of an inch. The thermometer has averaged 84,
ranging from 68 to 99.
Vicksburg, Mississippi.-It has rainea on four days of the
week, the precipitation reaching ninety-three hundredths of
an inch. The thermometer has ranged from 62 to 95,
averaging 80.
Helena, Arkansas.-Crops are suffering. Picking is active.
The week's rainfall has been five hundredths of an inch, on
one day. Average thermometer 77.6, highest 94, lowest 53.
Little Rock, Arkansas.-We have had rain on one day
the past week, the rainfall reaching six hundredths of an
inch. The thermometer has averaged 80, the highest
being 97 and the lowest 63.
Memphis, Tennessee.-Cotton is opening fast and picking
is general. It has been dry all the week'', to the extent of
sixty hundredths of an inch. The thermometer has averaged 79.6, ranging from 60.2 to 92.5.
Nashville, Tennessee.-Picking is now general. Rain has
fallen during the week, the rainfall reaching thirty-seven
hundredths of an inch. The thermometer has ranged from
57 to 97, averaging 74.
Mobile, Alabama.-Scattered rains in the interior. Cotton
picking is active and general, but the percentage of lint to
seed is disappointing. We have had rain on six days of the
past week, the precipitation reaching two inches and thirtyfour hundredths. Average thermometer 82, highest 93,
lowest 71. .
Montgomery, Alabama.-Good picking weather. We have
had rain on two days of the week, the'rainfall being seventyfour hundredths of an inch. The thermometer has averaged 85, the highest being 93 and the lowest 70.
Selma, Alabama.-We have had rain on four days of the
week, the precipitation being forty-seven hundredths of an
inch. The thermometer has averaged 80, ranging from 70
to 92.
Madison, Florida.-There has been rain on four days of
the week, the precipitation reaching one inch and fifty-seven
hundredths. The thermometer has ranged from 70 to 91,
averaging 80.
Augusta, Georgia.-There has been rain on three days of
the week, the rainfall being fifty-nine hundredths of an inch.
Average thermometer 78, highest 91 and lowest 67.
Savannah, Georgia.-We have had ,rain on six days of the
week, the rainfall being two inches and six hundredths.

The thermometer has averaged 78, the highest being 90 and
the lowest 70.
Charlotte, North Carolina.-We have had rain during the
week, the rainfall being fifty-four hundredths of an inch.
The thermometer has ranged from 73 to 87, averaging 60.
Charleston, South Carolina.-There has been ram on five
days of the week, the precipitation reaching three inches and
sixty-seven hundredths. The thermometer has averaged
78, ranging from 70 to 86.
EUROPEAN COTTON CONSUMPTION TO SEPT. 1.By cable to-day we have Mr. Ellison's cotton figures brought
down to Sept. 1. We give also revised totals for last year
that comparison may be made. The spinners' takings in
actual bales and pounds have been as follows: •
Great Britain.

October 1 to September 1.

Continent.

Total.

For 1907-08.
bales_
Takings by spinners
3,387,000
5,602,000
8,989,000
Average weight of bales_ ___lbs_
505
480
489.4
1,710,235,000 2,688,960.000 4.399.195.000
Takings in pounds

According to the above, the average weight of the deliveries in Great Britain is 508 lbs. per bale this season, against
505 lbs. during the same time last season. The Continental
deliveries averaged 484 lbs., against 480 lbs. last year, and
for the whole of Europe the deliveries average 492.8 lbs. per
bale, against 489.4 lbs. last season. Our dispatch also gives
the full movement for this year and last year in bales of 5001bs
Oct. Ito Sept. 1.
Bales of 500 lbs. each.
000s omitted.

1908-09.

1907-08.

Great ContiGreat ContiBrien. neat. Total. Brien. neat. Total.

palictinnegrss'tostcAcekptOeinctgebr11.._ _

308
3,364

1,046 1,354
5,558 8,922

367
3,420

Supply
Consumption, 48 weeks

3,672
3,470

6,604 10,276
5,280 8,750

3,787 6,467 10,254
3,510 5,280 8,790

202

Spinners' stock September 1
Week's Consumption,
000s omitted.
October
November
December
January
February
March
April
May
June
July
August

1,324

30
60
78
80
80
80
80
80
80
*80
•80

110
110
110
110
110
110
110
110
110
110
110

1,526

277

140
170
188
190
190
190
190
. 190
190
190
190

78
78
78
78
78
78
78
78
68
68
60

1,089
5,378

1,187

1,456
8,798

110
110
110
110
110
110
110
110
110
110
110

188
188
188
188
188
188
188
188
178
178
170

INDIA COTTON MOVEMENT FROM ALL PORTS.
September 16.

1909.

1908.

1907.

Receipts at-

I Since
Week. ' Sept. 1.

Since
Week. Sept. 1.

1 Since
Week. I Sept. 1.

1,000

3,000

4,000

Great
Great Conti- Japan
Britain. neat. &Chin Total. BrUain.

Bombay1909
1908
1907
Calcutta1909
1908
1907
Madras1909
1908
1907
All others1909
1908
1907
Total all1909
1908
1907

7,0
3,00
4,00

8,00
6,00
14,000

1.000

1.00
2,000
1,0

1,000
2,000
2,00

2,66

2,600

2,00
5,00
6,000

3,00
6,00
9,000

3,000

2,000 13,000
4,00 14,00
11,00 27,00

14,000

1,00

1,00

10,00
10,00
13,00

9,000'
1

22,000

Since September 1.

For the Week.
Exports
from-

9,000

ContiJapan
neat. & China. Total.
I
11,000
15,000
38,000

2,000

13,000
19,000
53,000
2,000
3,000
5,000

2,000
3,000
4,000
2,000
2,000
3,000

1,000

1,000
4,000
15,000

1,000

3,000
2,000
3,000

12,000
15,000
11,000

1,000
1,000

13,000
16,000
15,000

27,000
35,000
56,000

2,000
5,000
16,000

31,000
40,000
76,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
September 15.
Receipts (cantars)This week
Since Sept. 1

Exports (bales)To Liverpool
To Manchester
To Continent
To America
Total exports

1908.

1909.

Cotton Takings.
Week and Season.

Week.

Week.

Season.

Season.

Visible supply Sept. 10
1,689,966
1,904,553
Visible supply Sept. 1
1,714,982
1,931,022
American in sight to Sept. 17__ _ 324,151
548,971
625,872 286,429
Bombay receipts to Sept. 16_ _ _
9,000
4,000
1,000
3,000
Other India ship'ts to Sept. 16_ _
8,000
21,000
10,000
18,000
Alexandria receipts to Sept. 15_
3,000
3,000
2,000
4,000
Other supply to Sept. 15_a
6,000
2,000
3,000
5,000
-Total supply
2,244,704 2,586,894 1,993,395 2,302,953
2,006,930 2,006,930 1,793,009 1,793,009

Visible supply Sept. 17

237,774
182,774
55,000

Total takings to Sept. 17
Of which American
Of which other

579,964
464,964
115,000

200,386
1 0,386
40,000

509,944
392,944
117,000

NEW FINISHING •MILL.-Eugene S. Graves, who for
seven years has been principal of the chemistry and dyeing
departments of the New Bedford Textile School, having had
his training in these lines at the Case School of Applied
Sciences of Cleveland, Ohio, Columbia University, the
Crefeld School of Dyeing and Cloth Finishing at Crefeld,
Prussia, and • as colorist for the Leopold Cassella Co. at
Frankfort, Germany, and their New York representative,
The Casella Color Co., has resigned to take part with John
W. Knowles, Treasurer of the Page Mills of New Bedford, in
the establishment of a new finishing mill at Wareham, Mass.
The enterprise it is understood, is backed by ample capital.
The mill will take goods in the gray as they come from the
cotton mills of New Bedford and bleach them for the market.
MANCHESTER MARKET.--Our report received by
cable to-night from Manchester states that the market is
quiet for yarns and firm for shirtings. The demand for
both India and China is improving. We give the prices for
to-day below and leave those for previous weeks of this and
last year for comparison.

1,464

• The average weekly consumption s as given by Mr. Ellison; deduction
from month's total being made on account of short time.

Bombay

WORLD'S SUPPLY AND TAKINGS OF COTTON.

• Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.

For 1908-09.
3,311,000
bales_
Takings by spinners
5,742,000
9,053,000
508
Average weight of bales_ _ _ _lbs_
484
492.8
1,681,988,000 2,779,128,000 4,461,116,000
Takings in pounds

In
In
In
In
In
In
In
In
In
In
In

IVoL. Lxxxix.

THE CHRONICLE

734

1908.

1909.
32s Cop
Twist.

83 lbs. Shirt- Corn
Digs, common Mid.
Upes
to finest.

d.
d. s. d. S.
Aug.
6 9
@9H 4 10 Q9
13 9
@ 994 4 10 Q9
20 9%
(di
1)% 4 1034@9
27 93-16@J9% 4 11 Q9
Sept
3 9 5-16 (gi 10 5 0 849
10 9 7-16 Q 1034 5 1 09
934
@.1094 5 134849

32s Cop
Twist.

d.

d. d.

2
2
3
4

6.69 8%
6.72 SA
6.67 8
6.73 794

5

6.83 794
Q
6 83 7 15-16Q
6.93 8
Q

6

894 lbs. Shirt- Coen
tags, common Mid.
to finest.
Upes
d. s. d.

(a
84
Q
Q

s. d.

994 4 11 Q8 0
9% 4 1034848 0
9 4 10 Q7 1034
834 4 9 @7 10

d.
6.26
5.92
5.59
5.25

8% 4 9 @7 10% 5.25
9 4 10 08 0
5.47
9 4 1034848 134 5.54

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 147,266 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
6,636
'1'0 LIVERPOOL-Sept. 10-Baltic, 4,527; Carmania, 2,309
5,848
To Bremen-Sept. 15-Bremen, 5,848
500
To Hamburg-Sept. 15-Pennsylvania, 500
702
To Antwerp-Sept. 10-Lapland, 702
450
To Barcelona-Sept. 14 Buenos Aires, 450
To Genoa-Sept. 10--Konig Albert, 1,679
1,679
500
To Naples Sept. 10 Konig Albert, 500
To Trieste-Sept. 14-Laura, 100
100
10,172
GALVESTON-To Liverpool-Sept. 14-Crispin, 10,172
9,897
To Havre-Sept. 15-Elaine, 9,897
To Bremen-Sept. 14-Ikbal, 10,580; Matteawan, 10,992_ __ _ 21,572
101
To Hamburg-Sept. 11-St. Oswald, 101
548
To Antwerp-Sept. 13-Hornby Castle, 548
,3983
To Ghent-Sept. 13-Hornby Castle, 3,983
2,575
To Barcelona-Sept. 9-Cerea, 2,575
4,261
To Genoa Sept. 9-Cerea, 4,261
1,000
To Mexico Sept. 10 City of Tampico, 1,000
NEW ORLEANS-To Liverpool-Sept. 15-Louisianian, 1,224_ _ 1,224
819
To Hamburg Sept. 16 Armenia, 819
5,551
SAVANNAH To Liverpool-Sept. 14 Cralgard, 5,551
375
To Manchester-Sept. 14 Gralgard, 375
To Bremen-Sept. 11-Rags, 6,449_ _ _Sept. 14-Monviso,
5,629___Sept. 15-Apolo. 11,150; Manchester Exchange,
29,091
5,863
To Gothenburg-Sept. 11-Rags,100- _Sept. 15-Manchester
200
Exchange, 100
8,640
BRUNSWICK To Bremen Sept. 11 Eretza Mendi, 8,640
WILMINGTON-To Bremen-Sept. 15-Putney Bridge, 12,861._ 12,861
7,157
To Genoa Sept. 16 Hermia, 7,167
3,423
BOSTON-To Liverpool-Sept. 14-Winifredian, 3,423
174
To Manchester-Sept. 10-Bostonian, 174
173
To St. John Sept. 9 and 13-Calvin Austin, 173
4,019
To Genoa-Sept. 15-Romanic, 4,019
75
To Yarmouth Sept. 11 Prince George, 75
100
BALTIMORE-To Hamburg-Sept. 11-Bademia, 100
900
To Antwerp-Sept. 10-Mackinaw, 900
Antwerp-Sept. 14-Marquette, 799
799
PHILADELPIA-To
H
951
SAN FRANCISCO-To Japan-Sept. 14-Chlyo Maru, 951
Total --------------------------------------------------- 147,266

1909.
26,000
32,000

1908.
12,000
19,400

1907.
50,000
79,000

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:

Aug. 27.
59,000
Sales of the week
- --,
Of which speculators took_ Of which exporters took_ ._ _ 1,000
51,000
This Since
This Since
Sales, American
This Since
7,000
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. Actual export
52,000
- Forwarded
850,000
2,750 1,500 3,750 1,250 5,500 Total stock-Estimated
3,250
1,750
Of which American-Est_ 754,000
3,000 7,250 1,7
785 7,750 2;866 7,750 Total imports of the week_ __ _ 34,000
7,000
100
900
800
750
400
Of which American
-.- Amount afloat
41,000
-10,000
3,000 12,5001 3,650 12,400 3,8501 17,300
Of which American

Sept. 3.
73,000
1,000
1,000
63,000
2,000
54,000
836,000
743,000
15,000
10,000
31,000
'5,000

Sept. 10.
83,000
1,000
2,000
66,000
6,000
69,000
781,000
686,000
19,000

34;666
13,000

Sept. 17.
80,000
1,000
1,000
69,000
7,000
63,000
722,000
630.000
11,000
3,000
66,000
40,000

The tone of the Liverpool market for spots and futures
The statement shows that the receipts for the week were each day of the past week and the daily closing prices of
26,000 cantars and the foreign shipments 3,000 bales.
spot cotton have been as follows:




SEPT. 18 1909.1
spot.

Saturday.

Fair
Market. 1
12:15 } business
P. M. 1 doing.

THE CHRONICLE

Monday.

Tuesday.

Wed'day.

Fair
business
doing.

Fair
business
doing.

Fair
business
doing.

Thursday.

Friday.

Good
demand.

Fair
business
doing.

135

DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ _ _ _102 A 1033-4 103% 10254 103 X, 10234
December delivery in elevator_ _ _ _ 96 A 9854 98% 98% 99
9854
May delivery in elevator
160
10154 10254 10134
1013-4 102

Indian corn futures have advanced. The market here
has been a merely nominal affair but at the West there has
14,000
15,000
10,000
been a fair amount of activity.. A crop estimate from a
500
500
500
private source pointing to a yield 155,000,000 bushels smaller
Futures. Steady at Irreg. at Steady at Steady at Steady at St'dy,unch. than indicated
in the last Government report caused buying
Market 1 234@;44
8(410 pts. 607 pts. 405 pts. 8@;$9 pts. to 1 pt.
opened
5 pts. adv.
at one time. Moreover, the receipts have been light, condecline, advance. advance, advance.
decline.
tract stocks at Chicago are small and the cash markets have
Market, 1 Steady at Ea y at B'ly st'y at Quiet at Steady at Bly st'y at
} 434@7
4
934@12 134pts.dec. been firmer. Elevator interests have bought the near
2(:45%
16®1634
5®554
P. M. J pts. adv. pts. dec. pts. adv. pts. adv. pts. adv. tol%pt.ad. months at times. There has been more
or less covering on
wheat's strength. A prediction of frost at the Northwest
The prices of futures at Liverpool for each day are given caused some buying, though it is believed that much of the
below. Prices are on the basis of upland, good ordinary crop is safe from damage by frost. To-day prices were
firmer early with wheat, but later a reaction occurred on the
clause, unless otherwise stated.
setback in wheat and on selling by elevator concerns and
The prices are given in pence and 100ths. Thus, 6 68 means 6 68-100d.
favorable weather and crop reports.
Mid .I.Tpl'ds

6.88

6 .79

6.77

Sales
Spee.deexp.

