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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. Terms of Subscription-Payable In Advance For One Year $10 00 For Six Months 6 00 13 00 European Subscription (including postage) 7 50 European Subscription six months (including postage) 12 14s. Annual Subscription in London (including peatage) Six Months Subscription in London (including postage) /1 11 S. $11 50 Canadian Subscription (including postage) Subscription includes following SupplementsB'NK AND QUOTATION (Monthly) S FATE AND CITY (semi.annually) . RAILWAY AND INDITsTmAI,(quarterly) ELECTRIC RaILWAy(3 tunes yearly) RAILWAY EARNINO6(monthly) BANKE.-,8' CONVEN'tlox (yea:33') Terms of Advertisind-Per Inch Space $4 20 Transient matter per inch space (14,agate linea) Two Months (3 times) 22 00 Three Months (13 Hums) 29 00 Standing Business Cards 50 00 Slit Months •(2611ntes) 87 00 Twelve Months(52 times) CHICAGO OFFICE-P. Bartlett,513 Monadnock block; Tel. Harrison 4012. LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C. WILLIAM B. DANA COMPANY, Publishers, P.O.!lox 958. Front, Pi ne and Deleystee Sts.. Ness'0 I., I * Published every Saturday Mornin't by WILLIAM B. DANA COM['ANY William B. Dana,President; Jacob Seibert Jr., Vice•Pr,. ant Sue.; .Arnold G. Dana,Treas. Addresses ot al1,0111613 of tho Company. CLEARING-HOUSE RETURNS. •. The following table, made up by telegraph, &c., indicates that the total bank clearings of all clearing houses of the U.S. for week end.Sept.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: Cl 1 FO I , 41 el @I 0 4 ei °I 44 I in 0. 44 a @7 00 1 44 1 .:1! 0.0 OM 00 WI IS 44 C401 @i 0' haD no: Cl 00h 40 C'1, 4 0414 SI N0 00 6,6 g, Clot VV Cl OW to t32.,• .4. 0 ClCl q't NN .4. VO @I WO I. C C4 00 '11 n9 44 Et. 4,4 o NN @I Cl Cl Cl C401 0,r c1•1: 4n Ig 071 9 1:1.1 000 00 Nr. c-i , C1 44 @co 44 I gi • qPI OW On 0114 OM Cl Cl ac:*4 - el NC; .4. 6:1 NO .00 010V I on 09 .4“,r IS 0. 1 f") 0.0 0. 44 44 4. CV 4 01 01, nn @I @T 44 nn 44 .4 'L'1 0.0 VO4 I .0 V. 9° Cl Cl Cl NN esi r-i @1 @I OW .V 9". NN 00 0202 .10,1 ,e1 Cln 99 0,7 w. VV 0. NN NN Cl pAr-1 @I gi no 0. Cs1 44 .4.4 19 1'4 :41 WW 02 N07 4. 1-41-4 @I e[ el 0T W 00 04 .01 902 9 44 I p4P. I" C4,1 .0 IN 00 1 NN Cl O. cs Cl NN .4. @ 00 00 O. 0. Cl @I 44 Cl NN r-4 @T 01, 11 .01 t4N 0 / m-I or. 19 00 't9 NC,11 NN C.:91 00 NN NM @)7 @I 0)1 00 00 .04 NN V..f.1 1:2! el el el V V f?.?, IL LL' II bk bc9, 20I Or. tvig big I bell b0 II b4) II b1) be-5, g.5., g.1.5.. I g"P...5. ig 8 tgAIgliIg.Ug§Ig.Pg_°1g:flgAlgOl 81448 ç, 41:4C.)5CC(3.t.C45.gg(3 •ZO .4C4E./f3 t,,Z0 gg t ga (73 bo.E1 0 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. I 00110000N0 V..0 . 4 . $1, .-. ,o.cnts.,,...c.o, 4:,,,x,400.4o:,,imooccots..-ityce,40.o--i,o.tvcs.,A. . 01 e,,,,...01..3,....p.., -..iiv01..totooc...,...01.0,-Looivoc....10,-.0NNCO,I01 z, a N . 1 0 .0 0 . 4 01U.4..0. 0100 0 .000NN!W. P(.3 . 0 . 01...0 . 0; ...0 . .W . Oe. W 0•4.4..0.N , 4 1.. N;+4. N . . 0:1 , 14 . 0 W .2 .0t.3.,c2A.,Acat.400°.241......c..20. 04.,,m00.e...20. 2 • , 40000 . 400040.004000000010 0 W01....14,0e..40 1117,8141137,9701 . 0 . .I.. I"4.0 . 40N0 WN. cb s 00001 c00W N01 . . N T..NIW..004140..0-..0 lb . . 00.1•4 c,,,,p.ocovolos N,ICOONI , --it.c.c.-4tamcboviche.34e.,tvc.nop,-. t:4'1 C4 e..e.,,,...iv,p., 01-4<com, , o,,,-,oe.40-400.001.0000A.010)A • r , . . 4 N 00.N.. 4 0 0 .0N. .4.N. .INNNN 13. 00:PW04 . o...1W.1.1 b yVc,c0214V.4'0'.eo N4 . 0. ..06 . o. .l ,_,Ca 4i5, wwwwwo0100m01otw.o.ww.b...1.4.0o.qA..lasso001..0w : .ce w..101wmoo,N0-4wcwwoo0ewo0$owowom00)...1 000 0 4 NS 0. . . NN N .440 I Week. I Season. , I w WN .00. 0INSWONO '01000001Liwu00m,lo7.0"0VoT.al'0btot4".1414 o om0000...immo0.l01000uts40.4..4w.40oov0w01 Cs 0wo0o0otvwx,m, IN0ww044.wm.w.,A.0owom.P.w C-) . o ...4 Cl Cl.0.4 A.. N 14 .. Cl ...404 WA.N044 NO.W 01 , 30 . 0N . . ,. WC.I:ra . . * 01.:C.0 0:41 . . 00007426 . . 1 0.4 . 00VW1 0.4 . .0 .. rt;TIIL.1V24Ma 20gg. 8nNaatgig g8t.% 28itsse : 4 1 M 3 N 0 . 0 02 .4 I N.. . .. ... .4WW .. .4 04N 0014NIANOW0.4,1WW.. N6N0.4.0. ..0 . 01. CNN 7-4.40 0000001 ...CRCs:n:04000i I -.1.o.o00rvocnootsacnows. Cl cenococi cocso0c.-41,40.c, , ...e...o,...,e.,14.e.00mceoc,..o. .-• 0 N A 4 Cl 1.4 . . N .440 04.40N.N W . . .. , 1...;-,,,...o:o.w:41.;.1.1OTots..1. 0.. - I, ,,VobOlaCcOVol. 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 RAILROAD BONDS No. 2 WALL SAREET NEW YORE NEW YORK 37 BROADWAY . . Telephone 2240 Rector 326 Militia Mt., Cincinnati Bank and Trust Co. Stocks MUNICIPAL BONDS FIRST NATIONAL BANK BUILDING CHICAGO