16,000
2,000

12,000
500

10,000
500

6.84

6.92

8.93

Thurs.
Fri.
Sat.
Tues.
Wed.
Mon.
Sept. 11
to
1234 1234 1234 4 1254 4 1254 4 1234 4 1254 4
Sept. 17. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
Sept _ ___ __ 6 68 59 51 % 57 56% 64% 61 % 72 72 73% 73%
Sept.-bet. __ 8 60 52 44 49 49 57 54 66 66 6654 66
Oct.-Nov ____ 6 57% 49 413.4 47 46% 55 52 64 83 6334 62 34
Nov.-Dec. _ ..__ 6 57% 48% 41 % 47 46% 54 50% 61 34 61 6034 60
Dec.-Jan ._6 5734 48% 41 % 47 46% 54 50% 61 % 61 60% 60
Jan.-Feb ____ 6 58 49 42 47% 47 53 34 5054 61 61 6034 60
Feb.-Mch. _ ___ 6 58 ;4 49 42 47% 47 5334 50% 60% 60% 60 5934
Mch.- Apr. _ _ .. _ 6 58% 49 42% 47% 47% 53% 50% 60% 60% 60 5934
Apr.-May. ____ 6 58 3,5 49 423448 4734 53% 50% 60% 60% 59% 59
May-June ____ 6 58% 49% 42% 48 48 5334 5034 6034 60 59 59
June-July _ ___ 6 58% 49% 4234 48 48 53% 50% 60 60 5834 58 34
July-Aug_
6 56 47 140 4554 4554 50 4754 5734 57 56 5534

BREADSTUFFS.
Friday, Sept. 17 1909.
Prices for wheat flour have shown irregularity during the
week but the changes in many instances have been merely
nominal. Sales have as a rule been limited to small lots.
Buyers consider the recent advance in wheat as artificial and
have refused to advance bids on flour. Export trade has
been at a standstill. Reports from some of the Western
markets show that the trade has slackened there. Springwheat mills are said to be offering flour at lower prices than
those asked by winter mills. The output of the spring-wheat
mills has latterly fallen off. Rye flour and corn meal have
been quiet and steady.
Wheat has advanced. The strength of the actual wheat
has been the biggest factor. The world's visible supply of
American is 20,600,000 bushels, or 13,000,000 less than a
year ago and nearly 40,000,000 bushels less than at this time
in 1907. The world's stock of wheat is put at only about
75,000,000 bushels, or some 15,000,000 bushels less than a
year ago and 50,000,000 less than in 1907. It is said, too,
that the spring-wheat yield in this country has been overestimated. Some unfavorable crop reports have been
received from parts of Europe, notably from the United
Kingdom, France, Roumania and Germany. There are
those who think that the Russian crop outlook is not so
good as it has been represented. Locusts are said to have
done harm in Argentine. President J. J. Hill in a speech
at Chicago the other day took the ground that this country
needs an annual increase in the wheat crop of 15,000,000
bushels or more and is not getting it, and that ultimately
this country will have to import wheat. The receipts at
the Southwest are light and decreasing. And although the
spring-wheat crop is believed to be liberal, farmers in the
Northwest seem inclined to hold back their supplies for
better prices. It is considered significant, too, that one of
the largest wheat operators in the world has recently covered
a large line of shorts. In one day he is understood to have
taken in some two to three million bushels at Chicago and
a similar quantity at Minneapolis. This buying of Mr.
Patten has had a very noticeable effect on speculative sentiment. He is quoted as saying that the farmers at the
Northwest are not willing to sell their wheat at present; that
what is in stacks will stand until the raisers get good and
ready to sell and move it, and that what is already threshed
is being stored at country elevator points. The elevator
people have been hurrying the wheat to Minneapolis and
Duluth and selling it, and for their own protection have
been buying December in the open market. The receipts in
the aggregate are certainly large, the cash trade is dull,
speculation shows little life, and it is insisted that Russia's
crop prospects are very favorable indeed. Also the English
markets have been weak on cheaper tenders from Manitoba,
andilarge offerings from Russia. On the other hand, however, the Continental markets have been strong, and it is felt
that some reaction is due after the recent severe decline.
Prices during the week have therefore shown some net improvement. To-day the market was firmer at one time
early in the session on the strong spot situation, but prices
declined later on weakness in September at Minneapolis,
liberal springw-heat receipts and dulness on the spot.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat.
No. rred, f. o. b
11234
September delivery in elevator_ _110 g
December delivery In elevator_ _105%
May.delivery.In_elevator
107




DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
79
79
79
78
7834 7834
September delivery in elevator_
76
78
78
763.4 76
7854
December delivery in elevator_
71% 71 % 7134 71 A 71 % 714
DAILY CLOSING•PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ __ _ 673-4 67
67
67% 68 % 6854
December delivery in elevator_
6034 6054 6034 6034 61
6054
May delivery in elevator
6134 6134 6134 6254 6234 8234

Oats for future delivery in the Western market have been
firmer in sympathy with the rise in wheat. Prominent elevator interests have of late bought September and sold December rather freely. Stocks at Chicago are heavy and
steadily increasing; but cash prices of late have been stronger
and there has been a somewhat larger demand for cash oats.
To-day oats fluctuated with other cereals. Shorts covered
early, but later on cash interests sold and there was scattered
liquidation. The cash market was dull and easier. Larger
receipts are expected.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No. 2
white__ 40-4334
42-45
42-45
42-45
42-45
4134-45
White
clipped,
34 to 36
lbs ___ 41 34-47
4134-47
43-48
43-48
43-48
43-48
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ __ _ 3934 3954 3954 40
4034 9054
December delivery in elevator_ _ _ _ 3934 3934 3954 3954 4034 4034
May delivery in elevator
41 % 4134 42
4234 42% 4254

The following are closing quotations:
FLOUR.
Winter, low grades_ _ _ Nominal.
Kansas straights,sacks..$4 SO ® $5 15
Winter patents, new _ _$5 25 $5 50 Kansas clears. sacks__ _ 4 40® 4 50
Winter straights, new__ 4 85
5 10 City patents
6 SO® 8 60
4 80 Rye flour, bbls
Winter clears, new_ _ _ _ 4 60
4 IS® 4 75
5 40 Graham flour
5 15
Spring patents
4 15 ® 4 40
5
00 Corn meal, kiln dried
4 85
Spring straights
___ ® 3 65
4 75
4 60
Spring clears
GRAIN.
Corn, per bushelWheat, per bushelCents.
No. 2 mixed
N. Duluth, No. 1
elev. 7854
$10934
N. Duluth, No. 2
1.07
No. 2 yellow
f.o.b Nominal
Red winter, No. 2
f.o.b 1.11 H
No. 2 white
f.o.b. Nominal
Hard "
____
1.1254 Rye, per bushelOats, per bushelNo. 2 Western
f.o.b. 70
Nat. white,26 to 28 lbs. Nominal
State and Jersey
Nominal
No. 2 white.
42@45
Barley-Malting
Nominal
White clipped
43@48
Feeding, c. I. f., N. Y_ 68@$9

The'statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-

Flour.

1

Wheat,

Corn.

Oats.

Barley.

Rye.

bbis.1961bs.'bush.60 lbs. bush.56 lbs. bush.32 lbs. bush.481bs. bu.56 lbs.
523,400 2,818,750 2,121,000
Chicago __
177,367
420,000
31,000
350,900
Milwaukee__
70,175
204,200
202,500
545,800
48,000
152,750 2,402,031
Duluth* ___
49,645
876,660
99,594
48,026
Minneapolis*
3,185,720
96,179
513,070
584,610 460.700
Toledo
126,000
69,600
195,000
10,000
Detroit*
3,180
74,402
57,379
97,578
Cleveland
1,461
8,494
76,126
291,013
3,000
St. Louis__ _
64,610
579,281
298,720
441,600
6,500
8,000
55,800
27,000
Peoria
282,700
88,500
15,000
1,000
KansasCity*
991,200
124,300
172,500
Tot.wk.'09
Same wk.'08
Same wk.'07
Since Aug.
1909
1908
1907

525,343
483,178
304,727

8,268,428
9,700,224
4,800,496

4,077,599
2,816,583
4,864,117

4,222,355 2,451,570
5,109,310 4,282,664
6,258,379 1,397,450

606,726
313,536
136,855

2,703,760 37,312,438 19,178,595 29,608,632 5,804,303 1,202,206
2,439,798 37,649,337 15,711,974 26,319,354 11,321,530 1,132,241
2,293,697 38,390,454 21,807,433 35,584,148 4,266,089 899,894
du

*For seven days.

Total receipts'of flour and grain at the seaboard ports for
the week ended Sept. 11 1909 follow:

Mon. Tues. Wed. Thurs. Fri.
112
1123-4 11134 1113-4 11154

Wheat,
Flour,
Corn,
bush,
Receipts atbush.
bbls.
187,607
New York*
184,300
38,250
37,616
3,955
Boston
6,061
84,243
Philadelphia *
51,204
36,000
57,400
103,957
Baltimore
67,057
Richmond
5,748
78,220
29,640
New Orleans.a*
22,435
120,300
144,100
9,285
Norfolk
Galveston*
255,000
1,000
10,143
Mobile
53,764
30,533
Montreal
615,478
55,000
II
445,010 1,412,464
Total week
430,872
Week 1908
384,778 2,062,329
212,193
Since Jan. 11909_10,364,139 51,085,799 30,548,987
Since Jan.11908_11,483,495 67,378,462 27,553,095

10654 10834 1063.' 10734 10634
107 h 10834 107 h 108 34 108 54

a Receipts do not include:grain passing through NewiOrleans for foreign_ports
on through bills of lading. *For sevenydays.
•

11034 11134 11034 11154 11034

Oats,
bush.
669,475
143,785
239,310
295.133
69,714
102,000

Barley,
bush.
5,100
1,000
2,000

4,038

14,757

Rye,
bush.
2,480
9,327
2,756

1,523,455 22,857
14,563
1,236,188 41,317 81,503
32,859,224 4266,073 671,868
30,607,115 3170,648 1416,898

THE CITRON ICLE

736

1VoL. Lxxxix.

The exports from the several seaboard ports for the week shown more disposition to cover requirements which they
are quite sure they will be called upon to meet in the near
ending Sept. 11 1909 are shown in the annexed statement:
Oats,
Rye, Barley, Peas, future. As for some time past, however, conservatism in
Corn, Flour,
Wheat,
bush,
bats.
bush.
bush,
bush.
bush.
bush. purchases is in evidence on all sides; the absence of speculaExports from3,876 47,737
4,126
1,750
522
New York
tion is gratifying to leading factors, who consider this fact
35,724
1,071
Boston
1,592 26,054
an indication that fundemental conditions are sound. The
Philadelphia
850
88,000
8,885
110
Baltimore
strike of weavers at the Fall River Iron Works Mills early in
51,612 42,525
200,190
1,650
New Orleans
2,000 24,919
337,600
the week attracted considerable attention, but was of short
Galveston
53,764 10,143
100
Mobile
duration, the operatives accepting the Borden management's
597,809
Montreal
25,877
24,200
offer of an advance of 5% in wages. Among local jobbing
Norfolk
9,285
houses trade in cotton goods has continued fairly active,
Total week_ _1,261,073 113,694 196,496
30,186
522
1,838,256
20,562 187,849
30,403 77,058
Week 1908
5,180
807 the cheaper lines of staples being most in demand, although
The destination of these exports for the week and since most fabrics when offered at attractive prices have met with
a ready sale. Numerous re-orders for low grades of cotton
July 1 1909 is as below:
have been received from practically all sections of the
Flour
-Wheat
--Corn
Since
Since country, particularly the South, reflecting, apparently,
Since
July 1
Week
July 1
Week
Week
July 1 depleted stocks, and the aggregate volume of such business
Exports for week and Sept.11.
1909. Sept. 11.
1909. Sept. 11.
1909
since July 1 tobush.
bbls.
bbls.
bush.
bush' has been quite large; prints, especially, have been in better
bush.
United Kingdom.....112,992 755,414 958,821 8,250,341
51,431
343,598 request, and the foreign demand has also shown some
Continent
27,501 160,840 300,502 5,004,156
372,078 improvement. The increased interest shown in these goods
117,311
1,750
216
44,344
So. & Cent. Amer.. 14,146 138,348
West Indies
34,559 240,624
467,540 IS attributed to a better appreciation of their value, on the
60,717
Brit. No. Am. Cols_ 7,265
5,814 part of buyers, at current levels. The market for hosiery
500
22,278
830
Other Countries.. _ _ _
5,914
33
21,361
and underwear is comparatively quiet on forward business;
Total
196,496 1,338,865 1,261,073 13,371,828 113,694 1,239,288 calls for goods for immediate shipment are still numerous
20,562
530,769
Total 1908
187,849 1,815,624 1,838,256 26,038,900
and frequent, and some duplicate orders have been received;
The world's shipments of wheat and corn for the week prices on some grades of domestic hosiery for fall were
ending Sept. 11 1909 and since July 1 1909 and 1908 are advanced from 23-2 to Sc. a dozen during the week. Fine
shown in the following:
staple dress goods have been purchased in fair volume for
immediate and future delivery, but the market generally
Wheal.
Corn.
has not been active; men's wear lines have continued quiet.
1908.
1909.
1909.
Exports.
1908.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Sept. 11 were 4,175
Week
Week
Since
Since
Since
Since
July 1. Sept. 11. July 1.
Sept. 11. July 1.
July 1.
packages, valued at $292,626, their destination being to the
points specified in the tables below:
Bushels. Bushels. Bushels.
Bushels. Bushels.
Bushels.
North Amer. 2,565,000
Russian....... 6,128,111
Danubian __ 544,000
Argentine __ 216,000
Australian__ 456,000
0th. countrs 280,000

22,089,000 35,809,700
30,224,000 9,184,000
6,792,000 7,600,000
10,864,000 17,918,000
1,796,000 2,224,000
19,920,000 3,952,000

86,000 1,177,000
665,400
77,000 4,872,000 3,975,500
298,000 6,196,000 5,072,500
43,000 32,532,000 20,504,500

Total _ ___ 10189000 91,685,000 76,687,700

504,000 44,777,000 30,217,900

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
UnUed
Kingdom. Continent.
Sept. 11 1909_
Sept. 4 1909_
Sept. 12 1908_
Sept. 14 1907_

Total.

Bushels. Bushels. Bushels.
14,880,000 11,920,000 26,800,000
16,320,000 11,320,000 27,640,000
15,120,000 13,920,000 29,040,000
16,120,000 10,760,000 26,880,000

United
Kingdom. Continent,
Bushels.
6,970,000
6,120,000
6,035,000
6,760,000

Total
Total.

Bushels. Bushels.
9,265,000 16,235,000
9,945,000 16,065,000
4,335,000 10,370,000
4,720,000 11,480,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 11 1909, was as follows:
AMERICAN GRAIN STOCKS.
Corn,
Oats,
Wheat,
bush.
bush.
bush,
540,000
24,000
492,000
New York
18,000
8,000
Boston
117,000
103,000
Philadelphia
65,000
588,000
603,000
Baltimore
152,000
199,000
374,000
New Orleans
8,000
426,000
Galveston
85,000
39,000
Buffalo
171,000
512,000
36,000
Toledo
875,000
38,000
afloat
"
233,000
107,000
2.31,000
Detroit
220,000
3,572,000
Chicago
630,000
76,000
107,000
Milwaukee
86,000
14,000
122,000
Duluth
929,000
367,000
Minneapolis
247,000
3,000
St. Louis
1,642,000
66,000
229,000
Kansas City
60,000
242,000
1,869,000
Peoria
951,000
28,000
107,000
92,000
Indianapolis
304,000
585,000
On Lakes
505,000
774,000
1,325,000
On Canal and River_ _ _
171,000
106,000
87,000

L Total Sept. 11 1909_ _10,741,000

1,957.000 8,862,000
Total Sept. 4 1909_ - 9,167,000 1,833,003 7,382,000
CANADIAN GRAIN STOOKS.
Corn,
Wheat,
Oats,
bush.
bush.
bush.
90,000
323,000
Montreal
245,000
Pert William
684,000
Port Arthur
503,000
Other Canadian
425,000

Rye,
bush.
7,000

American
Canadian

323,000
90,000
44,000
468,000
SUMMARY.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
10,741,000
1,957,000
8,862,000.
90,000
1,757,000
323,000

Total Sept. 11 1909_ _12,498,000
Total Sept. 4 1909_ _10,016,000
Total Sept. 12 1908_ _20,823,000
Total Sept. 14 1907_ _45,550,000
Total Sept. 15 1906_ _31,180,000
Total Sept. 16 1905..13,356,000

Barley,
bush.
32,000
1,000

1,000
65,000
8,000
25,000

56,000
1,000

33,000
4,000
3,000
110,000
40,000
1,000

61,000
815,000
204,000
13,000

1,000
27,000

279,000

325,000
239,000

1,462,000
707,000

Rye,
bush.

Barley,
bush.
57,000

57,000
62,000

Total Sept. 11 1900... 1,757,000
Total Sept. 4 1900_ _ 849,000

Barley,
Rye,
bush.
bush.
325,000 1,462,000
57,000

2,017,000
9,185,000
325,000 1,519,000
769,000
239,000
1,912,000
7,850,000
560,000 2,878,000
2,006,000
5,133,000
531,000 1,163,000
3,189,000
3,231,000
2,932,700
7,163,000 1,456,000 1,318,000
954,000 1,878,000
5,799,000 15,066,000

THE DRY GOODS TRADE.
New York-, Friday Night, Sept. 17 1909.
Prices of cotton goods have rested on a very firm basis
and trading has continued much the same in character and
volume as in the preceding week. In the primary market
business generally has remained quiet, although jobbers and
others have steadily taken staple fabrics for filling-in purposes, while some large handlers of popular lines have




New York to September 11Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
Soutb America
Other counttles

-----1908---------1009----Since
Since
Week. Jan. 1.
Week. Jan. 1.
135
3
593
1,250
838
18
780
05
148,342
659 18,120
'7,688
525 11,698
1,000
21,258
383 20,589
6,437
___
193
403 17,087
648 11,29129,449
33
1,211
1,134
17
31 10,999
9,740
199
1,136 28,274
1,118 37,161
665 14,523
939 13,610
4,175 285,053

4,025 127.028

The value of these New York exports since January 1 has
been $15,320,255 in 1909, against $8,087,661 in 1908.
Domestic cottons have been only moderately active at
first hands and among secondary distributors orders as a
rule have been confied to limited quantities for filling current
or nearby needs, and the demand has been somewhat
irregular. The call for drills appears to have increased
steadily; spot supplies, especially of 37-inch, are reported
as light, and prices are slightly firmer. The demand for
prints for foreign and domestic shipment has broadened
materially; additional requests for prompt delivery came
forward during the week from various sections, while not a
few jobbers have been increasing their commitments for
spring. Shirtings have been quite 'active as a result of
further application by jobbers, and leading producers are
reported well sold ahead. Cotton linings generally have
ruled quiet, although some converters report a fairly good
trade for immediate delivery. A brisk demand has developed for colored cotton goods in the piece for decorative
purposes during the Hudson-Fulton celebration in this city.
No particular feature has been noted in bleached goods,
which are firmly held. In the export division a moderate
quantity of drills was taken for India, while a somewhat
better demand was received, especially from Manila, for
prints; trade with China, however, has shown no improvement. The print cloth market has been quiet, with prices.
unchanged, but strong.
WOOLEN GOODS.-Although the dress goods market
cannot be described as active, leading producers of fine
staples report some improvement in the demand for near-by
and future shipment. Inquiry seems to have run principally
to worsteds in staple colorings, as fancies have not sold
freely. Additional lines of woolen and worsted dress
fabrics for spring were opened by a leading interest during
the week, including broadcloths, kerseys, fancy woolens,
serges and panamas; interest has centered largely on the
last two descriptions and a substantial business in these is
said to have been done for spring. Fine worsted diagonals
in staple shades have also been taken in good quantities for
that season. Comparatively little interest is being shown
in homespuns, in sharp contrast with the brisk demand
earlier in the season. The men's wear market has displayed
but little activity; few new orders have been received and
duplicates for spring are not expected to materialize for
some time.
FOREIGN DRY GOODS.-Imported woolen and worsted
fabrics have continued in good request. Demand for linens
of all descriptions has been well maintained and further
advances have taken place on various lines; many importers
refuse to book additional business for delivery before January
and will not guarantee shipments in the early part of next
year. On all sides there is considerable apprehension that
the rapid advances abroad may curtail the domestic demand
for linens and result in substitution. The burlap market
has been quiet, with trading light and prices unchanged.

THE CHRONICLE

SEPT. 18 1909.i

BUIL" AND CITY

lUiltiratitENTI

News Items.
El Paso, El Paso County, Texas.-Report of Water Committee.-According to Dallas papers, a committee appointed
last April to investigate the condition of the plant of the
International Water Co. and the adequacy of the supply
has recommended that the city purchase the plant, fixing its
value at $700,000, and spend $500,000 to improve the system.
It is alleged that the appointment of the committee was
caused by a request of the water company to be allowed to
raise its rates one-third and threats to go into the hands
of a receiver if the increase was not granted. The reports
are that the City Council will adopt the committee's recommendations, and an election will be held to vote on a bond
issue of $1,250,000 to purchase and improve the water plant.
New Hampshire.-Constitutional Convention.-The Legislature of 1909 adopted a joint resolution which provides that
at the general election in November 1910 there shall be
printed on the ballots the question as to whether a convention shall be called to revise the State Constitution.
Amendments to Savings Bank Investment Law.-At the
1909 session the Legislature also passed laws amending
Chapter 114 of the Laws of 1901 relating to investments of
savings banks. One of the Acts passed (Chapter 103, Laws
of 1909) amends Clause 17 of Section 1 regarding investments
in the stock of national banks and trust companies. As
amended the law provides that savings banks shall not hold
as investments or as collateral for loans an amount of stock
of national banks or trust companies in the State of New
Hampshire which shall exceed one-fourth of the capital stock
of such bank or trust company. In the case of stock of
banks and trust companies outside of the State the holdings
must not exceed one-tenth of the capital stock. Under the
old law there was no discrimination, the limit being one-tenth
in all cases. We give below Clause 17 as it now reads:
Clause 17. In the stock of any national bank or trust company located
in the New England States or the State of New York, but not exceeding
10% of the deposits of a savings bank shall be invested in such stock; the
amount of stock In any national bank or trust company in this State which
may be held by any savings bank as an investment or as collateral security
for loans shall not exceed 25% of the capital stock of said national bank
or trust company; and the amount of stock in any national bank or trust
company outside of this State which may be held by any savings bank as
an investment or as collateral for loans shall not exceed one-tenth of the
capital stock of said national bank or trust company.

For comparison we print herewith the law as it read before
being amended:
Clause 17. In the stock of any national bank or trust company in the New
England States and in the State of New York, but the amount of such stock
held by any savings bank as an investment and as collateral for loans shall
not exceed one-tenth of the total capital stock of such national bank or trust
company, and not exceeding 10% of the deposits shall be so invested.

The other amendment (Chapter 62 of the Laws of 1909)
adds an entirely new clause (Clause 22) to Section 1 and
allows investment in the stock of certain real estate trust
companies. The addition to the old law is as follows:
Clause 22. In the stock of any real estate trust company of this State
and whose property Is occupied and improved and is located in this State,
whose capital stock is $100,000 or more; provided, the total indebtedness of
such company does not exceed one-half of the capital stock actually paid
in and remaining unimpaired; and provided such company has earned and
paid regular dividends of at least 4% per annum upon its capital stock or
shares for live years previous to such investment, but not exceeding 5%
of the deposits shall be so invested.

New Jersey.-Constitutional Amendments Defeated.-The
returns at hand indicate that thespecial election held Sept. 14
resulted in the defeat of all five of the proposed constitutional amendments mention of which was made in V. 89,
p. 298. It is estimated that the following amendments
were defeated by a majority of from 25,000 to 30,000: No. 1,
relating to foreclosure of mortgages; No. 2, relating to Court
of Pardons; No. 3, relating to the judiciary, and No. 5, extending the terms of the Governor, members of the Legislature and county officers. The other amendment (No. 4)
proposed an increase in the salaries of members of the Legislature from $500 to $1,000. While the vote on this proposition was closer, there seems to be no doubt as to the result.
The lack of interest in the election is shown by the fact that
only about one-fifth of the total vote of the State was polled.
Norfolk County (P. 0. Portsmouth), Va.-Supreme Court
Refuses Appeal in Road Bond Suit.-According to the Norfolk
"Dispatch, the Supreme Court of Appeals of Virginia has
refused an application for an appeal from the decree of Judge
White of the Circuit Court sustaining the demurrer of the
Board of Supervisors, which denied the unconstitutionality
of the Act of the Legislature providing for the issuance of
$200,000 road bonds. The demurrer was entered in a suit
brought by C. L. Old, a taxpayer, to test the validity of the
Act under which the bonds were issued. The securities, it is
stated, were awarded to the National Bank of Commerce in
Norfolk.
Seneca Falls, Seneca County, N. Y.-Water Works Case
Decided Against Village.-The Rochester "Democrat and
Chronicle" of Sept. 10 states that Justice George A. Benton
of the Supreme Court, Seventh Judicial District, has decided
against the village in the injunction proceedings brought to
restrain the issuance of the $240,000 municipal water-worksconstruction bonds offered on Aug. 20. V. 89, p. 553. The
basis upon which the plaintiffs based their case was that women taxpayers had not been allowed to vote at the election at
which the bond issue was sanctioned.




737

Bond Proposals and Negotiations this weell,
have been as follows:
Anna Independent School District (P. 0. Anna), Collin
County, Tex.-Bids Rejected.-The Board of Education
rejected all bids received on Aug. 25 for the $14,000 5%
40-year coupon school-building bonds described in V. 89,
p. 424. These bonds were registered by the State Comptroller on Sept. 9.
Ashtabula County (P. 0. Jefferson), Ohio.-Bids.-The
following bids were received on Aug. 26 for the $35,000 432%
1-10-year (serial) coupon road-improvement bonds awarded
on that day to Hayden, Miller 4 Co. of Cleveland at 102.021
(not 102.307 as first reported) and accrued interest (V. 89,
p. 548).
Hayden,Miller&Co.,Cleve$35,707 50
First Nat. Bank, Cleve__ _ 35,694 00
Breed & Harrison, Cin_ _ _ 35,682 50
Western German Bk., Cin. 35,631 60
Hoehler & Cummings,Tol. 35,612 50
Otis & Hough, Cleveland._ 35,601 00

Cleveland Trust Co.,Clev_$35,595 00
Seasongood & Mayer, Cin_ 35,574 00
R. Kleybolte & Co., Cin__ 35,560 00
Well, Roth & Co., Cin_ _ _ _ 35.555 00
C. E. Denison & Co., Clev. 35,598 25

Bond Sale.-On Aug. 16 the $10,000 43% 1-10-year
(serial) coupon road-improvement bonds described in V. 89,
p. 424, were awarded to the First National Bank of Cleveland at 101.87 and accrued interest.
Atlanta, Ga.-Bond Election Proposcd.-At the next
meeting of the General Council, to be held Sept. 20, the
Bond Commission will recommend that an election be called
for Dec. 15 to vote on propositions to issue the following
bonds: $1,350,000 for a sewer system $765,800 for new
schools, $1,000,000 for water-works, $250,000 for a new
hospital and $100,000 for three new crematories.
Basin, Bighorn County, Wyo.-Bond Sale.-On Aug. 30
Ulen, Sutherlin & Co. of Chicago purchased the $13,000 6%
10-20-year (optional) coupon irrigation bonds offered on
that day for $13,143 50 and accrued interest. Following
are the bids:
Olen, Sutherlin&Co., Chic_ _101.1031Jas. H. Causey & Co., Denver_ _ _ _98
par
Farwell Trust Co., Chicago__

See V. 89, p. 549, for description of these securities.
Batavia, Genesee County, N. Y.-Bond Offering.-Proposals will be received until 2 p. m. Sept. 25 by J. H. Wood,
Village Clerk, for the $375,000 registered or coupon sewersystem bonds mentioned in V. 88, p. 1571.
Authority, Section 129 of General Village Laws; also vote of 738 "for"
to 338 "against" at election held July 1 1909. Denomination $1,000.
Date Oct. 1 1909. Interest (rate not to exceed 5%) on Jan. 1 and July 1
at the Bank of Batavia or at such banking institution in New York City
as may be agreed upon. Maturity $15,000 yearly on July 1 from 1914 to
1938 inclusive. Certified check for 2% of bid, payable to the Village Treasurer. Is required. No debt at present. Total assessed valuation 1909,
$6,660,054.

Bellevue, Allegheny County, Pa.-Bond Sale.-On Sept. 7
the $25,000 5% 26-30-year (serial) borough-hall and fireengine-house bonds described in V. 89, p. 612, were awarded
to E. S. Wheeler of Pittsburgh at 110.8713-a basis of about
4.327%.
Bismarck,No,Dak.-Bond Sale.-Arrangements have been
made with the State of North Dakota for the sale of the
$5,000 10-year crosswalk-construction bonds voted (V. 89,
p. 485) on August 10.
Bloomington, McLean County, Ill.-Bonds Voted.-The
$150,000 4% 10-20-year (optional) coupon water-supplyimprovement bonds described in V. 89, p. 677, were authorized at the election held Sept. 14. The vote was 1,225 "for"
to 826 "against." The bonds will be offered for sale in
about three weeks.
Brandon, Miss.-Price Paid for Bonds.-We are advised
that the price paid for the $5,000 6% 10-20-year (optional)
street-improvement bonds awarded on Aug. 20 to the Merchants' Bank & Trust Co. of Jackson (V. 89, p. 549) was
101.833 and not 101 as at first reported. Denomination
$500. Date Aug. 3 1909.
Brazos County Improvement District No. 1,Tex.-Bond
Election.-Papers report that an election will be held Sept. 21
to vote on a proposition to issue $49,000 5% 20-40-year
(optional) levee bonds.
Brown County (P.O. Brownwood), Texas.-Bond Sale.According to reports, $100,000 public-road bonds have been
sold to Brooke, Smith & Co. of Brownwood.
Buffalo, N. Y.-Bid.-In addition to the successful bid
of 100.40 submitted on Sept. 10 by A. B. Leach & Co. of
New York City for the $145,000 4% 1-20-year (serial) registered water refunding bonds (V. 89, p. 677), an offer of
100.09333 for "all or none" was also received from Estabrook
& Co. of New York City.
Carlton School District, Santa Cruz County, Cal.Description of Bonds.-We are informed that the $3,000 5%
school-house bonds awarded on Aug. 18 to Charles B.
Younger of Santa Cruz at 102.666 (V. 89, p. 612) are in denomination of $500 and are dated Aug. 2 1909. Interest
semi-annual. Maturity from 1911 to 1919 inclusive.
Carterville, Jasper County, Mo.-Bond Sale.-The $50,000
5% 20-year coupon water-works bonds described in V. 89,
p. 299, were sold on Aug. 5 to S. A. Kean & Co. of Chicago
at 101.10. Purchasers to pay the cost of having the bonds
printed.
Central City, Merrick County, Neb.-Bond Sale.-On
Sept. 13 the $18,000 5% 5-20-year (optional) coupon electric-

738

THE CHRONICLE

light and heating-plant bonds described in V. 89, P. 677,
were awarded to the Platte Valley State Bank of Central
City for $18,400 (102.222). A bid was also received from
the Farmers' State Bank of Central City.
Charleston, S.0.-Bond Sale.-We see it reported that the
$300,000 4% 20-year coupon sewerage-system bonds
described in V. 89, p. 549, were disposed of on Sept. 15 as
follows: $20,000 to the Exchange Bank & Trust Co. of
Charleston at par and $280,000 to J. W. Dickey of Atlanta,
$200,000 at 100.001 and $80,000 at par.
Charlotte, Eaton County, Mich.-Bond Sale.-We are advised that the $6,000 city-hall bonds recently voted (V. 89,
p. 300) have been sold to Alfred Ronk of Brooklyn, N. Y.
Chartiers Township, Allegheny County, Pa.-Bonds
Offered by Bankers.-J. S. & W. S. Kuhn Inc. of Philadelphia, are offering for sale $20,000 432% coupon school
bonds.
Denomination $1,000. Date July 15 1909. Interest semi-annually at
the West End Savings & Trust Co. in Pittsburgh. Maturity part each six
months. Bonds are tax exempt.

Ohautauqua Union Free School District No. 3 (P. 0.
Chautauqua), Chautauqua County, N. Y.-Bond Offering.Proposals will be received until 12 m. Sept. 25 by L. B. Yale,
Secretary Board of Education, for $16,000 4M% registered
school-building bonds.
Denomination $1,000, Date Oct. 1 1909. Interest semi-annually at
the State Bank of Mayville in New York exchange. Maturity $1,000
yearly from 1919 to 1934 inclusive. Bonds are exempt from taxes. Certified check for 10% of bid, payable to A. D. English, President, is required. Bonded debt, including this issue, $20,000. No floating debt.
Assessed valuation 1908, $1,200,000.

[VoL. Lxxxxx.

portion) improvement bonds described in V. 89, p. 612,
were sold on Sept. 11, it is stated, to the Fifth-Third National
Bank of Cincinnati for $23,446-the price thus being 101.939.
Maturity $1,000 each six months from April 1 1910 to April 1
1918 inclusive and $2,000 each six months from Oct. 1 1918
to Oct. 1 1919 inclusive.
Dayton, Montgomery County, Ohio.-Bond Sale.-The
two issues of coupon bonds described in V. 89, p. 613, were
disposed of on Sept. 9 as follows:
$4,500 5% 2-year water-course bond awarded to the City National Bank
of Dayton at 100.50.
20,000 4% 2-11-year (serial) general-street-improvement bonds awarded
to the Dayton Savings & Trust Co. of Dayton at 100.38.
Seasongood & Mayer bid $4,512 75 for the water-course bonds, while the
Fifth-Third National Bank bid $20,012 50 for the street bonds.

Dayton, Sheridan County, Wyo.-Bond Election.-An
election will be held to-day (Sept. 18) to vote on the question of issuing $16,000 10-30-year (optional) water bonds
at not exceeding 6% interest.
Delphos,Allen and Van Wert Counties, Ohio.-Bond Sale.
-Barto, Scott & Co. of Columbus bought on Sept. 13 the
$17,000 5% 5-year street-improvement bonds described in
V. 89, p. 678, for $17,597-the price thus being 103.512.
Denmark School District (P.0. Denmark), Lewis County,
N. Y.-Bond Sale.-The Watertown Savings Bank of WatertoWn purchased $16,000 432% 32-year school-building bonds
on Sept. 10. Denomination $500. Date July 11909.
Dunmore, Lackawanna County, Pa.-Bond Sale.-On
Sept. 7 Lawrence Barnum & Co. of Philadelphia were
awarded $85,000 432% coupon or registered funding and
sewer-construction bonds for $85,427 (105.023) and accrued
interest. Purchasers to pay for the printing of the bonds.
Denomination $1,000. Date April 1 1909. Interest semi-annually in

Chicago, Ill.-Lincoln Park District.-Bonds Awarded in
Part.-Of the $250,000 4% 1-10-year (serial) Town of Lake
View Small Park bonds offered without success on July 7 Dunmore. Maturity $2,000 yearly from 1910 to 1919 inclusive,
(V.89, p. 300), $50,000 have been sold at par as follows: $25,- yearly from 1920 to 1934 inclusive and $4,000 yearly from 1935 to$3,000
1939
These bonds were originally advertised to be sold Aug. 17.
000 to the State Bank of Chicago and $25,000 to the Union inclusive.
This date, however, was subsequently changed to Sept. 7 to allow prospecTrust Co. of Chicago.
tive bidders more time in which to submit their offers.
Cincinnati, Ohio.-Bond Offering.-Proposals will be reEasthampton, Hampshire County, Mass.-Note Sale.ceived until 12 m. Oct. 11 by Ernst Von Bargen, City Aud- According to dispatches, Merrill, Oldham & Co. of Boston
itor, for the following 4% coupon bonds:
recently purchased $38,000 4% water notes at 101.
$100,000 hospital bonds, mentioned in V. 89, p. 425. Date Sept. 15 1909.
Maturity 50 years.
25,000 park-improvement bonds. Date Sept. 1 1909. Maturity 40
years.
550,000 bonds for the construction of additional buildings for the University of Cincinnati. Date Sept. 15 1909. Maturity 40 years.
25,500 park bonds, mentioned in V. 89, p. 486. Date Sept. 15 1909.
Maturity 40 years.
35,000 Inwood Park bonds mentioned in V. 89, p. 239. Date July 30
1909. Maturity 10 years.
Authority, Section 2835, Revised Statutes. Denomination $500.
Interest semi-annual. The bonds are exempt from taxation. Bid must
be made on printed form furnished by the City Auditor and be accompanied
by a certified check for 5% of bonds bid for, made payable to him. Purchaser to pay accrued interest.

The securities are dated Oct. 1 1909 and mature $5,000 on Oct. 1 1910
and $3,000 yearly on Oct. 1 from 1911 to 1921 inclusive.

Well, Roth & Co., Cinc1n__103.0035 S. A. Kean & Co. Chicago 102.02
John Nuveen & CO., Chicago_101.257
C. Edgar Honnold, Chick_ _103
par
0.E. Denison & Co., Cleve_102.611 R. J. Edwards, Okla. City__

$1,000.
Interest semi-annually at
the City Trust Co. in Boston. Bonds are exempt from taxation in Massachusetts. The issue will be certified as to genuineness by the City Trust
Co. of Boston, who will further certify that the legality of the issue has
been approved by Storey, Thorndlice, Palmer & Thayer of Boston, a ropy
of whose opinion will be delivered to the purchaser without charge. Bonds
are ready for immediate delivery.

Elkhart Township (P.0. Goshen), Elkhart County,Ind.Bond Sale.-The $7,500 432% coupon funding bonds described in V. 89, p. 613, were disposed of on Sept. 7 as follows: $5,500 due $500 each six months from July 1 1910 to
July 1 1915 inclusive, awarded to J. T. Elliot & Sons of Indianapolis for $5,565 (101.181), and $2,000, due $500 each
six months from Jan. 1 1916 to July 1 1917 inclusive, awarded
to J. H. Baker at 107. The following bids, some of which
did not comply with the requirements of the advertisement,
Clarksburg, Harrison County, W. Va.-Bonds Voted.- were also received:
Reports state that the propositions to issue the following E. M.Campbell & Son,Ind__ _$7,792 Breed & Harrison, Cincin_ _$7,591 50
Miller, Adams &Co., Ind_ _ _ 7,755 Fred Melmert
7,530 00
bonds mentioned in V. 89, p. 425, were favorably voted J.
F. Wild & Co., Indianapolis 7,653
upon Sept. 13: $170,000 for water, $51,600 for sewers and
Everett,
Middlesex
County, Mass.-Bond Sale.-This city
$48,400 for refunding purposes.
on Sept. 10 awarded $50,000 4% 1-10-year (serial) coupon
Clinton, La.-Bond Election.-We see it reported that a street-improvement bonds to R. L. Day & Co. of Boston at
$15,000 electric-light-plant bond election will be held Sept. 21. 101.419 and accrued interest-a basis of about 3.713%. The
Clinton, Custer County, Okla.-Bond Sale.-On Sept. 7 other bidders were:
the four issues of 6% 25-year coupon bonds aggregating Estabrook & Co., Boston_ _ _101.129 N. W. Harris & Co.,Boston_101.01
& Burr, Boston 101.061 Blake Bros. & Co., Boston_ _100.92 •
$100,000, described in V. 89, p. 612, were awarded to Ed. Parkinson
Blodget,
& Co., Bos_101.037 American Banking Co., Bos_100.523
M. Semans & Co. of Oklahoma City at 107.01-a basis of Adams &Merritt
Co., Boston
101.03
about 5.482%. A list of the bidders follows:
The bonds answer the following description.
Ed. M.Semans&Co.,0k.City 107.01 1 G. I. Gilbert, Okla. City_ _ _ _102.103
Denomination
Date April 1 1909.
Worcester County, Mass.-Note Offering.-Proposals will be received until 10:30 a. m. Sept. 25 by Chas. E.
Shaw, Town Treasurer, for $10,000 4% coupon town-hall
Farragut Independent School District (P. 0. Farragut),
notes.
Fremont County, Iowa.-Bond Sale.-On Aug. 21 the
Denomination $1,000. Date Oct. 1 1909. Interest semi-annually at
the City Trust Co. in Boston. Maturity $1,000 yearly on Oct. 1 from 1910 $5,000 5% 1-5-year (serial) coupon or registered school-house
to 1919 inclusive. The notes are exempt from taxes in Massachusetts. bonds described in V. 89, p. 426, were awarded to the ComCertified check on a national bank or trust company for 1% of the bonds
Interest annual.
bid for is required. The issue will be certified as to genuineness by the mercial Savings Bank of Farragut at par.
City Trust Co. of Boston, who will further certify that the legality has been
Sale.
Fayette,
-Bond
-On Sept. 13
Fulton
Ohio.
County,
Thorndike,
copy
of
Palmer
&
Thayer
of
a
Boston,
approved by Storey,
whose opinion will be delivered to the purchaser. Notes will be ready for the $13,860 43/2% coupon Fayette Street improvement bonds
delivery about Oct. 1 1909.
described in V. 89, p. 678, were awarded to Otis & Hough
Coffeyville School District (P. 0. Coffeyville), Mont- of Cleveland at 101.37 and accrued interest. The bids were
to
Kans.-Bonds
Voted.
-The
County,
proposition
gomery
as follows:
lerCo
&.,CColn
issue the $32,000 5% 25-year school-building bonds men- Otis & Hough, Cleveland_ _ _ _$14,050 I Weil, Ropiii&
.
$113:9
964
Fayette State Savings Bank,
14,
Sept.
favorably
was
voted
upon
tioned in V. 89, p. 678,
de
.ni‘odd & Co., Cincin___ 13,895
14,025illi
Wa.yR
Fayette
market,
will
placed
on
soon be
the
We are informed that they
Security Sav.Bk.dar.Co.,Tol 13,976 I Farmers'St. Bk. Co., Fayette 13,879
Maturity on Sept. 1 as follows: 31,260 in 1911 and $1,400 yearly from
Colegrove School District, Los Angeles County, Cal.- 1912
to 1920 inclusive.
Bond Sale.-On Sept. 7 the $18,000 43/2% 1-18-year (serial)
Fort Wayne School City(P.O.Fort Wayne), Allen County,
bonds described in V. 89, p. 612, were sold, it is stated, to Ind.-Bond Of1ering.-Proposals will be received until 8 p. in.
C. E. Woodside & Co. of Los Angeles at 101.90-a basis of Sept. 30 by the Board of Trustees, Anselm Fuelher, Presiabout 4.256%.
dent; J. M'Beth Smith, Secretary, and Ernest W. Cook,
Corning Union Free School District No. 13(P.0.Corning), Treasurer, for $225,000 4% coupon school-improvement
Steuben County, N. Y.-Bond Offering.-Proposals will be bonds.
received until 7 p. m. to-day (Sept. 18) by Harvey T. Cole
Denomination $1,000. Date October 1909. Interest semi-annually at
the United States Mortgage & Trust Co. In New York City. Maturity on
Jr.',. City Clerk, for $4,500 5% school bonds.
rj Clinton,

Denomination $1,000, except one bond of $500. Date Sept. 1 1908. Interest semi-annually at the First National Bank in New York City. Maturity on Sept. 1 as follows: $2,000 in each of the years 1947 and 1948 and
$500 in 1949. Purchaser to pay accrued interest. Certified check or
cash for 10% of bonds is required.

Oct. 1 as follows: $15,000 yearly from 1914 to 1018 inclusive and $30,000
yearly from 1919 to 1923 inclusive. Certified check for $3,000, payable
to the "School City of Poet Wayne," is required.

Frederick, Brown County, So. Dak.-Bond Offering.Proposals were asked for until 12 m. yesterday (Sept. 17) by
Crescent, Logan County, Okla.-Bond Sale.-Water and W.TB. Hicks, Chairman,for $3,500 5% coupon fire-protection
light bonds to the amount of $30,000 have been sold. These bonds.
bonds were voted (V.89, p. 612) on Aug. 24.
Denominatien $500. Interest -trintially at the First National Bank of
$1790
1 1715.
919T
. heBo
Frederick. Maturity $1,500 in 1914 and$
2:000
1909
re
nsdusltao
ref
Ouyahoga County (P. 0. Cleveland), Ohio.-Bond Sale.- exempt
from taxes. Assessed valuation
The $23,000 43/2% coupon Independence Road (county's this offering was not known to us at the hour of going to press.




SEPT. 18 1909.1

THE CHRONICLE

Fredericktown, Knox County, Ohio.-Bond Sale.-The
$1,200 4% 3-5-year (serial) coupon street-opening bonds
offered on Sept. 6 and described in V. 89, p. 487, were
awarded to Mary E. Ewers at 100.833 and accrued interest.
Fulton, Oswego County, N. Y.-Bond Offering.-Proposals will be received until 8 p. m. Sept. 21 by 0. S. Bogardus,
City Chamberlain, for $20,000 4% registered West Side
sewer-system bonds.
Authority Chapter 63, Laws of 1902. Denomination $1,000. Date
Oct. 1 1909. Interest on Jan. 1 and July 1 at the United States Mortgage
& Trust Co. in New York City. Maturity $2,000 yearly on Jan. 1 from
1930 to 1939 inclusive. Certified check on a national or State bank for
$1,000, payable to the City Chamberlain, is required. Bids must be made
upon blank furnished by the city. Bonds to be delivered Oct. 1.

739

Hutchinson, Reno County, Kan.-Bids.-The following
bids were received on Sept. 3 for the $66,000 43i% 20-year
registered funding bonds awarded to the Commerce Trust
Co. of Kansas City, Mo., at 101 (V. 89, p. 679):
Commerce Trust Co. K. C_ _$66,660 C. E. Denison & Co., Cleve_ 466,217
First Nat. Bank, Hutchinson 66,501 Harris Trust & S. Bk., Chic_ 65,700
State Exch.Bk.,Hutchinson_ 60,425

Indiana.-Bond Sales.-In their September list of offerings,
J. F. Wild & Co. of Indianapolis include the following bond
issues, the sales of which have not been previously reported
in these columns:

Carroll County-58,400 43.4% Carrollton Township gravel-road bonds.
Denomination $420. Date Jan. 15 1909. Interest May 15 and Nov. 15
at the office of the County Treasurer in Delhi. Maturity $420 each six
months from May 15 1910 to Nov. 15 1919 inclusive.
Clinton County-$3,500 4 34% Warren Township school-house bonds. De
Gallipolis, Gallia County, Ohio.-Bond Sale.-An issue of
nomination $700. Date July 26 1909. Interest Jan. 1 and July 1 at
the First National Bank in Frankfort. Maturity $700 yearly on July 1
$12,500 4% 10-year refunding bonds was sold on Aug. 25 to
from 1910 to 1914 inclusive. Bonds are tax-free.
M. E. Beman of Thurman at 103.04-a basis of about T)aviess County-53,800 414% Washington Township gravel-road bonds.
Denomination $190. Date March 2 1909. Interest May 15 and Nov. 15
3.635%. Denomination $500. Date Aug. 25 1909. Interat office of County Treasurer in Washington. Maturity $190 each six
est semi-annual.
months from May 15 1910 to Nov. 15 1919 inclusive.
County-$10,500 4 )4'" Jackson Township gravel-road bonds.
Gardner,Worcester County,Mass.-Note Sale.-On Sept. 7 Huntington
Denomination $525. Date July°6 1909. Interest May 15 and Nov. 15
at the Liberty National Bank in New York. Maturity $525 each six
the $8,000 4% 1-8-year (serial) notes described in V. 89,
months from May 15 1910 to Nov. 15 1919 inclusive.
p. 550, were awarded to the American Banking Co. of Boston Jennings
County-$10,000 4 34 % Spencer Township gravel-road bonds.
Denomination $500. Date May 15 1909. Interest semi-annually at the
at 100.779 and accrued interest. A list of the bidders
County Treasurer's office in Vernon. Maturity $500 each six months
follows:
from May 15 1910 to Nov. 15 1919 inclusive.
Bost.100.779 Blake Bros. & Co., Boston_100.45
American Banking
$5,800 4 %%Vernon and Center Township gravel-road bonds. DenomiCapital Savings Bank & Trust
55 Co.,
Blodgett, Merritt Co.,
nation $290. Date May 15 1909. Interest semi-annually at office of
100
100.67
Co., Montpelier
Boston
County Treasurer in Vernon. Maturity $290 each six months from
May 15 1910 to Nov. 15 1919 inclusive.
Glendale, Hamilton County Ohio.-Bond Sale.-The $14,- Knox
County-$5,480 434% 12-15-year (serial) Vigo Township schoolhouse bonds. Denomination $685. Date July 15 1909. Interest semi000 432% 20-year coupon funding bonds described in V. 89,
annually at the First National Bank, Bicknell. Bonds are exempt from
p. 678, were sold on Sept. 13 to the Atlas National Bank of
tax.
Cincinnati for $14,842 50-the price thus being 106.017-a Lawrence County- $6,180 43.4% 1-15-year (serial) Spice Valley Township
school-house bonds. Denomination $412. Date July 15 1909. Interest
basis of about 4.058%.
semi-annually at the Bank of Mitchell. Bonds are tax-exempt.
Gloucester City, N. J.-Bond Sale.-An issue of $75,000 Madison County-$6,000 434% Boone Township gravel-road bonds. Denomination $300. Date Feb. 1 ma. Interest May 15 and Nov. 15 at
street-improvement
Sept.
9
bonds was sold -on
432% 20-year
the office of the County Treasurer in Anderson. Maturity $300 each
six months from May 15 1910 to Nov. 15 1919 inclusive.
to the Fidelity Trust Co. of Newark at par and accrued inter$5,020 4 Yi% Monroe Township gravel-road bonds. Denomination $251.
est. Denomination $1,000. Date July 1 1909. Interest
Date Feb. 1 1909. Interest May 15 and Nov. 15 at the County Treassemi-annual.
urer's office in Anderson. Maturity $251 each six months from May 15
1910 to Nov. 15 1919 inclusive.
Grand Rapids, Kent County, Mich.-Bond Offering.-Pro- Miami County-$7,560 434% Peru Township gravel-road bonds. Denomination $378. Date Jan. 15 1909. Interest May 15 and Nov. 15
posals will be received until 4 p. m. Sept. 20 by James
at office of County Treasure' in Peru. Maturity $378 each six months
Schriver, City Clerk, for the following 4% coupon bonds:
from May 15 1910 to Nov. 15 1919 inclusive.
$145,000 street-improvement bonds. Maturity $29,000 yearly on May 1 Monroe County-$9,000 5% 1-15 year (serial) Bean Blossom Township
school-nouse bonds. Denomination $600. Date July 10 1909. Interest
trom 1910 to 1914 inclusive.
semi-annually at the People's State Bank in Ellettsville. Bonds are
20,000 sewer-construction bonds. Maturity $4,000 yearly on May 1
tax-exempt.
from 1910 to 1914 inclusive.
Denomination $1,000. Date May 1 1909. Interest semi-annually at the Parke County-$4,000 43.4% 1-10-year (serial) Union Township schoolhouse bonds. Denomination $400. Date Aug. 1 1909. Interest semiCity Treasurer's office. Certified check for 3% of bonds bid for, payable
annaally at the Rockville National Bank. Bonds ale not taxaole.
to the City Treasurer, is required. Official circular states that the "city
has never defaulted payments on any bond on maturity and the legality Randolph County-$10 000 434% Washington Township school-house
bonds. Denomination $500
Date Aug. 1 1909. Interest. semi-annu of a bond issue has never been questioned." Purchaser to pay accrued
ally at the J. F. Wild & Co. State bank in Indianapolis. Maturity $500
interest.
each six months from Aug. 1 1910 to Feb. 1 1920 inclusive. Bonds
are tax-exempt.
Grand Rapids Township (P. 0. Grand Rapids), Itasca
Joseph County-$30,000 434 % 1-15-year (serial) Olive Township schoolCounty, Minn.-Bond Sale.-The Central Investment Co. St.house
bonds. Denomination $500. Date July 20 1909. Interest semi$13,500
of Fargo, N. D., was awarded on Aug. 12 issues of
annually at the First National Bank, New Carlisle. Bonds are free from
tax.
$6,500
road
and
bridge
5%
refunding and
bonds.
Shelby County-$4,380 43.4% Washington Township school-house bonds.
Denomination $500. Date July 1 1909. Interest semi-annual. MaDenomination $730. Date July 1 1909. Interest semi-annually at the
turity Ally 1 1924.
First National Bank, Shelbyville. Maturity $730 on July 1 in each of
the years 1918 and 1920 to 1924 inclusive. Bond.> are free from tax.
Grant Township P.O. Grant), Newaygo County, Mich.- Tipton
County--$5,540 43.4% Jefferson Township gravel-road bonds. DeBond Sale.-On Sept. lithe $7,500 5% highway bonds denomination $277. Date Feb. 5 1909. Interest May 15 and Nov. 15 at
the First National Bank in Tipton. Maturity $277 each six months from
scribed in V. 89, p. 678, were awarded to the Michigan Trust
May 15 1910 to Nov. 15 1919 inclusive.
Co. of Grand Rapids for $7,751, the price thus being 103.346. Vigo County-54,h40 4 M% Honey Creek Township gravel-road bonds.
Denomination $227. Date July 20 1909. Interest May 15 and Nov. 15
Maturity on March 1 as follows: $400 yearly from 1910 to 1914 inclusive,
at County Treasurer's office in erre Haute. Maturity $227 each six
$500 yearly from 1915 to 1919 inclusive and $600 yearly from 1920 to 1924
months
from May 15 1910 to Nov. 15 1919 inclusive.
inclusive.
Wabash County-$6,400 434% Liberty fownship gravel-road bonds. De•
nomination $320. Date April 15 1909. Interest May 15 and Nov. 15
Greenville, Hunt County, Tex.-Bonds Registered.-An
at the Capital National Bank in Indianapolis. Maturity $320 each six
issue of $1,400 6% street-improvement bonds was registered
months from May 15 1910 to Nov. 15 1919 inclusive.
Wells County-58,300 4 14% Jefferson Township gravel-road bonds. Deon Sept. 4 by the State Comptroller.
nomination $415. Date Feb. 15 1909. Interest May 15 and Nov. 15
Hammonton School District (P. 0. Hammonton), Atlantic
at the National Bank of Commerce, New York. Maturity $415 each
six months from May 15 1910 to Nov. 15 1919 inclusive.
County, N. J.-Bond Offering.-Proposals will be received
48,000 434% Union Township gravel-road bonds. Denomination $400.
Date Feb. 15 1909. Interest May 15 and Nov. 15 at the National Bank
until 8 p. m. Oct. 5 by the Board of Education for the $15,of Commerce in New York. Maturity $400 each six months from May 15
1910 to Nov. 15 1919 inclusive.
000 4% coupon school-house-addition bonds mentioned in

The legality of the above issues has been approved by
Smith, Duncan, Hornbrook & Smith.
Jacksonville Independent School District (P. 0. Jacksonville), Cherokee County, Texas.-Bond Offering.-Proposals
will be received until Sept. 24 by J. E. McFarland, Secretary
The official notice of this bond offering will be found among Board of Trustees, for $25,000 5% school-building bonds.
The bonds were registered by the State Comptroller on Sept. 8. Authorthe advertisements elsewhere in this Department.
ity, Sections 154 et seq., Chapter 124, General Laws, 29th Legislature:
also vote of 173 "for" to 99 "against" at election held June 12 1909. DeHancock County (P. 0..Findlay), Ohio.-Bond Offering.- nomination
5500, Date July 1 1909. Interest annually at the State
Proposals will be received until 12 m. Sept. 20 by the County Treasurer's office in Austin, at the office of School Board Treasurer in
Jacksonville or at the Seaboard National Bank in New York City t at option
Commissioners for $18,000 5% coupon Price Stone Road of
holder. Maturity 40 years, subject to call after 10 years. The district
improvement bonds.
has no debt at present. Assessed valuation 1908, $1,250,000. Official
V. 89, p. 179.

Denomination $1,000. Date Aug. 1 1909. Interest semi-annually at
the People's Bank in Hammonton. Maturity $1,000 yearly on Feb. 1
from 1920 to 1931 inclusive. The bonds are non-taxable. Certified check.
for 5% of the amount to be issued, payable to A. B. Davis, Custodian, is
required. Purchaser to pay accrued interest. W. R. Seely is District Clerk

Denomination $500. Date Oct. 1 1909. Interest semi-annually at the
County Treasurer's office. Maturity on Oct. 1 as follows: $2,000 yearly
from 1910 to 1915 inclusive and $1,500 yearly from 1916 to 1919 inclusive.
Certified check or cash for $200 must be deposited with the County Treasurer. Purchaser to furnish blank bonds and coupons free of charge.
John A. Sutton is County Auditor.

advertisement states there is no litigation threatening this issue of bonds.

Jasper, Ala.-Price Paid for Bonds.-The price paid for
the $18,000 5% 20-year high-school-building and repair
bonds disposed of at private sale on Aug. 10 to F. L. Fuller
& Co. of Cleveland (V. 89, p. 551) was par and accrued interest. Denomination $500. Date July 1 1909. Interest
semi-annual.
Johnson City, Washington County,Tenn.-Bonds Voted.The election held Sept. 11 (V. 89, p. 488) resulted in a vote
of 484 to 78 in favor of a proposition to issue $300,000 30-year
municipal-water-system bonds.
Johnsonburg, Elk County, Pa.-Bond Sale.-An issue of
$15,000 5% street-paving bonds was disposed of on Aug. 18
to local investors at par and accrued interest.

Hawley, Clay County, Minn.-Bond Sale.-On Sept. 10
the $8,000 electric-light and $8,000 water-works 4% coupon
4-19-year (serial) bonds, mentioned in V. 89, p. 613, were
awarded to the Union Investment Co. of Minneapolis at
100.4875 and accrued interest. A bid of par, less $100 for
legal expenses, was also received from S. A. Kean & Co. of
Chicago.
Henning, Landerdale County, Tenn.-Bond Sale.-It is
stated that the $15,000 10-30-year (optional) coupon school
bonds, proposals for which were asked until July 30 (V. 89,
Denomination $500. Date May 1 1909. Interest semi-annual. Map. 240), were sold Sept. 4 to C. H. Coffin & Co. of Chicago turity
May 1 1917, subject to call, however, on May 1 as follows: $3,500
at 101 for 6s.
In each of the years 1911 and 1912 and $8,000 in 1914.
Kansas City, Wyandotte County, Kan.-Bond Offering.Holly Beach City,(Jape May County, N. J.-Bond Sale.On Sept. _14 the $52,000 5% 30-year coupon funding bonds Proposals will be received unti1,8:30 p. m. Sept. 21 by J. E.
described in V. 89, p. 679, were awarded to R. M. Grant & Smith, City Clerk, for the $400,000 434% water-works
extension bonds voted on May 4 1909 (V. 88, p. 1211).
Co. of New York at 100.04. No other bids were received.




740

TH. 14. CHRONICLE

Authority Chapter 33, Special Session Laws of 1908. Denomination
$1,000. Date Aug. 1 1909. Interest semi-annually at the State Treasurer's office in Topeka. Maturity Aug. 1 1939. Certified check for $5,000
Is required. Bids must be made upon blanks furnished by the City Clerk.
Purchaser to pay accrued interest. Official circular states that there is no
litigation pending or threatened affecting the validity of the bonds, the
boundaries of the city or the title of any city official who has any connection with the bond issue. Bonds to be delivered in Kansas City from time
to time in such amounts and at such times as the Mayor and Council may
require.

Kaufman, Kaufman County, Tex.-Purchaser of Bonds.We are informed that the $6,000 4M% 15-40-year (optional)
water-main-extension bonds recently sold (V. 89, P. 551)
were purchased by funds of Kaufman County.
Kaysville, Davis County, Utah.-Bond Sale.-The. State
of Utah, offering par and accrued interest, was the successful
bidder on Sept. 7 for the $25,000 5% 10-20-year (optional)
gold coupon water-works-system bonds described in V. 89,
p. 013. An offer of par less $500 for attorney's fees and
blank bonds, was also received from S. A. Kean & Co. of
Chicago.
King County School District No. 144, Wash.-Bond Sale.
-On Aug. 28 the 816,000 5-10-year (optional) coupon
school-building and site bonds described in V. 89, p. 488,
were sold to the State of Washington as 5s. The other
bidders were:

[VOL. Lxxxix.

Lucas County (P. 0. Toledo), Ohio.-Bond Sale.-The
following bids were submitted on Sept. 4 for the two issues
of 4
stone and gravel road bonds, aggregating $29,230,
described in V. 89, p. 488:
Barto, Scott & Co., Columbus
Hodder & Cummings, Toledo
Ohio Savings Bank & Trust Co., Toledo
First National Bank, Cleveland
Fifth-Third National Bank, Cincinnati
Field, Longstreth & Co., Cleveland
Breed & Harrison, Cincinnati
Hayden, Miller & Co., Cleveland
Citizens' Safe Deposit & Trust Co., Toledo
Seasongood & Mayer, Cincinnati
Western-German Bank, Cincinnati
Well, Roth & Co., Cincinnati
Security Savings Bank h Trust Co., Toledo
Rudolph Kleybolte Co. Inc., Cincinnati
Union Savings Bank, Toledo

$22,340
Bonds.
$22,777 50
22,767 50
22,759 99
22,748 00
22,744 35
22,725 00
22,721 00
22,716 00
22,693 53
22,690 00
22,687 60
22,675 50
22,656 00
22,652 76

$6,890
Bonds.
$7,008 50
6,997 13
7,018 00
7,005 00
6,969 23
7,006 00
6,14-1 00
6,97300
6,966 50
'i,iiiiii

Luna County (P. 0. Deming), N. Mex.-Bond Sale.Field, Longstreth & Co. of Cincinnati purchased on Aug. 16
the $25,000 5% 10-20-year (optional) coupon court-housebuilding bonds at 103.54 and accrued interest-a basis of
about 4.556% to the optional date and about 4.724% to
full maturity. The bonds are dated Oct. 1 1909. For other
details see V. 89, p. 364.
Wm. D. Perkins ee Co., Seattle (for 530)
Malden, Mass.-Bond Sale.-E. H. Rollins & Sons of
$16,000
First National Bank, Barnesvillo (for 6s)
16,026 Boston purchased $30,000 4% 30-year sewer bonds on
Knox County (P. 0. Mt. Vernon), Ohio.-Bids.-Follow- Sept. 14 at 109.81-a basis of about 3.472%. Following
ing is a list of the bids received on Aug. 25 for the $12,000 are the bids:
5% bridge bonds awarded on that day to the New Knox E. H. Rollins & Sons, Bost_ _V09.81 1 R. L. Day & Co., Boston_ _ _ _108.27
Chandler Bros. & Co., Dos.. 109.19 1ICountze Bros., New York_108.27
National Bank of Mt. Vernon at 102.291 (V. 89, P. 551):
Estabrook & Co., Boston__ _109.057 Geo. A. Fernald & Co., Bos_107.53
New Knox Nat.Bk.,Mt.V.$12,275 001Seasongood & Mayer, CinFirst Nat. 13k.. Mt. Vern_ 12,274 001 cinnati
$12,261 80

E. M. Farnsworth & Co.,Bos_108.88
Biodget, Merritt & Co., Bos_108.77

Merrill, Oldham & Co., Bos_107.175
Adams & Co , Boston
107.171

& Fisher, Boston___108.578 Parkinson & Burr. Boston_ _107.016
Lake County (P. 0. Painesville), Ohio.-Bids.-The fol- Crocker
Blake Bros. & Co., Boston_ _108.34 American Banking Co., Bos_104.539
lowing bids were received on Sept. 8 for the $30,000 5%
Denomination $1,000. Date July 1 1909. Interest semi-annual.
1-year coupon refunding court-house and jail bonds sold on
Marion County (P. 0. Palmyra), Mo.-Bond Sale.-The
that day to Hayden, Miller & Co. of Cleveland at 100.675
$35,000 4% coupon hospital bonds bids for which were reand accrued interest (V. 89, p. 679).
jected on July 28 (V. 89, p. 303), have been disposed of to
Hayden,Miller&Co.,Cleve.330,202 50 1 Barto, Scott & Co.,Colum.$30,077 50
Cleveland Trust Co.,Cleve. 30,153 00 Well, Roth & Co., Cinc
30,075 00 private parties at par.
Western-GermanBk.,Cine. 30,135 00 W. R. Todd & Co., Cinc_ 30,025 00
Marshall, Tex.-Bonds Authorized.-According to reports
Lakewood, Cuyahoga County, Ohio.-Bond Offering.Proposals will be received until 12 m. Oct. 11 by B. M. Cook, the City Commissioners on Aug. 24 passed an ordinance
providing
for the issuance of $25,000 water-works-plant
Town Clerk, for $17,970 5% Newman Avenue paving- bonds.
assessment bonds.
Denomination $1,707. Date, day of sale. Interest semi-annually at
the Cleveland Trust Co., Cleveland. Maturity $1,797 yearly on Oct. 1
from 1910 to 1919 inclusive. Certified check for 5% of bid is required.

Lawrence, Mass.-Temporary Loan.-A loan of $50,000,
due in four months, has been negotiated with Bond &
Goodwin of Boston at 3.83% discount.
Lemmon Independent School District No. 1 (P. 0. Lemmon), Perkins County, S. D.-Bond Sale.-On Sept. 1 the
$15,000 6% 5-20-year (optional) coupon school-building
bonds described in V. 89, p. 488, were awarded to John
Nuveen & Co. of Chicago at 100.666. The bids were as
follows:
John Nuveen & Co., Chio.$15,100 00 1 C.H.Coffin&Co., Chic__ _c$15,101 00
Ulen.Sutherlin&Co.,Chic.a15,532 50 F. E. Magraw, St. Paul
S.A.Kean& Co., Chicago_b15,375 00 Coffin& Crawford, Chic
McCoy & Co., Chicago__ _a13,1130 00 Draught Invest. Co

15,100 00
15,035 00
515,000 00

a For straight 20-year bonds. b For 7% bonds. c No certified check.

Leslie Special School District (P. 0. Leslie), Searcy
County, Ark.-Description of Bonds.-We are informed that
the $20,000 high-school-building bonds awarded on Aug. 16
to the State National Bank of Little Rock (V. 89, p. 613)
carry 6% interest, payable semi-annually.
Denomination $1,000. Date Sept. 1 1909.
Sept. 1 from 1914 to 1933 inclusive.

Maturity $1,000 yearly on

Lewiston Independent School District No. 1 (P. 0. Lewiston), Nez Perces County, Idaho.-Bond Sale.-On Sept. 1
the $25,000 5% 20-year gold coupon funding bonds described in V. 89, p. 551, were bought by the Harris Trust &
Savings Bank of Chicago at 104.613 and accrued interesta basis of about 4.644%. A list of the bidders follows:
HarrisTr.& S. Bk., Chic.a$26,153 00
Woodin, McNear & Moore,
Chicago
_626,070 00
A. B. Leach & Co., Ch1c_a26,018 00
Union Trust Co., Spokanec25,902 00
J. H. Causey & Co.. Denv.025,692 00
Scasongood & Mayer, Cin.525,672 50
E.H.Rollins& Sons, Chic.b25,666 50
a And accrued interest.
C Also furnish bonds.

Ulin,Sutherlin& Co., Ch.b$25,637 50
McCoy & Co., Chicago_ _525,380 00
Northwest Loan & Investment Co., Spokane__ _625,305 00
S. A. Kean & Co., Chicagob25,275 00
Well, Roth & Co., Cin___525.218 75
C.H.Coffin,Ch.(no check)625,201 co
Farson. Son & Co., Chic_c25,012 50

S Pay accrued Interest and furnish bonds.

Lisbon, Androscoggin County, Me.-Bond Sale.-This
town on Sept. 10 sold $74,000 4% 20-year water-system
bonds to E. H. Rollins & Sons of Boston at 104.30-a basis
of about 3.694%. The other bidders were:
Merrill, Oldham & Co., Dos.. _103.185 1 Estabrook & Co., Boston.... _102.29

Chas. H. Gilman, Portland_ _102.817 Androsc'ggin Co. Say. Bk.,Lew 101.73
Perry, Coffin & Burr, Boston 102.29 Chandler Bros. & Co., Boston.100.40
Denomination $1,000. Date Oct. 1 1909. Interest semi-annual.

Little Mountain High School District (P. 0. Little Mountain), Newberry County, So. Car.-Price Paid for Bonds.We are advised that the price paid for the $2,500 6% schoolbuilding bonds awarded on Aug. 25 to the Farmers' & Merchants' Bank of Little Mountain (V. 89, p. 613) was par.
Denomination $500. Date July 1 1909. Interest annual.
$500 in each of the years 1913, 1917. 1921, 1925 and 1929.

Maturity

Los Olivas School District, Santa Barbara County, Cal.Bond Sale.-The $3,500 bonds offered on Sept. 7 (V. 89, p.
488) were bought by Geo. S. Edwards at 103. Following
are the bids:
Geo. S. Edwards
H. F. R. Vail

43,605 00 Wm.R.Staats & Co., Paqa3,550 001 dena
$3,547 75




Marshall County (P. 0. Guntersville), Ala.-Warrant
Offering.-Proposals will be received by J. H. Carter, Judge
of Probate, for $14,000 5% county-jail warrants. Interest
semi-annual. Maturity part yearly for 10 years.
Maryville, Blount County, Tenn.-Bonds Voted.-An election held Sept. 9 resulted in favor of a proposition to issue
$30,000 5% 20-year school-building bonds. The vote was
136 "for" to 95 'against." We are advised under date of
Sept. 11 that the bonds will be offered in about a month.
Mason County (P. 0. Mason), Tex.-Bond Sale.-The
$40,000 5% 10-40-year (optional) registered court-house-construction bonds offered on Aug. 5 and described in V. 88,
p. 1638, have been purchased by the State Board of Education at 103.25-a basis of about 4.592% to the optional date
and about 4.817% to full maturity. These bonds were
registered by the State Comptroller on July 23.
Massena Union Free School District No.1(P.O. Massena),
St. Lawrence County, N. Y.-Bond Sale.-This district sold
$10,000 4% building bonds on Sept. 9 to the Gouverneur
Savings & Loan Association at 101.875.
Denomination $1,000. Date Dec. 1 1908. Interest annual. Ma'
turity from 1917 to 1926 inclusive. A like amount of bonds was sold on
April 15. V. 88, p. 1081. If this is the same issue we have not yet been
advised why the first sale failed of consummation.

Memphis Independent School District (P. 0. Memphis),
Hall County, Tex.-Bond Sale.-Proposals were asked for
until 10 a. in. Sept. 10 by J. M. Elliott, President of the
Board of Education, for the $8,000 5% coupon 20-40-year
(optional) school-building bonds registered on Aug. 12
(V. 89, p. 489) by the State Comptroller. Ulen, Sutherlin
& Co. of Chicago, offering par and interest, were the successful and only bidders.
Denomination $1,000. Date Aug. 1 1909. Interest annually at the
State Treasurer's office in Austin, at the Fort Worth National Bank in
Fort Worth or at the Seaboard National Bank in New York. Bonded
debt, including this issue, $15,500. No floating debt. Assessed valuation
1908, 31,001,154.

Montara School District, San Mateo County, Cal.-Bids.Following is a list of the bids received on Aug. 16 for the
$16,000 6% 13-20-year (serial) school-improvement bonds
awarded on that day to James H. Adams & Co. of San Francisco (V. 89, p. 552):
J. H. Adains&Co., Los A..$19,001 00 Win. R.Staats&Co.,LosA.317,827 50
N. W. Halsey & Co., S. F. 18,044 001E. If. Rollins & Sons. S.F. 17,360 00
Denomination $2,000. Date Aug. 1 1909. Interest annual.

Minnesota.-Bonds Purchased With State Funds During
June and July.-During June and July bonds aggregating
. the State Permanent
$457,810 were purchased at par by
Trust Funds. The bonds acquired in June, which amount
to $80,967, all bearing 4% interest, are dated June 4 1909
and mature in 1914. They were as follows:
Becker County Dist. No. 1_310,000
Elk Riv,r, Sherburne County 3,500
Hubbard County Dist. No. 1_ 22,287
Melrose Township, Lac Qui
2,400
Pane County
30,000
Nobles County

Rollie Twp., Marshall Co
$1,200
Stearns County Dist. No. 106
800
Svea Twp., Kittson County
1,000
Wadena County Dist. No. 34
800
Wilkin County Dist. No. I__ 9,000

The following bonds, aggregating $376,843, were those
bought in July. They all carry 4% interest are dated
on different days in July and mature in 1914 and 1915.
...1

SEPT. 18 1909
$725
Aitken County Ditch No. 58_
Anoka County Ditch No. 44_ 20,680
Balaton (V11.). Lyon County_ 6,000
Becker County Ditch No. I__ 10,000
Belgrade (V11.), Stearns Co__ 6,000
Clark Twp., Faribault Co_ _ _ 14,000
Clay County Dist. No. 2.....6,000
Cottonwood Co. Dist. No. 6_ 1:3,000
Detroit (City), Becker Co_ _ _ 3,000
800
Douglas County Dist. No. 59_
Hazleton (Twp.), Aitken Co_ 1,800
Isanti County Dist. No. 13.._ 2,500
900
Jackson County Dist. No. 43..
Kanabee County Dist. No. 24 1,000
Kittson County Ditch No. 10 4,113
Kittson County Ditch No. 11 11,445
Koochiching County
10,000
10,000
Koochiching County
Little Falls, Morrison County 15,000
McLeod County Ditch No. 1_ 12,000
2,400
Mahnomen Co. Dist. No. 6
800
Marshall Co. Ditch No. 126_
Meeker County Ditch No. 50_ 1,500
Mower County Dist. No.44_ _ 2,400
Meeker County Dist. No. 9.- 10,000
700
Murray County Dist. No. 61_
Murray County Ditch No. 7_ 9,750
Munay County Dist. No. 38_ 3,500
Nobles County Ditch No. 77_ 1,500

TIIE CHRONICLE
Nobles Co. District No. 5___$20,000
Pine County Dist. No. 61... 1,000
Polk County Dist. No. 269__ 1,200
Polk County Ditch No. 74... 2,700
Polk County Ditch No. 75__ _ 4,000
Polk County Ditch No. 77___ 4,000
Polk County Ditch No. 78 __ _ 1,800
Polk County Ditch No. 79___ 2,800
Pope County District No.8_ 9,000
Ramsey County Dist. No. 2_ 60,000
Ramsey County Dist. No. 32 1,000
Redwood Co. District No. 44 1,500
Roseau Co. District No. 64..
750
Roseau Co. District No. 79_ _
770
Sherburne Co. Dist. No. 11_ _ 5,000
Spooner (V11.), Beltrami Co_ 14,250
Stearns County Ditch No. 24_
700
Stearns County Ditch No. 2.. 1,400
Stearns County Ditch No.3. _ 1,360
Stearns County Dist. No. 204 1,000
Swift County Dist. No. 19___ 2,000
Todd County Dist. No. 27.... 1,100
Traverse County Dist. No. 36 10,000
Wadena County Dist. No. 1_ 21,000
Watonwan Co. Ditch No. L. 6,000
Watonwan Co. Ditch No. 2.. 6,000
Wright County Dist. No. 7.. 12,000
Wright County Dist. No. 68.. 1,000

Monrovia, Los Angeles County, Cal.-Bond Sale.-The
$16,500 5% 1-33-year (serial) water-department bonds, proposals for which were asked until Aug. 16, have been awarded
to Jas. H. Adams & Co. of Los Angeles for $16,926 50-the
price thus being 102.584-a basis of about 4.777%. The
bonds are dated July 1 1909 and are described in V.89,p.427.
Mount Olive, Covington County, Miss.-Bond Sale.Mrs. Chas. B. Galloway of Jackson was the successful bidder
on Aug. 20 for the $8,000 6% 20-year coupon electric-light
bonds described in V. 89, p. 427. The price paid Was
$8,151, or 101.887.
Napoleon, Henry County, Ohio.-Bond Sale.-The $1,194
5% local sanitary-sewer bonds described in V. 89, p. 679,
were awarded on Sept. 13 to M. Reiser Jr. for $1,200 02
(100.504) and accrued interest. Maturity $398 yearly on
Sept. 1 from 1910 to 1912 inclusive.
Natchez, Miss.-Bond Sale.-Breed & Harrison of Cincinnati are reported as being the successful bidders on
Sept. 15 for the following 5% 20-year coupon bonds, a
description of which was given in V. 89, p. 552: $20,000 to
retire outstanding warrants and $27,500 to retire improvement bonds. It is said that they paid 103.25-an interest
basis of about 4.747%.
National City, San Diego County, Cal.-Bond Sale.-The
$17,000 43'% gold coupon bonds proposals for which were
asked until Sept. 7 (V. 89, p. 614) were purchased by the
Bank of Commerce & Trust Co. of San Diego for $17,175the price thus being 101.029. These bonds are issued for
the following purposes: To purchase a site for a public
library; to purchase hose and a building for the fire department, and to construct a fire proof vault for the safe-keeping
of the municipal records of the city.

741

Bonds Defeated.-At the same election the propositions
to issue the $50,000 city-hall site-purchase and the $150,000
city-hall-building bonds mentioned in V. 89, p. 427, were
defeated. The vote was 1,032 "for" to 1,679 "against" the
former issue and 1,001 "for" to 1,697 "against' the latter
issue.
Osceola County Drainage District No. 9, Iowa.-Description of Bonds.-The $10,839 60 drainage bonds recently
awarded to the Security Savings Bank & Trust Co. of Toledo
at 102.781 (V. 89, p. 679) carry 6% interest, payable semiannually in April and October. Purchasers to pay accrued
interest and furnish printed bonds.
Denomination $1,000, except one bond of $839 60. Date Sept. 1 1909.
Maturity on Oct. 1 as follows: $839 60 in 1910 and $1,000 yearly from 1911
to 1920 inclusive.

Perris Union High School District, Cal.-Bond Sale.-It is
reported that $16,000 5% 1-16-year (serial) bonds were sold
on Sept. 8 to the Riverside Savings Bank of Riverside at
105.075.
Perry, Houston County, Ga.-Bonds Not Sold.-We are
advised under date of Sept. 6 that the $15,000 5% 30-year
coupon water-works bonds offered on Aug. 17 and described
in V. 89, p. 365, have not as yet been disposed of.
Pittston, Luzerne County, Pa.-Bond Sale.-On Sept. 9
the $100,000 43% street and sewer improvement bonds
described in V. 89, p. 552, were sold to C. E. Denison & Co.
of Cleveland at 101.531 and accrued interest. An offer of
101.50 was also received from N. W. Harris & Co. of Philadelphia. Maturity part yearly on Sept. 1 from 1913 to 1938,
inclusive.
Plymouth County (P. 0. Le Mars), Iowa.-Bond Sale.On Sept. 2 the $20,000 432% coupon funding bonds mentioned in V.89, p. 180, were awarded to the German Savings
Bank of Remsen at 100.75.
Denomination $1,000.

Date Aug. 2 1909. Interest semi-annual.

Pomona (Cal.) Common School District.-Price Paid for
Bonds.-We are advised that the price paid for the $85,000
OA% bonds sold last July to the State School Fund (V. 89,
p. 303) was $90,250 and $456 90 accrued interest. Date
July 12 1909. Maturity from 1910 to 1949 inclusive.
Porter County (P. 0. Valparaiso), Ind.-Price Paid for
Bonds.-We are informed that the price paid for the $17,000
5% bridge bonds awarded on Sept. 1 to Joseph T. Elliott &
Sons of Indianapolis was $17,506 (102.976) and not $17,500
(102.941) as reported in V. 89, p. 680.
Denomination $500. Date July 16 1909. Interest May and November.
Maturity $1,000 May 15 1910, $1,000 Nov. 15 1910 and $1,500 each six
months from May 15 1911 to Sept. 15 1915 inclusive.

Putnam County (P. 0. Ottawa), Ohio.-Bonds Voted.An election held Sept. 7 resulted in favor of a proposition to
issue $200,000 court-house bonds. The vote was 2,421 "for"
to 1,864 "against."
Rensselaer, N. Y.-Bond Offering.-Proposals will be reDenomination $500. Date Sept. 1 1909. Interest Jan. 1 and July 1 at
the City Hall in National City. Maturity on Jan. 1 as follows: $500 in each ceived until 10 a. m. Sept. 20 by J. W. Adams City Treasof the years 1910 and 1911 and $1,000 yearly from 1912 to 1927 inclusive. urer, for
$17,017 52 4M% registered Harrison'
Avenue and
Bonded debt, this issue. Assessed valuation for 1908, $1,209,448.
Street paving (city's portion) bonds.
Newton School District (P. 0. Newton), Sussex County, Second
Denomination $1,000, except one bond for $1,017 52. Date Oct. 1 1909.
N. J.-Bond Sale.-Of an issue of $7,000 4% school-building Interest semi-annual. Maturity on Oct. 1 as follows: $1,017 52 in 1910 and
yearly from 1911 to 1926, inclusive. Certified check for 2% of
bonds offered by this district on Sept. 15, $4,000 were $1,000
bonds bid for, payable to the City Treasurer, is required.
awarded in $500 lots to local parties as follows:
Rochester Independent School District (P. 0. Rochester),
H. D. Vass
$508 00 Chas. E. Roy
$502 75 Haskell
County, Tex.-Bonds Registered.-The State Comp505 00 J. W.C. Carber
501 50
Shepherd Voorhees
508 00 H D. Cousin
501 00 troller registered $8,000 5% 15-40-year (optional) bonds,ion
505 00 J. N. McCarreh
501 00 Sept. 8.
Denomination $500. Date July 1 1909. Interest semi-annual.
Rye Union Free School District No. 3 (P. 0. Rye), WestNewton Township, Miami County, Ohio.-Bond Sale.-On
Sept. 4 $10,000 43% improvement bonds due Sept. 1 1913 chester County, N. Y.-Bond Sale.-On Sept. 14 Douglas,
were awarded, it is stated, to the Pleasant Hill Banking Co. Fenwick & Co. of New York City were awarded $35,000 5%
5-24-year (serial) school-building bonds at 108.62-a basis
at 100.15.
about 4.20%. A list of the bidders follows:
Northampton, Hampshire County, Mass.-Bond Sale.- of
Douglas, Fenwick &Co., N.Y.108.62 Parkinson & Burr, New York 107.281
This city has disposed of the following 3.65% loans to the Geo. M. Hahn, New York_
_ _108.396 Ferris & White, New York__107.034
I. W. Sherrill, Poughkeepsie_108.26 John J. Hart, Albany
Northampton Institution for Savings at par:
105.352
N.W.Harris&Co., New York.107.589 John H. Watkins, New York.102.30j
$10,000 sewer scrip awarded on July 30. Maturity $1,000 yearly from Adams & Co., New York_ _ _ _107.33 Parson, Son & ro., N. Y.._101.37
1910 to 1919 inclusive.
7,000 hospital bonds awarded on Aug. 24. Maturity $1,000 yearly from
1910 to 1916 inclusive.
12,000 school-building bonds awarded on Aug. 24. Maturity $1,000
yearly from 1910 to 1921 inclusive.
The above loans are dated Sept. 1 1909. Interest semi-annual.

North Carolina.-Refunding Bonds Authorized.-Chapter
399 of the Public Laws of 1909 authorizes the issuance of
$3,430,000 coupon bonds at not exceeding 4% interest, for
the purpose of refunding $3,427,000 consolidated debt bonds
due July 11910.
The new bonds will be issued in denominations of $500 or $1,000 each, as
State Treasurer may decide. Date July 1 1910. Interest semi-annua
Maturity July 1 1950. Bonds shall be exempt from all taxation.

Oakley (P. 0. Cincinnati), Hamilton County, Ohio.-Bond
Sales.-On Sept. 7 the four issues of 43'% 30-year bonds,
aggregating $13,000, described in V. 89, p. 614, were
awarded to Seasongood & Mayer of Cincinnati at 106.21 and
accrued interest. The following bids were received:
Seasongood & Mayer, Cin_$13,807 30[Oakley Bank, Oakley__ 413,221 66
Well, Roth & Co., Mein_ 13,638 00 First National Bank, NorWestern-Ger. Bk., Chic__ 13,457 00 wood
13,209 00

The Oakley Bank of Oakley was awarded the two issues
of 5% 1-10-year (serial) sidewalk and sewer assessment
bonds, aggregating $1,412 19, offered on the same day
(Sept. 7). The price paid was par.
Oklahoma City, Okla.-Bonds Voted.-The issuance of
the $185,000 5% storm-sewer-extension bonds mentioned
n V. 89, p. 427, was authorized by a vote of 1,672 to 1,034
t the election held Sept. 7.




Denomination $1,750.

Date Nov. 1 1900.

Interest annual.

Sagerton Independent School District (P. 0. Sagerton),
Kaskell County, Tex.-Bond Sale.-On Sept. 10 the $9,000
5% 20-40-year (optional) gold coupon building bonds described in V. 89, p. 615, were awarded to Ulen,Sutherlin &
Co. of Chicago for $9,100 (101.111). Bids of par less $450
were also received from J. H. Causey & Co. of Denver and
S. A. Kean & Co. of Chicago. The bonds were registered
by the State Comptroller on Sept. 10.
St. Joseph, Mo.-New City Charter.-Dispatches state
that the electors of this city on Sept. 7 voted in favor of having a new charter.
St. Louis, Mo.-Bond Sale.-The four issues of',4%120-year
gold coupon bonds, aggregating $4,700,000, were2awarded
yesterday (Sept. 17) to a syndicate composed of 11 Wm.
Saloman & Co. and Ladenburg, Thalmann & Co., both of
New York City, and the Altheimer & Rawlings Investment
Co. and G. H. Walker & Co., both of St. Louis, at their
"all or none" bid of 100.9512. A description of the bonds
sold was given in V. 89, p. 490. There were seventeen
other bidders.
Salamanca, Cattaraugus County, N. Y.-Bond Offering.Proposals will be received until 8 p. m. Sept. 27 by George
H. Elliott, Village Clerk, for $10,000 coupon or registered
park bonds at not exceeding 5% interest.
Denomination $500. Date Oct. 1 1909. Interest semi-annual. Maturity $500 yearly on Oct. 1 from 1910 to 1929 inclusive. Certified check
for $200, payable to the Village Treasurer, is required.

742

THE CHRONICLE

San Antonio, Tex.-Bonds Awarded in Part.-Of the
$26,000 5% Improvement District No. 7 sewer bonds (the
unsold portion of the issue of $45,000 bonds mentioned in
V. 89, p. 304), $4,000 were sold on July 31 to the Street
Paving Maintenance Fund of the General Supply & Construetion Co. at par and $200 accrued interest. Maturity Aug. 1
1948, subject to call after Aug. 1 1928.
Is. Sandusky County (P. 0. Fremont), Ohio.-Bond Sale.On Sept. 13 the $25,000 43/2% Luther Gibbs Road improvement No. 3 bonds described in V. 89, p. 680, were sold to
the,Fremont Savings Bank of Fremont at 101.22. Maturity
part each six months from Sept. 1 1910 to Sept. 1 1914
inclusive.
Bonds Not Sold.-An injunction having been obtained
by certain tax-payers, no award was made of the $11,500
43% Frank Halbeisen Stone Road improvement No. 4
bonds also offered on Sept.13.
liThe following bids were received:
Fremont S. Bk., Fremont.$25.305 00
First Nat. Bank, Cleve_ _ _ 25,199 00
Croghan Bk. & S. Co.,Fre. 25,195 00
Hayden, Miller & Co.,Clev 25,185 00
First Nat. Bk., Fremont.. 25,183 75

Hoehler & Cummings,Tol_$25,141 75
Seasongood & Mayer, Cin_ 25,135 00
Otis & Hough, Cleveland_ 25,099 00
Well, Roth & Co., Cin_ _ __ 25,062 00

San Jacinto High School District (P. 0. San Jacinto),
Riverside County, Cal.-Bond Sale.-According to reports,
the $15,000 1-30-year (serial) building bonds voted on July 31
(V. 89, p. 428) were sold on Sept. 8 to the Riverside Savings
Bank of Riverside at 109.40.
Scranton School District(P.0.Scranton),Pa.-Bond Sale.
-On Sept. 13 the $250,000 4% coupon building and improvement bonds described in V.89, p. 553, were awarded to R. E.
Robinson & Co. of New York City for $253,850 50 (101.54)
and accrued interest. Bids were also received from Ed. L.
Stokes of Philadelphia, the Scranton Life Insurance Co. and
the Title Guaranty & Surety
both of Scranton. Maturity $50,000 on Sept. 1 in each
Co., of the years 1924, 1929,
1934, 1937 and 1939.
Setho-Woolley, Skagit County, Wash.-Bond Sale.-The
$10,000 1-10-year (serial) gold funding bonds offered on
Aug..23 and described in V. 89, p. 428, have been sold to
S. A. Kean & Co. of Chicago at 100.62 for 5s.
Sparta, Monroe County, Wis.-Bond Sale.-On Sept. 10
the $6,000 5% coupon water-works-extension bonds described
in V. 89, p. 681, were awarded to N. W. Halsey & Co. of
Chicago at 103.125 and accrued interest. The bids were as
follows:
N. W.Halsey & Co., Chic_..$6,187 50 1 C. H. Coffin, Chicago_ _ _ _ _ $6,165 00
Farson, Son & Co., Chic_
Chi_ 6,180 50 Harris Tr.&Sav.Bk., Chic_ 6,155 00
Thos. J. Bolger & Co.,
c. 6,180 00 S. A. Kean ec Co., Chicago_ 6,066 00
All bidders offered accrued interest in addition to their bids. Maturity,
$2,000 on March 1 in each of the years 1916, 1917 and 1918.

[VOL. Lxxxix.

Denomination $1,000. Date Oct. 1 1909. Interest semi-annually at
the fiscal agency of the State of Oklahoma in New York City. Maturity
25 years. Certified check for 5% of amount of bonds is required. The
city has no debt at present. Assessed valuation $280,000.

Urbana, Champaign County, Ohio.-No Action Yet
Taken.-We received a letter from the City Auditor on
Sept. 17 stating that no further action had as yet been taken
looking towards the issuance of the $140,000 municipal
water-works bonds recently authorized by the City Council.
See V. 89, p. 367.
Vernon Township, Crawford County, Ohio.-Bond Offering.-Proposals will be received until 12 m. to-day (Sept. 18)
by Frank Freese, Township Clerk (P. 0. Tiro), for $12,500
4M% coupon road-improvement bonds.
Authority Section 4686-17, Chapter 3, Title 7, Part 2, Revised Statutes.
Denomination $500. Date Aug. 11909. Interest semi-annual. Maturity
$500 on Aug. 1 1911 and $1,000 each six months from Feb. 1 1912 to Aug. 1
1917 inclusive. Certified check for $550 is required. Purchaser to pay
cost of printing bonds and also cost of transcript if the latter is desired.

West Point, Clay County, Miss.-Bond Offering.-Proposals will be received until 8 p. m. Sept. 22 by J. L. Young,
City Clerk, for the following 5% bonds:
$20,000 street-improvement bonds. Maturity 20 years, subject to call
after 10 years.
7,000 school-house bonds. Maturity 20 years.
Denomination $500. Date Oct. 1 1909. Interest semi-annual. Certified check for 10% of bid is required. These bonds were offered but not
sold Aug. 9. V. 89, p. 245.

Westwood, Bergen County, N. J.-Bond Sale.-N. W.
Halsey & Co. of New York City were awarded $10,000 5%
3-22-year (serial) macadam bonds on Sept, 10. Denomination $500. Date Oct. 1 1909. Interest semi-annual.
Williamsport, Pickaway County, Ohio.-Bond Sale.-On
Sept. 13 $3,500 5% 10-year gas-plant bonds were awarded,
it is stated, to the Farmers' Bank of Williamsport for $3,518 86-the price thus being 100.538.
Yakima County School District No, 87, Wash.-Bond
Sale.-The State of Washington on Sept. 4 purchased the
$6,000 20-year coupon school-building bonds offered on that
day and described in V. 89, p. 555, at par for 5s. One other
bid of par for 53s was received from Wm. D. Perkins & Co.
of Seattle.
Youngstown, Ohio.-Bond Sale.-Otis & Hough of Cleveland, offerinc,$165,095 59 (104.017)for "all or none," were
the successful bidders on Sept. 13 for the ten issues of 5%
street-improvement bonds,aggregating $164,435,described in
V. 89, p. 430. This is on an interest basis of about 3.907%.
A list of the bids received follows:
$110,000
$10,110
$5,810
$5,330
$10,000
bonds,
bonds,
bonds,
bonds.
bonds.
Otis & Hough, Cleveland-$110,111 00 $10,212 00 $5,869 00 $5,384 00 $10,103 00
Hayden, Miller & Co., j
10,418 00 5,971 00 5,477 00 10 306 00
Cleveland
la110,004 00 10,264 00 5,890 50 5,403 50 10,153 00
C. E. Denison & Co., Cie_
10,406 25
10,293 25
Western-German Bk., Cin_
10,379 10 5,955 10 5,465 10 10,276 10
Breed & Harrison, Ctn..
10,379 00
10,275 00
Seasongood & Mayer, Cin_
10,403 19 5,978 50 5,484 57 10,290 00
$1,075
$445
$19,000
$385
$2,280
bonds,
bonds,
bonds,
bonds.
bonds.
Otis & Hough, Cleveland__ 31,084 00 $449 09 $19,192 00 5388 50 $2,303 00
Hayden, Miller & Co.,
f 1,075 00
19,582 00
2,280 00
Cleveland
la1,075 00
19,291 00
2,28000
C. E. Denison & Co., Cleve
19,557 00
Western-German Bank, Cin_
19,508 10
2,331 10
Breed & Harrison, Cincinn
19,513 00
Seasongood & Mayer, CM
10,551 00

Spearville School District (P.0. Spearville), Ford County,
Kans.-Bond Sale.-This district has disposed of $15,000
432% school bonds to the State of Kansas.
Spokane, Wash.-Bonds Not Sold.-No sale was made on
Sept. 15 of the two issues of 4% 25-year gold coupon water
and bridge bonds, aggregating $1,000,000, described in
V. 89, p. 428.
Struthers, Mahoning County, Ohio.-Bond Sale.-On
Sept. 1 the $5,000 5% 12-year sewer-construction bonds
described in V. 89, p. 429, were awarded to the Struthers
a Provided they receive at least $50,000 5% bonds.
Savings & Bankina Co. of Struthers at 106. Bids were
A bid of $160,525 was also received from Well, Roth & Co. Cincinnati for the
also received from °Seasongood & Mayer of Cincinnati and Chestnut Street, Himrod Ave., East Madison Ave., East FederalofStreet
and Himrod
Ave., Florencedale Ave. and Poland Ave., bonds, aggregating $160,250; while the
the First National Bank of Cleveland.
Fifth-Third National Bank of Cincinnati offered $164,929 for the entire 10 issues
bidders
All
bonds.
of
offered
accrued
interest
in
Swanton, Franklin County, Vt.-Bond Sale.-Reports
addition to their bids. One-fifth
matures yearly on Oct. 1 from 1911 to 1915 inclusive.
state that the $95,000 4% coupon funding water bonds of each issue
offered without success on July 28 (V. 89, p. 491) have been
sold to the Swanton Savings Bank of Swanton at par and Canada,its Provinces and Municipalities.
accrued interest. Maturity $2,000 yearly from 1914 to 1928
Amubree, Ont.-Debenture Sale.-G. A. Stimson & Co.of
inclusive and $65,000 in 1929.
purchased $3,695 40 5% 10-year drainage
Sullivan County (P. 0. Blountville), Tenn.-Bids.---The Toronto recently
following were among the bids received for the $200,000 debentures.
Angus School District (P. 0. Silver Creek), Man.-De43'% coupon road-building bonds awarded on Sept. 2(V. 89,
p.616) to the Western German Bank of Cincinnati at 100.125: benture Sale.-Nay & James of Regina recently purchased
Western German Bk., Cinc_$200,251 A. J. Hood & Co., Detroit....$197,000 $2,000 6% debentures, due part yearly for 20 years.
W. R. Todd & Co., CIncin__ 200,250 S. A. Kean & Co., Chicago.. 194,100
Arcola, Sask.-Debenture Sale.-Reports state that on
First Nat. Bank, Bristol__ 200,000
Sept. 7 $15,000 water-works debentures were disposed of
The above bidders offered accrued nterest in addition to their bids.
Tahlequah,Cherokee County, Okla.-Bond Offering.-Pro- to Nay & James of Regina.
Arctic School District, Alberta.-Debenture Sale.-An issue
posals will be received until 12 m. Oct. 4 by P. B. Gilbert,
of $800 532% 10-year debentures has been sold to H. O'Hara
water-works
$60,000
for
Clerk,
-purchase
City
and $30,000 & Co. of Toronto.
sewer-construction 5% coupon bonds.
Athol School District No. 1990, Sask.-Debenture Sale.Authority. Article 4, Chapter 16, Sections 1 to 3, Session Laws of 1909;
Regina purchased $400 53/2% school debenalso election held Aug. 16 1909. Denomination $1,000. Date Oct. 1 1909. Nay & James of
Agency
in New York City. Ma- tures during August. The debentures are dated Aug.
Interest semi-annually at the State Fiscal
26
turity Oct. 1 1934. Certified check for 5% of bid, payable to the City
Treasurer, is required. Bonded debt, not including this issue, $27,500. 1909.
No floating debt. Assessed valuation 1909, $1,050,000.
Balcarres, Sask.-Debenture Sale.-The $8,000 6% debenThe official notice of this bond offering will be found among tures offered on Aug. 17 and described in V. 89, p. 306, have
been awarded to the Northern Crown Bank. Maturity part
the advertisements elsewhere in this Department.
Takoma Park (P. 0. Washington, D. C.), Montgomery yearly for 15 years.
Bay Shawinigan, Que.-Debenture Election.-This village,
County, Md.-Bonds Voted.-The election held Sept. 13
(V. 89, p. 553) resulted in favor of the proposition to issue it is stated, will vote soon on a proposition to issue $10,000
$10,000 5% filtration-plant and water-meter bonds. The 5% 30-year aqueduct debentures.
vote was 71 "for" to 18 "against." Maturity one-tenth
Black Diamond School District No. 1898, Sask.-Debenture
annually.
Sale.-An issue of $500 534% school-building-completion
Taloga, Dewey County, Okla.-Bond Offering.-Proposals debentures was sold during August to Nay & James of Regina.
will be received until 8 p. m. Sept. 20 by Daniel R. Wright,
Blyth, Ont.-Debentures Defeated.-The election held
Chairman Board of Trustees, for $16,000 water-works and Sept. 14 (V. 89, p. 617) resulted in the defeat of the propo$6,000 city-hall gold coupon bonds. Bids are requested for sition to issue $4,000 5% 30-year water-works and fire-probonds bearing 53/2% and 6% interest.
tection debentures.



8EPT. 18 1909.!

/'

TIIE CHRONICLE

743

Botts School District No. 1960, Alberta.-Debenture Sale.
Hazelwood School District No. 1860, Alberta.-Debenturc
-An issue of $1,200 5% school-building debentures was Sale.-During the month of August Nay & James of Regina
awarded last month to Nay & James of Regina.
were awarded $1,400 532% school-building debentures dated
Brightview School District No. 1,980, Alta.-Debentures July 29 1909.
Awarded.-On Sept. 15 $700 532% school-building deben- I
Hryhoriw School District, Sask.-Debenture Sale.-Retures were awarded to Brent, Noxon & Co. of Toronto at 101. ports state that H. O'Hara
& Co. of Toronto were the sucInterest annual. Maturity 10 years.
cessful bidders for $1,000 53j% 10-year debentures.
Buffalo Creek School District, Alberta.-Debenture Sale.Kildonan, Man.-Debenture Sale.-During August $6,000
Debentures to the amount of $1,000 have been purchased
5% school-building debentures were sold. They were purby H. O'Hara & Co. of Toronto. The securities carry 53/% chased
by Nay & James of Regina.
interest and mature in ten years.
Lethbridge, Alberta.-Debentures Voted.-The question of
Calgary, Alberta.-Debentures Defeated.-According to reports a by-law to issue $85,000 city-hall debentures was issuing $90,000 (not $62,000, as at first reported) 43/% debentures due in 1939 was favorably voted upon Sept. 8. The
defeated recently.
Oamrose, Alberta.-Debenture Election.-An election is vote was 85 to 14. They will be placed on the market in
to be held Sept. 24 to vote on the issuance of $6,000 6% January 1910.
street and fire-protection debentures due part yearly for
Melville, Sask.-Debenture Sale.-Debentures to the
twenty years.
amount of $6,000 have been disposed of to Nay & James of
Chatham, N. B.-Debenture Sale.-The $25,000 4% 37.. Regina. They carry 53/2%
interest and mature part yearly
year coupon electric-light debentures, proposals for which for 15 years.
were rejected on Feb. 24 (V. 88, p. 644), have been sold to
Moose Jaw, Sask.-Debentures Not Sold.-Up to Sept. 7
J. M. Robinson & Sons.
no award had yet been made of $10,000 cement-bridge-conEdmonton School District No. 7 (P. 0. Edmonton), struction and $35,000 electric
-light-plant-system-extension
Alberta.-Debenture Sale.-The Ontario Securities Co. of 43/2% 40-year debentures,proposals
for which were asked
Toronto was the successful bidder on Sept. 9 for the $211,000 until Aug. 30.
Denomination to suit purchaser. Date Nov. 1
5% coupon high-school-building and site-purchase deben1909. Interest semitures offered (V. 89, p. 555) on that day. The price paid annually.
Notre
Dame
de
Grace,
Que.-Bids
Rejected.-All bids rewas $215,137, or 101.96.
Denomination 21,000. Date Aug. 5 1909. Interest annually at the ceived on Sept. 7 for the $50,000 432% 40-year street-imImperial Bank in Edmonton. Maturity part yearly for 30 5rears. De- provement debentures mentioned in V.
89, p. 618, were
benture debt, not including this issue, 2266,766 69. Assessed valuation,
rejected.
$22,075,205.
Pleasant
Plains
School
District
No.
1710,
Sask.-DebenFord School District No.1910, Alberta.-Debenture Sale.During August this district sold $800 53/2% school debentures ture Sale.-An issue of $500 5%% school-building debentures
dated Sept. 8 1909. Nay & James of Regina were the was disposed of last month to Nay & James of Regina.
Date Aug. 1 1909.
successful bidders.
Poplar Hill School District No. 1964, Alberta.-Debenture
Glenavon School District No. 2446, Sask.-Debenture Sale. Sale.-Hawkey,
-Nay & James of Regina were the successful bidders last recently awarded Somerville & Co. of Indian Head were
$1,200 53% 10-year debentures.
month for $1,500 5% school-building debentures.
Portage La
Man.-Debentures Not Sold.-It is
Goderich, Ontario.-Debentures Defeated.-The election stated that the Prairie,
City Council has decided not to sell at present
held Sept. 11 (V. 89, p. 555) resulted in the defeat of the the $50,000
5% 30-year water-works debentures which were
proposition to issue $40,000 43/2% debentures.
offered on July 24.-V. 89, p. 184.

NEW LOANS.

NEW LOANS.

NEW LOANS.

$10,000
$46,000
$90,000
Village of White Plains, N. Y. Douglas County, Minnesota, City of Tahlequah, Oklahoma
Macadamizing and Paving Certificates
of indebtedness

BONDS

Notice is hereby given that the County Board
of Douglas County,State of Minnesota,at a special
session beginning on Saturday, the second &,y of
October, 1909, at ten o'clock in the forenoon,
the office of the County Auditor in the Court
Public notice is hereby given that sealed at
proposals will be received by the Board of Trustees House in the City of Alexandria, in said county.
will receive and consider bids for the purchase of
of the Village of White Plains on FRIDAY. the
bonds of the said Douglas County. State of
SEPTEMBER 24, 1909, at 4 o'clock in the afternoon, at the Corporation Rooms, Grand Street, Minnesota, in the aggregate sum of forty-six
in said Village, for ten macadamizing and paving thousand dollars, and negotiate the sale thereof;
certificates of indebtedness of the Village of said bonds have been unanimously voted and
White Plains, each of said certificates to be in the shall be issued by the said County Board pursuant
sum of 21,000, said certificates to be dated to the authority of, and in strict accordance with,
October 1st, 1909, and to become due and payable the provisions of Section 18 of Chapter 230 of
on the 1st day of October, 1914, with interest the General Laws of the State of Minnesota for the
at the rate of 5% per annum, payable semi- year 1905, and Acts amendatory thereof, and sold
annually on the 1st days of April and October in to secure funds for defraying its pro rata share
of the costs and expenses of locating, establisheach year.
and constructing the Judicial Ditch No. 2.
No proposals will be received for less than par. ing
located
in Douglas and Todd counties; said bonds
All proposals must be accompanied by a certified
be issued in denominations of one thousand
check upon a State or national bank or trust to
dollars,
dated on the 2nd day of October, 1909,
company for 5% of such proposal.
due and payable on the 2nd day of October, 1919,
Checks of unsuccessful bidders will be returned
b ar.ng int re t at a rate not to t xceed
to them. The Board of Trustees reserves the and per
(5)
centum per annum, payable semi-annually
right to reject any and all proposals.
on the first day of February and August, principal
By order of the Board of Trustees.
and interest payable in current funds at any
Dated, White Plains, N. Y.
agreed bank in the United States.
September 9, 1909.
Said bonds shall be executed in forms to be
provided by the purchaser thereof, subject to
FREDERIC S. BARNUM,
the approval by the County Attorney of said
n.rs
President.
county, and the said county shall be security
EARLE P. HITE, Clerk.
for the whole of the principal and interest therein
provided to be paid.
A true and correct statement of the condition
of said county on the date thereof is as follows:
'rotal debt, including this issue
2121,400 00
Assessed value for 1909, real estate
4,588,837 00
Assessed value for 1909, personal
BANKERS
property
995,012 00
Actual value,estimated by State Tax
Commission
13,452,000 00

Water and Sewer Bonds
By virtue of an election held in the City of
Tahlequah, Oklahoma, on the 16th day of August
1909, the said city was authorized to issue and
sell ninety thousand dollars (290,000 00) of City
of Tahlequah bonds, and sealed proposals for the
purchase of said bonds, issued for the purposes
hereinafter described, will be received at the
Mayor's office in the City of Tahlequah, Oklahoma, until 12:00 o'clock noon of the 4th day
of October 1909, and publicly opened by the
Mayor and Council of said city at the City Hall
in said city at 7:30 p. m. on said date.
Water-works system purchase
bonds
$60,000 00
Public sewers construction and
Purchase of land bonds
30,000 00

Total
$90,000 00
Said bonds will be dated October 1st, 1909, in
denomination of one thousand dollars ($1,000 00).
payable twenty-five (25) years after date, and
will bear interest from date at the rate of five (5)
per cent per annum, interest payab e semiannually on the 1st day of JANUARY and JULY
of each year at the FISCAL AGENCY FOR
THE STATE OF OKLAHOMA IN NEW YORK
CITY. A sinking fund provides for the payment
of said bonds at maturity.
All proposals must be sealed, marked proposals
for bonds, and directed to P. B. GILBERT,_
CITY CLERK, TAHLEQUAH, OKLA. and
accompanied by a certified check for five per cent
of the amount bid as evidence of good faith; said
certified check to be returned immediately if the
proposal is not accepted; otherwise to be retained
as part of the purchase money; and the successful
bidder to prepare and provide the form of bond
and necessary proceedings for the issue and execu
tion of said bonds.
The Mayor and Council reserve the right to
reject any and all bids.
Dated this 10th day of September 1909.
Population, census 1905
18,780
Present population, estimated
19,300
HOUSTON B. TEEHEE, Mayor.
421 CHESTNUT ST..
The sale of said bonds shall be public, and bids
PHILADELPHIA. PA.
Attest:
may be either open or sealed, but no sealed bids
P. B. GILBERT, City Clerk. [Seal.]
shall be opened before the conclusion of all open
bids.
ESTABLISH ED 1885
Certified approved check for the sum of two
hundred fifty dollars ($250), payable to the Treasurer of Douglas County. Minnesota, shall be
placed in the hands of the Chairman of said Board
by each bidder, such check and the amount thereof
First Nat. Bank Bldg., Chicago
to be forfeited to said county in case said bonds
shall be refused on any ground, except illegality,
BANKERS
by the bidder to whom same shall be awarded.
CITY, COUNTY
The right to reject any or all bids is hereby
AND SCHOOL
reserved to said Board.
Dated this 3rd day of September, A. D. 1909.
E. J. BRANDT,
County Auditor, Douglas County, Minn.
AND

JET'CIREI,ES'T

40,0,.

Municipal Bonds

H. C. Speer 8c Sons Co.

Blodget, Merritt & Co.

BONDS

STATE, CITY

CEO B. EDWARDS

BROKER AND COMMERCIAL-AGENT
Negotiations, Investigations, Reports,
United States, Canada, or Foreign
Tribune Building. 154 Nassau Street
Telephone 4218 BeekrnAn
NEW YORK. N. Y.




OTTO JULIUS MERKEL
B 110 K.E 1.1
44 AND 46 WALL STREET, NEW YORK

INVESTMENT SECURITIES.
Correspondence Invited.

RAILROAD BONDS
6o State Street, - Boston
30 Pine Street, - New York

[VOL. taxxix.

THE CHRONICLE

744

Vale View School District No. 1756, Alberta.—Debenture
Powassan, Ont.—Debenture Sale.—The $5,000 6% school
debentures, proposals for which were asked until Sept. 1 Sale.—Nay & James bought $800 534% school-building
1
(V. 89, p. 556), were purchased by the Mercantile Trust Co. debentures during August. The debentures are dated Aug.
1909.
of Hamilton at 106. The following bids were received:
Verdun, Que.—Description of Debentures.—We are advised
Noxon & Co., Toronto_$5,000
Mercantile Trust Co., Hamilt_$5,300 Brent,
5,257 Jas. A. MacKay, Toronto_ _ _ 5,000 that the $150,000 5% 30-year debentures awarded on Sept. 7
Ontario Securities Co., Toron__ 5,105
Steiner, Dunlop & Co., Tor_ _twenty years.
to St. Cyr, Gonthier & Frigon of Montreal at 106.06 (V. 89,
Maturity part yearly for
683) are,in denominations of $1,000 each and are dated
p.
Pryor School District No. 1536, Alberta.—Debenture Sale. Aug. 11909. Interest May and November.
—School-building 532% debentures to the amount of $800
Waldron School District (P. 0. Waldron), Sask.—Debenwere awarded last month to Nay & James of Regina.
ture Sale.—An issue of $2,500 5% debentures, due part
Queen Centre School District No. 2354, Sask.—Debenture yearly for 10 years, has been sold to Nay & James of Regina.
Sale.—This district has sold $800 6% 10-year debentures.
Wellington School District No. 1, N. B.—Debenture Sale.—
Hawkey, Somerville & Co. of Indian Head were the suedistrict recently awarded $4,000 6% debentures to J. M.
This
bidders.
.cessful
& Sons. Maturity part yearly from 1910 to 1925
Robinson
Red Deer, Alberta.—Debenture Election.—A $4,000 5%
inclusive.
water-works debenture election will be held Sept. 27. MaWinnipeg School District No. 1 (P.0. Winnipeg), Man.—
turity part yearly for twenty years.
election will be held on Sept. 30 to
Saskatoon, Sask.—Debenture Election Proposed.—It is Debenture Election.—An
a by-law authorizing the issuance of the $600,000
reported that the ratepayers will vote on by-laws covering vote upon
schdol debentures mentioned in V. 89, p. 618.
the issuance of $144,700 debentures.
• Winona School District No. 1927, Alberta.—Debenture
.
Sale.
460,
Sask.—Debenture
• Sherwood School District No.
g August $1,200 53/% school-building debenSale.—Durin
532%
$800
school—Nay & James of Regina purchased
to Nay & James of Regina. Date July 20
sold
were
tures
6
Aug.
Date
1909.
building debentures last month.
1909.
Stratford, Ont.—Debenture Sale.—This city has sold $47,Wynyard, Sask.—Bond Sale.—On Sept. 7 the $3,500 5%
000 43% debentures to the Ontario Securities Co. of debentures described in V. 89, p. 556, were awaredd to Nay
Toronto. Maturity thirty years. $18,000 are for schools, dr: James of Regina at 97.361 and accrued interest. The
$12,000 for water-purposes and $17,000 for a collegiate bids were as follows:
institute.
$3,407 6513. Addison Reid & Co.,$3,245 00
Nay & James, Regina
Ontario Securities Co., Tor_ 3,36700 Ltd., Regina
Tompkins School District No. 2298, Sask.—Description of 0.
.0 Dons. Sec. Corp., Winnipeg 3,232 00
1g,g2g
.
r
o
'
l
5 ;rl'I;of
%
A.
Debentures.—We are advised that the $2,300 531% schoolpart yearly
to
&
Nay
sold
of
Regina
James
building debentures recently
Yorkton, Sask.—Debenture Offering.—Proposals will be
(V. 89, p. 432) are dated Aug. 11909.
received until 8 p. m. Oct. 4 by R. H. Lock, SecretaryTrenton, Ont.—Debenture Offering.—Proposals will be Treasurer (P. 0. Box 134), for the following 5% debentures:
received until 6 p. m. Sept. 20 by. J. W. Delaney, Town $30,000 for the extension of the water-works, $20,000 for
Treasurer, for $23,000 432% school debentures. Maturity sewer extensions and $20,000 for cement sidewalks. The
water and sewer debentures mature in 30 years and the
part yearly for 30 years.
sewer debentures
Unity, Sask.—Debenture Offering.—Proposals will be re- sidewalk debentures in 20 years. The in
V. 89, p. 556,
ceived up to Sept. 20 for $8,000 53/% 15-year fire and ! were offered on Aug. 17,but, as stated
local improvement debentures. J. K. Hall is Overseer. 1 bids were rejected.

NEW LOANS.

NEW LOANS.

NEW LOANS.

$ 1 7,000
$ 1 5,000
HAMMONTON,NEW JERSEY Village of White Plains, N. Y. WHIT, SALTONSTALL & CO.,
SCHOOL BONDS
wiSealedbroposals will be received by the Board
of Education of the Town of Hammonton, At8 P. M. OCT.
lantic County, New Jersey, until
of $15,000 School
5TH, 1909, for the purchase
Circulars
Descriptive
Bonds.
District Coupon
mailed/on application.
Theight to reject any or all bids is reserved.
W. R. SEELY, Dist. Clerk,
Hammonton, New Jersey.

Members New York Stock Exchange
Sidewalk Certificates of Indebtedness
Investment Securities
that sealed
Public notice is hereby given
by the Board of Trustees
proposals will be receivedPlains,
tio STATE STREET
at the Corporation
of the Village of White FRIDAY,
SEPTEMBER
Rooms, Grand Street, the afternoon
sevenfor
in
o'clock
4
at
4)STON
24, 1909,
teen sidewalk certificates of indebtedness of the
Village of White Plains, each of said certificates
to be in the sum of $1,000,to be dated October 1st,
1909, and to become due and payable October 1st.
1914, with interest at the rate of 5% per annum,
payable semi-annually on the 1st days of April
and October of each year.
No proposals will be received for less than par.
All proposals must be accompanied by a certified
check on a State or National Bank or Trust
MUNICIPAL BONDS
Company for 5% of such proposal.
Checks of unsuccessful bidders will be returned
to them. The Board of Trustees reserves the right
to reject any and all proposals.
W. A. MACKENZIE & CO.,
By order of the Board of Trustees.
TORONTO, CANADA
Dated, White Plains, N. Y.,
September 9, 1909.
FREDERIC S. BARNUNI,
President.
EARLE P. HITE, Clerk.

CANADIAN

Perry, Coffin & Burr,

INVETTMENT BONDS.
60 State Street,

BLACKSTAFF & CO.

BOSTON.

WE OWN AND OFFER

WEBB & CO.,

MUNICIPAL BONDS
AnYwhcre In the United State,i
Write for Particulars

Tax Exempt

INVESTMENT SECURITIES
74 BROADWAY, NEW YORE

MUNICIPAL AND RAILROAD

BONDS.
LIST ON APPLICATION

BEASONGOOD & IYIAYER

ULU, SITTHERLIN & (J09
617 First Nat. Bank Bldg,CHICAGO, ILL.

& COMPANY
McCOY
Formerly MacDonald. McCoy de Co.
Municipal and
Corporation Bonds

Mercantile Library Building
CINCINNATI

INVESTMENTS
1332 Walnut Street
PHILADELPHIA

UST OF SPECIALTIES ON REQUEST
NATIONAL LICHT,
HEAT & POWER CO.
GUARANTEED

BONDS

II Issues

H. Bickmore & Co.,
BANKERS
New York
30 Pine Street,

181 La Salle Street, - Chicago
Charles M. Smith & Co.
J. GOODHART &
JOHN H. WATKINS P.
Bankers
CORPORATION AND
MUNICIPAL
AND

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